Employee Benefits

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

Employee Benefits:

Pension and other defined contribution retirement plan expenses included the following components:

U.S. Plans	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	984		$	885		$	1,968		$	1,769
Interest cost on projected benefit obligation	5,954			6,232			11,907			12,463
Expected return on plan assets	(8,083		)	(6,913		)	(16,165		)	(13,826		)
Net amortization and deferrals	5,203			4,255			10,406			8,509
Net periodic benefit cost	4,058			4,459			8,116			8,915
Defined contribution and other retirement plans	2,093			1,791			4,228			3,902
Total expense	$	6,151		$	6,250		$	12,344		$	12,817
Non-U.S. Plans	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	4,102		$	4,002		$	8,485		$	7,950
Interest cost on projected benefit obligation	6,151			8,541			12,543			16,952
Expected return on plan assets	(12,440		)	(12,675		)	(25,390		)	(25,155		)
Net amortization and deferrals	3,314			3,000			6,801			5,954
Net periodic benefit cost	1,127			2,868			2,439			5,701
Defined contribution and other retirement plans	1,693			1,444			3,288			2,622
Total expense	$	2,820		$	4,312		$	5,727		$	8,323

The Company expects to contribute a total of approximately $30 million to its non-U.S. pension plans during 2015. During the three months ended June 30, 2015, there were no contributions made to the qualified U.S. pension plans, but during the six months ended June 30, 2015, $35.0 million of contributions were made. In the three and six months ended June 30, 2015, $3.4 million and $22.5 million of contributions were made to the non-U.S. plans, respectively. In the three and six months ended June 30, 2015, $1.1 million and $2.1 million of benefit payments were made with respect to the Company’s non-qualified U.S. pension plan, respectively.

Expense recognized for postretirement benefits other than pensions included the following components:

	Three Months Ended June 30,						Six Months Ended June 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	301		$	323		$	601		$	645
Interest cost on projected benefit obligation	1,082			1,238			2,164			2,475
Net amortization and deferrals	(712		)	(979		)	(1,423		)	(1,958		)
Total postretirement benefit expense	$	671		$	582		$	1,342		$	1,162

The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2015. In the three and six months ended June 30, 2015, $1.7 million and $3.4 million of contributions were made.