Employee Benefits

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	984		$	530		$	2,952		$	2,299
Interest cost on projected benefit obligation	5,954			6,349			17,860			18,812
Expected return on plan assets	(8,083		)	(6,906		)	(24,248		)	(20,732		)
Net amortization and deferrals	5,203			4,720			15,607			13,229
Net periodic benefit cost	4,058			4,693			12,171			13,608
Defined contribution and other retirement plans	1,847			1,964			6,075			5,866
Total expense	$	5,905		$	6,657		$	18,246		$	19,474
Non-U.S. Plans	Three Months Ended September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	4,220		$	2,772		$	12,659		$	10,722
Interest cost on projected benefit obligation	6,283			8,298			18,848			25,250
Expected return on plan assets	(12,712		)	(12,576		)	(38,137		)	(37,731		)
Net amortization and deferrals	3,397			2,058			10,189			8,012
Loss due to settlements and special terminations	—			32			—			32
Net periodic benefit cost	1,188			584			3,559			6,285
Defined contribution and other retirement plans	1,923			1,886			5,211			4,508
Total expense	$	3,111		$	2,470		$	8,770		$	10,793

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 September 30, 2015, there were no contributions made to the qualified U.S. pension plans, but during the nine months ended September 30, 2015, $35.0 million of contributions were made. In the three and nine months ended September 30, 2015, $3.6 million and $26.1 million of contributions were made to the non-U.S. plans, respectively. In the three and nine months ended September 30, 2015, $1.1 million and $3.2 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 September 30,						Nine Months Ended September 30,
(DOLLARS IN THOUSANDS)	2015			2014			2015			2014
Service cost for benefits earned	$	301		$	326		$	901		$	971
Interest cost on projected benefit obligation	1,082			1,197			3,246			3,672
Net amortization and deferrals	(712		)	(1,124		)	(2,134		)	(3,082		)
Total postretirement benefit expense	$	671		$	399		$	2,013		$	1,561

The Company expects to contribute approximately $5 million to its postretirement benefits other than pension plans during 2015. In the three and nine months ended September 30, 2015, $1.4 million and $4.8 million of contributions were made.