Defined Benefit Pension Plans

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Compensation and Employee Benefit Plans

DEFINED BENEFIT PENSION PLANS

The following table sets forth the net periodic pension cost for LP’s defined benefit pension plans during the quarter ended March 31, 2017 and 2016. The net periodic pension cost included the following components:

	Quarter Ended March 31,
Dollar amounts in millions	2017			2016
Service cost	$	1.4		$	1.2
Interest cost	3.2			3.3
Expected return on plan assets	(3.3		)	(3.3		)
Amortization of prior service cost 1	0.2			0.1
Amortization of net loss 1	1.4			1.4
Net periodic pension cost	$	2.9		$	2.7

¹The amortization of prior service costs and net loss are included in the amounts reclassified from accumulated other comprehensive income (loss); see Note 13 for additional details. The net periodic pension cost is included in Cost of sales and Selling and administrative expense in the Consolidated Statements of Income.

During the three months ended March 31, 2017, LP made $1.5 million in pension contributions to its defined benefit pension plans. LP expects to contribute between $7.0 million and $9.0 million to its defined benefit pension plans in the remaining months of 2017.