Employer Sponsored Benefit Plans

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Employer Sponsored Benefit Plans

Employer Sponsored Benefit Plans

As of September 30, 2016, the Company maintains a defined benefit pension plan that covers certain domestic Lydall employees (“domestic pension plan”) that is closed to new employees and benefits are no longer accruing. The domestic pension plan is noncontributory and benefits are based on either years of service or eligible compensation paid while a participant is in the plan. The Company’s funding policy is to fund not less than the ERISA minimum funding standard and not more than the maximum amount that can be deducted for federal income tax purposes.

The Company's total planned contribution is $3.6 million in cash for its domestic pension plan in 2016. Contributions of $3.6 million were made during the third quarter and nine months ended September 30, 2016. Contributions of $5.3 million were made during the third quarter of 2015 and $5.6 million were made for the nine months ended September 30, 2015.

The following is a summary of the components of net periodic benefit cost, which is recorded primarily within selling, product development and administrative expenses, for the domestic pension plan for the quarters and nine months ended September 30, 2016 and 2015:

	Quarter Ended   September 30,						Nine Months Ended   September 30,
In thousands	2016			2015			2016			2015
Components of net periodic benefit cost
Interest cost	$	535		$	517		$	1,605		$	1,550
Expected return on assets	(605		)	(590		)	(1,815		)	(1,770		)
Amortization of actuarial loss	233			224			700			673
Net periodic benefit cost	$	163		$	151		$	490		$	453