PENSION AND POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2018

Compensation And Retirement Disclosure [Abstract]

PENSION AND POSTRETIREMENT BENEFITS

NOTE 9—PENSION AND POSTRETIREMENT BENEFITS

Net periodic benefit cost or gain recognized during each period presented relates to expected return on plan assets, net of interest costs, for our qualified defined benefit pension plan and several of our non-qualified supplemental defined benefit pension plans (the “Domestic Plans”) and our J. Ray McDermott, S.A. Third Country National Employees Pension Plan (the “TCN Plan”).

	Domestic Plans						TCN Plan
	Three Months Ended March 31,
	2018			2017			2018			2017
	(In thousands)
Interest cost	$	4,433		$	4,991		$	-		$	290
Expected return on plan assets		(4,672	)		(4,907	)		(11	)		(345	)
Net periodic benefit cost (gain)	$	(239	)	$	84		$	(11	)	$	(55	)

In August 2017 the TCN plan was amended to issue lump-sum distributions of certain accrued benefits or allow transfer of such benefits into the defined contribution plan. As of December 31, 2017 all investments in the TCN plan trust were converted to cash and cash equivalents to facilitate settlements. Settlements are expected to be completed by the end of 2018. As of March 31, 2018, total benefits remaining under the plan were approximately $20 million.

We recognize mark-to-market fair value adjustments on defined benefit plans in our Consolidated Statements of Operations in the fourth quarter of each year.