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Retirement and Other Postretirement Benefit Plans
9 Months Ended
Sep. 30, 2016
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Retirement and Other Postretirement Benefit Plans

Note 4 Retirement and Other Postretirement Benefit Plans

We maintain qualified and nonqualified defined benefit retirement plans covering certain current and former U.S. and European employees, retirement savings plans covering eligible U.S. and U.K. employees and certain postretirement health care and life insurance benefit plans covering eligible U.S. retirees. We also participate in a union sponsored multi-employer pension plan covering certain U.S. employees with union affiliations.

Defined Benefit Retirement Plans

Net Periodic Benefit Costs

Net periodic benefit costs of our defined benefit retirement plans for the quarters and nine months ended September 30, 2016 and 2015 were as follows:

 

 

 

Quarter Ended September 30,

 

 

 

Nine Months Ended September 30,

(In millions)

 

2016

 

 

2015

 

 

2016

 

 

 

2015

U.S. Nonqualified Defined Benefit Retirement Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.3

 

 

$

0.2

 

 

$

0.9

 

 

$

 

0.8

Interest cost

 

 

0.2

 

 

 

0.1

 

 

 

0.5

 

 

 

 

0.4

Net amortization and deferral

 

 

 

 

 

0.1

 

 

 

0.2

 

 

 

 

1.6

Net periodic benefit cost

 

$

0.5

 

 

$

0.4

 

 

$

1.6

 

 

$

 

2.8

 

 

 

September 30,
2016

 

 

December 31,
2015

 

Amounts recognized on the balance sheet:

 

 

 

Accrued liabilities

$

0.7

 

 

$

0.7

 

Other non-current liabilities

 

18.2

 

 

 

17.0

 

Total accrued benefit

$

18.9

 

 

$

17.7

 

 

 

 

 

Quarter Ended September 30,

 

 

Nine Months Ended September 30,

 

(In millions)

 

2016

 

 

2015

 

 

2016

 

 

2015

 

European Defined Benefit Retirement Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

0.2

 

 

$

0.2

 

 

$

0.6

 

 

$

0.6

 

Interest cost

 

 

1.5

 

 

 

1.6

 

 

 

4.4

 

 

 

4.9

 

Expected return on plan assets

 

 

(2.1

)

 

 

(2.3

)

 

 

(6.2

)

 

 

(6.8

)

Net amortization and deferral

 

 

0.2

 

 

 

0.3

 

 

 

0.5

 

 

 

0.7

 

Net periodic benefit credit

 

$

(0.2

)

 

$

(0.2

)

 

$

(0.7

)

 

$

(0.6

)

 

 

September 30,
2016

 

 

December 31,
2015

 

Amounts recognized on the balance sheet:

 

 

 

Noncurrent asset

$

17.6

 

 

$

13.6

 

 

 

 

 

 

 

 

 

Accrued liabilities

 

0.9

 

 

 

0.4

 

Other non-current liabilities

 

17.8

 

 

 

15.6

 

Total accrued benefit

$

18.7

 

 

$

16.0

 

Contributions

We generally fund our U.S. non-qualified defined benefit retirement plans when benefit payments are incurred. Under the provisions of these non-qualified plans, we have contributed approximately $0.1 million for the first nine months of 2016 to cover unfunded benefits and expect to contribute a total of $0.2 million in 2016. We contributed $4.9 million to our U.S. non-qualified defined benefit retirement plans during 2015.

We contributed $1.2 million and $1.3 million to our European defined benefit retirement plans in the third quarters of 2016 and 2015, respectively. Contributions to the defined benefit retirement plans were $4.9 million and $4.0 million for the nine months ended September 30, 2016 and 2015, respectively. We plan to contribute approximately $6.0 million during 2016 to these European plans. We contributed $4.3 million to our European plans during 2015.

Postretirement Health Care and Life Insurance Benefit Plans

Net periodic benefit costs of our postretirement health care and life insurance benefit plans for the quarters and nine months ended September 30, 2016 and 2015 were immaterial.

 

 

September 30,
2016

 

 

December 31,
2015

 

Amounts recognized on the balance sheet:

 

 

 

Accrued liabilities

$

0.5

 

 

$

0.6

 

Other non-current liabilities

 

4.7

 

 

 

4.7

 

Total accrued benefit

$

5.2

 

 

$

5.3

 

In connection with our postretirement plans, we contributed about $0.1 million during each of the nine-month periods ended September 30, 2016 and 2015. We periodically fund our postretirement plans to pay covered expenses as they are incurred. Based upon nine months of activity, we expect to contribute approximately $0.2 million in 2016 to cover unfunded benefits. We contributed $0.2 million to our postretirement plans during 2015.