Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2016

Pension and Postretirement Benefits

c. Pension and Postretirement Benefits. Net periodic pension expense for the three months ended March 31, 2016 and 2015 is presented below (in millions of dollars):

	Three Months Ended March 31, 2016									Three Months Ended March 31, 2015
	Total			U.S. Plans			Int’l. Plans			Total			U.S. Plans			Int’l. Plans
Service cost	$	1.8		$	—		$	1.8		$	2.2		$	—		$	2.2
Interest cost		80.5			57.6			22.9			79.9			56.1			23.8
Expected return on plan assets		(99.4	)		(63.4	)		(36.0	)		(102.7	)		(63.7	)		(39.0	)
Amortization of prior service (benefit) cost		(1.4	)		(.6	)		(.8	)		(1.1	)		(.6	)		(.5	)
Recognized net actuarial loss		38.8			28.7			10.1			49.6			33.7			15.9
Net periodic pension expense	$	20.3		$	22.3		$	(2.0	)	$	27.9		$	25.5		$	2.4

In 2016, the company expects to make cash contributions of approximately $141.8 million to its worldwide defined benefit pension plans, which are comprised of $85.6 million primarily for non-U.S. defined benefit pension plans and $56.2 million for the company’s U.S. qualified defined benefit pension plan. In 2015, the company made cash contributions of $148.3 million to its worldwide defined benefit pension plans. For the three months ended March 31, 2016 and 2015, $31.6 million and $38.7 million, respectively, of cash contributions have been made.

Net periodic postretirement benefit expense for the three months ended March 31, 2016 and 2015 is presented below (in millions of dollars):

	Three Months Ended March 31,
	2016			2015
Service cost	$	.1		$	.1
Interest cost		1.6			1.7
Expected return on assets		(.1	)		(.1	)
Recognized net actuarial loss		.3			.7
Amortization of prior service cost		—			.3
Net periodic postretirement benefit expense	$	1.9		$	2.7

The company expects to make cash contributions of approximately $15 million to its postretirement benefit plan in 2016 compared with $15.9 million in 2015. For the three months ended March 31, 2016 and 2015, $2.5 million and $3.5 million, respectively, of cash contributions have been made.