NOTE K - Employee Benefit Plans

The Company has several defined benefit pension plans, which cover a majority of its employees. The following information details the components of net pension expense for the Company’s defined benefit plans:


	Three Months Ended June 30						Six Months Ended June 30
	2017			2016			2017			2016
Service cost	$	22.2		$	22.6		$	46.0		$	44.5
Interest on projected benefit obligation		20.0			24.1			40.4			47.7
Expected return on assets		(39.6	)		(36.1	)		(79.4	)		(71.7	)
Amortization of prior service costs		.3			.3			.6			.6
Recognized actuarial loss		5.9			7.4			12.6			13.9

Net pension expense	$	8.8		$	18.3		$	20.2		$	35.0

On January 1, 2017, the Company changed the method used to estimate service cost and interest cost components of pension expense from a single weighted-average method, which is a single discount rate determined at the pension plans measurement date, to an individual spot rate approach, which applies specific spot rates along the yield curve to the relevant projected cash flows. This approach is a more precise measurement of net periodic benefit costs and does not impact the benefit obligation. The Company considers this a change in estimate inseparable from a change in accounting principle and is being accounted for prospectively. This change will lower net pension expense by approximately $15.0 in 2017.

During the three and six months ended June 30, 2017, the Company contributed $5.5 and $10.4 to its pension plans, respectively, and $54.2 and $59.3 for the three and six months ended June 30, 2016, respectively.