Defined Benefit Pension Plans (Text Block)

9 Months Ended

Sep. 30, 2016

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Defined Benefit Pension Plans [Text Block]

Defined Benefit Pension Plans

We sponsor both funded and unfunded defined benefit pension plans for our international employees, primarily in Germany, France, Italy, Indonesia, Brazil, and Spain, offering death and disability, retirement, and special termination benefits. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2015.

Amounts recognized on the Consolidated Balance Sheets consist of:

	September 30, 2016		December 31, 2015
	(in thousands)
Assets
Plan assets in other long-term assets	$	609	$	359
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	2,581		3,493
Long-term portion of pension benefit obligation	86,310		85,971
Pension benefit obligation, net	$	88,282	$	89,105

Our asset investment strategy focuses on maintaining a portfolio using primarily insurance funds, which are accounted for as investments and measured at fair value, in order to achieve our long-term investment objectives on a risk adjusted basis. Our general funding policy for these qualified pension plans is to contribute amounts sufficient to satisfy regulatory funding standards of the respective countries for each plan.

Net periodic pension benefit costs for our plans include the following components:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in thousands)
Service cost	$	1,003		$	904		$	2,930		$	3,162
Interest cost	649			595			1,932			1,820
Expected return on plan assets	(139		)	(122		)	(398		)	(387		)
Settlements and other	506			375			499			374
Amortization of actuarial net loss	330			488			991			1,470
Amortization of unrecognized prior service costs	16			14			47			43
Net periodic benefit cost	$	2,365		$	2,254		$	6,001		$	6,482