Defined Benefit Pension Plans (Text Block)

6 Months Ended

Jun. 30, 2017

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 offering death and disability, retirement, and special termination benefits for our international employees, primarily in Germany, France, Italy, Indonesia, Brazil, and Spain. The defined benefit obligation is calculated annually by using the projected unit credit method. The measurement date for the pension plans was December 31, 2016.

Amounts recognized on the Consolidated Balance Sheets consist of:

	June 30, 2017		December 31, 2016
	(in thousands)
Assets
Plan assets in other long-term assets	$	702	$	654
Liabilities
Current portion of pension benefit obligation in wages and benefits payable	3,340		3,202
Long-term portion of pension benefit obligation	93,263		84,498
Pension benefit obligation, net	$	95,901	$	87,046

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(in thousands)
Service cost	$	924		$	941		$	1,852		$	1,927
Interest cost	535			650			1,060			1,283
Expected return on plan assets	(147		)	(133		)	(293		)	(259		)
Settlements and other	—			(4		)	—			(7		)
Amortization of actuarial net loss	403			334			794			661
Amortization of unrecognized prior service costs	15			16			30			31
Net periodic benefit cost	$	1,730		$	1,804		$	3,443		$	3,636