Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2015

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 5 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three and nine months ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
					Other								Other
					Postretirement								Postretirement
	Pension Benefits				Benefits				Pension Benefits				Benefits
		2015		2014		2015		2014		2015		2014		2015		2014
Service Cost	$	763	$	716	$	1	$	5	$	2,297	$	2,186	$	12	$	15
Interest Cost		1,256		1,506		47		58		3,772		4,567		146		174
Expected return on plan assets		(1,367)		(1,588)		—		—		(4,165)		(4,796)		—		—
Actuarial loss amortization		862		763		12		16		2,620		2,311		64		48
Prior service cost amortization		(25)		(21)		—		—		(76)		830		—		—
Net periodic benefit cost	$	1,489	$	1,376	$	60	$	79	$	4,448	$	5,098	$	222	$	237

During 2013, it was discovered that the Company’s subsidiary in the United Kingdom (“U.K.”) did not appropriately amend a trust for a legacy change in its pension scheme, as it related to a past retirement age equalization law. Given the lack of an official deed to the pension trust, the effective date of the change to the subsidiary’s pension scheme differed from the Company’s historical beliefs, but the extent of the potential exposure was not estimable. In the first quarter of 2014, the Company recorded costs of $902, or $0.05 per diluted share, related to prior service cost and interest cost, to appropriately reflect the past plan amendment related to the retirement age equalization law.

Employer Contributions

The Company previously disclosed in its financial statements for the year ended December 31, 2014, that it expected to make minimum cash contributions of $4,176 to its pension plans and $568 to its other postretirement benefit plan in 2015. As of September 30, 2015, $1,835 and $449 of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively.