Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2016

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 6 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three and six months ended June 30, 2016 and 2015 are as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
					Other								Other
					Postretirement								Postretirement
	Pension Benefits				Benefits				Pension Benefits				Benefits
		2016		2015		2016		2015		2016		2015		2016		2015
Service cost	$	683	$	761	$	4	$	6	$	1,353	$	1,534	$	8	$	11
Interest cost		1,122		1,254		39		49		2,233		2,516		78		99
Expected return on plan assets		(1,354)		(1,396)		—		—		(2,698)		(2,798)		—		—
Actuarial loss amortization		812		877		15		26		1,620		1,758		30		52
Prior service cost amortization		(26)		(25)		—		—		(51)		(51)		—		—
Net periodic benefit cost	$	1,237	$	1,471	$	58	$	81	$	2,457	$	2,959	$	116	$	162

As of December 31, 2015, the Company elected to use a split discount rate (spot-rate approach) for the U.S. plans and certain foreign plans, which includes the method used to estimate the service and interest components of net periodic benefit cost for pension and other postretirement benefits beginning in the three and six months ended June 30, 2016. This change resulted in a decrease in the service and interest components for pension cost in the three and six months ended June 30, 2016 compared to the three and six months ended June 30, 2015. Historically, the Company estimated service and interest cost components utilizing a single weighted-average discount rate derived from a specific yield curve used to measure the benefit obligation at the beginning of the period. Under the spot-rate approach, service and interest cost components have been estimated based on the application of the spot rates on a given yield curve at each future year to each plan's projected cash flows to measure the benefit obligation at the beginning of the period. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. This change has been accounted for as a change in accounting estimate and, accordingly, accounted for prospectively.

Employer Contributions

The Company previously disclosed in its financial statements for the year ended December 31, 2015, that it expected to make minimum cash contributions of $7.5 million to its pension plans and $0.5 million to its other postretirement benefit plan in 2016. As of June 30, 2016, $5.0 million and $0.3 million of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively.