Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2017

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 7 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three and six months ended June 30, 2017 and 2016 are as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
					Other								Other
					Postretirement								Postretirement
	Pension Benefits				Benefits				Pension Benefits				Benefits
		2017		2016		2017		2016		2017		2016		2017		2016
Service cost	$	871	$	683	$	1	$	4	$	1,789	$	1,353	$	4	$	8
Interest cost		1,003		1,122		39		39		2,011		2,233		72		78
Expected return on plan assets		(1,255)		(1,354)		—		—		(2,581)		(2,698)		—		—
Settlement charge		1,860		—		—		—		1,860		—		—		—
Actuarial loss amortization		792		812		22		15		1,661		1,620		27		30
Prior service cost amortization		(25)		(26)		—		—		(48)		(51)		—		—
Net periodic benefit cost	$	3,246	$	1,237	$	62	$	58	$	4,692	$	2,457	$	103	$	116

During the second quarter of 2017, the Company’s U.S. pension plan offered a cash settlement to its vested terminated participants, which allowed them to receive the value of their pension benefits as a single lump sum payment. As payments from the U.S. pension plan for this cash out offering exceeded the service and interest cost components of the U.S. pension plan expense for 2017, the Company recorded a settlement charge of approximately $1.9 million, or $0.09 per diluted share. This settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss (“AOCI”) on the balance sheet in proportion to the share of the projected benefit obligation that was settled by these payments. The gross pension benefit obligation was reduced by approximately $4.0 million as a result of these payments. The settlement charge was recognized through other expense, net, on the Company’s Condensed Consolidated Statement of Income for the three and six months ended June 30, 2017.

Employer Contributions

The Company previously disclosed in its financial statements for the year ended December 31, 2016, that it expected to make minimum cash contributions of $7.8 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2017. As of June 30, 2017, $4.8 million and $0.2 million of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively.