Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2018

General Discussion Of Pension And Other Postretirement Benefits [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

Note 8 – Pension and Other Postretirement Benefits

The components of net periodic benefit cost for the three and nine months endedSeptember 30, 2018 and 2017 are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
					Other								Other
					Postretirement								Postretirement
	Pension Benefits				Benefits				Pension Benefits				Benefits
		2018		2017		2018		2017		2018		2017		2018		2017
Service cost	$	938	$	921	$	—	$	2	$	2,886	$	2,710	$	5	$	6
Interest cost		1,015		994		31		36		3,096		3,005		97		108
Expected return on plan assets		(1,229)		(1,276)		—		—		(3,793)		(3,857)		—		—
Settlement charge		—		—		—		—		—		1,860		—		—
Actuarial loss amortization		782		798		2		13		2,375		2,459		31		40
Prior service cost amortization		(28)		(28)		—		—		(88)		(76)		—		—
Net periodic benefit cost	$	1,478	$	1,409	$	33	$	51	$	4,476	$	6,101	$	133	$	154

During the second quarter of 2017, one of the Company’s U.S. pension plans offered a cash settlement to its vested terminated participants which allowed themto 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. This settlement charge represents the immediate recognition into expense of a portion of the unrecognized loss within 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. See Note 9, below, specifically the line “Pension and postretirement benefit costs, non-service components.”

Employer Contributions

During the nine months ended September 30, 2018, $5.1 million and $0.2 million of contributions have been made to the Company’s pension plans and its postretirement benefit plans, respectively. The Company currently estimates that it will make cash contributions to its pension plans of approximately $6 million in 2018.