Pensions and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2015

Pensions and Other Postretirement Benefit Plans [Abstract]

Pensions and Other Postretirement Benefit Plans

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009, but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Other Postretirement Benefits

The Company also provides certain postretirement life insurance benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid.

The composition of the net periodic benefit plan cost for the nine months ended September 30, 2015 and 2014 was as follows:

	Pension plans						Other postretirement benefits
(in thousands)	2015			2014			2015			2014
Components of net periodic benefit cost:
Service cost	$	2,268		$	2,521		$	250		$	236
Interest cost		5,779			7,217			1,831			2,057
Expected return on assets		(6,418	)		(7,260	)		-			-
Amortization of prior service cost/(credit)		36			41			(3,366	)		(3,366	)
Amortization of net actuarial loss		1,924			1,845			2,504			2,181
Curtailment gain		-			(710	)		-			-
Net periodic benefit cost	$	$3,589		$	3,654		$	1,219		$	1,108