XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans
6 Months Ended
Jun. 30, 2017
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS

Components of net pension expense were as follows:
 
Three months ended June 30,
 
Six months ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
Pension Benefits
 
 
 
 
 
 
 
Company-administered plans:
 
 
 
 
 
 
 
Service cost
$
3,017

 
3,005

 
$
6,266

 
6,405

Interest cost
21,426

 
27,093

 
42,915

 
49,332

Expected return on plan assets
(22,712
)
 
(22,667
)
 
(45,190
)
 
(45,752
)
Amortization of:
 
 
 
 
 
 
 
Net actuarial loss
8,077

 
8,600

 
16,527

 
16,565

Prior service cost
121

 
2,740

 
266

 
2,740

 
9,929

 
18,771

 
20,784

 
29,290

Union-administered plans
2,621

 
2,406

 
5,123

 
4,728

Net pension expense
$
12,550

 
21,177

 
$
25,907

 
34,018

 
 
 
 
 
 
 
 
Company-administered plans:
 
 
 
 
 
 
 
U.S.
$
10,547

 
19,263

 
$
21,858

 
30,437

Non-U.S.
(618
)
 
(492
)
 
(1,074
)
 
(1,147
)
 
9,929

 
18,771

 
20,784

 
29,290

Union-administered plans
2,621

 
2,406

 
5,123

 
4,728

Net pension expense
$
12,550

 
21,177

 
$
25,907

 
34,018

 
 
 
 
 
 
 
 


During the six months ended June 30, 2017, we contributed $7.2 million to our pension plans. In 2017, the expected total contributions to our pension plans are approximately $23 million. We also maintain other postretirement benefit plans that are not reflected in the above table. The amount of postretirement benefit expense was not material for the three or six months ended June 30, 2017.

During the second quarter of 2016, we determined that certain pension benefit improvements made in 2009 had not been fully reflected in our projected benefit obligation. Because the amounts were not material to our consolidated financial statements in any individual period, and the cumulative amount was not material to 2016 results, we recognized a one-time, non-cash charge of $7.7 million in "Selling, general and administrative expenses" and a $12.8 million pre-tax increase to “Accumulated other comprehensive loss” in our second quarter 2016 consolidated condensed financial statements to correctly state the pension benefit obligation and account for these 2009 benefit improvements.