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Retirement Benefits
9 Months Ended
Sep. 30, 2013
Retirement Benefits  
Retirement Benefits

(9)                  Net periodic pension expense for the U.S. and non-U.S. defined benefit pension plans includes the following components:

 

 

 

U.S. Pension Plan

 

Non-U.S. Pension Plans

 

 

 

Three Months Ended

 

Nine Months Ended

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

(in thousands)

 

2013

 

2012

 

2013

 

2012

 

2013

 

2012

 

2013

 

2012

 

Service cost

 

$

1,613

 

$

1,489

 

$

4,840

 

$

4,468

 

$

3,809

 

$

1,921

 

$

11,505

 

$

5,815

 

Interest cost

 

7,275

 

8,323

 

21,825

 

24,970

 

7,989

 

8,070

 

23,925

 

24,518

 

Expected return on assets

 

(7,744

)

(8,830

)

(23,232

)

(26,492

)

(11,527

)

(10,369

)

(34,507

)

(31,446

)

Amortization of prior service cost

 

26

 

(28

)

77

 

(85

)

 

 

 

 

Recognized net actuarial loss

 

1,510

 

3,409

 

4,530

 

10,226

 

1,683

 

786

 

5,058

 

2,352

 

Net periodic pension expense

 

$

2,680

 

$

4,363

 

$

8,040

 

$

13,087

 

$

1,954

 

$

408

 

$

5,981

 

$

1,239

 

 

The company currently expects to fund approximately $20 million to $40 million into its defined benefit pension plans during 2013, which is expected to be in excess of the minimum funding required. During the nine months ended September 30, 2013, contributions of approximately $11 million were made by the company.

 

During the third quarter of 2013, the company’s Board of Directors approved an amendment to the U.S. pension plan to freeze the accrual of future service-related benefits for craft participants on December 31, 2013. The amendment did not have a material impact on the plan’s pension obligation or accumulated other comprehensive income.

 

The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because the company is not responsible for the current or future funded status of these plans.