Pension, Postretirement and Postemployment Benefits

12 Months Ended

Dec. 31, 2017

Pension, Postretirement and Postemployment Benefits

Pension, Postretirement and Postemployment Benefits

Note 15 Pension, Postretirement and Postemployment Benefits

Pension Plans

In conjunction with our acquisition of Pool Energy Services Co. (“Pool”) in November 1999, we acquired the assets and liabilities of a defined benefit pension plan, the Pool Company Retirement Income Plan (the “Pool Pension Plan”). Benefits under the Pool Pension Plan are frozen and participants were fully vested in their accrued retirement benefit on December 31, 1998. The unfunded liability was $6.7 million and $7.3 million as of December 31, 2017 and 2016, respectively, and our net periodic benefit expense was $1.2 million, $1.1 million and $1.0 million for the years ended December 31, 2017,  2016 and 2015, respectively.

During 2016, we launched a voluntary, one-time opportunity to buyout active employees and retirees who were eligible participants of the Pool Pension Plan. The total amount of payments to those who elected to take the buyout was approximately $10.3 million and such payments were made from pension plan assets. Additionally, we recognized a charge related to the buyout of approximately $3.0 million, which is reflected in other, net in our consolidated statement of income (loss) for the year ended December 31, 2016. Due to the immateriality of the costs and liabilities of this plan, no further disclosure is presented.