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PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS
    PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS
 
The net periodic benefit cost of the Company’s defined benefit pension and post-employment benefit plans includes: 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
Pension Benefits
 
Other Benefits
 
Pension Benefits
 
Other Benefits
(Dollars in millions)
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Service cost – benefits earned during the period
 
$
0.7

 
$
0.6

 
$
0.3

 
$
0.3

 
$
2.1

 
$
2.1

 
$
0.8

 
$
0.9

Interest cost on projected benefit obligations
 
2.6

 
2.6

 
0.5

 
0.5

 
8.4

 
10.0

 
1.4

 
1.5

Expected return on plan assets
 
(4.2
)
 
(3.4
)
 
—

 
—

 
(12.4
)
 
(10.3
)
 
—

 
—

Amortization of transition cost
 
0.1

 
—

 
—

 
—

 
0.1

 
—

 
—

 
—

Amortization of prior service
 
—

 
—

 
(0.1
)
 
—

 
—

 
—

 
(0.1
)
 
—

  Net periodic benefit cost
 
$
(0.8
)
 
$
(0.2
)
 
$
0.7

 
$
0.8

 
$
(1.8
)
 
$
1.8

 
$
2.1

 
$
2.4

Net actuarial (gains)/losses
 
4.2

 
11.4

 
—

 
—

 
23.4

 
9.9

 
—

 
—

Total net periodic expense/(benefit)
 
$
3.4

 
$
11.2

 
$
0.7

 
$
0.8

 
$
21.6

 
$
11.7

 
$
2.1

 
$
2.4


 
The Company remeasures its U.S. pension plan when year-to-date aggregate lump sum settlements exceed anticipated interest costs for the year, and in each subsequent quarter of that fiscal year. Because aggregate lump sum settlements exceeded anticipated annual interest costs for the respective year during the first quarter of 2016 and the second quarter of 2015, the Company remeasured its U.S. pension plan during the third quarter of both 2016 and 2015. During the three and nine months ended September 30, 2016, the Company recognized a net actuarial loss of $4.2 million and $23.4 million, respectively. The pension remeasurement loss was driven by decreases in the discount rate and lump sum interest rate associated with the U.S. pension plan liability. During the three and nine months ended September 30, 2015, the Company recognized a net actuarial loss of $11.4 million and $9.9 million, respectively.

During the nine months ended September 30, 2016 and 2015, the Company contributed $17.0 million and $86.6 million, respectively, primarily to U.S. pension plans.

A lump sum settlement window was offered to approximately 300 terminated, vested participants in the U.S. pension plan. This window expired on September 30, 2016 and approximately 40% of these participants accepted the offer. Payments to participants who accepted the offer are expected to be made in the fourth quarter of 2016. There will be no impact to the Company’s results of operations related to this settlement.