PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2015

General Discussion of Pension and Other Postretirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The following tables are consolidated disclosures of all domestic and foreign defined pension plans as described in the Corporation’s 2014 Annual Report on Form 10-K.  

Pension Plans

The components of net periodic pension cost for the three and six months ended June 30, 2015 and 2014 are as follows:

	Three Months Ended						Six Months Ended
(In thousands)	June 30,						June 30,
	2015			2014			2015			2014
Service cost	$	7,137		$	6,372		$	14,273		$	12,742
Interest cost	7,497			7,552			14,988			15,096
Expected return on plan assets	(13,688		)	(10,425		)	(27,367		)	(20,838		)
Amortization of prior service cost	156			157			311			315
Amortization of unrecognized actuarial loss	3,866			1,483			7,731			2,966
Net periodic benefit cost	$	4,968		$	5,139		$	9,936		$	10,281

During the six months ended June 30, 2015, the Corporation made $145.0 million in contributions to the Curtiss-Wright Pension Plan.  In addition, contributions of $1.8 million were made to the Corporation’s foreign benefit plans during the six months ended June 30, 2015.  Contributions to the foreign benefit plans are expected to be $3.0 million in 2015.

Defined Contribution Retirement Plan

Effective January 1, 2014, all non-union employees who are not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation’s sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation.  During the six months endedJune 30, 2015 and 2014, the expense relating to the plan was $7.5 million and $7.7 million, respectively.