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Pension and Other Postretirement Benefits
9 Months Ended
Sep. 30, 2018
Compensation And Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits

 

6.

Pension and Other Postretirement Benefits

In connection with the ratification of the collective bargaining agreement for employees of the Union Electric Steel Harmon Creek Steelworkers Location, employee participation in the qualified domestic defined benefit pension plan was frozen effective June 1, 2018. Benefit accruals were replaced with employer contributions to the defined contribution plan equaling a non-elective contribution of 3% of compensation and a matching contribution up to 4% of compensation. The plan freeze resulted in a reduction of the liability of $1,726, using discount rates and other assumptions as of June 1, 2018, and a curtailment loss of $21.

Contributions were as follows:

 

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

Foreign defined benefit pension plans

 

$

1,308

 

 

$

1,323

 

Other postretirement benefits (e.g., net payments)

 

 

880

 

 

 

852

 

U.K. defined contribution pension plan

 

 

270

 

 

 

223

 

U.S. defined contribution plan

 

 

1,991

 

 

 

1,788

 

 

Net periodic pension and other postretirement costs include the following components:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

U.S. Defined Benefit Pension Plans

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Service cost

 

$

193

 

 

$

417

 

 

$

1,002

 

 

$

1,238

 

Interest cost

 

 

2,181

 

 

 

2,113

 

 

 

6,292

 

 

 

6,310

 

Expected return on plan assets

 

 

(3,356

)

 

 

(3,122

)

 

 

(9,959

)

 

 

(9,377

)

Amortization of prior service cost

 

 

10

 

 

 

12

 

 

 

35

 

 

 

39

 

Amortization of actuarial loss

 

 

308

 

 

 

1,145

 

 

 

1,163

 

 

 

3,083

 

Curtailment loss

 

 

0

 

 

 

0

 

 

 

21

 

 

 

0

 

Net benefit (income) cost

 

$

(664

)

 

$

565

 

 

$

(1,446

)

 

$

1,293

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Foreign Defined Benefit Pension Plans

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Service cost

 

$

65

 

 

$

81

 

 

$

340

 

 

$

263

 

Interest cost

 

 

340

 

 

 

474

 

 

 

1,058

 

 

 

1,377

 

Expected return on plan assets

 

 

(629

)

 

 

(568

)

 

 

(1,959

)

 

 

(1,662

)

Amortization of prior service credit

 

 

(82

)

 

 

0

 

 

 

(255

)

 

 

0

 

Amortization of actuarial loss

 

 

182

 

 

 

195

 

 

 

566

 

 

 

562

 

Net benefit (income) cost

 

$

(124

)

 

$

182

 

 

$

(250

)

 

$

540

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Other Postretirement Benefit Plans

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Service cost

 

$

114

 

 

$

16

 

 

$

342

 

 

$

369

 

Interest cost

 

 

124

 

 

 

124

 

 

 

371

 

 

 

428

 

Amortization of prior service credit

 

 

(402

)

 

 

(401

)

 

 

(1,205

)

 

 

(1,205

)

Amortization of actuarial gain

 

 

(58

)

 

 

(6

)

 

 

(173

)

 

 

(18

)

Net benefit income

 

$

(222

)

 

$

(267

)

 

$

(665

)

 

$

(426

)