Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE K - Employee Benefit Plans

The Company has several defined benefit pension plans, which cover a majority of its employees. The following information details the components of net pension expense for the Company’s defined benefit plans:

Three Months Ended March 31,	2017			2016
Service cost	$	23.8		$	21.9
Interest on projected benefit obligation		20.4			23.6
Expected return on assets		(39.8	)		(35.6	)
Amortization of prior service costs		.3			.3
Recognized actuarial loss		6.7			6.5
Net pension expense	$	11.4		$	16.7

On January 1, 2017, the Company changed the method used to estimate service cost and interest cost components of pension expense from a single weighted-average method, which is a single discount rate determined at the pension plans measurement date, to an individual spot rate approach, which applies specific spot rates along the yield curve to the relevant projected cash flows. This approach is a more precise measurement of net periodic benefit costs and does not impact the benefit obligation. The Company considers this a change in estimate inseparable from a change in accounting principle and is being accounted for prospectively. This change will lower net pension expense by approximately $15.0 in 2017.

During the three months ended March 31, 2017 and 2016, the Company contributed $4.9 and $5.1 to its pension plans, respectively.