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Pensions
 9 Months Ended
Sep. 30, 2016
Employee Benefit Plans  
Employee Benefit Plans

6.    Pensions

 

U.S. Plans

 

For the U.S. plans, the following table provides the components of net periodic pension costs of the plans for the periods ended September 30, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

    

2016

    

2015

    

2016

    

2015

 

Service cost

 

$
239

 

$
285

 

$
717

 

$
853

 

Interest cost

 

 
1,146

 

 
1,138

 

 
3,443

 

 
3,365

 

Expected return on assets

 

 
(1,512)

 

 
(1,783)

 

 
(4,529)

 

 
(5,349)

 

Amortization of prior service cost

 

 

 —

 

 
4

 

 

 —

 

 
11

 

Net actuarial loss amortization

 

 
753

 

 
646

 

 
2,257

 

 
1,916

 

Settlement

 

 
76

 

 
480

 

 
756

 

 
480

 

Net periodic pension cost

 

$
702

 

$
770

 

$
2,644

 

$
1,276

 

 

The Company incurred settlement charges in 2016 and in 2015 as a result of lump sum payments elected by retiring employees.    The Company may incur additional settlement charges in the fourth quarter, however, the amount is not yet estimable.  During the nine month period ended September 30, 2016, the Company made a $0.6 million discretionary contribution to the U.S. plans.

 

European Plans

 

For the European plans, the following table provides the components of net periodic pension costs of the plans for the periods ended September 30, 2016 and 2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

    

2016

    

2015

    

2016

    

2015

 

Service cost

 

$
93

 

$
72

 

$
279

 

$
217

 

Interest cost

 

 
280

 

 
309

 

 
877

 

 
920

 

Expected return on assets

 

 
(348)

 

 
(421)

 

 
(1,100)

 

 
(1,251)

 

Net actuarial loss amortization

 

 
57

 

 
54

 

 
174

 

 
163

 

Net periodic pension cost

 

$
82

 

$
14

 

$
230

 

$
49

 

 

Multi-Employer Plan

 

In addition to the aforementioned European plans, the Company participates in a multi-employer plan in Europe.  This multi-employer plan almost entirely relates to former employees of operations the Company had divested.  Benefits are distributed by the multi-employer plan.  As of September 30, 2016 and December 31, 2015, respectively, the Company had a $1.1 million and $0.9 million liability recorded as a component of payroll and benefits payable within its condensed consolidated balance sheets.  Refer to Note 11 for further information related to this multi-employer plan.