Pensions and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pensions and Other Postretirement Benefit Plans

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, only those benefits

accrued through February 2009. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Other Postretirement Benefits

The Company also provides certain postretirement life insurance benefits to retired employees in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid.

The composition of the net periodic benefit plan cost for the six months ended June 30, 2016 and 2015 was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2016		2015		2016		2015
Components of net periodic benefit cost:
Service cost	$1,319		$1,529		$127		$166
Interest cost	4,049		3,895		1,221		1,220
Expected return on assets	(4,482	)	(4,326	)	-		-
Amortization of prior service cost/(credit)	19		24		(2,244	)	(2,244	)
Amortization of net actuarial loss	1,164		1,297		1,410		1,669
Net periodic benefit cost	$2,069		$2,419		$514		$811