Pensions and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2017

Retirement Benefits [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, benefits already accrued through February 2009 but no new benefits accrue after that date. 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 benefits to retired employees in the U.S. and 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 three months ended March 31, 2017 and 2016, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2017		2016		2017		2016
Components of net periodic benefit cost:
Service cost	$651		$650		$61		$63
Interest cost	1,828		1,994		553		611
Expected return on assets	(1,993	)	(2,207	)	-		-
Amortization of prior service cost/(credit)	9		9		(1,122	)	(1,122	)
Amortization of net actuarial loss	645		573		702		705
Net periodic benefit cost	$1,140		$1,019		$194		$257