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Retirement Benefit Plans
 3 Months Ended
Mar. 31, 2017
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
RETIREMENT BENEFIT PLANS
RETIREMENT BENEFIT PLANS
Defined Contribution Plans
The total amounts charged to the Condensed Consolidated Statements of Income for the three months ended March 31, 2017 of $16.9 million (three months ended March 31, 2016: $15.2 million) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of March 31, 2017, accrued contributions of $8.9 million (December 31, 2016: $23.1 million) for the current year will be paid to the plans.
Defined Benefit Plans
The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U.K., Ireland, Germany and Taiwan. The postretirement medical plan was terminated effective December 31, 2016. The components of net periodic benefit cost in respect of these defined benefit plans are as follows:
 
For the three months ended March 31,
$ in millions
2017
 
2016
Service cost
1.2

 
1.4

Interest cost
4.1

 
4.4

Expected return on plan assets
(5.4
)
 
(5.7
)
Amortization of net actuarial (gain)/loss
0.6

 
0.5

Net periodic benefit cost/(benefit)
0.5

 
0.6


The estimated amounts of contributions expected to be paid to the plans during 2017 are $11.2 million for retirement plans. Payments made to the plans during the three months ended March 31, 2017 were $2.8 million to the retirement plans.