EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German and United Kingdom employees and which provide benefits of stated amounts for each year of service of the employee.

The Company uses a December 31 measurement date for the plans.

The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components.



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2016			2015			2016			2015
Net periodic benefit cost
Service cost	$	84		$	95		$	473		$	506
Interest cost	369			479			1,486			1,789
Expected return on plan assets	(519		)	(542		)	(2,405		)	(2,416		)
Net amortization/deferrals	229			266			620			652
Curtailment loss recognized	—			—			240			—
Net periodic benefit cost	$	163		$	298		$	414		$	531



Assumptions
Discount Rate	4.21	%	3.95	%	3.56	%	3.48	%
Expected long-term rate of return	5.70	%	5.70	%	5.81	%	5.79	%
Rate of compensation increase	3.00	%	3.00	%	3.10	%	3.10	%

The Company’s funding methods are based on governmental requirements and differ from those methods used to recognize pension expense. The Company expects to contribute $6.9 million to the international plans and does not expect to make a contribution to the U.S. plans during 2016.

Post Retirement Benefit Plans

In addition to providing pension benefits, the Company has provided certain unfunded postretirement health care and life insurance benefits for a portion of North American employees. The Company is not obligated to pay health care and life insurance benefits to individuals who had retired prior to 1990.

The Company uses a December 31 measurement date for all post retirement plans.

The following tables provide information regarding the Company’s postretirement benefit plans summarized by U.S. and international components.



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2016			2015			2016			2015
Net periodic benefit cost
Service cost	$	1		$	2		$	7		$	11
Interest cost	97			308			25			35
Net amortization/deferrals	(105		)	(234		)	(9		)	(9		)
Net periodic benefit (credit) cost	$	(7	)	$	76		$	23		$	37



Assumptions
Discount Rate	3.95	%	3.95	%	3.90	%	3.96	%

At December 31, 2015, the Company changed the method it uses to estimate the service and interest cost components of net periodic benefit cost for pension and other postretirement benefit costs for all of its U.S. and International plans. Historically, the service and interest cost components were estimated using a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The Company has elected to utilize an approach that discounts the individual expected cash flows underlying the service and interest cost using the applicable spot rates derived from the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. The Company estimates the service and interest cost of the pension and OPEB plans will be reduced by approximately $1.6 million in 2016 as a result of this change. The Company has accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly has accounted for it prospectively.