XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Net Periodic Benefit Cost | 3 Months Ended
--- | ---
Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
NET PERIODIC BENEFIT COST | NET PERIODIC BENEFIT COST Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended March 31:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other U.S. Post-retirement Benefits |  | Total
| 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015
Service cost, net | $ | 117 |  |  | $ | 209 |  |  | $ | 4,145 |  |  | $ | 4,745 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,262 |  |  | $ | 4,954 |
Interest cost on projected benefit obligations | 1,292 |  |  | 1,608 |  |  | 2,647 |  |  | 3,554 |  |  | 19 |  |  | 35 |  |  | 3,958 |  |  | 5,197 |
Expected return on plan assets | (2,099 | ) |  | (2,394 | ) |  | (8,247 | ) |  | (9,299 | ) |  | — |  |  | — |  |  | (10,346 | ) |  | (11,693 | )
Recognition of prior service cost | — |  |  | — |  |  | (1,261 | ) |  | (973 | ) |  | (469 | ) |  | (469 | ) |  | (1,730 | ) |  | (1,442 | )
Recognition of actuarial losses/(gains) | 1,890 |  |  | 1,907 |  |  | 4,473 |  |  | 3,819 |  |  | (673 | ) |  | (843 | ) |  | 5,690 |  |  | 4,883 |
Net periodic pension cost/(credit) | $ | 1,200 |  |  | $ | 1,330 |  |  | $ | 1,757 |  |  | $ | 1,846 |  |  | $ | (1,123 | ) |  | $ | (1,277 | ) |  | $ | 1,834 |  |  | $ | 1,899 |
As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plan and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2016. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements. In February 2016 the Company offered approximately 700 former employees, who have deferred vested pension plan benefits, a one-time option to receive a lump sum distribution of their benefits. Eligible participants had 45 days to make their election. Based upon the eligible participant acceptance, $14.6 million will be paid from plan assets to these former employees in the second quarter of 2016 with a corresponding decrease in the benefit obligation to these former employees. The Company will also incur a one-time non-cash settlement charge of approximately $8.3 million during the second quarter of 2016, which will be recorded in other charges (income), net.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49170332&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration