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Net Periodic Benefit Cost | 6 Months Ended
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Jun. 30, 2017
Retirement Benefits [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 June 30:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other U.S. Post-retirement Benefits |  | Total
| 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Service cost, net | $ | 141 |  |  | $ | 145 |  |  | $ | 3,952 |  |  | $ | 4,153 |  |  | $ | — |  |  | $ | — |  |  | 4,093 |  |  | 4,298 |
Interest cost on projected benefit obligations | 1,094 |  |  | 1,072 |  |  | 2,053 |  |  | 2,673 |  |  | 18 |  |  | 19 |  |  | 3,165 |  |  | 3,764 |
Expected return on plan assets | (1,684 | ) |  | (1,945 | ) |  | (7,629 | ) |  | (8,341 | ) |  | — |  |  | — |  |  | (9,313 | ) |  | (10,286 | )
Recognition of prior service cost | — |  |  | — |  |  | (974 | ) |  | (1,278 | ) |  | (195 | ) |  | (469 | ) |  | (1,169 | ) |  | (1,747 | )
Recognition of actuarial losses/(gains) | 1,639 |  |  | 1,902 |  |  | 5,058 |  |  | 4,563 |  |  | (474 | ) |  | (673 | ) |  | 6,223 |  |  | 5,792 |
Settlement charge | — |  |  | 7,963 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,963 |
Net periodic pension cost/(credit) | $ | 1,190 |  |  | $ | 9,137 |  |  | $ | 2,460 |  |  | $ | 1,770 |  |  | $ | (651 | ) |  | $ | (1,123 | ) |  | $ | 2,999 |  |  | $ | 9,784 |
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 six months ended June 30:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other U.S. Post-retirement Benefits |  | Total
| 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Service cost, net | $ | 282 |  |  | $ | 262 |  |  | $ | 7,976 |  |  | $ | 8,383 |  |  | $ | — |  |  | $ | — |  |  | 8,258 |  |  | 8,645 |
Interest cost on projected benefit obligations | 2,188 |  |  | 2,364 |  |  | 4,122 |  |  | 5,345 |  |  | 36 |  |  | 38 |  |  | 6,346 |  |  | 7,747 |
Expected return on plan assets | (3,368 | ) |  | (4,044 | ) |  | (15,014 | ) |  | (16,681 | ) |  | — |  |  | — |  |  | (18,382 | ) |  | (20,725 | )
Recognition of prior service cost | — |  |  | — |  |  | (2,797 | ) |  | (2,556 | ) |  | (390 | ) |  | (938 | ) |  | (3,187 | ) |  | (3,494 | )
Recognition of actuarial losses/(gains) | 3,278 |  |  | 3,792 |  |  | 10,950 |  |  | 9,053 |  |  | (948 | ) |  | (1,346 | ) |  | 13,280 |  |  | 11,499 |
Settlement charge | — |  |  | 7,963 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,963 |
Net periodic pension cost/(credit) | $ | 2,380 |  |  | $ | 10,337 |  |  | $ | 5,237 |  |  | $ | 3,544 |  |  | $ | (1,302 | ) |  | $ | (2,246 | ) |  | $ | 6,315 |  |  | $ | 11,635 |
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plans and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2017. 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 former employees a one-time option to receive a lump sum distribution of their vested pension plan benefits. Based upon the eligible participant acceptance, $14.6 million was paid from plan assets to these former employees in the second quarter of 2016 with a corresponding decrease in the benefit obligation. The Company incurred a one-time non-cash settlement charge recorded in other charges (income), net during the second quarter of 2016 of approximately $8.2 million, of which $8.0 million, $4.9 million after tax, was reclassified from accumulated other comprehensive income.

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- 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 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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