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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2016
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following tables are consolidated disclosures of all domestic and foreign defined pension plans as described in the Corporation’s 2015 Annual Report on Form 10-K. Pension Plans The components of net periodic pension cost for the three and six months ended June 30, 2016 and 2015 were as follows:
| Three Months Ended |  | Six Months Ended
(In thousands) | June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Service cost | $ | 6,248 |  |  | $ | 7,137 |  |  | $ | 12,485 |  |  | $ | 14,273 |
Interest cost | 7,709 |  |  | 7,497 |  |  | 15,412 |  |  | 14,988 |
Expected return on plan assets | (13,590 | ) |  | (13,688 | ) |  | (27,171 | ) |  | (27,367 | )
Amortization of prior service cost | (11 | ) |  | 156 |  |  | (23 | ) |  | 311 |
Amortization of unrecognized actuarial loss | 3,093 |  |  | 3,866 |  |  | 6,186 |  |  | 7,731 |
Net periodic benefit cost | $ | 3,449 |  |  | $ | 4,968 |  |  | $ | 6,889 |  |  | $ | 9,936 |
During the six months ended June 30, 2016, the Corporation made no contributions to the Curtiss-Wright Pension Plan, and does not expect to make any contributions in 2016. Effective May 1, 2016, the Corporation completed the merger of three frozen UK defined benefit pension schemes by merging the Metal Improvement Company Salaried Staff Pension Scheme and the Mechetronics Limited Retirement Benefits Scheme into the Curtiss-Wright Penny & Giles Pension Plan. The Penny & Giles Plan was then renamed the Curtiss-Wright UK Pension Plan. In connection with the merger, the Corporation made an additional £3 million (approximately $4.4 million) cash contribution to the plan, and executed a Parent Company Guarantee to further increase the security of members’ pension benefits. The merger will benefit the Corporation by cost reduction achieved through streamlined advisor services and more efficient Trust administration. Scheduled contributions to the foreign benefit plans are not expected to be material in 2016. Defined Contribution Retirement Plan Effective January 1, 2014, all non-union employees who are not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation’s sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation. During the six months ended June 30, 2016 and 2015, the expense relating to the plan was $6.0 million and $7.5 million, respectively. The Corporation made $9.1 million in contributions to the plan during the six months ended June 30, 2016, and expects to make total contributions of $11.5 million in 2016.

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