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Pension Benefit Obligations
 6 Months Ended
Mar. 31, 2017
Pension Benefit Obligations  
Pension Benefit Obligations

 

6.Pension Benefit Obligations

 

In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employee’s years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and have frozen accruals. The Company adopted an amendment to freeze benefits under the URS Federal Services, Inc. Employees Retirement Plan during the three months ended December 31, 2015, which resulted in the curtailment gain listed in the table below.

 

The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated.

 

The following table details the components of net periodic cost for the Company’s pension plans for the three and six months ended March 31, 2017 and 2016:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

March 31, 2017

 

March 31, 2016

 

March 31, 2017

 

March 31, 2016

 

 

 

U.S.

 

Int’l

 

U.S.

 

Int’l

 

U.S.

 

Int’l

 

U.S.

 

Int’l

 

 

 

(in millions)

 

Components of net periodic (benefit) cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service costs

 

$
1.1

 

$
0.3

 

$
1.0

 

$
0.2

 

$
2.2

 

$
0.6

 

$
2.8

 

$
0.5

 

Interest cost on projected benefit obligation

 
4.8

 
6.9

 
5.4

 
9.8

 
9.6

 
13.9

 
11.1

 
20.3

 

Expected return on plan assets

 
(7.7

)
(10.1

)
(7.6

)
(12.0

)
(15.5

)
(20.3

)
(15.4

)
(24.8

)

Amortization of prior service cost

 

—

 

—

 

—

 

—

 

—

 
(0.1

)

—

 
(0.1

)

Amortization of net loss

 
1.1

 
3.2

 
1.0

 
1.4

 
2.2

 
6.4

 
2.0

 
2.8

 

Curtailment gain recognized

 

—

 

—

 

—

 

—

 

—

 

—

 
(6.8

)

—

 

Settlement (gain) loss recognized

 

—

 

—

 

—

 

—

 

—

 

—

 
(1.0

)
0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic (benefit) cost

 

$
(0.7

)

$
0.3

 

$
(0.2

)

$
(0.6

)

$
(1.5

)

$
0.5

 

$
(7.3

)

$
(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The total amounts of employer contributions paid for the six months ended March 31, 2017 were $4.3 million for U.S. plans and $12.0 million for non-U.S. plans. The expected remaining scheduled annual employer contributions for the fiscal year ending September 30, 2017 are $5.5 million for U.S. plans and $12.0 million for non-U.S. plans.