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Pension Plans and Other Postretirement Benefits | 9 Months Ended
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Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract] |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits: The following information is provided for domestic and foreign pension and postretirement defined benefit plans:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (In thousands)
Pension Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 2,678 |  |  | $ | 3,488 |  |  | $ | 8,245 |  |  | $ | 10,462 |
Interest cost | 8,006 |  |  | 7,470 |  |  | 24,303 |  |  | 22,403 |
Expected return on assets | (10,027 | ) |  | (9,848 | ) |  | (30,404 | ) |  | (29,541 | )
Actuarial loss(a) | 2,786 |  |  | — |  |  | 18,218 |  |  | — |
Amortization of prior service benefit | (119 | ) |  | (173 | ) |  | (530 | ) |  | (517 | )
Total net pension benefits cost | $ | 3,324 |  |  | $ | 937 |  |  | $ | 19,832 |  |  | $ | 2,807 |
Postretirement Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 54 |  |  | $ | 78 |  |  | $ | 162 |  |  | $ | 232 |
Interest cost | 760 |  |  | 691 |  |  | 2,280 |  |  | 2,073 |
Expected return on assets | (85 | ) |  | (104 | ) |  | (256 | ) |  | (310 | )
Amortization of prior service benefit | (24 | ) |  | (24 | ) |  | (72 | ) |  | (72 | )
Total net postretirement benefits cost | $ | 705 |  |  | $ | 641 |  |  | $ | 2,114 |  |  | $ | 1,923 |
Total net pension and postretirement benefits cost | $ | 4,029 |  |  | $ | 1,578 |  |  | $ | 21,946 |  |  | $ | 4,730 |
(a) | In connection with the announced realignment of our operating segments effective January 1, 2014, in the fourth quarter of 2013 we initiated a workforce reduction plan which will result in a reduction of approximately 230 employees worldwide. This workforce reduction triggered a net curtailment gain of approximately $0.8 million in the first quarter of 2014 for our U.S. defined benefit plan which covers non-represented employees and our supplemental executive retirement plan (SERP). In connection with the curtailment, we were required to remeasure the related assets and obligations for these two plans. As of the January 31, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.97% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through January 31, 2014, we recorded a mark-to-market actuarial loss (net of the curtailment gain) of $15.4 million in the first quarter of 2014 related to these two plans.
In connection with the sale of our antioxidant, ibuprofen and propofol businesses and assets to SI Group, Inc. which closed on September 1, 2014, in the third quarter of 2014 we were required to remeasure the assets and obligations of one of our U.S. defined benefit plans for represented employees, which was part of the disposed group. As of the September 1, 2014 remeasurement date, the weighted-average discount rate for all of our domestic pension plans was 4.94% compared to 5.14% at December 31, 2013. Taking into account the discount rate reduction and actual return on plan assets through September 1, 2014, as well as changes to mortality assumptions, we recorded a mark-to-market actuarial loss of $2.8 million in the third quarter of 2014 related to this plan. During the three-month and nine-month periods ended September 30, 2014, we made contributions of $5.2 million and $7.5 million, respectively, to our qualified and nonqualified pension plans. During the three-month and nine-month periods ended September 30, 2013, we made contributions of $4.8 million and $6.8 million, respectively, to our qualified and nonqualified pension plans. The 2014 amounts include a contribution of $4.3 million to one of our U.S. defined benefit plans for represented employees which was included in the sale of businesses and assets to SI Group, Inc. which closed on September 1, 2014. The participation of the Company as the sponsor, plan administrator and adopting employer of this plan terminated as of September 1, 2014, and the buyer or one of its affiliates adopted and assumed sponsorship and all of the responsibilities and liabilities under the plan pursuant to the terms and provisions of the plan in effect as of the closing date. We paid $0.8 million and $3.2 million in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2014, respectively. During the three-month and nine-month periods ended September 30, 2013, we paid $0.9 million and $3.1 million, respectively, in premiums to the U.S. postretirement benefit plan.

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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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