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Pension Plans and Other Postretirement Benefits | 9 Months Ended
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Sep. 30, 2018
Retirement Benefits [Abstract] |
Pension Plans and Other Postretirement Benefits | Pension Plans and Other Postretirement Benefits: The components of pension and postretirement benefits cost (credit) for the three-month and nine-month periods ended September 30, 2018 and 2017 were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Pension Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 1,238 |  |  | $ | 1,067 |  |  | $ | 3,765 |  |  | $ | 3,090 |
Interest cost | 7,967 |  |  | 8,375 |  |  | 24,010 |  |  | 24,983 |
Expected return on assets | (10,703 | ) |  | (9,960 | ) |  | (32,227 | ) |  | (29,799 | )
Amortization of prior service benefit | 25 |  |  | 29 |  |  | 71 |  |  | 102 |
Total net pension benefits credit | $ | (1,473 | ) |  | $ | (489 | ) |  | $ | (4,381 | ) |  | $ | (1,624 | )
Postretirement Benefits Cost (Credit): |  |  |  |  |  |  |
Service cost | $ | 29 |  |  | $ | 30 |  |  | $ | 88 |  |  | $ | 91 |
Interest cost | 542 |  |  | 585 |  |  | 1,626 |  |  | 1,755 |
Expected return on assets | (1 | ) |  | (28 | ) |  | (5 | ) |  | (83 | )
Amortization of prior service benefit | (12 | ) |  | (24 | ) |  | (36 | ) |  | (72 | )
Total net postretirement benefits cost | $ | 558 |  |  | $ | 563 |  |  | $ | 1,673 |  |  | $ | 1,691 |
Total net pension and postretirement benefits (credit) cost | $ | (915 | ) |  | $ | 74 |  |  | $ | (2,708 | ) |  | $ | 67 |
As a result of the adoption of new accounting guidance effective January 1, 2018, on a retrospective basis, all components of net benefit cost (credit), other than service cost, are to be shown outside of operations on the consolidated statements of income. We recast these components of net benefit cost (credit), which resulted in a reduction of $0.1 million and $0.4 million in Cost of goods sold, respectively, and $0.9 million and $2.7 million in Selling, general and administrative expenses, respectively, with an offsetting increase of $1.0 million and $3.1 million in Other income (expenses), net, respectively, for the three-month and nine-month periods ended September 30, 2017. There was no impact to Net income attributable to Albemarle Corporation. During the three-month and nine-month periods ended September 30, 2018, we made contributions of $3.1 million and $9.0 million, respectively, to our qualified and nonqualified pension plans. During the three-month and nine-month periods ended September 30, 2017, we made contributions of $2.6 million and $7.7 million, respectively, to our qualified and nonqualified pension plans. We paid $0.8 million and $2.0 million in premiums to the U.S. postretirement benefit plan during the three-month and nine-month periods ended September 30, 2018, respectively. During the three-month and nine-month periods ended September 30, 2017, we paid $0.7 million and $1.9 million, respectively, in premiums to the U.S. postretirement benefit plan. Multiemployer Plan Effective July 1, 2016, the Pensionskasse Dynamit Nobel Versicherungsverein auf Gegenseitigkeit, Troisdorf multiemployer plan is subject to a financial improvement plan which expires on December 31, 2022, with the final contribution in the second quarter of 2023. This financial improvement plan calls for increased capital reserves to avoid future underfunding risk. During the nine-month period ended September 30, 2017, we made contributions for our employees covered under this plan of approximately $2.0 million, recorded in Selling, general and administrative expenses, as a result of this financial improvement plan. In addition, during the three-month and nine-month periods ended September 30, 2017, we made contributions relating to this financial improvement plan to indemnify previously divested businesses of approximately $1.6 million and $4.6 million, respectively, recorded in Other income (expenses), net. There were no contributions made under the financial improvement plan during the three-month and nine-month periods ended September 30, 2018.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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