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Pensions and Other Post-retirement Benefits | 6 Months Ended
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Jun. 30, 2018
Retirement Benefits [Abstract] |
Pensions and Other Post-retirement Benefits | Pensions and Other Post-retirement Benefits Components of net periodic benefit cost consisted of the following:
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Three Months Ended June 30, |  |  |  |  |  |  |  |
Service cost |  | $ | 2,891 |  |  | $ | 2,721 |  |  | $ | 83 |  |  | $ | 106 |
Interest cost |  | 4,219 |  |  | 4,572 |  |  | 175 |  |  | 237 |
Expected return on plan assets |  | (9,096 | ) |  | (8,738 | ) |  | — |  |  | — |
Amortization of prior service cost |  | (6 | ) |  | (4 | ) |  | (125 | ) |  | (105 | )
Recognized net actuarial losses |  | 3,453 |  |  | 3,184 |  |  | 351 |  |  | 17 |
Settlements |  | 27 |  |  | 34 |  |  | 141 |  |  | — |
Net periodic benefit cost (a) |  | 1,488 |  |  | 1,769 |  |  | 625 |  |  | 255 |
Six Months Ended June 30, |  |  |  |  |  |  |  |
Service cost |  | $ | 5,782 |  |  | $ | 5,442 |  |  | $ | 184 |  |  | $ | 212 |
Interest cost |  | 8,438 |  |  | 9,144 |  |  | 396 |  |  | 474 |
Expected return on plan assets |  | (18,193 | ) |  | (17,476 | ) |  | — |  |  | — |
Amortization of prior service cost |  | (11 | ) |  | (8 | ) |  | (202 | ) |  | (210 | )
Recognized net actuarial losses |  | 6,907 |  |  | 6,368 |  |  | 376 |  |  | 34 |
Settlement/curtailment loss (credit) |  | 53 |  |  | 68 |  |  | — |  |  | — |
Net periodic benefit cost, excluding below |  | 2,976 |  |  | 3,538 |  |  | 754 |  |  | 510 |
Special termination charge |  | — |  |  | 11,384 |  | (b) | — |  |  | — |
Net periodic benefit cost (a) |  | 2,976 |  |  | 14,922 |  |  | 754 |  |  | 510 |
(a) Components of net periodic benefit cost other than service cost are included in the line item "Other income, net" in the income statement. (b) Represents the charge for special termination benefits related to the VRIP which were paid from our over funded North America pension plan and recorded as restructuring charges on the Condensed Consolidated Statement of Income. See further details in Note 5—Restructuring Charges. Effective December 31, 2017, the Company changed the method it uses to estimate the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits for a majority of its U.S. and foreign plans. Historically, the service and interest cost components for these plans were estimated using a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The Company has elected to utilize a spot rate approach, which discounts the individual plan specific expected cash flows underlying the service and interest cost using the applicable spot rates derived from a yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of total benefit obligations. We estimate that service and interest cost for the pension and OPEB plans will be reduced by approximately $1.8 million in 2018 as a result of this change. The Company has accounted for this change to the spot rate approach as a change in accounting estimate that is inseparable from a change in accounting principle, pursuant to Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections, and accordingly has accounted for it prospectively. For plans where the discount rate is not derived from plan specific expected cash flows, the Company will continue to employ the current approaches for measuring both the projected benefit obligations and the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits. We made contributions of $2.5 million and $3.0 million to our pension plans during the six months ended June 30, 2018 and 2017, respectively. We expect to make total contributions of approximately $5.0 million to our pension plans in 2018 which are primarily associated with our International segment.

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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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