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Pension and Postretirement Benefits
 3 Months Ended
Mar. 31, 2015
Pension and Postretirement Benefits

b. Pension and Postretirement Benefits. Net periodic pension expense for the three months ended March 31, 2015 and 2014 is presented below (in millions of dollars):

 

     Three Months
Ended March 31, 2015		     Three Months
Ended March 31, 2014		  
     Total     U.S.
Plans		     Int’l.
Plans		     Total     U.S.
Plans		     Int’l.
Plans		  

Service cost

    $ 2.2      $ —        $ 2.2      $ 2.4      $ —        $ 2.4   

Interest cost

      79.9        56.1        23.8        92.3        62.5        29.8   

Expected return on plan assets

      (102.7 )      (63.7 )      (39.0 )      (112.7 )      (72.0 )      (40.7 ) 

Amortization of prior service (benefit) cost

      (1.1 )      (.6 )      (.5 )      (.3 )      .2        (.5 ) 

Recognized net actuarial loss

      49.6        33.7        15.9        37.8        27.8        10.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net periodic pension expense

 $ 27.9    $ 25.5    $ 2.4    $ 19.5    $ 18.5    $ 1.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In 2015, the company expects to make cash contributions of approximately $130.8 million to its worldwide defined benefit pension plans, which are comprised of $78.2 million primarily for non-U.S. defined benefit pension plans and $52.6 million for the company’s U.S. qualified defined benefit pension plan. In 2014, the company made cash contributions of $183.4 million to its worldwide defined benefit pension plans. For the three months ended March 31, 2015 and 2014, $38.7 million and $55.5 million, respectively, of cash contributions have been made.

Net periodic postretirement benefit expense for the three months ended March 31, 2015 and 2014 is presented below (in millions of dollars):

 

     Three Months Ended March 31,  
     2015      2014  

Service cost

    $ .1       $ .2   

Interest cost

      1.7         2.0   

Expected return on assets

      (.1 )       (.1 ) 

Amortization of prior service cost

      .3         .4   

Recognized net actuarial loss

      .7         .8   
  

 

 

     

 

 

  

Net periodic postretirement benefit expense

 $ 2.7    $ 3.3   
  

 

 

     

 

 

  

The company expects to make cash contributions of approximately $16 million to its postretirement benefit plan in 2015 compared with $15.3 million in 2014. For the three months ended March 31, 2015 and 2014, $3.5 million and $2.7 million, respectively, of cash contributions have been made.