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EMPLOYEE RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 2015
EMPLOYEE RETIREMENT PLANS |
EMPLOYEE RETIREMENT PLANS | 10. EMPLOYEE RETIREMENT PLANS Defined Benefit Pension and OPEB Welfare Plans The Company sponsors and/or contributes to pension plans ("Pension Plans") and other post-retirement benefit ("OPEB") plans covering many of our United States employees, in whole or in part based on meeting certain eligibility criteria. In addition, the Company and its subsidiaries have various pension plans and other forms of post-retirement arrangements outside the United States, namely in Canada and Taiwan. The Pension Plans provide benefits to certain employees and retirees and are closed to new hires. Effective January 31, 2014, amendments to the Pension Plans for United States non-bargained employees froze all future benefit accruals for non-bargained employees who were not already frozen. The financial impact of these amendments to the Pension Plans was recognized in the fourth quarter of 2013. The OPEB plans are unfunded and provide medical and life insurance benefits for certain employees and their dependents. The OPEB plans require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for the sharing of future benefit cost increases between the Company and participants. Modifications to the OPEB plans were made with respect to certain participants, to deliver retiree medical benefits through health reimbursement account contributions. For the impacted participants, these retiree medical changes became effective on January 1, 2014 for Medicare eligible retirees and January 1, 2015 for non-Medicare eligible retirees. In addition, life insurance benefits for non-bargained future retirees were eliminated effective January 1, 2014. Components of net periodic benefit income for the three months ended June 30, 2015 and 2014 includes the following:
|  | Pensions Three Months Ended June 30, |  | OPEB Benefits Three Months Ended June 30, |
(In millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Components of net periodic benefit income: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest cost |  | $ | (7.7 | ) | $ | (7.9 | ) | $ | (1.1 | ) | $ | (1.1 | )
Service cost |  | ​ | (1.1 | ) | ​ | (0.9 | ) | ​ | (0.2 | ) | ​ | (0.2 | )
Expected return on assets |  |  | 11.4 |  |  | 11.8 |  |  | - |  |  | - |
Amortization of: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Prior service credit |  |  | - |  |  | - |  |  | 2.3 |  |  | 2.2 |
Actuarial gain (loss) |  | ​ | (0.7 | ) | ​ | 0.1 |  | ​ | - |  | ​ | - |
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Total net periodic benefit income |  | $ | 1.9 |  | $ | 3.1 |  | $ | 1.0 |  | $ | 0.9 |
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Components of net periodic benefit income for the six months ended June 30, 2015 and 2014 includes the following:
|  | Pensions Six Months Ended June 30, |  | OPEB Benefits Six Months Ended June 30, |
(In millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Components of net periodic benefit income: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Interest cost |  | $ | (15.4 | ) | $ | (15.8 | ) | $ | (2.2 | ) | $ | (2.2 | )
Service cost |  | ​ | (2.2 | ) | ​ | (1.8 | ) | ​ | (0.4 | ) | ​ | (0.4 | )
Expected return on assets |  |  | 22.8 |  |  | 23.6 |  |  | - |  |  | - |
Amortization of: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Prior service credit |  |  | - |  |  | - |  |  | 4.6 |  |  | 4.6 |
Actuarial gain (loss) |  | ​ | (1.4 | ) | ​ | 0.2 |  | ​ | - |  | ​ | - |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net periodic benefit income |  | $ | 3.8 |  | $ | 6.2 |  | $ | 2.0 |  | $ | 2.0 |
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Contributions There were no significant contributions to the pension plan trusts during the three and six months ended June 30, 2015 and 2014. We estimate that we will make payments of approximately $1.9 million for benefit payments and contributions related to our Pension Plans and $8.9 million for benefit payments related to OPEB plans for the year ending December 31, 2015. Defined Contribution Plans Most of our employees are covered by defined contribution plans under which we make contributions to individual employee accounts. Our expense related to our defined contribution plans was approximately $3.4 million and $3.2 million for the three months ended June 30, 2015 and 2014, respectively, and $7.3 million and $7.5 million during the six months ended June 30, 2015 and 2014, respectively.

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