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EMPLOYEE BENEFIT PLANS | 3 Months Ended
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Mar. 31, 2018
Compensation And Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS |
(6) | EMPLOYEE BENEFIT PLANS
U.S. Defined Benefit Pension Plan The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Effective April 1, 1996, the pension plan was closed to new participation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits on December 31, 2010. This change did not affect benefits earned by participants prior to January 1, 2011. The company did not contribute to the pension plan during the quarters ended March 31, 2018 and 2017, and currently does not expect to contribute to the pension plan during the remaining quarters of calendar year 2018. Supplemental Executive Retirement Plan The company maintains a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not the company’s stock), are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (loss). Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company contributed an immaterial amount to the supplemental plan during the quarters ended March 31, 2018 and 2017. The company expects to contribute $0.1 million to the supplemental plan during the remaining quarters of 2018. Investments held in a Rabbi Trust are included in other assets at fair value. The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31, 2018 and December 31, 2017:
|  | Successor |
|  | March 31, |  |  | December 31, |
(In thousands) |  | 2018 |  |  | 2017 |
Investments held in Rabbi Trust at fair value |  | $ | 8,809 |  |  |  | 8,908 |
Unrealized gains (losses) in fair value of trust assets |  |  | (43 | ) |  |  | 256 |
Obligations under the supplemental plan |  |  | 32,581 |  |  |  | 32,508 |
The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities’ on the consolidated balance sheet. Jeffrey M. Platt retired from his position as the Company’s President and Chief Executive Officer and resigned as a member of the Company’s board of directors (the “Board”), effective October 15, 2017. As a result of Mr. Platt’s retirement, he received in May 2018 an $8.9 million lump sum distribution in settlement of his supplemental executive retirement plan obligation. A settlement loss of approximately $0.2 million was recorded at the time of distribution. The company elected to sell its equity investments held in the rabbi trust in February 2018 in order to preserve the value of such investment to be used in connection with the payment to the former CEO. Postretirement Benefit Plan Qualified retired employees currently are covered by a plan which provides limited health care and life insurance benefits. Costs of the plan are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments by the company as benefits are required. The company eliminated the life insurance portion of its post retirement benefit effective January 1, 2018. Net Periodic Benefit Costs The net periodic benefit cost for the company’s defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to collectively as “Other Benefits”) is comprised of the following components:
|  | Successor |  |  |  | Predecessor |
|  | Quarter Ended |  |  |  | Quarter Ended |
|  | March 31, |  |  |  | March 31, |
(In thousands) |  | 2018 |  |  |  | 2017 |
Pension Benefits: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 30 |  |  |  |  | 419 |
Interest cost |  |  | 902 |  |  |  |  | 991 |
Expected return on plan assets |  |  | (483 | ) |  |  |  | (601 | )
Administrative expenses |  |  | 1 |  |  |  |  | 22 |
Payroll tax of net pension costs |  |  | — |  |  |  |  | 56 |
Amortization of net actuarial losses |  |  | — |  |  |  |  | 32 |
Recognized actuarial loss |  |  | — |  |  |  |  | 447 |
Net periodic pension cost |  | $ | 450 |  |  |  |  | 1,366 |
Other Benefits: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 15 |  |  |  |  | 21 |
Interest cost |  |  | 29 |  |  |  |  | 51 |
Amortization of prior service cost |  |  | (75 | ) |  |  |  | (1,088 | )
Recognized actuarial benefit |  |  | 11 |  |  |  |  | (283 | )
Net periodic postretirement benefit |  | $ | (20 | ) |  |  |  | (1,299 | )
The company also has a defined benefit pension plan that covers certain Norwegian citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. The company did not contribute to the Norwegian defined benefit pension plan during the quarters ended March 31, 2018 and 2017, respectively. Management is working with its actuary to determine the contribution to the Norwegian pension plan during the remaining quarters of calendar year 2018. The preceding net periodic benefit cost table includes the Norwegian pension 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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