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BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2015
BENEFIT PLANS [Abstract] |
BENEFIT PLANS | Note 10, Benefit Plans: During the fourth quarter of 2014, we settled the obligations associated with our defined benefit pension plan (the "Pension Plan"). The Pension Plan covered substantially all employees hired on or before December 31, 2005 and was closed to any employees hired after that date. The benefits are based on years of service and the employee's final average compensation. No new benefits were earned under the Pension Plan for additional years of service after December 31, 2006. Pension Plan participants not yet retired received vested benefits from the plan assets by electing either a lump sum distribution, roll-over contribution to a 401(k) or individual retirement plans, or an annuity contract with a third-party insurance company. Retired participants automatically received annuities. Pension settlement charges of $21,623,000, before tax, were recorded during the fourth quarter of 2014 as payments were made from the Plan in accordance with the participants' elections. The remaining $813,000 in plan assets at December 31, 2014 will fund additional plan termination professional fees, administration expenses and any required adjustments identified to amounts settled, with the remainder distributed equally to current plan participants after final IRS approval is obtained and other governmental review is completed. Accordingly, at December 31, 2015 and 2014, we had no future obligations related to the terminated Pension Plan. We also have a non-qualified, non-contributory supplemental executive retirement plan (the "SERP") for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP provides annual benefits amounting to 55% of final average earnings less benefits payable from our pension plan and Social Security benefits. The SERP limits the total amount of annual retirement benefits that may be paid to a participant from all sources (Retirement Plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants. The SERP was frozen as of December 31, 2015 and no additional benefits will be accrued after that date. The following table summarizes information about our Pension Plan and SERP.
|  | Pension Plan |  |  | SERP |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of the year |  |  | N/ | A |  | $ | 73,456 |  |  | $ | 7,270 |  |  | $ | 5,974 |
Service cost |  |  |  |  |  |  | — |  |  |  | 129 |  |  |  | 117 |
Interest cost |  |  |  |  |  |  | 3,232 |  |  |  | 314 |  |  |  | 289 |
Plan settlements |  |  |  |  |  |  | (83,453 | ) |  |  | — |  |  |  | — |
Plan curtailments |  |  |  |  |  |  | — |  |  |  | (87 | ) |  |  | — |
Special termination benefits |  |  |  |  |  |  | 813 |  |  |  | — |  |  |  | — |
Actuarial losses (gains) |  |  |  |  |  |  | 10,700 |  |  |  | 317 |  |  |  | 1,095 |
Benefits paid |  |  |  |  |  |  | (3,935 | ) |  |  | (224 | ) |  |  | (205 | )
Benefit obligation at end of year |  |  |  |  |  |  | 813 |  |  |  | 7,719 |  |  |  | 7,270 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  |  |  |  |  | 82,904 |  |  |  | — |  |  |  | — |
Employer contribution |  |  |  |  |  |  | — |  |  |  | 224 |  |  |  | 205 |
Actual return on plan assets |  |  |  |  |  |  | 5,297 |  |  |  | — |  |  |  | — |
Plan settlements |  |  |  |  |  |  | (83,453 | ) |  |  | — |  |  |  | — |
Benefits paid |  |  |  |  |  |  | (3,935 | ) |  |  | (224 | ) |  |  | (205 | )
Fair value of plan assets at end of year |  |  |  |  |  |  | 813 |  |  |  | — |  |  |  | — |
Funded status of the plan – (underfunded) |  |  |  |  |  | $ | — |  |  | $ | (7,719 | ) |  | $ | (7,270 | )
Accumulated benefit obligations |  |  |  |  |  | $ | — |  |  | $ | 7,719 |  |  | $ | 7,270 |
Amounts recognized in the consolidated balance sheets consist of:
|  | SERP |
(In thousands) |  | 2015 |  |  | 2014 |
Noncurrent assets |  | $ | — |  |  | $ | — |
Current liabilities |  |  | (287 | ) |  |  | (228 | )
Noncurrent liabilities |  |  | (7,432 | ) |  |  | (7,042 | )
|  | $ | (7,719 | ) |  | $ | (7,270 | )
Amounts recognized in accumulated other comprehensive income (loss) before the effect of income taxes consist of:
| SERP |
(In thousands) | 2015 |  | 2014 |
Prior service cost |  | $ | — |  |  | $ | (432 | )
Net actuarial loss |  |  | (1,724 | ) |  |  | (1,663 | )
|  | $ | (1,724 | ) |  | $ | (2,095 | )
Net pension cost included the following components:
|  | Pension Plan |  |  | SERP |
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Service cost-benefits earned during the period |  |  | N/ | A |  | $ | — |  |  | $ | — |  |  | $ | 129 |  |  | $ | 117 |  |  | $ | 134 |
Interest cost on projected benefit obligation |  |  |  |  |  |  | 3,232 |  |  |  | 3,278 |  |  |  | 314 |  |  |  | 289 |  |  |  | 259 |
Expected return on plan assets |  |  |  |  |  |  | (4,475 | ) |  |  | (4,948 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 210 |  |  |  | 210 |  |  |  | 210 |
Amortization of actuarial loss |  |  |  |  |  |  | 244 |  |  |  | 1,627 |  |  |  | 169 |  |  |  | — |  |  |  | 68 |
Settlement loss recognized |  |  |  |  |  |  | 20,810 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Curtailment loss recognized |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 222 |  |  |  | — |  |  |  | — |
Special termination benefit recognized |  |  |  |  |  |  | 813 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net pension costs |  |  |  |  |  | $ | 20,624 |  |  | $ | (43 | ) |  | $ | 1,044 |  |  | $ | 616 |  |  | $ | 671 |
The net periodic benefit cost for the SERP for the year ending December 31, 2015, includes the impact of freezing the plan as of December 31, 2015, which resulted in fully recognizing the outstanding prior service cost basis at that date. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic cost in 2016 is approximately $120,000 for the SERP. Assumptions We use a measurement date of December 31 for our pension and SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:
| Pension Plan |  | SERP |
| 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013 |
Discount rate |  |  | 4.93 | % |  |  | 4.13 | % |  |  | 4.09 | % |  |  | 4.96 | % |  |  | 4.08 | %
Expected long-term return on plan assets |  |  | 6.00 | % |  |  | 6.65 | % |  |  | n/ | a |  |  | n/ | a |  |  | n/ | a
Rate of compensation increase |  |  | n/ | a |  |  | n/ | a |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 3.50 | %
For purposes of determining the periodic expense of our defined benefit plan, we use fair market value of plan assets as the market related value. Assumptions used to determine benefit obligations at December 31 are as follows:
| SERP |
| 2015 |  | 2014 |
Discount rate |  |  | 4.58 | % |  |  | 4.09 | %
Rate of compensation increase |  |  | 3.50 | % |  |  | 3.50 | %
Cash Flows The following schedule outlines the expected benefit payments related to the SERP in future years. These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2015.
(In thousands) |  | SERP |
2016 |  | $ | 287 |
2017 |  |  | 367 |
2018 |  |  | 371 |
2019 |  |  | 384 |
2020 |  |  | 412 |
2021-2025 |  |  | 2,262 |
Other Plans We have an employee savings/retirement (401(k)) plan to which substantially all our employees may contribute. We match employee contributions 100% of the first 1% of eligible pay and 50% of the next 5% contributed by participants. We expensed matching employer contributions of approximately $3,661,000, $3,449,000 and $3,104,000 in 2015, 2014 and 2013, respectively. We offer no post-retirement benefits other than the plans discussed above and no significant post-employment benefits.

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