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Retirement Plans (Table)
9 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
 
 
Pension Plan
Quarter ended September 30,
 
Pension Plan
Nine Months ended September 30,
($ in thousands)
 
2016
 
2015
 
2016
 
2015
Net Periodic Benefit Cost:
 
 
 
 
 
 
 
 
Service cost
 
$
41

 
1,913

 
1,647

 
5,738

Interest cost
 
3,049

 
3,409

 
9,252

 
10,225

Expected return on plan assets
 
(5,006
)
 
(3,991
)
 
(12,982
)
 
(11,972
)
Amortization of unrecognized net actuarial loss
 
1,763

 
1,643

 
4,724

 
4,930

Total net periodic cost
 
$
(153
)
 
2,974

 
2,641

 
8,921



As of December 31, 2015, we anticipated contributing $11.7 million to the Pension Plan for full year 2016. Actual contributions amounted to $54.5 million in Nine Months 2016 and we do not anticipate any additional funding this year. The decrease in net periodic cost in Third Quarter 2016 reflects lower expense as a result of the contributions that were higher than our original expectation.
 
 
Pension Plan
Nine Months ended September 30,
 
 
2016
 
2015
Weighted-Average Expense Assumptions:
 
 
 
 
Discount rate
 
4.69
%
 
4.29
%
Effective interest rate for calculation of service cost
 
4.89
%
 
%
Effective interest rate for calculation of interest cost
 
4.02
%
 
%
Expected return on plan assets
 
6.37
%
 
6.27
%
Rate of compensation increase1
 
n/a

 
4.00
%

Schedule of Weighted-Average Expense Assumptions
 
 
Pension Plan
Nine Months ended September 30,
 
 
2016
 
2015
Weighted-Average Expense Assumptions:
 
 
 
 
Discount rate
 
4.69
%
 
4.29
%
Effective interest rate for calculation of service cost
 
4.89
%
 
%
Effective interest rate for calculation of interest cost
 
4.02
%
 
%
Expected return on plan assets
 
6.37
%
 
6.27
%
Rate of compensation increase1
 
n/a

 
4.00
%

1This assumption was 4.0% through March 31, 2016, the date after which benefits ceased accruing for all participants of the Pension Plan.