XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans

The Corporation maintains a defined benefit pension plan ("Pension Plan") for certain employees, which was curtailed in 2008. Contributions to the Pension Plan are actuarially determined and funded annually, if required. The Corporation made contributions totaling $4.6 million during the first nine months of 2016. Pension Plan assets are invested in: money markets; fixed income securities, including corporate bonds, U.S. Treasury securities and common trust funds; and equity securities, including common stocks and common stock mutual funds.
The net periodic benefit cost for the Corporation’s Pension Plan consisted of the following components:
 
Three months ended September 30
 
Nine months ended September 30
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Service cost (1)
$
172

 
$
145

 
$
516

 
$
435

Interest cost
880

 
851

 
2,640

 
2,553

Expected return on plan assets
(580
)
 
(752
)
 
(1,739
)
 
(2,256
)
Net amortization and deferral
605

 
782

 
1,815

 
2,346

Net periodic benefit cost
$
1,077

 
$
1,026

 
$
3,232

 
$
3,078


(1)
Service cost was related to administrative costs associated with the plan and was not due to the accrual of additional participant benefits.
The Corporation provides benefits under a postretirement benefits plan ("Postretirement Plan") to certain retirees who were employees of the Corporation prior to January 1, 1998 and retired from employment with the Corporation prior to February 1, 2014.
The net periodic cost (benefit) of the Corporation’s Postretirement Plan consisted of the following components:
 
Three months ended September 30
 
Nine months ended September 30
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Interest cost
21

 
52

 
64

 
156

Expected return on plan assets
—

 
—

 
(1
)
 
—

Net accretion and deferral
(138
)
 
(65
)
 
(413
)
 
(195
)
Net periodic benefit
$
(117
)
 
$
(13
)
 
$
(350
)
 
$
(39
)

The Corporation recognizes the funded status of its Pension Plan and Postretirement Plan on the consolidated balance sheets and recognizes the change in that funded status through other comprehensive income.