XML 47 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
Defined Benefit Postretirement Plans
 3 Months Ended
Mar. 31, 2015
Defined Benefit Postretirement Plans [Abstract]  
Defined Benefit Postretirement Plans
Note 5.Defined Benefit Postretirement Plans
 
The Company has a qualified, noncontributory, defined benefit pension plan ("the Plan") covering substantially all of its employees at March 31, 2015.  Benefits paid from the plan are based on age, years of service, compensation and social security benefits, and are determined in accordance with defined formulas. The Company's policy is to fund the pension plan in accordance with Employee Retirement Income Security Act of 1974 ("ERISA") standards. Assets of the plan are invested in publicly traded stocks and bonds.  The Company is not required to make contributions to the Plan in 2015, and did not do so during the three months ended March 31, 2015.
 
Market conditions can result in an unusually high degree of volatility and increase the risks and short term liquidity associated with certain investments held by the Plan which could impact the value of these investments.

In addition to the Plan, the Company also provides supplemental employee retirement plans to certain current and former executives.  These supplemental employee retirement plans and the Plan are collectively referred to herein as "Pension Benefits."

Also, the Company provides certain health care benefits for retired employees.  Benefits are accrued over the employees' active service period. Only employees that were employed by the Company on or before January 1, 2000 are eligible to receive postretirement health care benefits.  In addition, the Company assumed post-retirement medical life insurance benefits for certain Alliance employees, retirees and their spouses, if applicable, in the Alliance acquisition.  These postretirement benefits are referred to herein as "Other Benefits." 
 
The components of expense for Pension Benefits and Other Benefits are set forth below (in thousands):
 
 
Pension Benefits
 
Other Benefits
 
 
Three months ended March 31,
 
Three months ended March 31,
 
Components of net periodic cost (benefit):
2015
 
2014
 
2015
 
2014
 
Service cost
 
$
655
  
$
587
  
$
4
  
$
4
 
Interest cost
  
998
   
1,040
   
91
   
90
 
Expected return on plan assets
  
(2,150
)
  
(2,175
)
  
-
   
-
 
Net amortization
  
546
   
25
   
15
   
(6
)
Total cost (benefit)
 
$
49
  
$
(523
)
 
$
110
  
$
88