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Defined Benefit Postretirement Plans | 6 Months Ended
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Jun. 30, 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 June 30, 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 six months ended June 30, 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. 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 June 30, |  |  | Three months ended June 30, |
Components of net periodic (benefit) cost: |  | 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 |
|  | Pension Benefits |  |  | Other Benefits |
|  | Six months ended June 30, |  |  | Six months ended June 30, |
Components of net periodic (benefit) cost: |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Service cost |  | $ | 1,310 |  |  | $ | 1,174 |  |  | $ | 8 |  |  | $ | 8 |
Interest cost |  |  | 1,996 |  |  |  | 2,080 |  |  |  | 182 |  |  |  | 180 |
Expected return on plan assets |  |  | (4,300 | ) |  |  | (4,350 | ) |  |  | - |  |  |  | - |
Net amortization |  |  | 1,092 |  |  |  | 50 |  |  |  | 30 |  |  |  | (12 | )
Total cost (benefit) |  | $ | 98 |  |  | $ | (1,046 | ) |  | $ | 220 |  |  | $ | 176 |

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