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Pension and Employee Benefit Plans
3 Months Ended
Mar. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Pension and Employee Benefit Plans

11.

Pension and Employee Benefit Plans

We sponsor a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired.

We present service cost within selling and administrative expenses and we present other components of net periodic benefit cost (gain) within Other expense, net on the Condensed Consolidated Statements of Income.

Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:

 

(Table only in thousands)

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

Pension plan:

 

 

 

 

 

 

 

 

Service cost

 

$

97

 

 

$

113

 

Interest cost

 

 

298

 

 

 

329

 

Expected return on plan assets

 

 

(476

)

 

 

(431

)

Amortization of net actuarial loss

 

 

59

 

 

 

57

 

Net periodic benefit cost (gain)

 

$

(22

)

 

$

68

 

Health care plan:

 

 

 

 

 

 

 

 

Interest cost

 

$

1

 

 

$

1

 

Amortization of loss

 

 

2

 

 

 

2

 

Net periodic benefit cost

 

$

3

 

 

$

3

 

 

We made contributions to our defined benefit plans during the three months ended March 31, 2018 totaling $187,000.  We made no contributions to our defined benefit plans during the three months ended March 31, 2017. We anticipate $660,000 and $24,000 of further contributions to fund the pension plan and the retiree health care plan, respectively, during the remainder of 2018. The unfunded liability of the plans of $9.5 million and $9.6 million as of March 31, 2018 and December 31, 2017, respectively, is included in Other liabilities on our Condensed Consolidated Balance Sheets.