PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2016

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Summary of the components of net periodic benefit cost


	Three Months Ended June 30
	Nonunion Defined				Supplemental				Postretirement
	Benefit Pension Plan				Benefit Plan				Health Benefit Plan
	2016		2015		2016		2015		2016		2015
	(in thousands)
Service cost	$	—	$	—	$	—	$	—	$	107	$	102
Interest cost		1,158		1,223		33		30		255		229
Expected return on plan assets		(2,158)		(2,359)		—		—		—		—
Amortization of prior service credit		—		—		—		—		(48)		(48)
Pension settlement expense		564		597		—		—		—		—
Amortization of net actuarial loss(1)		1,061		815		38		40		176		213
Net periodic benefit cost	$	625	$	276	$	71	$	70	$	490	$	496


	Six Months Ended June 30
	Nonunion Defined				Supplemental				Postretirement
	Benefit Pension Plan				Benefit Plan				Health Benefit Plan
	2016		2015		2016		2015		2016		2015
	(in thousands)
Service cost	$	—	$	—	$	—	$	—	$	214	$	203
Interest cost		2,463		2,543		65		61		509		457
Expected return on plan assets		(4,104)		(4,761)		—		—		—		—
Amortization of prior service credit		—		—		—		—		(95)		(95)
Pension settlement expense		1,464		1,716		—		—		—		—
Amortization of net actuarial loss(1)		2,017		1,636		76		80		352		426
Net periodic benefit cost	$	1,840	$	1,134	$	141	$	141	$	980	$	991

⁽¹⁾

The Company amortizes actuarial losses over the average remaining active service period of the plan participants and does not use a corridor approach.

Schedule of changes in the projected benefit obligation and plan assets of the nonunion defined benefit pension plan


	Nonunion Defined
	Benefit Pension Plan
	(in thousands)
Change in benefit obligations
Benefit obligations at December 31, 2015	$	159,607
Interest cost		2,463
Actuarial loss(1)		9,377
Benefits paid		(7,420)
Benefit obligations at June 30, 2016		164,027
Change in plan assets
Fair value of plan assets at December 31, 2015		136,917
Actual return on plan assets		4,587
Employer contributions		13,400
Benefits paid		(7,420)
Fair value of plan assets at June 30, 2016		147,484
Funded status at June 30, 2016(2)	$	(16,543)
Accumulated benefit obligation	$	164,027

⁽¹⁾

Actuarial loss from remeasurement upon settlement was primarily impacted by the change in the discount rate since the previous remeasurement date. The discount rates used to remeasure the PBO upon settlement were 2.7%, 3.0%, and 3.5% at the June 30, 2016, March 31, 2016, and December 31, 2015 measurement date, respectively.

⁽²⁾

Noncurrent liability recognized within pension and postretirement liabilities in the accompanying consolidated balance sheet at June 30, 2016.