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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans

 

Note 8 – Employee Benefit Plans

 

Pension Benefits

The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ compensation. In order to be eligible for the annual contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. For each of the three months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $1.0 million. For the nine months ended September 30, 2016 and 2015, the Company made Pension Plan cash contributions of $2.5 million and $2.0 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $0.5 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

 

Other Postretirement Benefits

The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended September 30, 2016, the Company made Other Benefits Plan cash contributions of $0.2 million. For the three months ended September 30, 2015, the Company did not make any Other Benefits Plan cash contributions. For the nine months ended September 30, 2016 and 2015, the Company made Other Benefits Plan cash contributions of $0.7 million and $0.8 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.2 million over the remainder of the current year.

 

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

 

   (In Thousands)
   Pension Benefits  Other Benefits
   Three Months Ended September 30,
   2016  2015  2016  2015
             
Service Cost  $577   $639   $275   $343 
Interest Cost   761    724    488    480 
Expected Return on Assets   (1,004)   (980)   (558)   (527)
Amortization of Unrecognized Losses   357    411    443    565 
Amortization of Unrecognized Prior Service Cost (Credit)   —    —    (432)   (432)
Net Periodic Benefit Cost  $691   $794   $216   $429 

 

 

   (In Thousands)
   Pension Benefits  Other Benefits
   Nine Months Ended September 30,
   2016  2015  2016  2015
             
Service Cost  $1,731   $1,918   $824   $1,029 
Interest Cost   2,284    2,171    1,464    1,441 
Expected Return on Assets   (3,011)   (2,939)   (1,674)   (1,580)
Amortization of Unrecognized Losses   1,070    1,234    1,330    1,696 
Amortization of Unrecognized Prior Service Cost (Credit)   —    —    (1,296)   (1,296)
Net Periodic Benefit Cost  $2,074   $2,384   $648   $1,290