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Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2015
Retirement Benefit Plans [Abstract] |
Retirement Benefit Plans |
13. | Retirement Benefit Plans
Defined Contribution Plans We maintain various defined contribution plans, which include profit sharing and provide retirement benefits for substantially all of our employees. Matching obligations, in connection with the plans which are funded in cash and typically contributed to the plans in March of the following year, are as follows (in thousands):
|  | U.S. Defined Contribution |
Year ended December 31, |  |  |
2015 |  | $ | 8,445 |
2014 |  |  | 8,267 |
2013 |  |  | 8,115 |
We maintain a defined contribution Supplemental Executive Retirement Plan for key employees. Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees. In March 2014, contributions of $0.4 million were made related to calendar year 2013. In March 2015, contributions of $0.5 million were made related to calendar year 2014. We have recorded an obligation of $0.3 million for 2015. We also have an Employee Stock Ownership Plan and Trust (“ESOP”) for employees who are not covered by a collective bargaining agreement. In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock. We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the plan. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released. The trustees will vote the shares in accordance with its fiduciary duties. During 2015, we contributed to the trust an additional 58,000 shares from our treasury and released 58,200 shares from the trust leaving 200 shares remaining in the trust as of December 31, 2015. The provision for expense in connection with the ESOP was approximately $2.2 million in 2015, $1.8 million in 2014 and $4.4 million in 2013. Defined Benefit Pension Plan We maintain a defined benefit unfunded Supplemental Executive Retirement Plan (“SERP”). The SERP, as amended, is a defined benefit plan pursuant to which we will pay supplemental pension benefits to certain key employees upon the attainment of a contractual participant’s payment date based upon the employees’ years of service and compensation. In October 2015, the sole remaining participant in the unfunded SERP reached his applicable payment date. In connection therewith, in October 2015, we recorded a settlement loss of $1.5 million and made the corresponding distribution of $7.6 million. We use a January 1 measurement date for this plan. Benefit obligations as of the end of each year reflect assumptions in effect as of this date. The benefit obligation, funded status, and amounts recognized in the consolidated financial statements for the SERP, as of and for the years ended December 31, 2015 and 2014, were (in thousands):
|  | Defined Benefit Retirement Plan |
|  | 2015 |  |  | 2014 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,538 |  |  | $ | 5,661 |
Service cost |  |  | — |  |  |  | 164 |
Interest cost |  |  | 218 |  |  |  | 277 |
Actuarial loss |  |  | 854 |  |  |  | 436 |
Benefits paid |  |  | (7,610 | ) |  |  | — |
Benefit obligation at end of year |  | $ | — |  |  | $ | 6,538 |
Unfunded status of the plan |  | $ | — |  |  | $ | (6,538 | )
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |
Accrued postretirement benefit liabilities |  | $ | — |  |  | $ | 6,538 |
Accumulated other comprehensive loss (pre-tax) related to: |  |  |  |  |  |  |  |
Unrecognized net actuarial losses |  |  | — |  |  |  | 1,389 |
Unrecognized prior service cost |  |  | — |  |  |  | — |
The unrecognized amounts recorded in accumulated other comprehensive income will be subsequently recognized as expense consistent with our historical accounting policy for amortizing those amounts. Actuarial gains and losses incurred in future periods and not recognized as expense in those periods will be recognized as increases or decreases in other comprehensive income (loss), net of tax. As they are subsequently recognized as a component of expense, the amounts recorded in other comprehensive income (loss) in prior periods are adjusted. As of December 31, 2015 there are no defined benefit plan amounts included in other comprehensive income. The components of net periodic benefit cost for our defined benefit plan include the following (in thousands):
|  | December 31, |
Defined benefit retirement plan: |  | 2015 |  |  | 2014 |  |  | 2013 |
Service cost |  | $ | — |  |  | $ | 164 |  |  | $ | 180 |
Interest cost |  |  | 218 |  |  |  | 277 |  |  |  | 235 |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | 28 |
Actuarial net loss |  |  | 735 |  |  |  | 388 |  |  |  | 690 |
Settlement loss |  |  | 1,509 |  |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 2,462 |  |  | $ | 829 |  |  | $ | 1,133 |
Actuarial assumptions used to determine costs and benefit obligations related to our defined benefit plan are as follows:
|  | Settlement Date |  |  | December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Discount rates |  |  | 2.88 | % |  |  | 4.00 | % |  |  | 4.90 | %
Salary increase |  |  | N/A |  |  |  | N/A |  |  |  | 4.00 | %
The discount rate used at the settlement date in October 2015 was determined in accordance with the terms of the plan for lump sum payments, using the GATT interest rate. The discount rates used at December 31, 2014 and 2013 was determined by considering the current yield curves representing high quality, long-term fixed income instruments. We set our discount rate for the plan at December 31, 2014 and 2013 based on a review of the Mercer Pension Discount Yield Curve and Index Rates. We believed at December 31, 2014 and 2013 that the timing and amount of cash flows related to these instruments closely matched the estimated defined benefit payment streams of our plan. For the defined benefit pension plan, the projected benefit obligation (“PBO”), accumulated benefit obligation (“ABO”) and fair value of the plan’s assets are as follows (in thousands):
|  | December 31, |
|  | 2015 |  |  | 2014 |
Projected benefit obligation |  | $ | — |  |  | $ | 6,538 |
Accumulated benefit obligation |  |  | — |  |  |  | 6,538 |
Fair value of plan assets |  |  | — |  |  |  | — |

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