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Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2016
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, |  |  |
2016 |  | $ | 8,625 |
2015 |  |  | 8,445 |
2014 |  |  | 8,267 |
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 2015, contributions of $0.5 million were made related to calendar year 2014. In March 2016, contributions of $0.3 million were made related to calendar year 2015. We have recorded an obligation of $0.3 million for 2016. 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 2016, we contributed to the trust an additional 59,200 shares from our treasury and released 59,200 shares from the trust leaving 200 shares remaining in the trust as of December 31, 2016. The provision for expense in connection with the ESOP was approximately $2 million in 2016, $2.2 million in 2015 and $1.8 million in 2014. 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 lump-sum 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. There was no benefit obligation outstanding related to the SERP as of December 31, 2016 and 2015. We recorded no expense related to the plan during the year ended December 31, 2016. Net periodic benefit cost of $2.5 million and $0.8 million was recorded related to the plan for the years ended December 31, 2015 and 2014, respectively.

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