Employee Benefit Plans

In the fourth quarter of 2014, the Company completed the migration of its retirement benefits plans from defined-benefit pension plans to a defined-contribution retirement plan, utilizing its existing 401(k) plan.

The Company previously sponsored two qualified defined-benefit pension plans that covered substantially all employees. In 2007, the Company amended its hourly and salaried defined-benefit pension plans so that employees no longer accrued benefits under them. This action “froze” the benefits for all employees and prevented future hires from joining the plans. A third defined-benefit pension plan was non-qualified and covered certain executive officers of the Company.

The Company sponsors a defined-contribution 401(k) plan that covers substantially all employees. The Company matches employee contributions to their 401(k) accounts using the “safe harbor” guidelines provided in the Internal Revenue Code. In addition, the Company provides discretionary supplemental contributions to substantially all employees' individual 401(k) accounts.

Defined-Benefit Plans

In December 2014 the Company terminated its defined benefit pension plans and settled all obligations to employees. As a result of the termination of the plans, the Company recognized an expense of $41.0 million in the fourth quarter of 2014, primarily comprised of the recognition of previously deferred actuarial losses.

Active employees, all of whom were 100 percent vested in their pension benefits, were given the option of rolling the actuarially determined present value of their benefits into their 401(k) accounts, receiving deferred annuity contracts issued by an insurance carrier, or receiving a lump sum payment.

The Company contributed $7.5 million to the frozen pension plans in 2014 in order to fully fund the settlement, representing the shortfall of the existing pension fund assets on the termination date to the settlement value. The Company contributed $3 million to these frozen pension plans in 2013, which satisfied the required minimum contribution for that year. Since the plans have been fully funded and settled, no cash contributions were required in 2015, nor will any be required in future years.

The measurement date of the assets and liabilities of all plans presented for 2014 was December 31, 2014. Since the plans were fully funded and terminated in 2014, no comparable data is presented for 2015.

Summarized actuarial information on the Company's defined-benefit pension plans is as follows:

Obligations and Funded Status at December 31,	2014

Change in Benefit Obligation
Benefit obligation at beginning of year	$	77,484
Service cost		—
Interest cost		3,595
Actuarial (gain) loss		5,855
Benefits paid		(3,301	)
Settlement of obligations		(83,633	)
Benefit obligation at end of year		—

Change in Plan Assets
Fair value of plan assets at beginning of year	77,993
Actual return on plan assets	311
Employer contributions	8,630
Benefits paid	(3,301	)
Settlement of obligations	(83,633	)
Fair value of plan assets at end of year	—

Funded Status
Funded status		—
Unrecognized net actuarial loss		—
Unrecognized prior service cost		—
Net amount recognized	$	—

Weighted Average Assumptions for the years ended December 31,	2014
Discount rate	4.75	%
Expected long-term return on plan assets	N/A
Rate of compensation increases	N/A

Components of Net Periodic Pension Cost		2014
Service cost	$	—
Interest cost		3,595
Expected return on assets		(6,114	)
Recognized gains		997
Net periodic pension cost	$	(1,522	)
Benefit plan termination costs (see above)		40,999
Net periodic pension cost and benefit plan termination costs	$	39,477

In conjunction with the termination and settlement of the defined-benefit pension plans, the additional minimum pension liability was fully recognized in 2014. The Company recorded an adjustment to the additional minimum pension liability, net of tax, which increased comprehensive income by $19.4 million and $10.2 million in 2014 and 2013, respectively.

Plan Assets

As a result of the termination and settlement of the defined-benefit pension plans, there are no plan assets as of December 31, 2015 and 2014.

Defined-Contribution Plans

The Company sponsors a qualified defined-contribution 401(k) plan that covers substantially all of its hourly and salaried employees. Under the terms of the 401(k) plan, the Company matches a certain portion of employee contributions. Expenses related to matching employee contributions to the 401(k) plan were $3.3 million, $3.2 million, and $3.0 million in 2015, 2014, and 2013, respectively.

Additionally, in 2015, 2014, and 2013 the Company provided discretionary supplemental contributions to the individual 401(k) accounts of substantially all employees. Each employee received a supplemental contribution to their account based on a uniform percentage of qualifying compensation established annually. The cost of these supplemental contributions totaled $5.0 million, $5.6 million, and $4.9 million in 2015, 2014, and 2013, respectively.