Pension And Other Post-Retirement Benefits

3 Months Ended

Mar. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Pension And Other Post-Retirement Benefits

The Company sponsors noncontributory defined benefit (pension) plans covering most employees. The plans for salaried and hourly employees currently in effect are based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants, and based on plan changes announced in 2006, pay for active plan participants was frozen as of December 31, 2007. Beginning in the first quarter of 2014, with the exception of plan participants at one of Tredegar’s U.S. manufacturing facilities, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing future benefits under the plan.

The components of net periodic benefit cost for our pension and other post-retirement benefit programs reflected in consolidated results are shown below:



	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended March 31,						Three Months Ended March 31,
(In Thousands)	2016			2015			2016			2015
Service cost	$	72		$	144		$	11		$	12
Interest cost	3,365			3,312			85			84
Expected return on plan assets	(3,978		)	(4,407		)	—			—
Amortization of prior service costs, gains or losses and net transition asset	3,384			4,024			(48		)	(40		)
Net periodic benefit cost	$	2,843		$	3,073		$	48		$	56

Pension and other post-retirement liabilities were $100.4 million and $101.0 million at March 31, 2016 and December 31, 2015, respectively ($0.6 million included in “Accrued expenses” at March 31, 2016 and December 31, 2015, with the remainder included in “Other noncurrent liabilities” in the consolidated balance sheets). The Company’s required contributions are expected to be $6.1 million in 2016. There were no contributions to the pension plan in the first quarter of 2016. Tredegar funds its other post-retirement benefits (life insurance and health benefits) on a claims-made basis, which the Company anticipates will be consistent with amounts paid for the year ended December 31, 2015 or $0.1 million.