v2.4.0.8

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2014

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

NOTE 9—EMPLOYEE BENEFIT PLANS

        The Company sponsors frozen non-contributory qualified and non-qualified defined benefit pension plans generally covering all employees who, prior to the freeze, were age 21 or older and had completed at least 1,000 hours of service in their first twelve months of employment, or in a calendar year ending thereafter, and who were not covered by a collective bargaining agreement. The Company also offers eligible retirees the opportunity to participate in a health plan. Certain employees are eligible for subsidized postretirement medical benefits. The eligibility for these benefits is based upon a participant's age and service as of January 1, 2009. The Company also sponsors a postretirement deferred compensation plan.

        The Company expects to make pension contributions of approximately $3,092,000 during 2014.

        Net periodic benefit cost recognized for the plans during the three months ended June 30, 2014 and the three months ended June 30, 2013 consists of the following:

		Pension Benefits						Other Benefits
(In thousands)		June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Components of net periodic benefit cost:
Service cost		$	—		$	45		$	9		$	48
Interest cost			1,152			1,128			53			218
Expected return on plan assets			(1,307	)		(1,176	)		—			—
Amortization of net gain			(258	)		—			(87	)		(19	)
Amortization of prior service credit			—			—			(416	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net periodic benefit cost (credit)		$	(413	)	$	(3	)	$	(441	)	$	247
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        Net periodic benefit cost recognized for the plans during the six months ended June 30, 2014 and the six months ended June 30, 2013 consists of the following:

		Pension Benefits						Other Benefits
(In thousands)		June 30, 2014			June 30, 2013			June 30, 2014			June 30, 2013
Components of net periodic benefit cost:
Service cost		$	—		$	90		$	18		$	97
Interest cost			2,304			2,256			106			435
Expected return on plan assets			(2,614	)		(2,353	)		—			—
Amortization of net gain			(517	)		—			(174	)		(38	)
Amortization of prior service credit			—			—			(832	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net periodic benefit cost (credit)		$	(827	)	$	(7	)	$	(882	)	$	494
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- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-URI http://asc.fasb.org/topic&trid=2235017

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