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Pensions and Other Employee Benefit Plans
 9 Months Ended
Sep. 30, 2015
Pensions and Other Employee Benefit Plans [Abstract]  
Pensions and Other Employee Benefit Plans

12. Pensions and Other Employee Benefit Plans

 

The following tables provide the components of net periodic cost included in general and administrative expenses for our qualified retirement plan (the “Pension Benefits”) and health care and life insurance benefits for retired employees and dependents (the “Other Benefits”) for the three and nine months ended September 30, 2015 and 2014 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Three Months
Ended September 30,

 

Other Benefits
Three Months
Ended September 30,

 

2015

 

2014

 

2015

 

2014

Service cost

$
128 

 

$
59 

 

$

         —

 

$
1 

Interest cost

 
474 

 

 
474 

 

 
6 

 

 
17 

Expected return on plan assets

 
(526)

 

 
(464)

 

 

         —

 

 

         —

Amortization of net actuarial loss

 
199 

 

 
121 

 

 
3 

 

 
7 

Amortization of prior service credits

 

         —

 

 

         —

 

 
3 

 

 
2 

Net periodic cost

$
275 

 

$
190 

 

$
12 

 

$
27 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits
Nine Months
Ended September 30,

 

Other Benefits
Nine Months
Ended September 30,

 

2015

 

2014

 

2015

 

2014

Service cost

$
384 

 

$
141 

 

$
1 

 

$
2 

Interest cost

 
1,422 

 

 
1,411 

 

 
33 

 

 
52 

Expected return on plan assets

 
(1,580)

 

 
(1,411)

 

 

         —

 

 

         —

Recognition due to settlement

 

         —

 

 

         —

 

 
428 

 

 

         —

Amortization of net actuarial loss

 
597 

 

 
307 

 

 
25 

 

 
22 

Amortization of prior service credits

 

         —

 

 

         —

 

 
8 

 

 
7 

Net periodic cost

$
823 

 

$
448 

 

$
495 

 

$
83 

 

 

Effective January 1, 2015, retiree medical coverage for retirees age 65 or over and their dependents was discontinued. In January 2015, the Company made discretionary one-time payments to retirees affected to assist them in purchasing alternate coverage. In August 2015, the Company made discretionary one-time payments of $0.8 million to other participants to settle the remaining liability for retiree medical coverage applicable to benefits at age 65 and later. The effect on postretirement benefit expense for the nine months ended September 30, 2015 of the one-time payments to participants is included in the table above as recognition due to settlement.