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Pensions and Other Employee Benefit Plans
 3 Months Ended
Mar. 31, 2016
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 months ended March 31, 2016 and 2015  (in thousands):







 

 

 

 

 

 

 

 

 

 

 



Pension Benefits
Three Months
Ended March 31,

 

Other Benefits
Three Months
Ended March 31,



2016

 

2015

 

2016

 

2015

Service cost

$

 142 

 

$

 59 

 

$

         —

 

$

         —

Interest cost

 

 490 

 

 

 473 

 

 

 5 

 

 

 12 

Expected return on plan assets

 

 (512)

 

 

 (538)

 

 

         —

 

 

         —

Recognition due to settlement

 

         —

 

 

         —

 

 

         —

 

 

 156 

Amortization of net actuarial loss

 

 196 

 

 

 205 

 

 

 1 

 

 

 8 

Amortization of prior service credits

 

         —

 

 

         —

 

 

 6 

 

 

 3 

Net periodic cost

$

 316 

 

$

 199 

 

$

 12 

 

$

 179 



Effective January 1, 2015, retiree medical coverage for retirees age 65 or over and their dependents was discontinued. In January 2015, the Company made a discretionary one-time payment to retirees affected to assist them in purchasing alternate coverage. The effect on pension expense for the three months ended March 31, 2015 of the one-time payment to retirees age 65 or over is included in the table above as recognition due to settlement.