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Pensions and Other Employee Benefit Plans
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2016 and 2015 (in thousands):







 

 

 

 

 

 

 

 

 

 

 



Pension Benefits

 

Other Benefits



Three Months

 

Three Months



Ended September 30,

 

Ended September 30,



2016

 

2015

 

2016

 

2015

Service cost

$

 167 

 

$

 128 

 

$

         —

 

$

         —

Interest cost

 

 495 

 

 

 474 

 

 

 6 

 

 

 6 

Expected return on plan assets

 

 (512)

 

 

 (526)

 

 

         —

 

 

         —

Amortization of net actuarial loss

 

 223 

 

 

 199 

 

 

 1 

 

 

 3 

Amortization of prior service credits

 

         —

 

 

         —

 

 

 5 

 

 

 3 

Net periodic cost

$

 373 

 

$

 275 

 

$

 12 

 

$

 12 







 

 

 

 

 

 

 

 

 

 

 



Pension Benefits

 

Other Benefits



Nine Months

 

Nine Months



Ended September 30,

 

Ended September 30,



2016

 

2015

 

2016

 

2015

Service cost

$

 501 

 

$

 384 

 

$

 1 

 

$

 1 

Interest cost

 

 1,486 

 

 

 1,422 

 

 

 16 

 

 

 33 

Expected return on plan assets

 

 (1,535)

 

 

 (1,580)

 

 

         —

 

 

         —

Recognition due to settlement

 

         —

 

 

         —

 

 

         —

 

 

 428 

Amortization of net actuarial loss

 

 667 

 

 

 597 

 

 

 4 

 

 

 25 

Amortization of prior service credits

 

         —

 

 

         —

 

 

 16 

 

 

 8 

Net periodic cost

$

 1,119 

 

$

 823 

 

$

 37 

 

$

 495 



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 eligible participants 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 pension expense for the nine months ended September 30, 2015 of the one-time payments to eligible participants is included in the table above as recognition due to settlement.