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Employee Benefit Plans
6 Months Ended
Jun. 30, 2017
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
The following table details the components of pension benefit costs (credits):
 
Successor
Predecessor
 
Successor
Predecessor
 
Three Months Ended June 30, 2017
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2017
Six Months Ended June 30, 2016
(In thousands)
 
 
 
 
 
Interest cost
$
2,991

$
3,197

 
$
5,982

$
6,535

Expected return on plan assets
(4,499
)
(4,444
)
 
(8,996
)
(8,982
)
Pension settlement
(487
)
454

 
(487
)
454

Amortization of other actuarial losses

924

 

1,681

Net benefit cost (credit)
$
(1,995
)
$
131

 
$
(3,501
)
$
(312
)

 
During the second quarter of 2017 the Company recorded a pension settlement related to its cash balance pension plan as the qualifying distributions from the plan exceeded the annual service and interest costs of the plan. Additionally, in accordance with accounting guidance, the Company revalued the cash balance pension liability which reduced the liability by approximately $3.6 million with the offset to accumulated other comprehensive income. The discount rate used for the revaluation was 3.59%.
The following table details the components of other postretirement benefit costs (credits):
 
Successor
Predecessor
 
Successor
Predecessor
 
Three Months Ended June 30, 2017
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2017
Six Months Ended June 30, 2016
(In thousands)
 
 
 
 
 
Service cost
$
171

$
105

 
$
341

$
265

Interest cost
1,059

1,138

 
2,117

2,272

Curtailments

(970
)
 

(970
)
Amortization of prior service credits

(2,672
)
 

(5,345
)
Amortization of other actuarial losses (gains)

(566
)
 

(1,132
)
Net benefit cost (credit)
$
1,230

$
(2,965
)
 
$
2,458

$
(4,910
)