RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS

9. RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS:

Net periodic pension (income) expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Interest cost	$	1,053		$	999		$	3,142		$	2,939
Expected return on plan assets		(1,379	)		(1,312	)		(4,198	)		(3,886	)
Recognized net actuarial loss		180			242			475			822
Net settlement loss		—			188			—			1,478
Total net periodic pension (income) expense	$	(146	)	$	117		$	(581	)	$	1,353

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2013, partially due to the transfer of a large number of the retirement plan participants to Marriott in connection with the REIT conversion, which resulted in an increase in the number of participants eligible for distributions, a net settlement loss of $0.2 million and $1.5 million was recognized in the three months and nine months ended September 30, 2013. Approximately $0.7 million of the net settlement loss in the nine months ended September 30, 2013 related to lump-sum distributions to former employees affected by the REIT conversion and has been classified as REIT conversion costs. Approximately $0.2 million and $0.8 million of the net settlement loss in the three months and nine months ended September 30, 2013, respectively, related to lump-sum distributions to former employees not affected by the REIT conversion and has been classified as corporate operating expenses.

The Company expects to contribute $1.9 million to its defined benefit pension plan during 2014.

Net postretirement benefit income reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Interest cost	$	56		$	49		$	165		$	146
Amortization of net actuarial loss		125			120			334			358
Amortization of prior service credit		(328	)		(333	)		(985	)		(998	)
Total net postretirement benefit income	$	(147	)	$	(164	)	$	(486	)	$	(494	)