Retirement and Postretirement Benefits Other Than Pension Plans

9 Months Ended

Sep. 30, 2015

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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Interest cost	$	1,005		$	1,053		$	2,977		$	3,142
Expected return on plan assets		(1,142	)		(1,379	)		(3,518	)		(4,198	)
Amortization of net actuarial loss		258			180			875			475
Net settlement loss		1,593			—			1,593			—
Total net periodic pension (income) expense	$	1,714		$	(146	)	$	1,927		$	(581	)

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2015, a net settlement loss of $1.6 million was recognized in the three months and nine months ended September 30, 2015 and has been classified as corporate operating expenses in the accompanying condensed consolidated statements of operations and comprehensive income.

In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of August 31, 2015. As a result of the lump-sum distributions and a decrease in the pension plan’s expected return on plan assets from 7.5% at December 31, 2014 to 6.5% at August 31, 2015, partially offset by an increase in the pension plan’s assumed discount rate from 3.7% at December 31, 2014 to 4.0% at August 31, 2015, the Company recorded a $2.2 million increase in its liability under the pension plan, which was recorded as an increase in other liabilities and accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet as of September 30, 2015.

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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Interest cost	$	53		$	56		$	159		$	165
Amortization of net actuarial loss		118			125			354			334
Amortization of prior service credit		(329	)		(328	)		(986	)		(985	)
Total net postretirement benefit income	$	(158	)	$	(147	)	$	(473	)	$	(486	)