Retirement Benefits Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits Plans | 10. Retirement Benefits Plans Postretirement Health Care and Life Insurance Plans The Company has plans which provide health care and life insurance benefits for many of its retirees (“postretirement benefit plans”). The postretirement benefit plans are unfunded and the costs are borne by the Company. Effective January 1, 2011, postretirement medical benefits for future retirees were phased out or eliminated for non-mining employees with less than ten years of service. Postretirement benefit plans expense consisted of the following components:
Postretirement benefit plans expense is determined using actuarial assumptions as of the beginning of the year or using weighted-average assumptions when curtailments, settlements and/or other events require a plan remeasurement. The following assumptions were used to determine postretirement benefit plans expense:
The following amounts were recognized as components of other comprehensive income (loss) before related tax impacts:
(1) Effective January 1, 2017, a plan change occurred resulting in Medicare-eligible disabled participants transitioning from a Company-sponsored group medical plan to a federal health care exchange plan. The Company provides a subsidy to these participants each year. The plan change resulted in a decrease in the benefit obligation of $1.5 million during 2016. The following table sets forth the components of the changes in benefit obligations:
(1) Represents retirement benefit liabilities, including current portion, on the Consolidated Balance Sheets. The current portion of retirement liabilities, which totaled $3.0 million and $3.1 million at December 31, 2018 and 2017, respectively, is classified in accrued liabilities on the Consolidated Balance Sheets. The following table sets forth the cumulative amounts not yet recognized in net income:
The expected benefit payments through 2028 for the postretirement benefit plan are as follows:
The measurement date for the Company’s postretirement benefit plans is December 31. The following discount rates were used to determine the benefit obligation:
The health care cost trend assumption used at both December 31, 2018, and 2017 to compute the accumulated postretirement benefit obligation for the postretirement benefit plans was 6.50 percent, which is assumed to decline gradually to 5.00 percent in 2028 and to remain at that level thereafter. Defined Contribution Plans The Company has defined contribution plans which provide retirement benefits for certain of its employees. The Company’s contributions, which are principally based on the Company’s pretax income and the aggregate compensation levels of participating employees and are charged against income as incurred, amounted to $6.5 million, $6.4 million and $5.6 million for the years ended December 31, 2018, 2017 and 2016, respectively. |