Pension and Employee Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Employee Benefit Plans |
We sponsor a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired. Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:
We made no contributions to our defined benefit plans during the three months ended March 31, 2017. We made contributions to our defined benefit plans during the three months ended March 31, 2016 totaling $29,000. We anticipate $2.0 million and $25,000 of further contributions to fund the pension plan and the retiree health care plan, respectively, during the remainder of 2017. The unfunded liability of the plans of $11.1 million as of March 31, 2017 and December 31, 2016 is included in Other liabilities on our Condensed Consolidated Balance Sheets. |