XML 33 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension and Employee Benefit Plans
6 Months Ended
Jun. 30, 2017
Compensation And Retirement Disclosure [Abstract]  
Pension and Employee Benefit Plans

11.

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:

 

(Table only in thousands)

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Pension plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

101

 

 

$

112

 

 

$

214

 

 

$

223

 

Interest cost

 

 

329

 

 

 

356

 

 

 

657

 

 

 

713

 

Expected return on plan assets

 

 

(431

)

 

 

(457

)

 

 

(861

)

 

 

(914

)

Amortization of net actuarial loss

 

 

57

 

 

 

53

 

 

 

113

 

 

 

106

 

Net periodic benefit cost

 

$

56

 

 

$

64

 

 

$

123

 

 

$

128

 

Health care plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

1

 

 

$

1

 

 

$

2

 

 

$

2

 

Amortization of loss

 

 

2

 

 

 

3

 

 

 

4

 

 

 

5

 

Net periodic benefit cost

 

$

3

 

 

$

4

 

 

$

6

 

 

$

7

 

 

We made contributions to our defined benefit plans during the six months ended June 30, 2017 and 2016 totaling $0.3 million and $29,000, respectively. We anticipate $1.7 million and $25,000 of further contributions to fund the pension plans and the retiree health care plan, respectively, during the remainder of 2017. The unfunded liability of the plans of $10.9 million and $11.1 million as of June 30, 2017 and December 31, 2016, respectively, is included in Other liabilities on our unaudited Condensed Consolidated Balance Sheets.