XML 28 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefits
 3 Months Ended
Mar. 31, 2017
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Employee Benefits
Employee Benefits
Retirement Plans
The net periodic benefit cost recognized for the three and twelve months ended March 31, 2017 and 2016 is made up of the components listed below as determined using the projected unit credit actuarial cost method (in thousands):
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
2017
 
2016
 
2017
 
2016
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
2,270

 
$
1,905

 
$
8,366

 
$
8,597

Interest cost
3,248

 
3,265

 
13,022

 
14,135

Expected return on plan assets
(4,808
)
 
(4,712
)
 
(18,975
)
 
(19,560
)
Amortization of:
 
 
 
 
 
 
 
Net loss
2,089

 
1,888

 
7,540

 
9,785

Prior service benefit
(878
)
 
(878
)
 
(3,506
)
 
(3,496
)
Net periodic benefit cost
$
1,921

 
$
1,468

 
$
6,447

 
$
9,461


During the three months ended March 31, 2017, the Company contributed $3.0 million of its projected $10.0 million 2017 annual contribution to its retirement plans.
Other Postretirement Benefits
The net periodic benefit recognized for the three and twelve months ended March 31, 2017 and 2016 is made up of the components listed below (in thousands): 
 
Three Months Ended
 
Twelve Months Ended
 
March 31,
 
March 31,
 
2017
 
2016
 
2017
 
2016
Components of net periodic benefit:
 
 
 
 
 
 
 
Service cost
$
588

 
$
715

 
$
2,642

 
$
3,294

Interest cost
678

 
873

 
2,972

 
3,883

Expected return on plan assets
(470
)
 
(460
)
 
(1,845
)
 
(2,005
)
Amortization of:
 
 
 
 
 
 
 
Prior service benefit
(1,538
)
 
(788
)
 
(4,651
)
 
(3,081
)
Net gain
(395
)
 
(665
)
 
(2,104
)
 
(2,190
)
Net periodic benefit
$
(1,137
)
 
$
(325
)
 
$
(2,986
)
 
$
(99
)

During the three months ended March 31, 2017, the Company contributed $0.1 million of its projected $1.5 million 2017 annual contribution to its other postretirement benefits plan.