EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the pension plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In the first quarter of 2015, the Company lowered its return on asset assumption from 8.5 percent to 7.7 percent for 2015.

The net pension and postretirement benefit costs that have been recorded are shown in the following table:

	Pension						Postretirement
	Three Months Ended March 31,						Three Months Ended March 31,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$1,624			$3		$179
Interest cost	830			4,683			13		206
Expected return on plan assets	(1,007		)	(6,658		)	—		—
Amortization of prior service cost	3			292			—		4
Amortization of losses	933			2,737			3		129
Amortization of negative plan amendment	—			—			—		(134		)
Net periodic benefit cost (a)		$1,130			$2,678			$19		$384

(a) Net periodic benefit cost for the three months ended March 31, 2014 includes $2.0 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

In 2015, the Company has no mandatory pension contribution requirement.