EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2016

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 2016, the Company has no mandatory pension contribution requirement.

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

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2016			2015			2016		2015
Components of Net Periodic Benefit Cost
Service cost		$327			$371			$2		$3
Interest cost	869			830			12		13
Expected return on plan assets	(1,008		)	(1,007		)	—		—
Amortization of prior service cost	—			3			—		—
Amortization of losses	632			916			—		3
Net periodic benefit cost		$820			$1,113			$14		$19

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Components of Net Periodic Benefit Cost
Service cost		$653			$742			$3			$6
Interest cost	1,737			1,659			24			26
Expected return on plan assets	(2,015		)	(2,014		)	—			—
Amortization of prior service cost	—			6			—			—
Amortization of losses (gains)	1,261			1,849			(12		)	6
Net periodic benefit cost		$1,636			$2,242			$15			$38