EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2017

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. Both plans are closed to new participants. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides those employees with an enhanced 401(k) plan match. 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.

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,
	2017			2016			2017		2016
Components of Net Periodic Benefit Cost
Service cost	—				$327			$13		$2
Interest cost	815			869			2		12
Expected return on plan assets (a)	(945		)	(1,008		)	—		—
Amortization of losses (gains)	116			629			—		(12		)
Net periodic benefit (gain) cost		($14	)		$817			$15		$2

(a) The weighted-average expected long-term rate of return on plan assets used in computing 2017 net periodic benefit cost for pension benefits is 7.2 percent.