Employee Benefit Plans

6 Months Ended

Jun. 30, 2015

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 8 – Employee Benefit Plans

Pension Benefits

The Company's Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but do participate in a defined contribution plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants' compensation. In order to be eligible for contribution, the eligible employee must be employed by the Company on December 31st of the year to which the contribution relates. For the three months ended June 30, 2015 and 2014, the Company made Pension Plan cash contributions of $1.0 million and $0.8 million, respectively. For the six months ended June 30, 2015 and 2014, the Company made Pension Plan cash contributions of $1.0 million and $1.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $2.3 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.3 million in annual benefits to the retired participants.

Other Postretirement Benefits

The Company's retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For the three months ended June 30, 2015 and 2014, the Company made Other Benefits Plan cash contributions of $0.8 million and $0.2 million, respectively. For the six months ended June 30, 2015 and 2014, the Company made Other Benefits Plan cash contributions of $0.8 million and $0.4 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.9 million over the remainder of the current year.

The following tables set forth information relating to the Company's periodic costs for its employee retirement benefit plans: 

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended June 30,
	2015			2014			2015			2014
Service Cost	$	639		$	474		$	343		$	258
Interest Cost		724			671			480			448
Expected Return on Assets		(980	)		(884	)		(527	)		(484	)
Amortization of Unrecognized Losses		411			104			565			353
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			(432	)		(432	)
Net Periodic Benefit Cost	$	794		$	365		$	429		$	143

	(In Thousands)
	Pension Benefits						Other Benefits
	Six Months Ended June 30,
	2015			2014			2015			2014
Service Cost	$	1,279		$	947		$	686		$	516
Interest Cost		1,447			1,341			961			896
Expected Return on Assets		(1,959	)		(1,767	)		(1,053	)		(969	)
Amortization of Unrecognized Losses		823			208			1,131			707
Amortization of Unrecognized Prior Service Cost (Credit)		—			1			(864	)		(864	)
Net Periodic Benefit Cost	$	1,590		$	730		$	861		$	286