XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
EMPLOYEE BENEFIT PLAN
9 Months Ended
Sep. 30, 2018
EMPLOYEE BENEFIT PLAN  
EMPLOYEE BENEFIT PLAN
8. EMPLOYEE BENEFIT PLAN

 

The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan:

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Interest cost   $ 458     $ 483     $ 1,374     $ 1,449  
Expected return on plan assets     (710 )     (589 )     (2,128 )     (1,767 )
Amortization of net losses     206       213       618       638  
Net periodic benefit (credit) cost   $ (46)     $ 107     $ (136 )   $ 320  

 

The Company made a contribution of $5,000,000 to this plan during the nine months ended September 30, 2018; and no contribution was made during the nine months ended September 30, 2017.

 

The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $26,344,000 as of September 30, 2018 and $23,463,000 as of December 31, 2017. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Unrealized gains, net related to the SERP assets were approximately as follows:

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
(in thousands)   2018     2017     2018     2017  
Unrealized gains, net   $ 861     $ 428     $ 1,246     $ 1,981  

 

The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.

 

As a result of Company-owned life insurance policy claims, the Company received insurance proceeds of $1,606,000 and recorded tax-free gains of $767,000 during the three months ended September 30, 2018; and received insurance proceeds of $2,218,000 and recorded tax-free gains of $1,020,000 during the nine months ended September 30, 2018; these gains are recorded as an adjustment to compensation cost within selling, general and administrative expenses in the consolidated statements of operations. Proceeds received have been reinvested into mutual funds held as supplemental retirement plan assets.