Pension and postretirement benefits

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements [Abstract]

Pension And Other Postretirement Benefits Disclosure Text Block

Note 34 – Pension and postretirement benefits

The Corporation has a non-contributory defined benefit pension plan and supplementary pension benefit restoration plans for regular employees of certain of its subsidiaries. The accrual of benefits under the plans is frozen to all participants.

The components of net periodic pension cost for the periods presented were as follows:

		Pension Plan				Benefit Restoration Plans
		Quarters ended June 30,				Quarters ended June 30,
(In thousands)		2015		2014		2015		2014
Interest cost	$	7,403	$	7,461	$	407	$	415
Expected return on plan assets		(11,056)		(11,630)		(589)		(606)
Amortization of net loss		4,465		2,018		311		108
Total net periodic pension cost (benefit)	$	812	$	(2,151)	$	129	$	(83)

		Pension Plans				Benefit Restoration Plans
		Six months ended June 30,				Six months ended June 30,
(In thousands)		2015		2014		2015		2014
Interest Cost	$	14,806	$	14,922	$	814	$	829
Expected return on plan assets		(22,112)		(23,261)		(1,178)		(1,211)
Amortization of net loss		8,930		4,036		622		216
Total net periodic pension cost (benefit)	$	1,624	$	(4,303)	$	258	$	(166)

During the quarter ended June 30,2015 the Corporation made a contribution to the benefit restoration plans of $43 thousand. The total contributions expected to be paid during the year 2015 for the pension and benefit restoration plans amount to approximately $173 thousand.

The Corporation also provides certain postretirement health care benefits for retired employees of certain subsidiaries. The table that follows presents the components of net periodic postretirement benefit cost.

		Postretirement Benefit Plan
		Quarters ended June 30,				Six months ended June 30,
(In thousands)		2015		2014		2015		2014
Service cost	$	368	$	364	$	735	$	729
Interest cost		1,589		1,712		3,178		3,423
Amortization of prior service cost		(950)		(950)		(1,900)		(1,900)
Amortization of net loss		249		-		498		-
Total net periodic postretirement benefit cost	$	1,256	$	1,126	$	2,511	$	2,252

Contributions made to the postretirement benefit plan for the quarter ended June 30,2015amounted to approximately $1.6 million. The total contributions expected to be paid during the year 2015 for the postretirement benefit plan amount to approximately $5.8million.