Pension Plans And Other Postretirement Benefits

9 Months Ended

Sep. 30, 2014

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 9 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan and other postretirement benefit plans for certain of its employees.  The net periodic benefit cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs.  The following tables provide the components of net periodic benefit cost:

	Pension Benefits
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
Service cost	$	1,004	$	1,209	$	3,291	$	4,101
Interest cost		3,564		3,164		10,589		9,494
Expected return on plan assets		(4,495)		(3,692)		(13,105)		(11,078)
Amortization of prior service cost		69		57		208		171
Amortization of actuarial loss		628		2,073		1,628		6,105
Curtailment loss		84		-		84		-
Net periodic benefit cost	$	854	$	2,811	$	2,695	$	8,793
	Other
	Postretirement Benefits
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2014		2013		2014		2013
Service cost	$	283	$	338	$	878	$	1,188
Interest cost		722		622		2,181		1,956
Expected return on plan assets		(686)		(574)		(2,057)		(1,694)
Amortization of prior service cost		(68)		(73)		(210)		(221)
Amortization of actuarial loss		59		395		200		1,085
Net periodic benefit cost	$	310	$	708	$	992	$	2,314

The Company made cash contributions of $17,875 to its Pension Plan during the first six months of 2014, which completed the Company’s 2014 cash contributions.  In addition, the Company expects to make cash contributions of $2,009, to the extent allowable for a tax deduction, for the funding of its other postretirement benefit plans during the remainder of 2014.

In August 2014, the Company announced changes to the way it will provide future retirement benefits to employees acquired through certain acquisitions.  Effective January 1, 2015, the Company will provide future retirement benefits for these employees through its defined contribution plan.  As a result, no further service will be considered in future accruals in the Pension Plan after December 31, 2014.  As a result of this change, the Company recognized a curtailment loss of $84 in the third quarter of 2014. 

In the first quarter of 2014 the Company offered a one-time voluntary lump sum window to certain eligible terminated vested participants in an effort to reduce its long-term obligations and plan volatility for its Pension Plan.  In May 2014, the Pension Plan paid $11,471 to participants who elected to receive a lump sum distribution, which was funded from the existing Pension Plan assets.