Pension and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2015

Pension and Other Postretirement Benefit Plans [Abstract]

Pension and Other Postretirement Benefit Plans

Note 5 - Pension and Other Postretirement Benefit Plans

Components of net periodic benefit cost for the three and nine months ended September 30, 2015:

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	Pension Benefits				Other Benefits				Pension Benefits				Other Benefits
(In thousands)	2015		2014		2015		2014		2015		2014		2015		2014
Service cost-benefits earned during the period	$	170	$	270	$	97	$	80	$	526	$	804	$	301	$	252
Interest cost on projected benefit obligation		2,297		2,624		662		978		7,021		7,975		2,276		2,737
Expected return on plan assets		(2,697)		(3,112)		—		—		(8,254)		(9,480)		—		—
Amortization of prior service (credit) cost		11		11		(236)		(9)		33		33		(338)		(27)
Amortization of loss		304		57		89		59		935		158		284		216
Net periodic benefit cost		85		(150)		612		1,108		261		(510)		2,523		3,178
Other one-time charges		—		—		—		435		—		—		—		435
Total benefit cost charged (credited) to income	$	85	$	(150)	$	612	$	1,543	$	261	$	(510)	$	2,523	$	3,613

As of September 30, 2015, $5.0 million has been contributed in 2015 to our sponsored pension plans.  We presently anticipate contributing an additional $2.5 million to fund our pension plans during 2015 for a total of $7.5 million.  

Certain of our post-retirement benefit programs were re-measured as of May 31, 2015 to reflect post-65 health benefits transitioning from a self-insured plan to a Medicare Advantage Plan. The transition to the Medicare Advantage plan will provide comparable benefits while taking advantage of certain government subsidies which help manage the continually rising costs of medical and prescription drug coverage.  The re-measurement resulted in a liability reduction as of September 30, 2015, of $16.5 million and a corresponding gain in Accumulated Other Comprehensive Income.  This re-measurement takes into account the impact of the anticipated future program cost savings and current interest rate environments.