Employee Retirement Plan

9 Months Ended

Sep. 30, 2015

Employee Retirement Plan

Employee Retirement Plan

11. Employee Retirement Plan

During the second quarter 2015, after receipt of a favorable determination letter from the Internal Revenue Service, the Company terminated a noncontributory defined benefit plan that, prior to the termination, covered substantially all of the union employees previously employed by its wholly owned subsidiary, Corson Lime Company (the “Corson Plan”).  In 1997, the Company sold substantially all of the assets of Corson Lime Company, and the benefits for participants in the Corson Plan were frozen.  As a result of the termination of the Corson Plan, the Company made a cash payment of $0.2million and recognized a second quarter expense of $0.9 million ($0.6 million, net of tax benefit), included in other (income) expense, net, that was previously included in accumulated other comprehensive loss.

The following table sets forth the funded status of the Corson Plan as of December 31, 2014 and Pre-Settlement, Settlement and Post-Settlement as of June 30, 2015 (in thousands):

	December 31,			June 30, 2015
	2014			Pre-Settlement		Settlement			Post-Settlement
Projected benefit obligation	$	2,137		$	2,039	$	(2,039	)	$	—
Fair value of plan assets	1,862			2,039		(2,039		)	—
Underfunded status	$	(275	)	$	—	$	—		$	—

The liability recognized for the Corson Plan on the Company’s Condensed Consolidated Balance Sheets at December 31, 2014 and September 30, 2015 are as follows (in thousands):

	December 31,  2014		September 30,  2015
Accrued benefit cost	$	275	—

The following table provides the components of the Corson Plan net periodic benefit cost for the period ended September 30, 2015 (in thousands):

Net periodic benefit cost	$	91
Settlement charge	814
Total net periodic benefit cost	$	905