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Employee Retirement Plans
12 Months Ended
Dec. 31, 2017
Employee Retirement Plans  
Employee Retirement Plans

(6) Employee Retirement Plans

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 “Plan”).  In 1997, the Company sold substantially all of the assets of Corson Lime Company, and all benefits for participants in the Plan were frozen. During 1997 and 1998, the Company made contributions to the Plan that were intended to fully fund the benefits earned by the participants. The Company recorded comprehensive income of $602, net of $344 tax expense, for the year ended December 31, 2015. The Company made contributions of $233 to the Plan in 2015.  As a result of the termination, the Company made no contributions to the Plan in 2016 and 2017 and will not be required to make any further contributions to the Plan.

The following table sets forth the Pre-Settlement, Settlement and Post-Settlement funded status of the Plan as of June 30, 2015 (the termination date):

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2015

 

 

    

Pre-Settlement

    

Settlement

    

Post-Settlement

 

Projected benefit obligation

 

$

2,039

 

$

(2,039)

 

$

 

Fair value of plan assets

 

 

2,039

 

 

(2,039)

 

 

 

Underfunded status

 

$

 

$

 

$

 

 

The following table provides the components of the Plan net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

    

2017

    

2016

    

2015

 

Interest cost

 

$

 —

 

$

 —

 

$

44

 

Expected return on plan assets

 

 

 —

 

 

 —

 

 

(18)

 

Amortization of net actuarial loss

 

 

 —

 

 

 —

 

 

65

 

Net periodic benefit cost

 

$

 —

 

$

 —

 

$

91

 

Settlement charge

 

 

 —

 

 

 —

 

 

814

 

Total net periodic benefit cost

 

$

 —

 

$

 —

 

$

905

 

 

The Company has a contributory retirement (401(k)) savings plans for non‑union employees and for union employees of Arkansas Lime Company and Texas Lime Company. Company contributions to these plans were $209, $185 and $174 in 2017, 2016 and 2015, respectively.