XML 26 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Pension Benefits and Other Postretirement Benefit Plans
 6 Months Ended
Jun. 30, 2017
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Pension Benefit and Other Postretirement Benefit Plans
Pension Benefits and Other Postretirement Benefit Plans
Components of Net Periodic (Benefit) Cost
The components of net periodic (benefit) cost for the periods indicated were:
(Dollars in thousands)
Pension Benefits
 
Retirement Health and Life Insurance Benefits
Quarter Ended
 
Six Months Ended
 
Quarter Ended
 
Six Months Ended
Change in benefit obligation:
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
 
June 30, 2017
 
June 30, 2016
Service cost
$
—

 
$
—

 
$
—

 
$
—

 
$
17

 
$
37

 
$
56

 
$
74

Interest cost
1,841

 
1,893

 
3,682

 
3,786

 
13

 
19

 
31

 
38

Expected return on plan assets
(2,309
)
 
(2,706
)
 
(4,618
)
 
(5,412
)
 
—

 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
—

 
—

 
—

 
(407
)
 
(373
)
 
(780
)
 
(746
)
Amortization of net loss (gain)
433

 
447

 
866

 
894

 
(17
)
 
(19
)
 
(31
)
 
(38
)
Net periodic (benefit) cost
$
(35
)
 
$
(366
)
 
$
(70
)
 
$
(732
)
 
$
(394
)
 
$
(336
)

$
(724
)
 
$
(672
)

Employer Contributions
At December 31, 2016 we had met the minimum funding requirements for all of our qualified defined benefit pension plans due to a required contribution of $0.3 million to the pension plan that covers employees at our Bear, Delaware facility. We made required contributions of $0.1 million to our qualified defined benefit pension plans in the first six months of 2017 and 2016. We estimate that we will be required to make additional contributions of $0.2 million to these plans in 2017.
In the quarter and six month periods ended June 30, 2017 and 2016, we did not make any voluntary contributions to our defined benefit pension plans.
As there is no funding requirement for the non-qualified unfunded noncontributory defined benefit pension plan or the retiree health and life insurance benefit plans, benefit payments made during the year are funded directly by the Company.