Pension Benefits

6 Months Ended

Jun. 30, 2017

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension Benefits

Note 8 - Pension Benefits

Pension Plans

The Company has a non-contributory defined benefit pension plan covering substantially all of its employees who joined the Company prior to January 1, 2015, and who meet age and service requirements (the “Qualified Pension Plan”). The Company also has a supplemental non-contributory pension plan covering certain management employees (the “Nonqualified Pension Plan” and together with the Qualified Pension Plan, the “Pension Plans”). The Company froze the Pension Plans to new participants, effective as of December 31, 2015. Employees participating in the Pension Plans as of December 31, 2015, continue to earn benefits.

Components of Net Periodic Benefit Cost for the Pension Plans

The following table presents the components of the net periodic benefit cost for the Pension Plans:

	For the Three Months Ended   June 30,						For the Six Months Ended   June 30,
	2017			2016			2017			2016
	(in thousands)
Service cost	$	1,269		$	2,113		$	3,319		$	4,100
Interest cost	617			830			1,344			1,454
Expected return on plan assets that reduces periodic pension benefit cost	(563		)	(573		)	(1,122		)	(1,118		)
Amortization of prior service cost	5			5			9			9
Amortization of net actuarial loss	253			419			649			791
Net periodic benefit cost	$	1,581		$	2,794		$	4,199		$	5,236

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10 percent of the greater of the benefit obligation or the market-related value of assets are amortized over the average remaining service period of active participants.

Contributions

The Company contributed $7.0 million to the Qualified Pension Plan during the six months ended June 30, 2017.