Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in the Accumulated Postretirement Benefit Obligation

The following table presents the changes in the plan’s projected benefit obligation, fair value of plan assets, and funded status for the years ended December 31 (in thousands):

	2016			2015			2014
Projected benefit obligation at January 1	$	1,685		$	1,961		$	2,179
Interest cost	59			66			88
Actuarial losses (gains)	5			(39		)	9
Benefits paid	(372		)	(303		)	(315		)
Projected benefit obligation at December 31	1,377			1,685			1,961
Fair value of plan assets	—			—			—
Under funded status	(1,377		)	(1,685		)	(1,961		)
Unamortized prior service cost	4			10			24
Unrecognized actuarial gain	(200		)	(218		)	(179		)
Net amount recognized	$	(1,573	)	$	(1,893	)	$	(2,116	)

Amounts Recognized in the Consolidated Financial Statements

Amounts recognized in the consolidated financial statements consisted of (in thousands):

	2016			2015			2014
Accrued postretirement benefit liability
Current portion	$	(294	)	$	(368	)	$	(368	)
Long term portion	(6,908		)	(7,781		)	(7,834		)
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs	3,150			4,251			4,521
Net amount recognized	$	(4,052	)	$	(3,898	)	$	(3,681	)

Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs

Components of net periodic pension cost for the years ended December 31 were as follows (in thousands):

	2016			2015			2014
Interest cost	$	59		$	66		$	88
Amortization of unrecognized prior service cost	6			14			15
Gain amortization	(13		)	—			—
Net periodic pension cost	$	52		$	80		$	103
Assumptions used to calculate the benefit obligation:
Discount rate	3.81		%	3.94		%	3.74		%

Expected Benefit Payments from the Plan

Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):

2017	$	360
2018	$	327
2019	$	228
2020	$	137
2021	$	100
Years 2022 - 2026	$	392

Other Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in the Accumulated Postretirement Benefit Obligation

The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):

	2016			2015			2014
Projected benefit obligation at January 1	$	8,149		$	8,202		$	5,900
Service cost	22			26			16
Interest cost	272			300			255
Actuarial (gain) loss	(923		)	(29		)	2,387
Benefits paid, net of contributions	(318		)	(350		)	(356		)
Projected benefit obligation at December 31	7,202			8,149			8,202
Fair value of plan assets	—			—			—
Under funded status	(7,202		)	(8,149		)	(8,202		)
Unamortized prior service cost	471			515			559
Unrecognized actuarial loss	2,679			3,736			3,962
Net amount recognized	$	(4,052	)	$	(3,898	)	$	(3,681	)

Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs

Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):

	2016			2015			2014
Service cost	$	22		$	26		$	16
Interest cost	272			300			255
Amortization of unrecognized prior service cost	44			44			44
Loss amortization (2)	134			197			78
Net periodic benefit cost	$	472		$	567		$	393
Assumptions used to calculate the benefit obligation:
Discount rate	3.8		%	3.9		%	3.7		%
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)	7.5		%	7.8		%	8.0		%
Medical costs after age 65 (1)	6.5		%	6.8		%	7.0		%
Prescription drug costs (1)	10.5		%	11.0		%	9.0		%

(1)    It was assumed that these rates would gradually decline to 4% by 2075.

(2)      Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan asset, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.

Schedule of 1% Change in Annual Medical Inflation Rate Issued

A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 as follows (in thousands):

	2016			2015
Effect on accumulated postretirement benefit obligation
1% increase	$	975		$	963
1% decrease	$	(824	)	$	(825	)
Effect on annual service and interest costs
1% increase	$	42		$	40
1% decrease	$	(35	)	$	(34	)

Expected Benefit Payments from the Plan

Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):

2017	$	294
2018	$	315
2019	$	334
2020	$	356
2021	$	375
Years 2022 - 2026	$	2,156