Employee Benefits

9 Months Ended

Sep. 30, 2015

Note 10.

Employee Benefits

The components of net periodic benefit cost (credit) for our defined benefit plans and postretirement benefit plans for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
Pension benefits	2015			2014			2015			2014
Service cost	$	—		$	41		$	—		$	123
Interest cost		87			65			196			195
Amortization of prior service cost		—			—			—			—
Actuarial net loss		294			57			662			172
Net periodic benefit cost	$	381		$	163		$	858		$	490

Postretirement benefits
Service cost	$	—		$	1		$	—		$	1
Interest cost		12			7			20			22
Amortization of prior service cost		(27	)		(755	)		(85	)		(2,264	)
Actuarial net loss		382			513			1,144			1,535
Net periodic benefit cost (credit)	$	367		$	(234	)	$	1,079		$	(706	)

For the nine months ended September 30, 2015, we made employee benefit contributions of $0.7 million related to our postretirement plans. Based on current estimates, we believe we will be required to make approximately $0.9 million in contributions for 2015.

We maintain a defined contribution Supplemental Executive Retirement Plan for key employees. Under the plan, these employees may elect to defer a portion of their compensation and, in addition, we may at our discretion make contributions to the plan on behalf of the employees. In March 2015, we made company contributions of $0.5 million related to calendar year 2014.

We also maintain a defined benefit unfunded Supplemental Executive Retirement Plan (“SERP”). The SERP, as amended, is a defined benefit plan pursuant to which we will pay supplemental pension benefits to certain key employees upon the attainment of a contractual participant’s payment date based upon the employees’ years of service and compensation. In October 2015, the sole remaining participant in the unfunded SERP reached his applicable payment date. In connection therewith, in October 2015, we recorded a settlement loss of $1.5 million and made the corresponding distribution of $7.6 million. We use a January 1 measurement date for this plan. Benefit obligations as of the end of each year reflect assumptions in effect as of this date.

We also have an Employee Stock Ownership Plan and Trust for employees who are not covered by a collective bargaining agreement. In connection therewith, we maintain an employee benefits trust to which we contribute shares of treasury stock. We are authorized to instruct the trustees to distribute such shares toward the satisfaction of our future obligations under the plan. The shares held in trust are not considered outstanding for purposes of calculating earnings per share until they are committed to be released. The trustees will vote the shares in accordance with their fiduciary duties. During 2015, we contributed to the trust an additional 58,000 shares from our treasury and released 58,200 shares from the trust leaving 200 shares remaining in the trust as of September 30, 2015.