Pension and Other Post-retirement Benefit Plans

3 Months Ended

Mar. 31, 2015

Pension and Other Post-retirement Benefit Plans

Pension and Other Post-retirement Benefit Plans

Note 9.Pension and Other Post-retirement Benefit Plans

Inclusive of discontinued operations, the components of net periodic benefit cost recognized in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, are as follows:

							Other
							Post-retirement
	Pension Benefits						Benefits
	2015			2014			2015			2014
Service cost	$	182		$	149		$	72		$	56
Interest cost	2,370			2,601			201			343
Expected return on plan assets	(3,309		)	(3,201		)	—			—
Amortization of:
Prior service (benefit) cost	77			79			(432		)	(372		)
Actuarial loss (gain)	941			643			(119		)	(45		)
Net periodic benefit cost (benefit)	$	261		$	271		$	(278	)	$	(18	)

Coincident with the third quarter 2014 refinancing of the Company’s debt obligations described in Note 8, a settlement agreement was entered into with the Pension Benefit Guaranty Corporation (the “PBGC”) with respect to the Company’s unfunded defined benefit pension obligations. Under the agreement, the Company agreed to grant a lien on substantially all of its assets to the PBGC that is junior and subordinate to the lien security interest on assets pledged under the secured term loan and revolving credit agreement. The Company also agreed to make contributions in excess of minimum funding requirements of up to $36 million to its defined benefit pension plans through 2018. As of March 31, 2015, total contributions under this agreement of $9.6 million have been made to date.

We previously disclosed in our Notes to Consolidated Financial Statements for the year ended December 31, 2014, that we anticipate making contributions of approximately $10.8 million directly to our defined benefit pension and retirement plans as a result of minimum funding requirements in 2015.  Included in that contribution amount is $8.5 million required by the settlement agreement with the PBGC.  As of March 31, 2015, we have made payments of approximately $3.0 million to our pension plans (including $2.1 million required by the settlement agreement with the PBGC).  In addition, as previously reported, we expected to contribute approximately $2.6 million, net of subsidy reimbursements, directly to other post-retirement plans in 2015.  As of March 31, 2015, we have contributed approximately $0.5 million, net of subsidy reimbursements, to our other post-retirement plans.