EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2018

Defined Benefit Plan [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following:

	Three Months Ended   June 30,						Six Months Ended   June 30,
Pension Benefits	2018			2017			2018			2017
Components of net periodic benefit cost:
Service cost	$	11,836		$	10,144		$	23,672		$	20,287
Interest cost	1,449			1,084			2,896			2,168
Expected return on plan assets	(2,136		)	(1,442		)	(4,270		)	(2,884		)
Amortization of prior service cost	22			13			43			26
Amortization of actuarial loss	72			113			143			226
Net periodic benefit cost	$	11,243		$	9,912		$	22,484		$	19,823

	Three Months Ended   June 30,				Six Months Ended   June 30,
Post-Retirement Medical Plan	2018		2017		2018		2017
Components of net periodic benefit cost:
Service cost	$	287	$	316	$	574	$	632
Interest cost	155		172		310		344
Amortization of prior service cost	161		161		323		322
Net periodic benefit cost	$	603	$	649	$	1,207	$	1,298

The Company adopted ASU 2017-07 as described in “Note 1 - Description of the Business and Basis of Presentation” effective January 1, 2018. The new guidance requires the bifurcation of net periodic benefit cost. The service cost component is presented within Income from operations, while the other components are reported separately outside of operations. This guidance was applied retrospectively in the Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2018, the Company recorded income of $277 and $555, respectively, related to the non-service cost components of net periodic benefit cost in Other income (expense). For the three and six months ended June 30, 2017, the Company recorded expense of $101 and $202, respectively, related to the non-service cost components of net periodic benefit cost in Other income (expense).