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Retirement Plan
 12 Months Ended
Dec. 31, 2016
Pension and Other Postretirement Benefit Expense [Abstract]  
Retirement Plan
Retirement Plans

Post-retirement Healthcare Plans
We provide post-retirement medical benefits to certain eligible employees. These plans are unfunded and provide differing levels of healthcare benefits dependent upon hire date and work location. Not all of our employees are covered by these plans at December 31, 2016.

The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the years ended December 31, 2016 and 2015:
 
 
Years Ended December 31,
 
 
2016
 
2015
 
 
(In thousands)
Change in plans' benefit obligation
 
 
 


Post-retirement plans' benefit obligation - beginning of year
 
$
21,201

 
$
23,633

Service cost
 
1,294

 
1,694

Interest cost
 
787

 
819

Participant contributions
 
244

 
593

Amendments
 
21

 
—

Benefits paid
 
(2,171
)
 
(2,260
)
Actuarial loss (gain)
 
(2,384
)
 
(3,278
)
Post-retirement plans' benefit obligation - end of year
 
$
18,992

 
$
21,201

 
 
 
 
 
Change in plan assets
 
 
 
 
Fair value of plan assets - beginning of year
 
$
—

 
$
—

Employer contributions
 
1,927

 
1,667

Participant contributions
 
244

 
593

Benefits paid
 
(2,171
)
 
(2,260
)
Fair value of plan assets - end of year
 
$
—

 
$
—

 
 
 
 
 
Funded status
 
 
 
 
Under-funded balance
 
$
(18,992
)
 
$
(21,201
)
 
 
 
 
 
Amounts recognized in consolidated balance sheets
 
 
 
 
Accrued post-retirement liability
 
$
(18,992
)
 
$
(21,201
)
 
 
 
 
 
Amounts recognized in accumulated other comprehensive income (loss)
 
 
 
 
Cumulative actuarial loss
 
$
771

 
$
(1,613
)
Prior service credit
 
32,434

 
35,937

Total
 
$
33,205

 
$
34,324



Benefit payments, which reflect expected future service, are expected to be paid as follows: $1.8 million in 2017; $1.7 million in 2018; $1.6 million in 2019; $1.6 million in 2020; $1.7 million in 2021; and $8.3 million in 2022 through 2026.

The weighted average assumptions used to determine end of period benefit obligations:
 
 
December 31,
 
 
2016
 
2015
 
 
 
 
 
Discount rate
 
3.75
%
 
3.90
%
Current health care trend rate
 
7.00
%
 
8.00
%
Ultimate health care trend rate
 
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
 
2030

 
2041



Net periodic post-retirement credit consisted of the following components:
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
 
(In thousands)
Service cost – benefit earned during the year
 
$
1,294

 
$
1,694

 
$
895

Interest cost on projected benefit obligations
 
787

 
819

 
638

Amortization of prior service credit
 
(3,482
)
 
(3,482
)
 
(4,296
)
Amortization of net loss
 
—

 
183

 
—

Net periodic post-retirement credit
 
$
(1,401
)
 
$
(786
)
 
$
(2,763
)


Prior service credits are amortized over the average remaining effective period to obtain full benefit eligibility for participants.

Assumed health care cost trend rates have an effect on the amounts reported for the post-retirement health care benefit plans. The weighted average assumptions used to determine net periodic benefit expense follow:
 
 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
Discount rate
 
3.90
%
 
3.60
%
 
4.25
%
Current health care trend rate
 
8.00
%
 
8.00
%
 
8.00
%
Ultimate health care trend rate
 
5.00
%
 
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
 
2041

 
2042

 
2045


The effect of a 1% change in health care cost trend rates is as follows:
 
 
1% Point Increase
 
1% Point Decrease
 
 
(In thousands)
Service cost
 
$
187

 
$
(156
)
Interest cost
 
$
56

 
$
(49
)
Year-end accumulated post-retirement benefit obligation
 
$
1,286

 
$
(1,118
)

Pension Plan
We had a program that provided transition benefit payments to certain employees that participated in a previously terminated defined benefit plan. The program extended through 2014 and provided payments subsequent to year-end provided the employee was employed by us on the last day of each year. The payments were based on each employee's years of service and eligible salary. Transition benefit costs under this program were $10.8 million for the year ended December 31, 2014. In March 2015, we paid all remaining amounts owed to plan participants of $11.0 million.

Retirement Restoration Plan
We have an unfunded retirement restoration plan that provides for additional payments from us so that total retirement plan benefits for certain executives will be maintained at the levels provided in the retirement plan before the application of Internal Revenue Code limitations. We expensed $0.1 million, $0.1 million and $1.2 million for the years ended December 31, 2016, 2015 and 2014, respectively, in connection with this plan. The accrued liability reflected in the consolidated balance sheets was $2.7 million and $2.8 million at December 31, 2016 and 2015, respectively. As of December 31, 2016, the projected benefit obligation under this plan was $2.7 million. Annual benefit payments of $0.2 million are expected to be paid through 2026, which reflect expected future service.

Defined Contribution Plan
We have a defined contribution “401(k)” plan that covers substantially all employees. Our contributions are based on an employee's eligible compensation and years of service. We also partially match the employee's contributions. We expensed $17.5 million, $17.2 million and $16.1 million for the years ended December 31, 2016, 2015 and 2014, respectively, in connection with this plan.