XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Components of Net Periodic Benefit Cost
6 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
(000's)
 
(000's)
 
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Service cost
 
$
347

 
$
358

 
$
10

 
$
13

 
$
694

 
$
716

 
$
21

 
$
26

Interest cost
 
798

 
905

 
33

 
43

 
1,597

 
1,810

 
65

 
86

Expected return on plan assets
 
(991
)
 
(985
)
 

 

 
(1,981
)
 
(1,970
)
 

 

Net amortization of prior service cost
 

 

 

 

 

 

 

 

Net amortization of net (gain) loss
 
362

 
301

 

 

 
723

 
602

 

 

Net Periodic Benefit Cost
 
$
516

 
$
579

 
$
43

 
$
56

 
$
1,033

 
$
1,158

 
$
86

 
$
112


 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2017 that it expected to contribute $2.3 million and $813 thousand respectively to its Pension Plan and ESOP and $264 thousand to the Post Retirement Health Benefits Plan in 2018. Contributions of $792 thousand have been made to the Pension Plan thus far in 2018. Contributions of $122 thousand have been made through the first six months of 2018 for the Post Retirement Health Benefits plan. No contributions have been made in 2018 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first six months of 2018 and 2017 there has been $837 thousand and $867 thousand of expense accrued for potential contributions to these alternative retirement benefit options.