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Pension Plan And Other Postretirement Benefits
3 Months Ended
Mar. 31, 2014
Pension Plan And Other Postretirement Benefits [Abstract]  
Pension Plan And Other Postretirement Benefits

(13) PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

 

The Company has defined pension and postretirement benefit plans which cover substantially all of the Company’s employees. Net periodic pension and other postretirement benefit costs include the following components for the three  month periods ended March 31, 2014 and 2013:  

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

For the three months ended

 

 

March 31,

 

 

2014

 

2013

 

 

(in thousands)

 

 

 

 

 

 

 

Service cost

 

$

3,323 

 

$

3,447 

Interest cost

 

 

1,284 

 

 

1,026 

Expected return on plan assets

 

 

(1,788)

 

 

(1,534)

Amortization of prior service cost

 

 

26 

 

 

26 

Amortization of net loss

 

 

89 

 

 

385 

Net periodic benefit cost

 

$

2,934 

 

$

3,350 

 

 

 

 

 

 

Postretirement Benefits

 

 

For the three months ended

 

 

March 31,

 

 

2014

 

2013

 

 

(in thousands)

 

 

 

 

 

 

 

Service cost

 

$

619 

 

$

574 

Interest cost

 

 

160 

 

 

110 

Amortization of prior service cost

 

 

 

 

Amortization of net loss

 

 

16 

 

 

30 

Net periodic benefit cost

 

$

799 

 

$

718 

 

As of March 31, 2014, the Company has contributed $3.0 million to the pension plan,  and expects to contribute an additional $9.0 million to the pension plan in 2014.

 

The Company maintains a non-qualified deferred compensation supplemental retirement savings plan (“Non-Qualified Plan”) for certain key employees who may elect to defer and contribute a portion of their compensation, as permitted by the plan. Shares of the Company’s common stock purchased under the terms of the Non-Qualified Plan are presented as treasury stock and totaled 10,608 shares at March 31, 2014 compared to 9,924 shares at December 31, 2013.