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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2017
Retirement Benefits [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
 
Net periodic cost (benefit) of the Defined Benefit Pension, Post-Retirement Medical, and Supplemental Executive Retirement plans included in general insurance expenses in the accompanying condensed consolidated statements of income includes the following components:
 
Three Months Ended September 30,
 
Defined Benefit 
Pension Plan
 
Post-Retirement 
Medical Plan
 
Supplemental Executive
Retirement Plan
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Components of net periodic cost (benefit):
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
Service cost
$
2,170

 
$
3,417

 
$
378

 
$
349

 
$
(4
)
 
$
73

 
$
2,544

 
$
3,839

Interest cost
6,114

 
6,384

 
192

 
184

 
405

 
444

 
6,711

 
7,012

Expected return on plan assets
(4,980
)
 
(6,237
)
 
—

 
—

 
—

 
—

 
(4,980
)
 
(6,237
)
Amortization of unrecognized prior service costs (benefits)
—

 
—

 
(235
)
 
(275
)
 
126

 
125

 
(109
)
 
(150
)
Amortization of losses (gains) from earlier periods
2,241

 
2,726

 
75

 
(67
)
 
(14
)
 
(15
)
 
2,302

 
2,644

Net periodic cost (benefit)
$
5,545

 
$
6,290

 
$
410

 
$
191

 
$
513

 
$
627

 
$
6,468

 
$
7,108

 
Nine Months Ended September 30,
 
Defined Benefit 
Pension Plan
 
Post-Retirement 
Medical Plan
 
Supplemental Executive
Retirement Plan
 
Total
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Components of net periodic cost (benefit):
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
Service cost
$
1,436

 
$
6,087

 
$
1,092

 
$
935

 
$
(12
)
 
$
219

 
$
2,516

 
$
7,241

Interest cost
18,356

 
18,948

 
568

 
534

 
1,215

 
1,332

 
20,139

 
20,814

Expected return on plan assets
(15,216
)
 
(18,793
)
 
—

 
—

 
—

 
—

 
(15,216
)
 
(18,793
)
Amortization of unrecognized prior service costs (benefits)
—

 
—

 
(339
)
 
(827
)
 
376

 
375

 
37

 
(452
)
Amortization of losses (gains) from earlier periods
6,639

 
7,695

 
(151
)
 
(237
)
 
(40
)
 
(44
)
 
6,448

 
7,414

Net periodic cost (benefit)
$
11,215

 
$
13,937

 
$
1,170

 
$
405

 
$
1,539

 
$
1,882

 
$
13,924

 
$
16,224



During the 3rd quarter of 2017, the Company approved an amendment to the Plan freezing all benefit accruals for pension-eligible participants as of December 31, 2017.  The Company also approved an amendment to provide pension-eligible employees with full credit for their anniversary year of services that began in 2017, even if the participants had not completed 1,000 hours of service as of December 31, 2017.  The impact of the Plan freeze was reflected on September 25, 2017, and in accordance with ASC 715 Compensation - Retirement Benefits, resulted in a curtailment gain in the amount of $17,244. Additionally, as a result of the amendment to provide an additional year of service credit, prior service cost in the amount of $1,852 was recorded in other comprehensive income as of September 30, 2017.  Under a curtailment due to a plan freeze, any unrecognized prior service cost included in other comprehensive income associated with the employees affected by the pension plan freeze must be fully recognized in benefit cost in determining the net gain or loss to be recognized for the curtailment.  Additionally, the curtailment gain recognized in the income statement is offset by accelerating, in an equal amount, the recognition of any actuarial gain or loss in other comprehensive income. $15,392 of actuarial loss was recognized from other comprehensive income to offset the net curtailment gain.  As a result, the net impact to the income statement was zero.

The Company expects to make payments of approximately $708 with respect to its Post-Retirement Medical Plan and $3,336 with respect to its Supplemental Executive Retirement Plan during the year ended December 31, 2017.  The Company expects to make contributions of zero to its Defined Benefit Pension Plan during the year ended December 31, 2017.  A December 31 measurement date is used for the employee benefit plans.
 
The following table summarizes payments made to the Post-Retirement Medical Plan and the Supplemental Executive Retirement Plan:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Payments to the Post-Retirement Medical Plan
 
155

 
212

 
531

 
603

Payments to the Supplemental Executive Retirement Plan
 
834

 
834

 
2,502

 
2,502