Pension Benefits

6 Months Ended

Jun. 30, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension Benefits

Note 8 - Pension Benefits

Pension Plans

The Company has a non-contributory pension plan covering substantially all employees who meet age and service requirements (the “Qualified Pension Plan”). The Company also has a supplemental non-contributory pension plan covering certain management employees (the “Nonqualified Pension Plan” and together with the Qualified Pension Plan, the “Pension Plans”).

Components of Net Periodic Benefit Cost for the Pension Plans

The following table presents the components of the net periodic benefit cost for the Pension Plans:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Service cost	$	2,390		$	1,595		$	3,974		$	3,168
Interest cost	700			688			1,248			1,095
Expected return on plan assets that reduces periodic pension costs	(597		)	(604		)	(1,091		)	(989		)
Amortization of prior service costs	5			5			9			9
Amortization of net actuarial loss	571			38			743			344
Net periodic benefit cost	$	3,069		$	1,722		$	4,883		$	3,627

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10 percent of the greater of the benefit obligation and the market-related value of assets are amortized over the average remaining service period of active participants.

Contributions

The Company contributed $5.6 million to the Pension Plans during the six month period ended June 30, 2015.