Pension Benefits

9 Months Ended

Sep. 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”). During the third quarter of 2015, the Company announced to its employees that it intends to freeze the Pension Plans to new participants, effective December 31, 2015. Employees currently participating in the Pension Plans will continue to earn benefits.

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 September 30,						For the Nine Months Ended September 30,
	2015			2014			2015			2014
	(in thousands)
Service cost	$	1,989		$	1,584		$	5,963		$	4,752
Interest cost	624			548			1,872			1,643
Expected return on plan assets that reduces periodic pension costs	(546		)	(494		)	(1,637		)	(1,483		)
Amortization of prior service costs	4			4			13			13
Amortization of net actuarial loss	371			172			1,114			516
Net periodic benefit cost	$	2,442		$	1,814		$	7,325		$	5,441

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 $6.4 million to the Pension Plans during the nine months ended September 30, 2015.