Pension and Postretirement Benefits

9 Months Ended

Sep. 30, 2014

Pension and Postretirement Benefits

8. Pension and Postretirement Benefits

As part of the TXI acquisition, the Corporation assumed three defined benefit plans, including two pension plans and one postretirement plan. Inclusive of the TXI plans, the Corporation estimates that calendar-year 2014 contributions to the pension plans will be approximately $25,500,000, of which $1,380,000 will be contributed in the quarter ending December 31, 2014. The expense for the three and nine months ended September 30, 2014 includes the cost for TXI employees from the acquisition date, July 1, 2014, to September 30, 2014. The termination benefit cost represents certain change-in-control provisions that provide enhanced benefits related to former TXI executives. The estimated components of the recorded net periodic benefit cost (credit) for pension and postretirement benefits are as follows:

	Three Months Ended September 30,
	Pension						Postretirement Benefits
	2014			2013			2014			2013
	(Dollars in Thousands)
Service cost	$	4,996		$	4,030		$	57		$	57
Interest cost		7,979			5,756			302			253
Expected return on assets		(8,627	)		(6,668	)		—			—
Amortization of:
Prior service cost (credit)		111			112			(814	)		(814	)
Actuarial loss (gain)		1,011			3,920			(66	)		6
Settlement charge		—			729			—			—
Termination benefit cost		13,680			—			—			—
Net periodic benefit cost (credit)	$	19,150		$	7,879		$	(521	)	$	(498	)

	Nine Months Ended September 30,
	Pension						Postretirement Benefits
	2014			2013			2014			2013
	(Dollars in Thousands)
Service cost	$	12,129		$	12,091		$	150		$	170
Interest cost		20,952			17,268			861			760
Expected return on assets		(24,030	)		(20,003	)		—			—
Amortization of:
Prior service cost (credit)		334			337			(2,441	)		(2,441	)
Actuarial loss (gain)		3,034			11,760			(199	)		19
Settlement charge		—			729			—			—
Termination benefit cost		13,680			—			—			—
Net periodic benefit cost (credit)	$	26,099		$	22,182		$	(1,629	)	$	(1,492	)