Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v3.7.0.1
Retirement Plans and Related Post Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2016
SERP  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation
The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows:
(In thousands)
2016
 
2015
Funded Status
 
 
 
Projected Benefit Obligation
 
 
 
Beginning of the Year — January 1
$
20,418

 
$
20,990

Service Cost
173

 
194

Interest Cost
901

 
843

Actuarial (Gain) Loss
389

 
(1,261
)
Benefits Paid
(348
)
 
(348
)
End of the Year — December 31
$
21,533

 
$
20,418

Assumptions Used to Calculate the Post Retirement Benefit Obligation
The assumptions used to calculate the projected benefit obligation as of December 31 are as follows:
 
2016
 
2015
Discount Rate
4.20%
 
4.45%
Future Average Compensation Increases
3.00% – 5.00%
 
3.00% – 5.00%
Summary of the Components of Net Periodic Cost
The following table summarizes the components of the net periodic cost for the years ended December 31:
(In thousands)
2016
 
2015
 
2014
Net Periodic Cost
 
 
 
 
 
Service Cost — Benefits Earned During Period
$
173

 
$
194

 
$
247

Interest Cost
901

 
843

 
721

Amortization of Prior Service Cost
413

 
495

 
495

Amortization of Losses
343

 
449

 
108

Net Periodic Cost
$
1,830

 
$
1,981

 
$
1,571

Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
 
2016
 
2015
 
2014
Discount Rate
4.45%
 
4.05%
 
5.10%
Future Average Compensation Increases
3.00% – 5.00%
 
5.00%
 
5.00%
SERP Medical  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation
The reconciliation of the beginning and ending balances of the accumulated postretirement benefit obligation for the years ended December 31, is as follows:
(In thousands)
2016
 
2015
Funded Status
 
 
 
Accumulated Postretirement Benefit Obligation
 
 
 
Beginning of the Year — January 1
$
925

 
$
990

Service Cost
5

 
6

Interest Cost
40

 
39

Actuarial (Gain) Loss
112

 
(54
)
Benefits Paid
(61
)
 
(56
)
End of the Year — December 31
$
1,021

 
$
925

Assumptions Used to Calculate the Post Retirement Benefit Obligation
The assumptions used to calculate the accumulated post-retirement benefit obligation as of December 31 are as follows:
 
2016
 
2015
Discount Rate
4.20%
 
4.45%
Summary of the Components of Net Periodic Cost
The following table summarizes the components of the net periodic cost for the years ended December 31:
(In thousands)
2016
 
2015
 
2014
Net Periodic Cost
 
 
 
 
 
Service Cost — Benefits Earned During Period
$
5

 
$
6

 
$
3

Interest Cost
40

 
39

 
31

Amortization of Prior Service Cost
24

 
26

 
25

Amortization of Losses
22

 
26

 
—

Net Periodic Cost
$
91

 
$
97

 
$
59

Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
 
2016
 
2015
 
2014
Discount Rate
4.45%
 
4.05%
 
5.10%
Future Average Healthcare Benefit Increases
5.72%
 
5.32%
 
5.48%