Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2016
Compensation And Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits

Note 8: Pension and Other Postretirement Benefits

On July 31, 2016, the other postretirement benefit plan was remeasured to reflect an announced plan amendment, which capped benefits for certain non-union plan participants. The remeasurement included a $156 reduction in future benefits payable to plan participants, $60 increase in the fair value of plan assets and $127 increase in actuarial losses, which resulted in a $89 reduction to the net accrued postretirement benefit obligation. The plan amendment will be amortized over 10.02 years, the average future working lifetime to full eligibility age for all plan participants. The following table provides the significant assumptions related to the Company’s other postretirement benefit plan:

 

September 30, 2016

 

 

December 31, 2015

 

Weighted-average assumptions used to determine benefit obligations

 

 

 

 

 

 

 

Discount rate

 

3.66%

 

 

 

4.67%

 

Expected return on plan assets

 

5.37%

 

 

 

5.20%

 

Medical trend

6.50% in 2016 and graded from 7.00% in 2017 to 5.00% in 2021+

 

 

graded from 6.50% in 2015 to 5.00% in 2021+

 

 

The following table provides the components of net periodic benefit costs:

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Components of net periodic pension benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

8

 

 

$

9

 

 

$

24

 

 

$

28

 

Interest cost

 

20

 

 

 

19

 

 

 

60

 

 

 

56

 

Expected return on plan assets

 

(24

)

 

 

(24

)

 

 

(72

)

 

 

(73

)

Amortization of actuarial loss

 

7

 

 

 

6

 

 

 

21

 

 

 

19

 

Net periodic pension benefit cost

$

11

 

 

$

10

 

 

$

33

 

 

$

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic other postretirement benefit

   cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

3

 

 

$

3

 

 

$

9

 

 

$

10

 

Interest cost

 

7

 

 

 

7

 

 

 

22

 

 

 

22

 

Expected return on plan assets

 

(7

)

 

 

(6

)

 

 

(20

)

 

 

(19

)

Amortization of prior service credit

 

(3

)

 

 

—

 

 

 

(4

)

 

 

(1

)

Amortization of actuarial loss

 

1

 

 

 

1

 

 

 

3

 

 

 

4

 

Net periodic other postretirement benefit cost

$

1

 

 

$

5

 

 

$

10

 

 

$

16

 

 

The Company contributed $25 to its defined benefit pension plans in the first nine months of 2016 and expects to contribute $8 during the remainder of 2016. In addition, the Company contributed $17 for the funding of its other postretirement plans in the first nine months of 2016 and does not expect to make any additional contributions during the remainder of 2016.