YEAR ENDED DECEMBER 31,
		2016				2015
		(IN THOUSANDS)
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year		$	33,117			$	33,701
Service cost			1,468				1,557
Interest cost			1,430				1,341
Actuarial (gain) loss			4,578				(1,063	)
Benefits paid			(1,956	)			(2,419	)
Benefit obligation at end of year			38,637				33,117

 

		YEAR ENDED DECEMBER 31,
		2016				2015
		(IN THOUSANDS)
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year			28,429				27,367
Actual return on plan assets			348				(154	)
Employer contributions			3,850				3,635
Benefits paid			(1,956	)			(2,419	)
Fair value of plan assets at end of year			30,671				28,429
Funded status of the plan – under funded		$	(7,966	)		$	(4,688	)

 

		YEAR ENDED DECEMBER 31,
		2016				2015
		(IN THOUSANDS)
AMOUNTS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC PENSION COST:
Amounts recognized in accumulated other comprehensive loss consists of:
Net actuarial loss		$	17,602			$	12,431
Total		$	17,602			$	12,431

 

		YEAR ENDED DECEMBER 31,
		2016				2015
		(IN THOUSANDS)
ACCUMULATED BENEFIT OBLIGATION:
Accumulated benefit obligation		$	35,153			$	30,606

The weighted-average assumptions used to determine benefit obligations at December 31, 2016 and 2015 were as follows:

 

		YEAR ENDED DECEMBER 31,
		2016				2015
WEIGHTED AVERAGE ASSUMPTIONS:
Discount rate			4.12	%			4.20	%
Salary scale			2.50				2.50

 

		YEAR ENDED DECEMBER 31,
		2016				2015				2014
		(IN THOUSANDS)
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost		$	1,468			$	1,557			$	1,601
Interest cost			1,430				1,341				1,368
Expected return on plan assets			(2,275	)			(2,130	)			(1,991	)
Amortization of prior year service cost			—				—				(19	)
Special termination benefit liability			—				—				376
Recognized net actuarial loss			1,333				1,386				1,181
Net periodic pension cost		$	1,956			$	2,154			$	2,516

 

		YEAR ENDED DECEMBER 31,
		2016				2015				2014
		(IN THOUSANDS)
OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS
Net loss		$	6,505			$	1,221			$	3,669
Recognized loss			(1,333	)			(1,386	)			(1,181	)
Recognized prior service cost			—				—				19
Total recognized in other comprehensive loss before tax effect		$	5,172			$	(165	)		$	2,507
Total recognized in net benefit cost and other comprehensive loss before tax effect		$	7,128			$	1,989			$	5,023

The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 were as follows:

 

		YEAR ENDED DECEMBER 31,
		2016				2015				2014
WEIGHTED AVERAGE ASSUMPTIONS:
Discount rate			4.20	%			4.00	%			4.50	%
Expected return on plan assets			7.75				8.00				8.00
Rate of compensation increase			2.50				2.50				2.50

The plan’s measurement date is December 31, 2016. This plan’s asset allocations at December 31, 2016 and 2015, by asset category are as follows:

 

 

		YEAR ENDED DECEMBER 31,
		2016				2015
ASSET CATEGORY:
Cash and cash equivalents			8	%			6	%
Domestic equities			10				7
Mutual funds/ETFs			76				75
International equities			1				1
Corporate bonds			5				11
Total			100	%			100	%

The major categories of assets in the Company’s Pension Plan as of year end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value.

 

		YEAR ENDED DECEMBER 31,
		2016				2015
		(IN THOUSANDS)
Level 1:
Cash and cash equivalents		$	2,454			$	1,611
Domestic equities			3,067				1,978
International equities			307				397
Mutual funds/ETFs			23,310				21,396
Level 2:
Corporate bonds			1,533				3,047
Total fair value of plan assets		$	30,671			$	28,429

The following benefit payments, which reflect future service, as appropriate, are expected to be paid.

 

YEAR:		ESTIMATED FUTURE BENEFIT PAYMENTS
		(IN THOUSANDS)
2017		$	3,174
2018			2,364
2019			2,393
2020			2,740
2021			2,787
Years 2022 – 2026			14,199