Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLAN

v3.19.2
PENSION AND POST RETIREMENT BENEFIT PLAN
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLAN

NOTE 10.             PENSION AND POST RETIREMENT BENEFIT PLAN

 

The following table represents the net periodic pension benefit costs and related components in accordance with FASB ASC 715 “Compensation Retirement Benefits”:

 

Components of Net Pension Benefit Loss/(Gain) 

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(in thousands)   2019     2018     2018     2017  
Interest and service cost   $ 1,762     $ 1,995     $ 3,524     $ 3,990  
Expected return on plan assets     (2,640 )     (3,443 )     (5,280 )     (6,886 )
Amortization of net loss     878       826       1,756       1,652  
Net periodic loss/(benefit)   $ —     $ (622 )   $ —     $ (1,244 )

 

During the six months ended June 30, 2019 and the same period in 2018 the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2018. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2019.

The Company has initiated the process to transition its Pension Plan to an insurance provider. The process should be completed by the end of September 30, 2019.  The Company's Pension Plan is currently more than 100% funded.