Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

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PENSION AND POST RETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2014
Pension and Other Postretirement Benefit Expense [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLANS

NOTE 7.            PENSION AND POST RETIREMENT BENEFIT PLANS

 

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 Gain

 

    Three Months Ended   Six Months Ended
    June 30,   June 30,
(in thousands)   2014   2013   2014   2013
Interest and service cost   $ 2,375     $ 2,166     $ 4,750     $ 4,332  
Expected return on plan assets     (3,108 )     (2,897 )     (6,216 )     (5,794 )
Amortization of net loss     610       977       1,220       1,954  
Net periodic loss/(benefit)   $ (123 )   $ 246     $ (246 )   $ 492  

 

During the six months ended June 30, 2014 and 2013 the Company made $3.3 million and $1.5 million in contributions, respectively, to its defined benefit retirement plans (the “Plans”). The Company made $5.0 million in contributions for the year ended December 31, 2013. The company is planning on making no further contribution to the Plans during the fiscal year ending December 31, 2014.