Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLANS

v3.8.0.1
PENSION AND POST RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2017
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [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     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2017     2016     2017     2016  
Interest and service cost   $ 2,138     $ 2,350     $ 6,414     $ 7,050  
Expected return on plan assets     (3,342 )     (3,305 )     (10,026 )     (9,915 )
Amortization of net loss     830       816       2,490       2,448  
Net periodic benefit   $ (374 )   $ (139 )   $ (1,122 )   $ (417 )

 

During the nine months ended September 30, 2017 the Company made no contributions to its defined benefit retirement plans (the “Plans”). During the same time frame in prior year the Company made $3.0 million in contributions. The Company made $3.3 million in contributions for the year ended December 31, 2016. The Company is adequately funded on its Pension Plans and is not expecting to make further contributions in 2017.