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
 3 Months Ended
Mar. 31, 2015
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
    March 31,
(in thousands)   2015   2014
Interest and service cost   $ 2,250     $ 2,375  
Expected return on plan assets     (3,197 )     (3,108 )
Amortization of net loss     940       610  
Net periodic benefit loss/(benefit)   $ (7 )   $ (123 )

 

During the three months ended March 31, 2015 and 2014 the Company made $3.5 million and $3.3 million in contributions, respectively, to its defined benefit retirement plans (the “Plans”). The Company made $5.3 million in contributions for the year ended December 31, 2014. The Company is not planning on making further contributions to the Plans during the fiscal year ending December 31, 2015.