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, 2016
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)   2016   2015   2016   2015
Interest and service cost   $ 2,350     $ 2,250     $ 4,700     $ 4,500  
Expected return on plan assets     (3,305 )     (3,197 )     (6,610 )     (6,394 )
Amortization of net loss     816       940       1,632       1,880  
Net periodic benefit   $ (139 )   $ (7 )   $ (278 )   $ (14 )

 

During the six months ended June 30, 2016, the Company did not make any contribution to its defined benefit retirement plans (the “Plans”) compared to $3.5 million in contribution during the same period in 2015. The Company made $5.0 million in contributions for the year ended December 31, 2015. The Company is planning on making contributions to the Plans during the fiscal year ending December 31, 2016 of approximately $3.3 million.