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
 9 Months Ended
Sep. 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     Nine Months Ended  
    September 30,     September 30,  
(in thousands)   2016     2015     2016     2015  
Interest and service cost   $ 2,350     $ 2,250     $ 7,050     $ 6,750  
Expected return on plan assets     (3,305 )     (3,197 )     (9,915 )     (9,591 )
Amortization of net loss     816       940       2,448       2,820  
Net periodic benefit   $ (139 )   $ (7 )   $ (417 )   $ (21 )

 

During the nine months ended September 30, 2016 and 2015, the Company made $3.0 million and $5.0 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, 2015. The Company is planning on making further contributions to the Plans during the fiscal year ending December 31, 2016 of approximately $0.3 million.