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, 2017
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)   2017     2016  
Interest and service cost   $ 2,138     $ 2,350  
Expected return on plan assets     (3,342 )     (3,305 )
Amortization of net loss     830       816  
Net periodic benefit   $ (374 )   $ (139 )

During the three months ended March 31, 2017 and the same period in 2016 the Company made no contributions respectively to its defined benefit retirement plans (the “Plans”). The Company made $3.3 million in contributions for the year ended December 31, 2016. The Company is planning on making further contributions to the Plans during the fiscal year ending December 31, 2017 of approximately $5.5 million.