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, 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   Six Months Ended
    June 30,   June 30,
(in thousands)   2017   2016   2017   2016
Interest and service cost   $ 2,138     $ 2,350     $ 4,276     $ 4,700  
Expected return on plan assets     (3,342 )     (3,305 )     (6,684 )     (6,610 )
Amortization of net loss     830       816       1,660       1,632  
Net periodic benefit   $ (374 )   $ (139 )   $ (748 )   $ (278 )

 

During the six months ended June 30, 2017 and the same period in 2016 the Company made no contributions 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 considering making further contributions to the Plans during the fiscal year ending December 31, 2017 of approximately $5.5 million.