Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLAN

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PENSION AND POST RETIREMENT BENEFIT PLAN
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLAN

NOTE 11. PENSION AND POST RETIREMENT BENEFIT PLAN

In September 2019, the Company settled its fully-funded pension plan. At December 31, 2019, $21.6 million of pension assets remained available to fund other employee benefits. The Company used $6.3 million and $12.3 million to fund its 401(k)-match obligation during the quarter and sixth months ended June 30, 2020, respectively. The Company plans to continue funding future benefit plan obligations, with a possible reversion of any remaining pension assets to the Company per ERISA regulations. As of June 30, 2020, the Company had approximately $9.3 million remaining of benefit plan assets.

Components of Net Pension Benefit Loss / (Gain)

    Three Months Ended June 30,     Six Month Ended June 30,  
(in thousands)   2020     2019     2020     2019  
Interest and service cost   $ 28     $ 1,762     $ 53     $ 3,524  
Expected return on plan assets     (24 )     (2,640 )     (59 )     (5,280 )
Amortization of net loss     25       878       50       1,756  
Net periodic loss   $ 29     $ —     $ 44     $ —  

 

During the six months ended June 30, 2020, and the same period in 2019, the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2019.