EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 30, 2017

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

8. EMPLOYEE BENEFIT PLAN

The following represents the net periodic benefit cost and related components of the Company’s multiple employers Retirement Income Plan:

	Three months ended September 30						Nine months ended September 30
(in thousands)	2017			2016			2017			2016
Interest cost	$	483		$	502		$	1,449		$	1,505
Expected return on plan assets		(589	)		(533	)		(1,767	)		(1,599	)
Amortization of net losses		213			200			638			599
Net periodic benefit cost	$	107		$	169		$	320		$	505

The Company did not make a contribution to this plan during the nine months ended September 30, 2017; however, a contribution of $4,300,000 was made during the nine months ended September 30, 2016.

The Company permits selected highly compensated employees to defer a portion of their compensation into the non-qualified Supplemental Retirement Plan (“SERP”). The SERP assets are marked to market and totaled $21,788,000 as of September 30, 2017 and $18,367,000 as of December 31, 2016. The SERP assets are reported in non-current other assets on the consolidated balance sheets and changes in the fair value of these assets are reported in the consolidated statements of operations as compensation cost in selling, general and administrative expenses. Trading gains (losses) related to the SERP assets were approximately as follows:

	Three months ended September 30				Nine months ended September 30
(in thousands)	2017		2016		2017		2016
Trading gains (losses), net	$	428	$	977	$	1,981	$	713

The SERP liability includes participant deferrals net of distributions and is recorded on the consolidated balance sheets in long-term pension liabilities with any change in the fair value of the liabilities recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations.