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.