PENSION AND POST RETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Pension and Post Retirement Benefit Plans

NOTE 9.          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 September 30,						Nine Months Ended September 30,
(in thousands)	2018			2017			2018			2017
Interest and service cost	$	1,995		$	2,138		$	5,985		$	6,414
Expected return on plan assets		(3,443	)		(3,342	)		(10,329	)		(10,026	)
Amortization of net loss		826			830			2,478			2,490
Net periodic benefit	$	(622	)	$	(374	)	$	(1,866	)	$	(1,122	)

During the nine months ended September 30, 2018 and the same period in 2017 the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2017. The Company is adequately funded on its Plans and is not expecting to make further contributions in 2018.

The Company has initiated the process to transition its Pension Plan to an Insurance provider. The transition will take approximately 12-15 months.  The Company’s Pension Plan is currently more than 100% funded.