Retirement Benefit Plans

6 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefit Plans

Retirement Benefit Plans

Defined Benefit Plan

The following tables present the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):

	Six Months Ended June 30, 2016
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	4			$	2		$	6
Interest cost		200				444			644
Expected return on plan assets		(324		)		(598		)	(922		)
Amortization of net loss		142				220			362
Net periodic benefit cost		$	22			$	68		$	90

	Six Months Ended June 30, 2015
(in thousands)	Hourly Employees’ Pension Plan				Employees’ Retirement Plan				Total
Service cost		$	4			$	2		$	6
Interest cost		202				434			636
Expected return on plan assets		(330		)		(614		)	(944		)
Amortization of net loss		124				200			324
Net periodic benefit cost		$	—			$	22		$	22

The Company amortizes annual pension expense evenly over four quarters. Pension expense was $45,000 and $11,000 the three months ended June 30, 2016 and June 30, 2015, respectively. Pension expense for the six months ended June 30, 2016 was $90,000 and $22,000 for the six month ending June 30, 2015. The Company is not required to contribute to the pension plans for the 2016 plan year but may do so.

On April 6, 2016 we notified all participants in the Gradall Company Hourly Employees’ Pension Plan of our decision to terminate the plan.  Participants in the plan will not lose any benefits but will be given a choice between obtaining certain continued annuity benefits that match the benefits offered under the plan or receiving an immediate one-time lump sum payment in total settlement of benefits.  We must meet various legal requirements in connection with the proper termination of the plan, and as a result we do not expect termination of the plan to be completed until 2017. 

Supplemental Retirement Plan

In May of 2015, the Board amended the SERP to allow the Board to modify the retirement benefit percentage either higher or lower than 20%. In May of 2016, the Board added additional highly compensated employees to the plan. As of June 30, 2016, the current retirement benefit (as defined in the plan) for the participants ranges from 10% and 20%.

The net period expense for the three months ended June 30, 2016 and 2015 was $148,000 and $150,000, respectively and $295,000 and $300,000 for the six months ended June 30, 2016 and 2015, respectively.