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Retirement Benefit Plans
 9 Months Ended
Sep. 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):
 
Nine Months Ended September 30, 2016
 
(in thousands)
Hourly Employees’
Pension Plan
Employees’
Retirement Plan
 
Total
Service cost
 
$
6

 
 
$
3

 
 
$
9

Interest cost
 
300

 
 
666

 
 
966

Expected return on plan assets
 
(486
)
 
 
(898
)
 
 
(1,384
)
Amortization of net loss
 
213

 
 
330

 
 
543

Net periodic benefit cost
 
$
33

 
 
$
101

 
 
$
134

  
 
Nine Months Ended September 30, 2015
 
(in thousands)
Hourly Employees’
Pension Plan
Employees’
Retirement Plan
 
Total
Service cost
 
$
6

 
 
$
3

 
 
$
9

Interest cost
 
303

 
 
651

 
 
954

Expected return on plan assets
 
(495
)
 
 
(921
)
 
 
(1,416
)
Amortization of net loss
 
186

 
 
300

 
 
486

Net periodic benefit cost
 
$
—

 
 
$
33

 
 
$
33



The Company amortizes annual pension expense evenly over four quarters. Pension expense was $45,000 and $11,000 the three months ended September 30, 2016 and September 30, 2015, respectively. Pension expense for the nine months ended September 30, 2016 was $134,000 and $33,000 for the nine months ending September 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 currently anticipate that we will be able to meet all legal requirements to effectuate a proper termination of the plan on or before December 31, 2016.

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 September 30, 2016, the current retirement benefit (as defined in the plan) for the participants ranges from 10% to 20%.

The net period expense for the three months ended September 30, 2016 and 2015 was $148,000 and $150,000, respectively and $443,000 and $450,000 for the nine months ended September 30, 2016 and 2015, respectively.