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Pension Plan
 6 Months Ended
Jun. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Pension Plan

11. PENSION PLAN

 

The Company’s Canadian subsidiary sponsors a defined benefit pension plan at one of its locations in which a majority of its employees are members. The subsidiary funds 100% of all contributions to the plan. The benefits, or the rate per year of credit service, are established by the Company and updated at its discretion.

 

The components of the expense the Company incurred under the pension plan are as follows (in thousands): 

             
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2016    2015    2016    2015  
Current service cost, net of employee contributions  $12   $14   $23   $29 
Interest cost on accrued benefit obligation   26    27    50    55 
Expected return on plan assets   (41)   (44)   (80)   (85)
Amortization of transitional obligation   3    3    5    5 
Amortization of past service costs   3    2    5    4 
Amortization of net actuarial gain   10    9    18    19 
Total cost of benefit  $13   $11   $21   $27 

 

The Company’s policy is to fund the pension plan at or above the minimum level required by law. The Company made $54 and $59 of contributions to its defined benefit pension plan during the six months ended June 30, 2016 and 2015, respectively. Changes in the discount rate and actual investment returns that are lower than the long-term expected return on plan assets could result in the Company making additional contributions.