Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

13. EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, until December 2016, in the U.S., a partially funded contributory medical post-retirement plan covering certain qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). The Company also offers defined contribution plans to its employees. The post-retirement plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense on the condensed consolidated statements of operations.

Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees (the “Trustees”). Management also evaluates from time to time whether to make voluntary contributions to the plans.

The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s post-retirement plans for the three month periods ended March 31, 2017 and 2016:

	Pension Plans						Medical Plan
	Three Months Ended March 31,
	2017			2016			2017		2016
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	340		$	307		$	-	$	4
Interest cost		3,981			5,213			-		45
Expected return on plan assets		(6,105	)		(7,166	)		-		-
Amortization of:
Prior service cost		30			590			-		-
Net actuarial loss (gain)		1,332			989			-		-
Net periodic benefit cost (credit)	$	(422	)	$	(67	)	$	-	$	49