Employee Benefit Plans

The Company sponsored a qualified defined-benefit pension plan and a post-retirement benefit plan (collectively, “the Pension Plans”). The Pension Plans were frozen as of September 30, 1986, and since then there have been no new entrants to the Pension Plans.

On September 14, 2016, the Board of Directors approved the termination of the Company’s qualified defined-benefit pension plan. The Company expects its pension liabilities will be settled through either lump sum payments or purchased annuities by December 31, 2017. At settlement, the Company expects to recognize a non-cash charge related to unrecognized actuarial losses in accumulated other comprehensive income (loss) of between $17.0 million and $19.0 million. Settling the plan will eliminate cash contributions, lower future expenses and eliminate the risk of rising Pension Benefit Guaranty Corporation premiums.

The following table provides the components of the net periodic benefit cost of the qualified defined-benefit pension plan (in millions):



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
PENSION BENEFITS COST
Interest cost	$	0.3		$	0.3		$	0.9		$	0.9
Expected return on plan assets	(0.3		)	(0.4		)	(0.7		)	(1.4		)
Amortization of net actuarial loss	0.2			0.1			0.6			0.5
Settlement charge	—			1.2			—			1.2
Net periodic benefit cost	$	0.2		$	1.2		$	0.8		$	1.2

The Company earned less than $0.1 million and $0.2 million in net periodic benefit income related to the post-retirement benefit plan for the three and nine months ended September 30, 2017, respectively, compared to $0.1 million in net periodic benefit costs for the three and nine months ended September 30, 2016.

The Company made no contributions to the Pension Plans during the three and nine months ended September 30, 2017. The Company made total contributions of $1.9 million during the same periods in 2016. During the remainder of 2017, the Company expects to contribute a total of $0.1 million to the post-retirement benefit plan and between $4.0 million to $6.0 million to the defined-benefit pension plan, primarily as a result of the expected termination of the plan.