10.	Employee Benefit Plans

We sponsor the Pension Plan, which covers certain of our U.S.-based employees. Expense recognized in relation to the Pension Plan is based upon actuarial valuations. Inherent in those valuations are key assumptions including discount rates and, where applicable, expected returns on assets and projected future salary rates. The discount rates used in the valuation of the Pension Plan are evaluated annually based on current market conditions. Benefits are generally based on the employee’s compensation and years of service.

We also have a non-qualified Supplemental Executive Retirement Plan (“SERP”). The SERP, which is unfunded, provides defined pension benefits, in addition to what is provided under the Pension Plan, to eligible executives based on average earnings, years of service and estimated age at retirement.

In 2009, the Pension Plan was amended whereby no additional service benefits can be earned by participants after December 31, 2009. The amount of eligible compensation that is used to calculate a plan participant’s pension benefit will continue to include any compensation earned by the employee through December 31, 2019, after which time all plan participants will have a frozen pension benefit.

The measurement date used for the Pension Plan and SERP is December 31. The expense components consisted of the following:

	Pension Plan						SERP
	Three months ended March 31,						Three months ended March 31,
(in thousands)	2017			2016			2017		2016
Interest cost	$	827		$	776		$	409	$	433
Expected return on plan assets, net of expenses		(1,002	)		(822	)		-		-
Amortization of net loss		765			530			607		516
Total	$	590		$	484		$	1,016	$	949

We did not make any contributions to fund the Pension Plan during the three months ended March 31, 2017, and we made a contribution of $10.0 million during the three months ended March 31, 2016. We do not anticipate contributing any cash to fund the Pension Plan during the remainder of 2017.

We made $0.3 million and $1.7 million in SERP benefit payments for the three months ended March 31, 2017 and March 31, 2016 respectively. We anticipate an additional $11.5 million in SERP benefit payments during the remainder of 2017.

Executive Deferred Compensation Plan

We have an unqualified executive deferred compensation plan (“Deferred Compensation Plan”) that is available to certain management level employees and directors of the Company. Under the Deferred Compensation Plan, participants may elect to defer receipt of a portion of their annual base compensation and/or bonus. The Deferred Compensation Plan is an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits. We use corporate-owned life insurance contracts held in a rabbi trust to support the plan. We had investments within this rabbi trust valued at $47.1 million as of March 31, 2017, including $35.7 million of cash surrender value of Company-owned life insurance contracts and $11.4 million held in mutual funds. We had investments within this rabbi trust valued at $45.0 million as of December 31, 2016, including $34.4 million of cash surrender value of Company-owned life insurance contracts and $10.6 million held in mutual funds. These mutual funds are valued using Level 1 and Level 2 inputs. These instruments are included within other non-current assets on our condensed consolidated balance sheets. Gains or losses related to these insurance contracts and mutual fund investments are included within miscellaneous, net in our condensed consolidated statements of operations. The unsecured obligation to pay the deferred compensation totaled $60.3 million and $48.7 million as of March 31, 2017 and December 31, 2016, respectively. The long-term portion of the unsecured obligation totaled $58.5 million and $47.0 million as of March 31, 2017 and December 31, 2016, respectively, and is included within other non-current liabilities on our condensed consolidated balance sheets. The short-term portion of the unsecured obligation to pay totaled $1.8 million and $1.7 million as of March 31, 2017 and December 31, 2016, respectively.