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Retirement Benefit Plans
 3 Months Ended
Mar. 31, 2017
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):
 
Three Months Ended March 31, 2017
 
(in thousands)
Hourly Employees’
Pension Plan
Employees’
Retirement Plan
 
Total
Service cost
 
$
—

 
 
$
1

 
 
$
1

Interest cost
 
—

 
 
208

 
 
208

Expected return on plan assets
 
—

 
 
(319
)
 
 
(319
)
Amortization of net loss
 
—

 
 
108

 
 
108

Net periodic benefit
 
$
—

 
 
$
(2
)
 
 
$
(2
)
  
 
Three Months Ended March 31, 2016
 
(in thousands)
Hourly Employees’
Pension Plan
Employees’
Retirement Plan
 
Total
Service cost
 
$
2

 
 
$
1

 
 
$
3

Interest cost
 
100

 
 
222

 
 
322

Expected return on plan assets
 
(162
)
 
 
(299
)
 
 
(461
)
Amortization of net loss
 
71

 
 
110

 
 
181

Net periodic benefit cost
 
$
11

 
 
$
34

 
 
$
45



The Company amortizes annual pension income or expense evenly over four quarters. Pension income was $2,000 and pension expense was $45,000 for the three months ended March 31, 2017 and March 31, 2016, respectively. The Company is not required to contribute to the pension plans for the 2017 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 did not lose any benefits but were 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.  The Company made a final contribution and met all legal requirements to effectuate a proper termination of the plan 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 key management to the plan. As of March 31, 2017, 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 March 31, 2017 and 2016 was $202,000 and $148,000, respectively.