Employee Benefit Plans

9 Months Ended

Sep. 30, 2019

The components of net period benefit cost for the three and nine months ended September 30, 2019 and 2018 are as follows:



	Three Months Ended September 30, 2019
	Retirement Income Plan			National Service-Related Pension Plan			Other Post-Retirement Benefits			Superannuation			Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—		$	—		$	—		$	17		$	17
Interest cost	397			312			5			12			726
Expected return on plan assets	(440		)	(294		)	—			(17		)	(751		)
Amortization of net loss	377			141			(1		)	—			517
Amortization of prior service cost	—			—			—			8			8
Net pension benefit cost	$	334		$	159		$	4		$	20		$	517



	Three Months Ended September 30, 2018
	Retirement Income Plan			National Service-Related Pension Plan			Other Post-Retirement Benefits		Superannuation			Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	8		$	20		$	—	$	43		$	71
Interest cost	354			300			5		33			692
Expected return on plan assets	(512		)	(342		)	—		(35		)	(889		)
Amortization of net loss	311			179			—		124			614
Amortization of prior service cost	—			—			—		4			4
Net pension benefit cost	$	161		$	157		$	5	$	169		$	492



	Nine Months Ended September 30, 2019
	Retirement Income Plan			National Service-Related Pension Plan			Other Post-Retirement Benefits			Superannuation			Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—		$	—		$	—		$	52		$	52
Interest cost	1,192			934			17			37			2,180
Expected return on plan assets	(1,320		)	(882		)	—			(55		)	(2,257		)
Amortization of net loss	1,132			422			(3		)	—			1,551
Amortization of prior service cost	—			—			—			25			25
Net pension benefit cost	$	1,004		$	474		$	14		$	59		$	1,551



	Nine Months Ended September 30, 2018
	Retirement Income Plan			National Service-Related Pension Plan			Other Post-Retirement Benefits		Superannuation			Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	23		$	59		$	—	$	173		$	255
Interest cost	1,063			899			15		86			2,063
Expected return on plan assets	(1,535		)	(1,027		)	—		(124		)	(2,686		)
Amortization of net loss	933			536			—		123			1,592
Amortization of prior service cost	—			—			—		23			23
Net pension benefit cost	$	484		$	467		$	15	$	281		$	1,247

The service cost component of defined benefit pension cost and postretirement benefit cost are reported within “Selling, general and administrative” and all other components of net period benefit cost are presented in “Other

(expense) income, net” on the Condensed Consolidated Statements of Operations.

The Company expects to contribute to all plans an aggregate of $2.5 million in 2019.

Multi-Employer Plans

The Company contributes to a number of multi-employer benefit plans under the terms of collective bargaining agreements that cover union-represented employees. These plans generally provide for retirement, death, and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods, and benefit formulas.

The New England Teamsters & Trucking Industry Multi-Employer Fund (Fund) was significantly underfunded in accordance with Employee Retirement Income Security Act of 1974 (ERISA) funding standards and, therefore, ERISA required the Fund to develop a Rehabilitation Plan, creating a new fund that minimizes the pension withdrawal liability. As a result, current employers participating in the Fund were given the opportunity to exit the Fund and convert to a new fund. The Company took the option to exit the Fund and convert to the new fund. The Company’s portion of the unfunded liability (undiscounted), estimated at $13.7 million, will be repaid in equal monthly installments of approximately $38,000 over 30 years, interest free. The Company recognized an expense and related liability equal to the present value of the withdrawal liability upon exiting the Fund, and amortizes the difference between such present value and the estimated unfunded liability through interest expense over the repayment period.