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Employee Benefit Plans
6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The components of net period benefit cost for the three and six months ended June 30, 2021 and 2020, respectively, are as follows:
Three Months Ended June 30, 2021
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $16 $16 
Interest cost
237 234 478 
Expected return on plan assets
(596)(427)— (19)(1,042)
Amortization of net loss
218 163 — — 381 
Amortization of prior service cost
— — — 15 15 
Net pension benefit cost
$(141)$(30)$$17 $(152)
Three Months Ended June 30, 2020
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $14 $14 
Interest cost
316 280 605 
Expected return on plan assets
(501)(367)— (15)(883)
Amortization of net loss
254 151 — — 405 
Amortization of prior service cost
— — — 
Net pension benefit cost
$69 $64 $$12 $148 
Six Months Ended June 30, 2021
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $32 $32 
Interest cost
474 468 10 956 
Expected return on plan assets
(1,192)(854)— (38)(2,084)
Amortization of net loss
436 326 — — 762 
Amortization of prior service cost
— — — 15 15 
Net pension benefit cost
$(282)$(60)$$19 $(319)
Six Months Ended June 30, 2020
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $28 $28 
Interest cost
631 559 12 1,209 
Expected return on plan assets
(1,001)(733)— (31)(1,765)
Amortization of net loss
508 303 — — 811 
Amortization of prior service cost
— — — 15 15 
Net pension benefit cost
$138 $129 $$24 $298 
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 2021, of which $1.2 million has been contributed through June 30, 2021.
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. During the third quarter of 2017, 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.