Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The components of net period benefit cost for the three and nine months ended September 30, 2021 and 2020, respectively, are as follows:

	Three Months Ended September 30, 2021
	Retirement Income Plan		National Service-Related Pension Plan		Other Post-Retirement Benefits		Superannuation		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	15	$	15
Interest cost	236		234		2		5		477
Expected return on plan assets	(596)		(428)		—		(18)		(1,042)
Amortization of net loss	219		163		—		—		382
Amortization of prior service cost	—		—		—		7		7
Net pension benefit cost	$	(141)	$	(31)	$	2	$	9	$	(161)

	Three Months Ended September 30, 2020
	Retirement Income Plan		National Service-Related Pension Plan		Other Post-Retirement Benefits		Superannuation		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	18	$	18
Interest cost	315		279		4		8		606
Expected return on plan assets	(500)		(366)		—		(20)		(886)
Amortization of net loss	255		152		—		—		407
Amortization of prior service cost	—		—		—		7		7
Net pension benefit cost	$	70	$	65	$	4	$	13	$	152

	Nine Months Ended September 30, 2021
	Retirement Income Plan		National Service-Related Pension Plan		Other Post-Retirement Benefits		Superannuation		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	47	$	47
Interest cost	710		702		6		15		1,433
Expected return on plan assets	(1,788)		(1,282)		—		(56)		(3,126)
Amortization of net loss	655		489		—		—		1,144
Amortization of prior service cost	—		—		—		22		22
Net pension benefit cost	$	(423)	$	(91)	$	6	$	28	$	(480)

	Nine Months Ended September 30, 2020
	Retirement Income Plan		National Service-Related Pension Plan		Other Post-Retirement Benefits		Superannuation		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	46	$	46
Interest cost	946		838		11		20		1,815
Expected return on plan assets	(1,501)		(1,099)		—		(51)		(2,651)
Amortization of net loss	763		455		—		—		1,218
Amortization of prior service cost	—		—		—		22		22
Net pension benefit cost	$	208	$	194	$	11	$	37	$	450

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 has contributed to all plans $1.2 million through September 30, 2021. The actuaries who perform the annual valuation for the pension plans updated results due to favorable asset returns and determined no contributions will be necessary for the remainder of 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, is being 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.