Note 6 - Retirement Plans

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

6. Retirement Plans

The components of our net periodic pension benefit are included in miscellaneous income in our income statement. During the six-months ended June 30, 2020, the amount recorded as a benefit was not material, and we did not make a contribution to our defined benefit pension plan. During the remainder of 2020, we expect to contribute $3 million to this plan.

During the three and six-month periods ended June 30, 2020, we contributed $3 million and $6 million, respectively, in matching cash contributions to the 401(k) plan. In addition, during the three months ended March 31, 2020, we issued 430,899 shares of our common stock valued at approximately $4 million to fund our 2019 discretionary profit-sharing contribution. The 2019 discretionary profit-sharing contribution was recorded as an expense in 2019 and accrued as of December 31, 2019. During the remainder of 2020, we estimate that our matching cash contributions will be approximately $7 million to this plan, excluding discretionary profit-sharing contributions.