EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

We are not required to make mandatory 2021 pension contributions due to our plan’s improved funding status and have made no pension contribution payments during the three and six months ended June 30, 2021.

The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:

Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended June 30,		Three Months Ended June 30,
		2021	2020	2021	2020
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous (expense) income, net	557	677	11	13
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(936)	(876)	—	—
Amortization of losses	Interest and other miscellaneous (expense) income, net	288	215	5	2
Net periodic benefit (credit) cost		($91)	$16	$18	$17

Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Six Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020
Service cost	Selling and general expenses	—	—	$4	$3
Interest cost	Interest and other miscellaneous (expense) income, net	1,114	1,353	23	26
Expected return on plan assets (a)	Interest and other miscellaneous (expense) income, net	(1,873)	(1,752)	—	—
Amortization of losses	Interest and other miscellaneous (expense) income, net	577	431	10	4
Net periodic benefit (credit) cost		($182)	$32	$37	$33

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2021 net periodic benefit cost for pension benefits is 5.7%.