Note 7 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 7.   Employee Benefit Plans

We sponsor defined benefit pension plans covering substantially all U.S. employees.  Net periodic pension cost for the plans consisted of the following for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended June 30,
	2020			2019
Service cost	$	1,334		$	1,100
Interest cost		1,404			1,620
Expected return on plan assets		(1,872	)		(1,496	)
Amortization of prior service cost		29			15
Amortization of net loss		1,163			1,097
Net periodic pension cost	$	2,058		$	2,336

	Six Months Ended June 30,
	2020			2019
Service cost	$	2,668		$	2,200
Interest cost		2,808			3,240
Expected return on plan assets		(3,744	)		(2,992	)
Amortization of prior service cost		58			30
Amortization of net (gain) loss		2,326			2,194
Net periodic pension cost	$	4,116		$	4,672

For the three- and six-month periods ended June 30, 2020 and 2019, the service cost component of net periodic pension cost is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net expense related to all other components of net periodic pension cost of $0.7 million and $1.4 million, respectively, for the three- and six-month periods ended June 30, 2020, and $1.2 million and $2.5 million for the three- and six-month periods ended June 30, 2019, respectively, is included in other (expense) income on our condensed consolidated statements of operations and comprehensive (loss) income.

In April 2020, we contributed $0.4 million in shares of our common stock to our defined benefit plans, and we expect to contribute an additional approximately $10.0 million in cash or shares of our common stock to the plans in 2020, including $4.8 million to satisfy the remaining minimum funding requirement for the year.  We expect to contribute approximately $0.6 million to our unfunded supplemental executive retirement plan during 2020.