Note 5 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 5.   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 nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Service cost	$	1,455		$	1,334		$	4,365		$	4,002
Interest cost		1,248			1,404			3,744			4,212
Expected return on plan assets		(2,313	)		(1,872	)		(6,939	)		(5,616	)
Amortization of prior service cost		99			29			297			87
Amortization of net loss		1,125			1,163			3,375			3,489
Net periodic pension cost	$	1,614		$	2,058		$	4,842		$	6,174

For the three- and nine-month periods ended September 30, 2021 and 2020, 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 $0.2 million and $0.5 million for the three- and nine-month periods ended September 30, 2021, respectively, and $0.7 million and $2.2 million for the three- and nine-month periods ended September 30, 2020, respectively, is included in other (expense) income on our condensed consolidated statements of operations and comprehensive income (loss).

In January 2021, we contributed $16.8 million in shares of our common stock to our supplemental executive retirement plan, and expect to contribute approximately $0.8 million in cash during 2021. In September 2021, we contributed $5.5 million in shares of our common stock to our defined benefit pension plans. We do not expect to be required to make additional contributions to our defined benefit pension plans in 2021, but may choose to do so.