Note 4 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

Note 4.   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, 2022 and 2021 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Service cost	$	1,566		$	1,455		$	3,131		$	2,910
Interest cost		1,369			1,248			2,738			2,496
Expected return on plan assets		(3,363	)		(2,313	)		(6,726	)		(4,626	)
Amortization of prior service cost		128			99			256			198
Amortization of net loss		512			1,125			1,024			2,250
Net periodic pension cost	$	212		$	1,614		$	423		$	3,228

For the three- and six-month periods ended June 30, 2022 and 2021, 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 $1.4 million and $2.7 million, respectively, for the three- and six-month periods ended June 30, 2022, and $0.2 million and $0.3 million for the three- and six-month periods ended June 30, 2021, respectively, is included in other (expense) income on our condensed consolidated statements of operations and comprehensive income (loss).

During May 2022, we contributed $5.6 million in shares of our common stock to two of our defined benefit plans. In January 2021, we contributed $16.8 million in shares of our common stock to our supplemental executive retirement plan. We do not expect to be required to make additional contributions to our defined benefit pension plans in 2022, but may elect to do so.