Pension Plans And Other Postretirement Benefits

3 Months Ended

Mar. 31, 2022

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 9 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit (credit) cost for the Company’s pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended
	March 31,
	2022		2021
Service cost	$	707	$	1,078
Interest cost		3,201		3,061
Expected return on plan assets		(5,895)		(5,907)
Amortization of prior service cost		134		140
Amortization of actuarial loss		435		1,071
Net periodic benefit credit	$	(1,418)	$	(557)

	Other
	Postretirement Benefits
		Three Months Ended
		March 31,
	2022		2021
Service cost	$	478	$	698
Interest cost		842		840
Expected return on plan assets		(1,125)		(1,039)
Amortization of prior service credit		-		(108)
Amortization of actuarial loss		(334)		55
Net periodic benefit (credit) cost	$	(139)	$	446

The net periodic benefit (credit) cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit (credit) cost other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”.

There were no cash contributions made to the Pension Plan during the first three months of 2022.