Note 9 - Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

(9) EMPLOYEE BENEFIT PLANS

U.S. Defined Benefit Pension Plan

We have a defined benefit pension plan (pension plan) that covers certain U.S. employees. The pension plan was frozen during 2010. We have not made contributions to the pension plan since 2019. Actuarial valuations are performed annually and an assessment of the future pension obligations and market value of the assets will determine if contributions are made in the future.

Supplemental Executive Retirement Plan

We also support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) which was closed to new participants during 2010. We contributed $0.8 million during each of the six months ended June 30, 2022 and 2021, respectively. We expect to contribute $0.8 million to the supplemental plan during the remainder of 2022. Our obligations under the supplemental plan were $22.5 million and $22.7 million at June 30, 2022 and  December 31, 2021, respectively, and are included in “accrued expenses” and “other liabilities” in the consolidated condensed balance sheet.

Net Periodic Benefit Costs

The net periodic benefit cost for our defined benefit pension plans and supplemental plan (referred to collectively as “Pension Benefits”) is comprised of the following components:

(In Thousands)	Three Months Ended						Six Months Ended
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Pension Benefits:
Interest cost	$	579		$	543		$	1,157		$	1,086
Expected return on plan assets		(751	)		(544	)		(1,503	)		(1,087	)
Amortization of net actuarial losses		16			37			32			73
Net periodic pension cost (benefit)	$	(156	)	$	36		$	(314	)	$	72

The components of the net periodic pension cost are included in the caption “Interest income and other, net.”