Note 8 - Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

(8) 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.

During the second quarter of 2023, we executed an agreement with a third-party insurance company who agreed to assume all remaining liability under our pension plan for approximately 500 individuals in exchange for a $11.8 million payment made by the pension plan. We expect to recognize a settlement gain in the second quarter of 2023 in connection with this transaction.

Supplemental Executive Retirement Plan

We support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants during 2010. We contributed $0.4 million to the supplemental plan during each of the three months ended March 31, 2023 and 2022, respectively, and expect to contribute $1.2 million during the remainder of 2023. Our obligations under the supplemental plan were $17.3 million at March 31, 2023 and  December 31, 2022, 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
	March 31, 2023			March 31, 2022
Pension Benefits:
Interest cost	$	846		$	578
Expected return on plan assets		(688	)		(752	)
Amortization of net actuarial (gains) losses		(66	)		16
Net periodic pension (benefit) cost	$	92		$	(158	)

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