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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
EMPLOYEE BENEFIT PLANS |
(8) | EMPLOYEE BENEFIT PLANS
U.S. Defined Benefit Pension Plan We have a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. The pension plan was frozen during 2010. We did not contribute to the pension plan during the three and six months ended June 30, 2020 and 2019, and we are not required to contribute to the pension plan during the remaining quarters of calendar year 2020; however, we may, at our discretion, make contributions to the pension plan in order to manage our plan expenses. 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, that provided pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. We contributed $0.4 million and $0.8 million during the three and six months ended June 30, 2020 and the three and six months ended June 30, 2019, respectively. We expect to contribute $0.8 million to the supplemental plan during the remainder of 2020. Our obligations under the supplemental plan were $21.2 million and $21.4 million as of June 30, 2020 and December 31, 2019, respectively, and are included in “accrued costs and expenses” and “other liabilities” on the consolidated balance sheet. Other Defined Benefit Pension Plans We also have defined benefit pension plans that cover certain Norwegian citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. Our contributions to the Norwegian defined benefit pension plans during 2020 and 2019, were immaterial and we expect that any contributions for the remainder of calendar year 2020 will be immaterial. Substantially, all of our Norwegian employees were transferred from our defined benefit pension plans into a defined contribution plan during the first quarter of 2020. 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:
|  | Three Months Ended |  |  | Six Months Ended |
(In thousands) |  | June 30, 2020 |  |  | June 30, 2019 |  |  | June 30, 2020 |  |  | June 30, 2019 |
Pension Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ |  | (26 | ) | $ |  | (44 | ) | $ |  | 14 |  | $ |  | 12 |
Interest cost |  |  | 2,273 |  |  |  | 914 |  |  |  | 2,498 |  |  |  | 1,847 |
Expected return on plan assets |  |  | (2,058 | ) |  |  | (513 | ) |  |  | (2,094 | ) |  |  | (1,076 | )
Administrative expenses |  |  | (11 | ) |  |  | (3 | ) |  |  | 12 |  |  |  | 7 |
Settlement loss |  |  | 323 |  |  |  | 21 |  |  |  | 831 |  |  |  | 92 |
Amortization of net actuarial losses |  |  | 35 |  |  |  | — |  |  |  | (9 | ) |  |  | — |
Net periodic pension cost | $ |  | 536 |  | $ |  | 375 |  | $ |  | 1,252 |  | $ |  | 882 |

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- References No definition available. + Details
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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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