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Note 8 - Employee Benefit Plans
 3 Months Ended
Mar. 31, 2021
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. citizen employees and other employees who are permanent residents of the United States. 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, that provided pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. We contributed $0.4 million during each of the three months ended March 31, 2021 and 2020, respectively. We expect to contribute $1.2 million to the supplemental plan during the remainder of 2021. Our obligations under the supplemental plan were $22.8 million for both  March 31, 2021 and  December 31, 2020, and are included in “accrued expenses” and “other liabilities” in the consolidated 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:

 

  

Three Months Ended

 

(In thousands)

 

March 31, 2021

  

March 31, 2020

 

Pension Benefits:

        

Service cost

 $—  $40 

Interest cost

  543   225 

Expected return on plan assets

  (543)  (36)

Administrative expenses

  —   23 

Settlement loss

  —   508 

Amortization of net actuarial losses

  36   (44)

Net periodic pension cost

 $36  $716