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Note 8 - Employee Benefit Plans | 9 Months Ended
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Sep. 30, 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. 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 $1.2 million during each of the nine months ended September 30, 2021 and 2020, respectively. We expect to contribute $0.4 million to the supplemental plan during the remainder of 2021. Our obligations under the supplemental plan were $22.8 million for both September 30, 2021 and December 31, 2020, respectively, and are included in “accrued expenses” and “other liabilities” in the condensed 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 |  |  | Nine Months Ended |
(In thousands) |  | September 30, 2021 |  |  | September 30, 2020 |  |  | September 30, 2021 |  |  | September 30, 2020 |
Pension Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 97 |  |  | $ | — |  |  | $ | 111 |
Interest cost |  |  | 542 |  |  |  | 239 |  |  |  | 1,628 |  |  |  | 2,737 |
Expected return on plan assets |  |  | (543 | ) |  |  | (114 | ) |  |  | (1,630 | ) |  |  | (2,208 | )
Administrative expenses |  |  | — |  |  |  | 52 |  |  |  | — |  |  |  | 64 |
Settlement loss |  |  | — |  |  |  | 79 |  |  |  | — |  |  |  | 910 |
Amortization of net actuarial losses |  |  | 36 |  |  |  | 5 |  |  |  | 109 |  |  |  | (4 | )
Net periodic pension cost |  | $ | 35 |  |  | $ | 358 |  |  | $ | 107 |  |  | $ | 1,610 |
The components of the net periodic pension cost, except for the service cost are included in the caption “Interest income and other, net.” Service cost are included in the caption “Vessel operating costs.”

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