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Note 8 - Employee Benefit Plans
 9 Months Ended
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.”