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Note 8 - Employee Benefit Plans
 3 Months Ended
Mar. 31, 2022
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 $0.4 million during each of the three months ended March 31, 2022 and 2021, respectively. We expect to contribute $1.2 million to the supplemental plan during the remainder of 2022. Our obligations under the supplemental plan were $22.7 million for both  March 31, 2022 and  December 31, 2021, 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, 2022  March 31, 2021 

Pension Benefits:

        

Interest cost

 $578  $543 

Expected return on plan assets

  (752)  (543)

Amortization of net actuarial losses

  16   36 

Net periodic pension cost (benefit)

 $(158) $36 

 

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