XML 29 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 9 - Employee Benefit Plans
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Retirement Benefits [Text Block]

(9)

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 support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants during 2010. We contributed $1.2 million to the supplemental plan during each of the nine months ended September 30, 2022 and 2021, respectively, and expect to contribute $0.4 million during the remainder of 2022. Our obligations under the supplemental plan were $22.3 million and $22.7 million at September 30, 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

  

Nine Months Ended

 
  

September 30, 2022

  

September 30, 2021

  

September 30, 2022

  

September 30, 2021

 

Pension Benefits:

                

Interest cost

 $578  $543  $1,735  $1,086 

Expected return on plan assets

  (751)  (544)  (2,254)  (1,087)

Amortization of net actuarial losses

  15   37   47   73 

Net periodic pension cost (benefit)

 $(158) $36  $(472) $72 

 

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