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Note 13 - Pension and Postretirement Benefits | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Retirement Benefits [Text Block] | 13. Pension and Postretirement Benefits: We maintain a frozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the "Pension Plan"), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan ("SERP") for certain employees. The SERP is funded from our general assets. During the first quarter of 2021, we changed the investment guidelines on our Pension Plan assets to target investment allocation of 50% to equity securities and 50% to debt securities from our previous target allocation of 55% to equity securities and 45% to debt securities as of December 31, 2020. We also provide certain healthcare and life insurance benefits to certain qualifying active and retired employees. Our Postretirement Health and Life Insurance Plan (the "Postretirement Plan"), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage. The components of net periodic (benefit) cost for the three and nine months ended September 30, 2021 and 2020 are summarized below:
|  | Pension Plan and SERP |  |  | Postretirement Plan |
|  | For the Three Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Interest cost |  | $ | 2.7 |  |  | $ | 2.9 |  |  | $ | — |  |  | $ | — |
Expected return on plan assets |  |  | (8.2 | ) |  |  | (7.9 | ) |  |  | (0.1 | ) |  |  | (0.1 | )
Amortization of net actuarial loss |  |  | 1.0 |  |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 0.1 |
Net periodic benefit |  | $ | (4.5 | ) |  | $ | (3.3 | ) |  | $ | — |  |  | $ | — |
Employer contributions, net |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 1.3 |  |  | $ | 0.1 |
|  | Pension Plan and SERP |  |  | Postretirement Plan |
|  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Interest cost |  | $ | 8.3 |  |  | $ | 9.8 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Expected return on plan assets |  |  | (24.6 | ) |  |  | (22.3 | ) |  |  | (0.2 | ) |  |  | (0.2 | )
Amortization of prior service cost (credit) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | (0.1 | )
Amortization of net actuarial loss |  |  | 2.9 |  |  |  | 4.6 |  |  |  | 0.2 |  |  |  | 0.3 |
Net periodic (benefit) cost |  | $ | (13.3 | ) |  | $ | (7.8 | ) |  | $ | — |  |  | $ | 0.1 |
Employer contributions, net |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 1.7 |  |  | $ | 0.9 |
The expected contributions to the Pension Plan, SERP, and Postretirement Plan for the year ending December 31, 2021 are consistent with the amounts previously disclosed as of December 31, 2020.

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