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Pension Plans
 9 Months Ended
Sep. 30, 2022
Pension Plans  
Pension Plans

13. PENSION PLANS:

Net periodic pension expense reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2022

    

2021

    

2022

    

2021

    

Interest cost

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$

763

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$

534

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$

1,829

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$

1,484

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Expected return on plan assets

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(820)

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(1,103)

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(2,882)

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(3,150)

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Amortization of net actuarial loss

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271

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217

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694

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801

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Net settlement loss

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723

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443

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1,576

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1,009

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Total net periodic pension expense

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$

937

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$

91

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$

1,217

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$

144

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As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2022 and 2021, a net settlement loss of $1.6 million and $1.0 million was recognized in the nine months ended September 30, 2022 and 2021, respectively.

In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of June 30, 2022. As a result of the re-measurement, including a reduction in the valuation of plan assets during 2022, partially offset by an increase in the pension plan’s assumed discount rate from 2.42% at December 31, 2021 to 4.23% at June 30, 2022, the Company recorded a $6.4 million increase to its liability under the pension plan and a corresponding increase in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet as of September 30, 2022.