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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract] |
Employee Benefit Plans | Note 3 Employee Benefit Plans Historically, the Company maintained a non-contributory defined benefit pension plan that covered substantially all U.S. employees who were employed on December 31, 2011. After that date, no further benefits were accrued in this plan. For the frozen pension plan, benefits were based primarily on years of service and, for certain individuals, levels of compensation. In 2018, the Company completed the termination of the non-contributory defined benefit pension plan. The Company maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Ownership Plan for the majority of the U.S. employees. The Company additionally has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs. The following table sets forth the components of net periodic benefit cost for the three months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively:
|  | Defined pension plan benefits |  |  | Other postretirement benefits |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost – benefits earned during the year |  | $ | 38 |  |  | $ | 35 |  |  | $ | 25 |  |  | $ | 31 |
Interest cost on projected benefit obligations |  |  | 8 |  |  |  | 6 |  |  |  | 53 |  |  |  | 47 |
Amortization of prior service benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3 | )
Amortization of net loss (benefit) |  |  | 9 |  |  |  | 13 |  |  |  | (29 | ) |  |  | (8 | )
Settlement expense |  |  | - |  |  |  | 11,732 |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 55 |  |  | $ | 11,786 |  |  | $ | 49 |  |  | $ | 67 |
The following table sets forth the components of net periodic benefit cost for the nine months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively:
|  | Defined pension plan benefits |  |  | Other postretirement benefits |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost – benefits earned during the year |  | $ | 112 |  |  | $ | 105 |  |  | $ | 77 |  |  | $ | 93 |
Interest cost on projected benefit obligations |  |  | 26 |  |  |  | 323 |  |  |  | 158 |  |  |  | 142 |
Expected return on plan assets |  |  | - |  |  |  | (835 | ) |  |  | - |  |  |  | - |
Amortization of prior service cost |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10 | )
Amortization of net loss (benefit) |  |  | 27 |  |  |  | 302 |  |  |  | (88 | ) |  |  | (23 | )
Settlement expense |  |  | - |  |  |  | 19,900 |  |  |  | - |  |  |  | - |
Net periodic benefit cost |  | $ | 165 |  |  | $ | 19,795 |  |  | $ | 147 |  |  | $ | 202 |
The Company disclosed in its financial statements for the year ended December 31, 2018 that it estimated it would pay $0.4 million in other postretirement benefits in 2019 based on actuarial estimates. As of September 30, 2019, $0.3 million of such benefits have been paid. The Company continues to believe that its estimated payments for the full year are reasonable. However, such estimates contain inherent uncertainties because cash payments can vary significantly depending on the timing of postretirement medical claims and the collection of the retirees’ portion of certain costs. The amount of benefits paid in calendar year 2019 will not impact the expense for postretirement benefits for 2019.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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