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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The components of net period benefit cost for the three and nine months ended September 30, 2021 and 2020, respectively, are as follows:
| Three Months Ended September 30, 2021
| Retirement Income Plan | National Service-Related Pension Plan | Other Post-Retirement Benefits | Superannuation | Total
Components of net periodic benefit cost: | (In thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | 15 |  | $ | 15 |
Interest cost | 236 |  | 234 |  | 2 |  | 5 |  | 477 |
Expected return on plan assets | (596) |  | (428) |  | — |  | (18) |  | (1,042) |
Amortization of net loss | 219 |  | 163 |  | — |  | — |  | 382 |
Amortization of prior service cost | — |  | — |  | — |  | 7 |  | 7 |
Net pension benefit cost | $ | (141) |  | $ | (31) |  | $ | 2 |  | $ | 9 |  | $ | (161) |
| Three Months Ended September 30, 2020
| Retirement Income Plan | National Service-Related Pension Plan | Other Post-Retirement Benefits | Superannuation | Total
Components of net periodic benefit cost: | (In thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | 18 |  | $ | 18 |
Interest cost | 315 |  | 279 |  | 4 |  | 8 |  | 606 |
Expected return on plan assets | (500) |  | (366) |  | — |  | (20) |  | (886) |
Amortization of net loss | 255 |  | 152 |  | — |  | — |  | 407 |
Amortization of prior service cost | — |  | — |  | — |  | 7 |  | 7 |
Net pension benefit cost | $ | 70 |  | $ | 65 |  | $ | 4 |  | $ | 13 |  | $ | 152 |
| Nine Months Ended September 30, 2021
| Retirement Income Plan | National Service-Related Pension Plan | Other Post-Retirement Benefits | Superannuation | Total
Components of net periodic benefit cost: | (In thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | 47 |  | $ | 47 |
Interest cost | 710 |  | 702 |  | 6 |  | 15 |  | 1,433 |
Expected return on plan assets | (1,788) |  | (1,282) |  | — |  | (56) |  | (3,126) |
Amortization of net loss | 655 |  | 489 |  | — |  | — |  | 1,144 |
Amortization of prior service cost | — |  | — |  | — |  | 22 |  | 22 |
Net pension benefit cost | $ | (423) |  | $ | (91) |  | $ | 6 |  | $ | 28 |  | $ | (480) |
| Nine Months Ended September 30, 2020
| Retirement Income Plan | National Service-Related Pension Plan | Other Post-Retirement Benefits | Superannuation | Total
Components of net periodic benefit cost: | (In thousands)
Service cost | $ | — |  | $ | — |  | $ | — |  | $ | 46 |  | $ | 46 |
Interest cost | 946 |  | 838 |  | 11 |  | 20 |  | 1,815 |
Expected return on plan assets | (1,501) |  | (1,099) |  | — |  | (51) |  | (2,651) |
Amortization of net loss | 763 |  | 455 |  | — |  | — |  | 1,218 |
Amortization of prior service cost | — |  | — |  | — |  | 22 |  | 22 |
Net pension benefit cost | $ | 208 |  | $ | 194 |  | $ | 11 |  | $ | 37 |  | $ | 450 |
The service cost component of defined benefit pension cost and postretirement benefit cost are reported within “Selling, general and administrative” and all other components of net period benefit cost are presented in “Other (expense) income, net” on the Condensed Consolidated Statements of Operations. The Company has contributed to all plans $1.2 million through September 30, 2021. The actuaries who perform the annual valuation for the pension plans updated results due to favorable asset returns and determined no contributions will be necessary for the remainder of 2021. Multi-Employer Plans The Company contributes to a number of multi-employer benefit plans under the terms of collective bargaining agreements that cover union-represented employees. These plans generally provide for retirement, death, and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods, and benefit formulas. The New England Teamsters & Trucking Industry Multi-Employer Fund (Fund) was significantly underfunded in accordance with Employee Retirement Income Security Act of 1974 (ERISA) funding standards and, therefore, ERISA required the Fund to develop a Rehabilitation Plan, creating a new fund that minimizes the pension withdrawal liability. As a result, current employers participating in the Fund were given the opportunity to exit the Fund and convert to a new fund. During the third quarter of 2017, the Company took the option to exit the Fund and convert to the new fund. The Company’s portion of the unfunded liability (undiscounted), estimated at $13.7 million, is being repaid in equal monthly installments of approximately $38,000 over 30 years, interest free. The Company recognized an expense and related liability equal to the present value of the withdrawal liability upon exiting the Fund, and amortizes the difference between such present value and the estimated unfunded liability through interest expense over the repayment period.

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