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Postretirement Benefit Plans | 6 Months Ended
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Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
Postretirement Benefit Plans |
9. | POSTRETIREMENT BENEFIT PLANS
Defined Benefit Pension Plans The Company sponsors various funded qualified and unfunded non-qualified defined benefit pension plans, the most significant of which cover employees in the U.S. and U.K. locations. The U.S. and U.K. defined benefit pension plans are frozen and service benefits are no longer being accrued. Components of Net Periodic Benefit Cost
|  | UNITED STATES |
(In thousands) |  | Three Months Ended June 30 |  |  | Six Months Ended June 30 |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Interest cost |  | $ | 1,421 |  |  | $ | 1,661 |  |  | $ | 2,842 |  |  | $ | 3,322 |
Expected return on plan assets |  |  | (2,437 | ) |  |  | (2,361 | ) |  |  | (4,874 | ) |  |  | (4,722 | )
Amortization of net actuarial loss |  |  | 1,052 |  |  |  | 652 |  |  |  | 2,104 |  |  |  | 1,304 |
Net periodic benefit cost (income) |  | $ | 36 |  |  | $ | (48 | ) |  | $ | 72 |  |  | $ | (96 | )
|  | UNITED KINGDOM |
(In thousands) |  | Three Months Ended June 30 |  |  | Six Months Ended June 30 |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Interest cost |  | $ | 107 |  |  | $ | 140 |  |  | $ | 216 |  |  | $ | 282 |
Expected return on plan assets |  |  | (133 | ) |  |  | (198 | ) |  |  | (267 | ) |  |  | (399 | )
Amortization of net actuarial loss |  |  | 19 |  |  |  | 62 |  |  |  | 38 |  |  |  | 125 |
Net periodic benefit cost (income) |  | $ | (7 | ) |  | $ | 4 |  |  | $ | (13 | ) |  | $ | 8 |
Employer Contributions U.S. Plans As a result of pension funding relief provisions included in the Highway and Transportation Funding Act of 2014, the Company is not required to make contributions to its funded U.S. qualified defined benefit plans. Approximately $299,000 is expected to be paid related to the unfunded non-qualified plans in 2020. Of such amount, $195,000 had been paid related to the non-qual ified plans as of June 30, 2020. U.K. Plan The Company’s U.K. subsidiary expects to contribute approximately $495,000 to its defined benefit pension plan in 2020. Of such amount, $284,000 had been contributed to the plan as of June 30, 2020. Defined Contribution Plans The Company sponsors retirement savings defined contribution plans that cover eligible U.S. and U.K. employees. The Company’s U.S. retirement plans include two qualified plans, one of which is a 401(k) plan and one of which is an employee stock ownership plan, and one non-qualified supplemental executive plan. In the six months ended June 30, 2020 and 2019, the Company made profit sharing contributions into the qualified retirement plans for U.S. employees and for certain non-U.S. employees. Profit sharing contributions were determined using a formula applied to Company earnings. In 2019 and 2020, profit sharing contributions for U.S. employees were made to the employee stock ownership plan. Profit sharing contributions are allocated to participant accounts on the basis of participant base earnings. Defined contribution plan expenses for the Company’s qualified contribution plans were as follows:
(In thousands) |  | Three Months Ended June 30 |  |  | Six Months Ended June 30 |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Retirement savings contributions |  | $ | 1,950 |  |  | $ | 1,215 |  |  | $ | 3,708 |  |  | $ | 3,624 |
Profit sharing contributions plan |  |  | 1,483 |  |  |  | 964 |  |  |  | 2,458 |  |  |  | 1,846 |
Total |  | $ | 3,433 |  |  | $ | 2,179 |  |  | $ | 6,166 |  |  | $ | 5,470 |
The Company has a rabbi trust to fund the obligations of its non-qualified supplemental executive defined contribution plans (supplemental plans). The trust comprises various mutual fund investments selected by the participants of the supplemental plans. In accordance with the accounting guidance for rabbi trust arrangements, the assets of the trust and the obligations of the supplemental plans are reported on the Company’s consolidated balance sheets. The Company elected the fair value option for the mutual fund investment assets so that offsetting changes in the mutual fund values and defined contribution plan obligations would be recorded in earnings in the same period. Therefore, the mutual funds are reported at fair value with any subsequent changes in fair value recorded in the consolidated statements of income. The liabilities related to the supplemental plans increase (i.e., supplemental plan expense is recognized) when the value of the trust assets appreciates and decrease when the value of the trust assets declines (i.e., supplemental plan income is recognized). At June 30, 2020, the balance of the trust assets was $1,740,000, which equaled the balance of the supplemental plan liabilities (see the long-term investments section in Note 3 for further information regarding the Company’s mutual fund assets).

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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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