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RETIREMENT PLANS | 9 Months Ended
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Sep. 30, 2020
RETIREMENT PLANS |
RETIREMENT PLANS | 9. RETIREMENT PLANS ​ The Company has noncontributory defined benefit pension and noncontributory defined medical, dental, vision, and life benefit plans for eligible employees in its International Telecom segment who meet certain eligibility criteria. The Company recorded the net periodic benefit cost identified below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ |  | September 30, 2020 |  | September 30, 2019 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | (164) | ​ | $ | 32 | ​ | $ | 447 | ​ | $ | 37 | ​
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | ​ | 603 | ​ | ​ | 45 | ​ | ​ | 841 | ​ | ​ | 40 | ​
Expected return on plan assets | ​ |  | (414) | ​ |  | — | ​ | ​ | (1,263) | ​ |  | — | ​
Actuarial (gain)/ loss | ​ | ​ | (7) | ​ | ​ | (15) | ​ | ​ | 7 | ​ | ​ | (17) | ​
Net periodic pension expense | ​ | $ | 18 | ​ | $ | 62 | ​ | $ | 32 | ​ | $ | 60 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine months ended | ​
​ | ​ | September 30, 2020 |  | September 30, 2019 | ​
​ | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | 682 | ​ | $ | 96 | ​ | $ | 1,342 | ​ | $ | 111 | ​
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | ​ | 2,361 | ​ | ​ | 135 | ​ | ​ | 2,524 | ​ | ​ | 120 | ​
Expected return on plan assets | ​ |  | (2,730) | ​ |  | — | ​ |  | (3,790) | ​ |  | — | ​
Actuarial (gain)/ loss | ​ | ​ | (21) | ​ | ​ | (45) | ​ | ​ | 22 | ​ | ​ | (51) | ​
Net periodic pension expense | ​ | $ | 292 | ​ | $ | 186 | ​ | $ | 98 | ​ | $ | 180 | ​
​ In the first quarter of 2020, the Company began the process of winding up one of its pension plans. At December 31, 2019 this plan had assets of $15.1 million and a projected benefit obligation of $15.6 million. ​ The Company was not required to make contributions to its pension plans during the nine months ended September 30, 2020 and 2019. However, the Company periodically evaluates whether to make discretionary contributions. During the nine months ended September 30, 2020 and 2019, the Company contributed $0.7 million and $0.3 million, respectively, to its pension plans. The Company funds its postretirement benefit plans as claims are made. ​ ​

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