XML 32 R20.htm IDEA: XBRL DOCUMENT v3.21.1
RETIREMENT PLANS
 3 Months Ended
Mar. 31, 2021
RETIREMENT PLANS  
RETIREMENT PLANS

10. 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

​

    

March 31, 2021

    

March 31, 2020

​

​

Pension benefits

​

Postretirement benefits

​

Pension benefits

​

Postretirement benefits

Operating expense

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

54

​

$

35

​

$

423

​

$

32

Non-operating expense

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

​

572

​

​

41

​

​

879

​

​

45

Expected return on plan assets

​

 

(687)

​

 

—

​

​

(1,158)

​

 

—

Actuarial (gain)/ loss

​

​

—

​

​

—

​

​

(7)

​

​

(15)

Net periodic pension expense (benefit)

​

$

(61)

​

$

76

​

$

137

​

$

62

​

​

In the first quarter of 2020, the Company began the process of winding up one of its pension plans. At December 31, 2020 this plan had assets of $15.6 million and a projected benefit obligation of $15.6 million.

​

The Company was not required to make contributions to its pension plans during the three months ended March 31, 2021 and 2020. However, the Company periodically evaluates whether to make discretionary contributions. The Company funds its postretirement benefit plans as claims are made and did not make contributions to its pension plans during the three months ended March 31, 2021 and 2020.

  ​