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RETIREMENT PLANS | 6 Months Ended
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Jun. 30, 2022
RETIREMENT PLANS |
RETIREMENT PLANS | ​ 10. RETIREMENT PLANS ​ Multi-employer Defined Benefit Plan Pension benefits for substantially all of the Company’s Alaska-based employees are provided through the Alaska Electrical Pension Fund (“AEPF”). The Company pays a contractual hourly amount based on employee classification or base compensation to the AEPF. As a multi-employer defined benefit plan, the accumulated benefits and plan assets are not determined for, or allocated separately to, the individual employer. This plan was not in endangered or critical status during the plan year. Defined Benefit Plan 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. As part of the Alaska Transaction, the Company acquired a defined benefit pension plan and a post-retirement medical plan covering certain employees. The pension plan had a projected benefit obligation of $15.4 million and plan assets of $12.1 million on July 22, 2021. The post-retirement medical plan is unfunded and had a projected benefit obligation of $0.4 million on July 22, 2021. The Company recorded the net periodic benefit cost identified below (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended | ​ | Six months ended
​ | June 30, 2022 |  | June 30, 2021 | ​ | June 30, 2022 |  | June 30, 2021
​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits | ​ | Pension benefits | ​ | Postretirement benefits
Operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | $ | 57 | ​ | $ | 36 | ​ | $ | 54 | ​ | $ | 35 | ​ | $ | 114 | ​ | $ | 72 | ​ | $ | 108 | ​ | $ | 70
Non-operating expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest cost | ​ | 565 | ​ | ​ | 33 | ​ | ​ | 572 | ​ | ​ | 41 | ​ | ​ | 1,130 | ​ | ​ | 66 | ​ | ​ | 1,144 | ​ | ​ | 82
Expected return on plan assets |  | (925) | ​ |  | — | ​ | ​ | (687) | ​ |  | — | ​ |  | (1,850) | ​ |  | — | ​ | ​ | (1,374) | ​ |  | —
Settlements | ​ | (1,725) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,725) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net periodic pension expense (benefit) | $ | (2,028) | ​ | $ | 69 | ​ | $ | (61) | ​ | $ | 76 | ​ | $ | (2,331) | ​ | $ | 138 | ​ | $ | (122) | ​ | $ | 152
​ The Company was not required to make contributions to its pension plans during the six months ended June 30, 2022 and 2021. 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 June 30, 2022 and 2021. ​

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