Pension and Postretirement Benefits Other Than Pension Plans

9 Months Ended

Sep. 30, 2019

Pension and Postretirement Benefits Other Than Pension Plans

Pension and Postretirement Benefits Other Than Pension Plans

11. PENSION AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS:

Net periodic pension expense reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Interest cost	$	798	$	808	$	2,554	$	2,422
Expected return on plan assets		(935)		(1,087)		(2,822)		(3,259)
Amortization of net actuarial loss		293		259		866		778
Net settlement loss		1,577		1,004		1,577		1,004
Total net periodic pension expense	$	1,733	$	984	$	2,175	$	945

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2019 and 2018, net settlement losses of $1.6 million and $1.0 million were recognized in the three months and nine months ended September 30, 2019 and 2018, respectively.

In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of August 31, 2019. As a result of the re-measurement, as well as a decrease in the pension plan’s assumed discount rate from 3.95% at December 31, 2018 to 2.63% at August 31, 2019, the Company recorded a $5.2 million increase in its liability under the pension plan and a corresponding increase in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet at September 30, 2019.

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Interest cost	$	26	$	24	$	76	$	72
Amortization of net actuarial loss		55		64		178		193
Amortization of prior service credit		(329)		(329)		(986)		(986)
Total net postretirement benefit income	$	(248)	$	(241)	$	(732)	$	(721)