Pension and Postretirement Benefits Other than Pension Plans

9 Months Ended

Sep. 30, 2020

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,
	2020		2019		2020		2019
Interest cost	$	534	$	798	$	1,885	$	2,554
Expected return on plan assets		(962)		(935)		(3,071)		(2,822)
Amortization of net actuarial loss		340		293		903		866
Net settlement loss		1,343		1,577		1,343		1,577
Total net periodic pension expense	$	1,255	$	1,733	$	1,060	$	2,175

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2020 and 2019, net settlement losses of $1.3 million and $1.6 million were recognized in the three months and nine months ended September 30, 2020 and 2019, respectively.

In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of July 31, 2020. As a result of the re-measurement, as well as a decrease in the pension plan’s assumed discount rate from 2.85% at December 31, 2019 to 1.76% at July 31, 2020, the Company recorded a $10.1 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, 2020.

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,
	2020		2019		2020		2019
Interest cost	$	17	$	26	$	52	$	76
Amortization of net actuarial loss		57		55		184		178
Amortization of prior service credit		(329)		(329)		(986)		(986)
Total net postretirement benefit income	$	(255)	$	(248)	$	(750)	$	(732)