Pension Plans

6 Months Ended

Jun. 30, 2021

Pension Plans

Pension Plans

11. PENSION PLANS:

Net periodic pension expense (benefit) 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Interest cost	$	478	$	675	$	950	$	1,351
Expected return on plan assets		(1,028)		(1,054)		(2,047)		(2,109)
Amortization of net actuarial loss		295		281		584		563
Net settlement loss		566		—		566		—
Total net periodic pension expense (benefit)	$	311	$	(98)	$	53	$	(195)

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2021, a net settlement loss of $0.6 million was recognized in the three months and six months ended June 30, 2021.

In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of June 30, 2021. As a result of the re-measurement, as well as an increase in the pension plan’s assumed discount rate from 1.95% at December 31, 2020 to 2.31% at June 30, 2021, the Company recorded a $6.9 million

decrease to its liability under the pension plan and a corresponding decrease in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet at June 30, 2021.