Pension Plans

9 Months Ended

Sep. 30, 2021

Pension Plans

Pension Plans

11. 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,
	2021		2020		2021		2020
Interest cost	$	534	$	534	$	1,484	$	1,885
Expected return on plan assets		(1,103)		(962)		(3,150)		(3,071)
Amortization of net actuarial loss		217		340		801		903
Net settlement loss		443		1,343		1,009		1,343
Total net periodic pension expense	$	91	$	1,255	$	144	$	1,060

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2021 and 2020, net settlement losses of $1.0 million and $1.3 million, respectively, were recognized in the nine months ended September 30, 2021 and 2020.

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 as of September 30, 2021.