Pension Plans

9 Months Ended

Sep. 30, 2023

Pension Plans

Pension Plans

13. 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,
	2023		2022		2023		2022
Interest cost	$	787	$	763	$	2,437	$	1,829
Expected return on plan assets		(728)		(820)		(2,187)		(2,882)
Amortization of net actuarial loss		195		271		651		694
Net settlement loss		—		723		—		1,576
Total net periodic pension expense	$	254	$	937	$	901	$	1,217

As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2022, a net settlement loss of $1.6 million was recognized in the nine months ended September 30, 2022.