EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

We have a defined benefit pension plan covering certain United Kingdom employees (the “U.K. Plan”). Net periodic pension credit includes the following components (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest cost	443		561		1,310		$	1,740
Expected return on plan assets	(580)		(574)		(1,715)		$	(1,781)
Amortization of prior service cost	8		8		24		$	24
Net periodic pension credit	$	(129)	$	(5)	$	(381)	$	(17)

The expected long-term rate of return on invested assets is determined based on the weighted average of expected returns on asset investment categories for the U.K. Plan as follows: 2.90% overall, 5.30% for equities and 2.10% for debt securities.

We expect to contribute $3.8 million to the U.K. Plan for 2020, of which $2.9 million has been contributed through September 30, 2020.