Pension and Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

10. Pension and Employee Benefit Plans

We sponsor a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974.

We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired.

We present the components of net periodic benefit cost (gain) within “Other income (expense), net” on the Condensed Consolidated Statements of Income.

Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following:

	Three months ended March 31,
(table only in thousands)	2022			2021
Pension plan:
Interest cost	$	219		$	194
Expected return on plan assets		(390	)		(378	)
Amortization of net actuarial loss		66			103
Net periodic benefit (gain) cost	$	(105	)	$	(81	)
Health care plan:
Interest cost	$	-		$	1
Amortization of net actuarial (gain) loss		(2	)		2
Net periodic benefit (gain) cost	$	(2	)	$	3

We were not required to make contributions to our defined benefit plans during the three-months ended March 31, 2022 and 2021, respectively. For the remainder of 2022, we do not expect to make any contributions to fund the pension plan or the retiree health care plan. The unfunded liability of the plans of $5.5 million and $5.6 million as of March 31, 2022 and December 31, 2021, respectively, is included in “Other liabilities” on our Condensed Consolidated Balance Sheets.