EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

We have one qualified non-contributory defined benefit pension plan covering a portion of our employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. We closed enrollment in the pension plans to salaried employees hired after December 31, 2005. Effective December 31, 2016, we froze benefits for all employees participating in the pension plan. In lieu of the pension plan, we provide those employees with an enhanced 401(k) plan match similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

We are not required to make mandatory 2022 pension contributions due to our plan’s improved funded status and have made no pension contribution payments during the six months ended June 30, 2022.

The net pension and postretirement benefit (credits) costs that have been recorded are shown in the following table:

Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Three Months Ended June 30,		Three Months Ended June 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$2	$2
Interest cost	Interest and other miscellaneous income (expense), net	609	557	13	11
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(872)	(936)	—	—
Amortization of losses	Interest and other miscellaneous income (expense), net	184	288	4	5
Net periodic benefit (credit) cost		($79)	($91)	$19	$18

Components of Net Periodic Benefit (Credit) Cost	Income Statement Location	Pension		Postretirement
		Six Months Ended June 30,		Six Months Ended June 30,
		2022	2021	2022	2021
Service cost	Selling and general expenses	—	—	$3	$4
Interest cost	Interest and other miscellaneous income (expense), net	1,217	1,114	26	23
Expected return on plan assets (a)	Interest and other miscellaneous income (expense), net	(1,743)	(1,873)	—	—
Amortization of losses	Interest and other miscellaneous income (expense), net	369	577	7	10
Net periodic benefit (credit) cost		($157)	($182)	$36	$37

(a)The weighted-average expected long-term rate of return on plan assets used in computing 2022 net periodic benefit cost for pension benefits is 5.0%.