Employee Pension Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Employee Pension Plans

Employee Pension PlansThe Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

The following table sets forth a summary of the net periodic benefit cost for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Interest cost	$	582	$	758	$	1,164	$	1,516
Service cost	237		231		473		462
Expected return on plan assets	(1,015)		(1,006)		(2,030)		(2,012)
Recognized net actuarial losses	683		592		1,366		1,184
Net periodic benefit cost	$	487	$	575	$	973	$	1,150

The Company contributed $1.0 million and $2.2 million to its defined benefit pension plan during the six months ended June 30, 2021 and 2020, respectively. Due to the election of certain options provided under the American Rescue Plan Act of 2021, enacted on March 11, 2021, the Company is not required to contribute additional amounts to the defined benefit pension plan for the remainder of 2021.