Pension Plans And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2022

Pension Plans And Other Postretirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefits

Note 9 – Pension Plans and Other Postretirement Benefits  

The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees.

The following tables provide the components of net periodic benefit (credit) cost for the Company’s pension and other postretirement benefit plans:

	Pension Benefits
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Service cost	$	707	$	876	$	1,414	$	1,953
Interest cost		3,202		3,255		6,403		6,316
Expected return on plan assets		(5,894)		(5,791)		(11,789)		(11,698)
Amortization of prior service cost		134		140		268		280
Amortization of actuarial loss		436		727		871		1,797
Net periodic benefit cost (credit)	$	(1,415)	$	(793)	$	(2,833)	$	(1,352)
	Other
	Postretirement Benefits
		Three Months Ended				Six Months Ended
		June 30,				June 30,
	2022		2021		2022		2021
Service cost	$	477	$	699	$	955	$	1,398
Interest cost		843		839		1,685		1,678
Expected return on plan assets		(1,126)		(1,039)		(2,251)		(2,078)
Amortization of prior service credit		-		(108)		-		(216)
Amortization of actuarial loss		(334)		55		(668)		110
Net periodic benefit cost	$	(140)	$	446	$	(279)	$	892

The net periodic benefit (credit) cost is based on estimated values and an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover, and medical costs. The Company presents the components of net periodic benefit (credit) cost other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”.

There were $14,564 cash contributions made to the Pension Plan during the first six months of 2022.