Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 3   Employee Benefit Plans

The Company maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Ownership Plan for the majority of the U.S. employees.

The Company additionally has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004.  Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements.  No employees hired after October 31, 2004 are eligible to receive these benefits.  This plan requires employee contributions to offset benefit costs.

The following table sets forth the components of net periodic benefit cost (income) for the three months ended September 30, 2020 and 2019 based on December 31, 2019 and 2018 actuarial measurement dates, respectively:

	Defined pension plan benefits				Other postretirement benefits
(In thousands)	2020		2019		2020			2019
Service cost – benefits earned during the year	$	13	$	38	$	15		$	25
Interest cost on projected benefit obligations		2		8		34			53
Amortization of net loss (benefit)		2		9		(17	)		(29	)
Net periodic benefit cost	$	17	$	55	$	32		$	49

The following table sets forth the components of net periodic benefit cost (income) for the nine months ended September 30, 2020 and 2019 based on December 31, 2019 and 2018 actuarial measurement dates, respectively:

	Defined pension plan benefits				Other postretirement benefits
(In thousands)	2020		2019		2020			2019
Service cost – benefits earned during the year	$	39	$	74	$	77		$	52
Interest cost on projected benefit obligations		6		18		116			105
Amortization of net loss (benefit)		4		18		(17	)		(59	)
Net periodic benefit cost	$	49	$	110	$	176		$	98

The Company disclosed in its financial statements for the year ended December 31, 2019 that it estimated it would pay $0.4 million in other postretirement benefits in 2020 based on actuarial estimates.  As of September 30, 2020, $0.3 million of such benefits have been paid.  The Company continues to believe that its estimated payments for the full year are reasonable.  However, such estimates contain inherent uncertainties because cash payments can vary significantly depending on the timing of postretirement medical claims and the collection of the retirees’ portion of certain costs.  The amount of benefits paid in calendar year 2020 will not impact the expense for postretirement benefits for 2020.