Quarterly report pursuant to Section 13 or 15(d)

PENSION AND POST RETIREMENT BENEFIT PLAN

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PENSION AND POST RETIREMENT BENEFIT PLAN
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
PENSION AND POST RETIREMENT BENEFIT PLAN

 

NOTE 11. PENSION AND POST RETIREMENT BENEFIT PLAN

In September 2019, the Company settled its fully-funded pension plan. At December 31, 2019, $21.6 million of pension assets remained available to fund other employee benefits. The Company used $5.8 million and $18.0 million to fund its 401(k)-match obligation during the quarter and nine months ended September 30, 2020, respectively. The Company plans to fund any remaining 2020 benefit plan obligations, with reversion of any remaining pension assets to the Company per ERISA regulations before year end. As of September 30, 2020, the Company had approximately $1.2 million remaining of benefit plan assets before discounting for the 45% tax to be paid upon reversion.

Components of Net Pension Benefit Loss / (Gain)

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
(in thousands)   2020     2019     2020     2019  
Interest and service cost   $ 26     $ 1,762     $ 79     $ 3,524  
Expected return on plan assets     (29 )     (2,640 )     (88 )     (5,280 )
Amortization of net loss     25       878       75       1,756  
Pension settlement loss     —       49,898       —       49,898  
Net periodic benefit   $ 22     $ 49,898     $ 66     $ 49,898  

During the nine months ended September 30, 2020, and the same period in 2019, the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2019.