11. |
Employee Retirement Plans |
The components of net periodic pension cost consist of the following:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Component of net periodic pension cost: |
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Service cost |
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$ |
- |
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$ |
102 |
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$ |
- |
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$ |
306 |
Interest cost |
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410 |
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389 |
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1,230 |
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1,167 |
Expected return on plan assets |
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(294) |
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(475) |
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(882) |
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(1,425) |
Amortization of net loss |
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149 |
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176 |
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447 |
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528 |
Net periodic pension cost |
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$ |
265 |
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$ |
192 |
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$ |
795 |
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$ |
576 |
The Company estimates its total required minimum contributions to its pension plans in 2019 will be $0. Through September 30, 2019, the Company has made $0 of cash contributions to the pension plans versus $7,047 through the same period in 2018. The 2018 payment included a $7,000 discretionary payment related to the 2017 plan year.
Components of net periodic other postretirement benefit cost consist of the following:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
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Component of periodic other postretirement benefit cost: |
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Service cost |
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$ |
37 |
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$ |
47 |
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$ |
111 |
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$ |
141 |
Interest cost |
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63 |
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58 |
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189 |
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174 |
Amortization of net gain |
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(78) |
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(52) |
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(234) |
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(156) |
Net periodic other postretirement benefit cost |
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$ |
22 |
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$ |
53 |
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$ |
66 |
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$ |
159 |
Service cost is included in Income from operations on the Condensed Consolidated Statement of Operations and Comprehensive Income. The other components of net periodic pension and postretirement benefit cost are included in Other expense on the Condensed Consolidated Statement of Operations and Comprehensive Income.
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