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Note 10 - Pension and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2019

Pension and Other Postretirement Benefits Disclosure [Text Block]

10. Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.

	Three months ended						Nine months ended
	September 30,						September 30,
(In thousands)	2019			2018			2019			2018

Employee Pension Plan:
Interest cost	$	199		$	195		$	597		$	585
Amortization of unrecognized loss		68			155			201			465
Expected return on plan assets		(272	)		(363	)		(816	)		(1,089	)
Net employee pension benefit	$	(5	)	$	(13	)	$	(18	)	$	(39	)

Outside Director Pension Plan:
Service cost	$	10		$	11		$	30		$	33
Interest cost		21			19			63			60
Amortization of unrecognized gain		(35	)		(23	)		(105	)		(69	)
Amortization of past service liability		-			3			-			9
Net outside director pension (benefit) expense	$	(4	)	$	10		$	(12	)	$	33

Other Postretirement Benefit Plans:
Service cost	$	70		$	88		$	210		$	264
Interest cost		85			77			255			231
Amortization of past service credit		(22	)		(13	)		(64	)		(37	)
Net other postretirement expense	$	133		$	152		$	401		$	458

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2018 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2019. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of September 30, 2019, the Company had contributed $108,000 to the Outside Director Pension Plan and $54,000 in contributions were made to the Other Postretirement Benefit Plans. As of September 30, 2019, the Company has not revised its expected contributions for the year ending December 31, 2019.