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Note E - Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE E - PENSION AND OTHER POSTRETIREMENT BENEFITS


The Company sponsors a defined benefit pension plan (“Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The Plan was closed to new participants effective January 1, 2008. Employees hired after this date, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits.


Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees.


The Company also sponsors a non-contributory defined benefit health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred.


The following tables present the components of net periodic benefit cost:


   

Pension Benefits

   

Post Retirement Benefits

 
   

Three Months Ended

   

Three Months Ended

 
   

September 30,

   

September 30,

 
   

2014

   

2013

   

2014

   

2013

 

(Dollars in thousands)

                               

Service cost

  $ 726     $ 748     $ 227     $ 288  

Interest cost

    723       734       212       182  

Expected return on plan assets

    (1,188 )     (1,229 )     -       -  

Recognized actuarial loss (gain)

    333       478       (311 )     (181 )

Settlement loss

    -       490       -       -  

Net periodic benefic cost

  $ 594     $ 1,221     $ 128     $ 289  

   

Pension Benefits

   

Post Retirement Benefits

 
   

Nine Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2014

   

2013

   

2014

   

2013

 

(Dollars in thousands)

                               

Service cost

  $ 2,178     $ 2,408     $ 680     $ 865  

Interest cost

    2,171       2,097       636       545  

Expected return on plan assets

    (3,566 )     (3,828 )     -       -  

Recognized actuarial loss (gain)

    1,248       1,622       (888 )     (542 )

Settlement loss

    -       3,477       -       -  

Net periodic benefic cost

  $ 2,031     $ 5,776     $ 428     $ 868