Note E - Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2015

Pension and Other Postretirement Benefits Disclosure [Text Block]

NOTE

- 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 benefit				Post Retirement Benefit
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2015		2014		2015		2014
(Dollars in thousands)
Service Cost	$ 784		$ 726		$ 299		$ 227
Interest Cost	659		720		198		212
Expected return on plan assets	(1,067	)	(1,208	)	-		-
Recognized actuarial loss (gain)	537		458		(163	)	(197	)
Net Periodic Benefic Cost	$ 913		$ 696		$ 334		$ 242

- Definition

The entire disclosure for pension and other postretirement benefits.

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