Note E - Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2016

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 that date, in eligible locations, are eligible to participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to January 1, 2008 continue to accrue benefits under the Plan.

Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company funds the cost of these benefits as incurred.

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

	Pension Benefits						Postretirement Benefits
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2016			2015			2016			2015
(Dollars in thousands)
Service cost	$	709		$	784		$	298		$	299
Interest cost		661			659			210			198
Expected return on plan assets		(982	)		(1,067	)		-			-
Recognized actuarial loss (gain)		525			537			(174	)		(163	)
Net periodic benefit cost	$	913		$	913		$	334		$	334