Note E - Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 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 September 30 ,						Three Months Ended September 30 ,
(Dollars in thousands)	2016			2015			2016			2015
Service cost	$	709		$	765		$	298		$	299
Interest cost		659			664			210			198
Expected return on plan assets		(982	)		(1,009	)		-			-
Recognized actuarial loss (gain)		525			571			(174	)		(163	)
Settlement loss		-			1,890			-			-
Net periodic benefit cost	$	911		$	2,881		$	334		$	334

	Pension Benefits						Postretirement Benefits
	Nine Months Ended September 30 ,						Nine Months Ended September 30,
(Dollars in thousands)	2016			2015			2016			2015
Service cost	$	2,127		$	2,332		$	894		$	897
Interest cost		1,981			1,982			631			595
Expected return on plan assets		(2,947	)		(3,144	)		-			-
Recognized actuarial loss (gain)		1,576			1,645			(523	)		(490	)
Settlement loss		-			3,342			-			-
Net periodic benefit cost	$	2,737		$	6,157		$	1,002		$	1,002