Note G - Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

	Pension Plan						Postretirement Plan
	2016			2015			2016			2015
Accumulated benefit obligation at end of year	$	64,033		$	63,830		$	22,340		$	22,430
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	77,600		$	80,069		$	22,430		$	22,813
Service cost		2,837			3,064			1,192			1,194
Interest cost		2,643			2,640			842			790
Settlement		-			1,431			-			–
Benefits paid		(5,510	)		(10,069	)		(1,637	)		(1,094	)
Effect of foreign exchange		-			–			7			(94	)
Actuarial (gain) loss		(463	)		465			(494	)		(1,179	)
Benefit obligation at end of year	$	77,107		$	77,600		$	22,340		$	22,430

Change in plan assets:
Plan assets at beginning of year	$	68,291		$	75,573		$	-		$	-
Actual return on plan assets		4,537			(1,213	)		-			–
Employer contributions		16,000			4,000			1,637			1,094
Benefits paid		(5,510	)		(10,069	)		(1,637	)		(1,094	)
Plan assets at end of year		83,318			68,291			-			–
Funded status at end of year	$	6,211		$	(9,309	)	$	(22,340	)	$	(22,430	)


Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets	$	6,211		$	-		$	-		$	-
Current liabilities		-			-			(1,631	)		(1,646	)
Noncurrent liabilities		-			(9,309	)		(20,709	)		(20,784	)
Total assets (liabilities)	$	6,211		$	(9,309	)	$	(22,340	)	$	(22,430	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss (gain)	$	27,041		$	29,992		$	(7,890	)	$	(8,082	)
Deferred tax (benefit) expense		(10,506	)		(11,590	)		2,978			3,038
After tax actuarial loss (gain)	$	16,535		$	18,402		$	(4,912	)	$	(5,044	)

Components of net periodic benefit cost :
	2016			2015			2014
Pension Plan
Service cost	$	2,837		$	3,064		$	2,904
Interest cost		2,643			2,640			2,895
Expected return on plan assets		(4,150	)		(4,060	)		(4,755	)
Recognized actuarial loss		2,101			2,230			1,664
Settlement loss		-			3,783			-
Net periodic benefit cost	$	3,431		$	7,657		$	2,708

	2016			2015			2014
Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss:
Net (gain) loss	$	(2,952	)	$	1,156		$	4,541
Total expense recognized in net periodic benefit cost and other comprehensive income	$	479		$	8,813		$	7,249

Postretirement Plan
Service cost	$	1,192		$	1,194		$	907
Interest cost		842			790			845
Recognized actuarial gain		(699	)		(649	)		(1,181	)
Net periodic benefit cost	$	1,335		$	1,335		$	571

Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss:
Net gain (loss)	$	205		$	(529	)	$	4,233
Total expense recognized in net periodic benefit cost and other comprehensive income		1,540		$	806		$	4,804

	Pension Plan						Postretirement Plan
	2016			2015			2016			2015
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate		3.60	%		3.70	%		3.77	%		3.90	%
Rate of compensation increase		3.50	%		3.50	%		–			–
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate		3.70	%		3.67	%		3.90	%		3.60	%
Expected long-term rate of return on plan assets		6.00	%		6.00	%		–			–
Rate of compensation increase		3.50	%		3.50	%		–			–

2016		$	%
Level 1:
Equity	$	19,752		24	%

Fixed income		11,805		14	%
Mutual funds		-		-
Money funds and cash		11,134		13	%
Total Level 1		42,691		51	%
Level 2:
Fixed income		40,597		49	%
Money fund		-		-
Total Level 2		40,597		49	%
Level 3:
Equity		30		-
Total Level 3		30		-
Total fair value of Plan assets	$	83,318		100	%

2015		$	%
Level 1:
Equity	$	16,908		25	%
Fixed income		1,468		2	%
Mutual funds		3,476		5	%
Money funds and cash		1,011		1	%
Total Level 1		22,863		33	%
Level 2:
Fixed income		41,984		62	%
Money fund		3,428		5	%
Total Level 2		45,412		67	%
Level 3:
Total Level 3		-		-
Total fair value of Plan assets	$	68,275		100	%