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Note 6 - Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE
6
- 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 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 funds the cost of these benefits as incurred.
 
The Company also sponsors a non-contributory defined benefit postretirement 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
 
 
Postretirement Benefits
 
 
 
Three Months Ended
March 31,
 
 
Three Months Ended
March 31,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Service cost
   $
752
     $
709
     $
312
     $
298
  
Interest cost
    
668
      
661
      
203
      
210
  
Expected return on plan assets
    
(1,196
)
    
(982
)
    
-
      
-
  
Recognized actuarial loss (gain)
    
490
      
525
      
(168
)
    
(174
)
Settlement loss
    
1,680
      
-
      
-
      
-
  
Net periodic benefit cost
   $
2,394
     $
913
     $
347
     $
334