XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE
7
- PENSION AND OTHER POSTRETIREMENT BENEFITS
 
The Company sponsors a defined benefit pension plan (the “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 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 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 Company adopted ASU
2017
-
07
on
January 1, 2018
on a retrospective basis as discussed in Note
2.
The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. As such, service cost is included in cost of products sold and selling, general and administrative expenses on the consolidated statements of income and the remaining components of net period benefit cost are included in other income (expense), net.
 
The following tables present the components of net periodic benefit cost:
 
   
Pension Benefits
    
Postretirement Benefits
  
   
Three Months Ended

March
3
1
,
    
Three Months Ended

March
3
1
,
  
   
201
8
    
2017
    
201
8
    
2017
  
Service cost
   $
693
     $
752
     $
194
     $
312
  
Interest cost
    
606
      
668
      
141
      
203
  
Expected return on plan assets
    
(1,204
)
    
(1,196
)
    
-
      
-
  
Amortization of prior service cost
    
-
      
-
      
(283
)
    
-
  
Recognized actuarial loss (gain)
    
397
      
490
      
(103
)
    
(168
)
Settlement loss
    
387
      
1,680
      
-
      
-
  
Net periodic benefit cost
   $
879
     $
2,394
     $
(51
)
   $
347