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Note 7 - Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE 7 - PENSION AND OTHER POSTRETIREMENT BENEFITS

 

The Company sponsors a defined benefit pension plan (“GR Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The GR Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The GR 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 defined benefit pension plan. Employees hired prior to this date continue to accrue benefits.

 

The Company established a defined benefit pension plan for certain Fill-Rite employees (“Fill-Rite Plan”) upon the acquisition as of June 1, 2022. The activity is included in the tables within this footnote.

 

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 eligible spouses and dependent children. The Company funds the cost of these benefits as incurred.

 

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

 

   

Pension Benefits

    

Postretirement Benefits

  
   

Three Months Ended
June 30,

    

Three Months Ended
June 30,

  
   

2023

    

2022

    

2023

    

2022

  

Service cost

   $ 530     $ 482     $ 209     $ 287  

Interest cost

     635       711       299       190  

Expected return on plan assets

     (657 )     (692 )     -       -  

Amortization of prior service cost

     -       -       (249 )     (283 )

Recognized actuarial loss

     301       481       (9 )     92  

Settlement loss

     -       1,597       -       -  

Net periodic benefit cost (a)

   $ 809     $ 2,579     $ 250     $ 286  

 

 

 

Pension Benefits

  

Postretirement Benefits

  
 

Six Months Ended
June 30,

  

Six Months Ended
June 30,

  
 

2023

  

2022

  

2023

  

2022

  

Service cost

 $ 1,060   $ 1,146   $ 417   $ 573  

Interest cost

   1,270     1,165     598     380  

Expected return on plan assets

   (1,314 )   (1,504 )   -     -  

Amortization of prior service cost

   -     -     (497 )   (565 )

Recognized actuarial loss

   601     935     (18 )   184  

Settlement loss

   -     1,597     -     -  

Net periodic benefit cost (a)

 $ 1,617   $ 3,339   $ 500   $ 572  

 

(a)

The components of net periodic cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income.

 

During the three and six months ended June 30, 2022, the Company recorded a settlement loss relating to retirees that received lump-sum distributions from the Company’s defined benefit pension plan totaling $1.6 million. There were no settlement losses recorded for the three or six month periods ended June 30, 2023. These changes were the result of lump-sum payments to retirees exceeding the Plan’s actuarial service and interest cost.