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Note 8 - Benefit Plans | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8 – Benefit Plans: Defined Benefit Plans The Company is the sponsor of two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). Periodic benefit payments on retirement are determined based on a fixed amount applied to service or determined as a percentage of earnings prior to retirement. The Company is also the sponsor of an unfunded supplemental executive retirement plan (SERP) in which several of its employees are participants. Pension plan assets for retirement benefits consist primarily of fixed income securities and common stock equities. Effective June 30, 2013, the Company no longer accrues additional benefits for future service or for future increases in compensation levels for the company ’s primary defined benefit pension plan. Effective December 31, 2014, the Company no longer accrues additional benefits for future service for the Company ’s hourly defined benefit plan. T he Company recognizes the funded status of its defined benefit post retirement plans in the Company’s consolidated balance sheets. At December 31 , 2017, the Company’s projected benefit obligation under its supplemental executive retirement pension plan exceeded the fair value of the plans’ assets by $8.4 million and thus the plan is underfunded. The fair value of plan assets for the noncontributory qualified defined benefit pension plans exceeded their projected benefit obligations by $2.2 million and thus the plans are overfunded. It is our policy to make contributions to the various plans in accordance with statutory funding requirements and any additional funding that may be deemed appropriate. T he following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company's consolidated balance sheets at December 31, 2017 and 2016:
(In thousands ) |  | December 31, |
|  | 201 7 |  |  | 201 6 |
Changes in benefit obligatio n |  |  |  |  |  |  |  |
Benefit obligation at beginning of yea r |  | $ | 25,258 |  |  | $ | 24,790 |
Service cos t |  |  | 65 |  |  |  | 57 |
Interest cos t |  |  | 965 |  |  |  | 988 |
Actuarial los s |  |  | 3,755 |  |  |  | 1,288 |
Benefits pai d |  |  | (1,657 | ) |  |  | (1,865 | )
Benefit obligation at end of yea r |  |  | 28,386 |  |  |  | 25,258 |
Changes in plan asset s |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of yea r |  |  | 15,791 |  |  |  | 15,865 |
Actual return on asset s |  |  | 2,413 |  |  |  | 1,291 |
Employer contribution s |  |  | 5,598 |  |  |  | 500 |
Benefits pai d |  |  | (1,657 | ) |  |  | (1,865 | )
Fair value of plan assets at end of yea r |  |  | 22,145 |  |  |  | 15,791 |
Funded status at end of yea r |  | $ | (6,241 | ) |  | $ | (9,467 | )
Amounts recognized in consolidated balance sheet |  |  |  |  |  |  |  |
Other asset s |  | $ | 2,181 |  |  | $ | - |
Other current liabilitie s |  |  | (103 | ) |  |  | - |
Long-term pension liabilit y |  |  | (8,319 | ) |  |  | (9,467 | )
|  |  | (6,241 | ) |  |  | (9,467 | )
Amounts recognized in accumulated other comprehensive income consist of : |  |  |  |  |  |  |  |
Net actuarial los s |  | $ | 10,903 |  |  | $ | 9,819 |
Information for pension plans with projecte d benefit obligation in excess of plan asset s
|  | December 31 , |
|  | 201 7 |  |  | 201 6 |
Projected benefit obligatio n |  | $ | 28,386 |  |  | $ | 25,258 |
Fair value of plan asset s |  |  | (22,145 | ) |  |  | (15,791 | )
|  | $ | 6,241 |  |  | $ | 9,467 |
Components of net periodic benefit cost
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Service cost - benefits earned during the perio d |  | $ | 65 |  |  | $ | 57 |  |  | $ | 48 |
Interest cost on projected benefit obligatio n |  |  | 965 |  |  |  | 988 |  |  |  | 951 |
Expected return on plan asset s |  |  | (1,218 | ) |  |  | (1,188 | ) |  |  | (1,343 | )
Recognized actuarial los s |  |  | 1,042 |  |  |  | 1,027 |  |  |  | 772 |
Settlement los s |  |  | 435 |  |  |  | 445 |  |  |  | 460 |
Net periodic pension cost after settlement s |  | $ | 1,289 |  |  | $ | 1,329 |  |  | $ | 888 |
The pension settlement loss es included in the table above relates to lump sum payments made to various employees upon their retirement or termination each year. The estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $1.1 million. The table below presents various assumptions used in determining the benefit obligation for each year and reflects the percentages for the various plans. W eighted-average assumptions used to determine benefit obligations at December 31,
|  |  |  |  |  |  |  |  |  | Long Term Rat e |  |  |  |  |  |  |  |  |
|  | Discount Rate |  |  | of Retur n |  |  | Salary Scale |
|  | Corp. |  |  | Plants |  |  | Corp. |  |  | Plants |  |  | Corp. |  |  | Plants |
2016 |  |  | 4.04 | % |  |  | 3.91 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |
2017 |  |  | 3.53 | % |  |  | 3.45 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |
Weighted-average assumptions used to determine net periodic benefit cost for years ending December 31,
|  |  |  |  |  |  |  |  |  | Long Term Rate |  |  |  |  |  |  |  |  |
|  | Discount Rate |  |  | of Retur n |  |  | Salary Scale |
|  | Corp. |  |  | Plants |  |  | Corp. |  |  | Plant s |  |  | Corp. |  |  | Plants |
2015 |  |  | 3.86 | % |  |  | 3.74 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |
2016 |  |  | 4.19 | % |  |  | 4.09 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |
2017 |  |  | 4.04 | % |  |  | 3.91 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |
The methodology used to determine the expected rate of return on the pension plan assets was based on a review of actual returns in the past and consideration of projected returns based upon our projected asset allocation. Our strategy with respect to our investments in pension plan assets is to be invested with a long-term outlook. Therefore, the risk and return balance of our asset portfolio should reflect a long-term horizon. Our pension plan asset allocation at December 31, 2017, 2016 and target allocation for 2018 are as follows:
|  | Percentage of Plan Assets at December 31, |  |  | Target Allocation |
Investment description |  | 201 7 |  |  | 201 6 |  |  | 201 8 |
Equity securities |  |  | 52 | % |  |  | 68 | % |  |  | 52 | %
Fixed income |  |  | 29 | % |  |  | 13 | % |  |  | 29 | %
Other |  |  | 19 | % |  |  | 19 | % |  |  | 19 | %
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
The Company plans to contribute $0.1 million to our defined benefit pension plans in 2018. The following table includes projected benefit payments for the years indicated:
Year |  | Projected Benefit Payments |
|  | (in thousands) |
2018 |  | $ | 1,467 |
2019 |  | $ | 1,652 |
2020 |  | $ | 2,135 |
2021 |  | $ | 1,947 |
2022 |  | $ | 1,979 |
202 3-2027 |  | $ | 8,620 |
Rabbi Trust In connection with the Company ’s unfunded SERP, we have life insurance contracts on the lives of designated individuals. The insurance contracts associated with the SERP are held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the SERP. The cash surrender value of the life insurance contracts was $2.2 million at December 31, 2017. We recognized an investment gain on the cash surrender value of these life insurance contracts of $0.3 million in 2017. The cash surrender value of these policies is included in other assets in the Consolidated Balance Sheets as of December 31, 2017 and 2016. In 2013 we initiated a Non-Qualified Deferred Compensation Plan, and we have purchased life insurance contracts on the lives of designated individuals during 2017. The insurance contracts associated with the Non-Qualified Deferred Compensation Plan are also held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the Non-Qualified Deferred Compensation Plan. The cash surrender value of the life insurance contracts was $2.2 million at December 31, 2017. The cash surrender value of these policies is included in other assets in the Consolidated Balance Sheet as of December 31, 2017. The liability for participant deferrals of $2.2 million is included in other long-term liabilities in the Consolidated Balance Sheet as of December 31, 2017. Defined Contribution Plan The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401 (k) of the Internal Revenue Code. The plan provides for the Company to make a guaranteed match equal to 25% of each employee ’s eligible contributions. The plan also provides the Company with the option of making an additional discretionary contribution to the plan each year. Currently the discretionary contribution is set at 3% of eligible employees’ payroll. The Company contributions for the years ended December 31, 2017, 2016 and 2015 were approximately $1.0 million, $1.1 million and $0.9 million, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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