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Note 4 - Periodic Pension Expense
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Retirement Benefits [Text Block]

NOTE 4 – Periodic Pension Expense:

 

The Company is the sponsor of an unfunded supplemental executive retirement plan in which several employees participate.

 

The Company had previously sponsored two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). During 2021, the Company completed the termination of its two noncontributory qualified defined benefit pension plans, which were fully funded. The pension plan terminations did not require a cash outlay by the Company. As of March 31, 2022, an asset surplus of $0.4 million remained undistributed in the pension plans that were terminated.

 

The following table details the net periodic pension expense under the Company’s plans for the periods presented (in thousands):

 

  

Three Months Ended March 31,

 
  

2022

  

2021

 

Service cost - benefits earned during the period

 $51  $46 

Interest cost on projected benefit obligation

  100   187 

Expected return on plan assets

  -   (358)

Recognized actuarial loss

  428   600 

Net periodic pension cost

 $579  $475 

 

The service cost component is included in selling and administrative expenses in our statements of comprehensive income and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income.