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Note 6 - Employee Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Tables/Schedules  
Schedule of Settlement of Pension Plan Liabilities

Accordingly, the settlement of the Pension Plan Liabilities was recorded as of April 21, 2015 as follows:

 

 

Unfunded Pension Plan Liability

$35,870

 

 

Market value of common shares issued from treasury

(70)

Pension Settlement Obligation

(7,644)

  Total consideration to PBGC

(7,714)

 

 

  Total gain from settlement of  Pension Plan Liabilities

$28,156

 

 

Gain recorded as:

 

Charge to statement of operations

$(3,620)

Other comprehensive Income

31,776

  Contribution to total comprehensive income

$28,156

 

The balance of the Pension Settlement Obligation is recorded on the balance sheet as of December 31, 2016 and 2015 as follows:

 

 

2016

2015

Current portion of pension settlement obligation

$382

$356

Pension settlement obligation, net of current portion

4,886

5,268

  Total Pension Settlement Obligation

$5,268

$5,624
Schedule of Costs of Retirement Plans, changes in benefit obligation

 

 

Pension Plan   

SERP

 

Changes in plan assets

2016

2015

2016

2015

 

 

 

 

 

Fair value of plan assets - beginning of year

$-

$29,721

$-

$-

Actual return on plan assets

-

1,547

-

-

Contributions

-

-

475

497

Benefits paid

-

(339)

(475)

(497)

Transfer out upon termination

-

(30,929)

-

-

  Fair value of plan assets - end of year

$-

$-

$-

$-

 

 

Pension Plan   

SERP

 

Changes in benefit obligation

2016

2015

2016

2015

 

 

 

 

 

Projected benefit obligation - beginning of year

$-

$64,831

$5,320

$4,871

Interest cost

-

617

190

177

Actuarial loss (gain)

-

1,690

(184)

769

Benefits paid

-

(339)

(475)

(497)

Transfer of benefit obligation upon termination

-

(66,799)

-

-

  Projected benefit obligation - end of year

$-

$-

$4,851

$5,320
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

 

 

Pension Plan   

SERP

 

Net amount recognized

2016

2015

2016

2015

 

 

 

 

 

Unfunded status

$-

$-

$(4,851)

$(5,320)

Unrecognized net actuarial loss

-

-

2,146

2,415

Unrecognized prior service cost

-

-

-

(11)

  Net amount recognized

$-

$-

$(2,705)

$(2,916)
Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consisted of:

                                                    

Pension Plan   

SERP

 

 

2016

2015

2016

2015

 

 

 

 

 

Accrued liability

$-

$-

$(4,851)

$(5,320)

Accumulated other comprehensive loss

-

-

2,146

2,404

  Net amount recognized

$-

$-

$(2,705)

$(2,916)
Schedule of Net Periodic Benefit Cost

Components of net periodic benefit cost:

 

Pension Plan   

SERP

 

 

2016

2015

2016

2015

 

 

 

 

 

Interest cost

$-

$617

$190

$177

Expected return on assets

-

(585)

-

-

Amortization of actuarial loss

-

195

82

68

Amortization of prior year service cost

-

-

(10)

(49)

Net periodic benefit expense

-

227

262

196

Insurance premium due PBGC

 

99

-

-

 

$-

$326

$262

$196
Schedule of Expected Benefit Payments

As of December 31, 2016, the following benefits are expected to be paid based on actuarial estimates and prior experience:

 

 

Years Ending December 31,

SERP

2017

$507

2018

510

2019

423

2020

417

2021

411

2022-2026

1,937