Note H - Components of Net Periodic Benefit Cost

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

Note H — Components of Net Periodic Benefit Cost

Prior to

January 

1,

1999,

we provided a defined benefit pension plan for which most of our employees were eligible to participate (the “Qualified Pension Plan”).  In conjunction with significant enhancements to our

401

(k) plan, we elected to freeze benefits under the Qualified Pension Plan as of

December 

31,

1998.

In

1994,

we adopted a non-qualified, unfunded, supplemental pension plan (the “Restoration Pension Plan”) covering certain employees, which provides for incremental pension payments so that total pension payments equal those amounts that would have been payable from the principal pension plan were it

not

for limitations imposed by income tax regulation. The benefits under the Restoration Pension Plan were intended to provide benefits equivalent to our Qualified Pension Plan as if such plan had

not

been frozen. We elected to freeze benefits under the Restoration Pension Plan as of

April 

1,

2014.

At the end of

2020,

the Board of Directors of the Company approved the division of the Qualified Pension Plan into

two

distinct plans, “Qualified Pension Plan I” and “Qualified Pension Plan II.”  The assets and liabilities of the Qualified Pension Plan that were attributable to certain participants in Qualified Pension Plan II were spun off and transferred into Qualified Pension Plan II effective as of the end of

December 31, 2020,

in accordance with Internal Revenue Code section

414

(I) and ERISA Section

4044.

Net pension cost for both plans included the following components:

	Three Months Ended March 31,
In thousands	2021			2020
Interest cost	$	1,168		$	1,473
Expected return on plan assets		(1,688	)		(1,384	)
Recognized actuarial loss		860			812
Net periodic benefit cost	$	340		$	901

Based on current estimates, we will be required to make

$0.4

 million contribution to the combined qualified Pension Plan, in

2021

.

We are

not

required to make, and do

not

intend to make, any contributions to our Restoration Pension Plan other than to the extent needed to cover benefit payments. We made benefit payments under this supplemental plan of

$0.4

million and

$0.5

 million in the

three

 months ended

March 31, 2021

and

March 31, 2020,

respectively.