Note 8 - Accrued Retirement Benefits

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

8. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at

March 31, 2021

and

December 31, 2020

consisted of the following:

	March 31,			December 31,
	2021			2020
	(unaudited)			(audited)
	(in thousands)
Defined benefit pension plan	$	8,112		$	8,790
Non-qualified retirement plans		2,285			2,301
Total		10,397			11,091
Less current portion		(165	)		(165	)
Non-current portion of accrued retirement benefits	$	10,232		$	10,926

The Company has a defined benefit pension plan which covers substantially all of its former bargaining and non-bargaining full-time, part-time and intermittent employees. In

2011,

pension benefits under the plan were frozen. The Company also has unfunded non-qualified retirement plans covering

nine

of its former executives. The non-qualified retirement plans were frozen in

2009

and future vesting of additional benefits was discontinued.

The net periodic benefit costs for pension and postretirement benefits for the

three

months ended

March 31, 2021

and

2020

were as follows:

	Three Months Ended
	March 31,
	(unaudited)
	2021			2020
	(in thousands)
Interest cost	$	309		$	408
Expected return on plan assets		(414	)		(497	)
Amortization of net actuarial loss		221			206
Pension and other postretirement expenses	$	116		$	117