Note 8 - Accrued Retirement Benefits

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

8. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits as of June 30, 2021 and December 31, 2020 consisted of the following:

	June 30,			December 31,
	2021			2020
	(unaudited)			(audited)
	(in thousands)
Defined benefit pension plan	$	7,987		$	8,790
Non-qualified retirement plans		2,269			2,301
Total		10,256			11,091
Less current portion		(165	)		(165	)
Non-current portion of accrued retirement benefits	$	10,091		$	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 post-retirement benefits for the three and six months ended June 30, 2021 and 2020 were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	(unaudited)						(unaudited)
	2021			2020			2021			2020
	(in thousands)
Interest cost	$	309		$	408		$	618		$	816
Expected return on plan assets		(418	)		(497	)		(836	)		(994	)
Amortization of net loss		221			206			442			412
Pension and other postretirement expenses	$	112		$	117		$	224		$	234