Note 9 - Accrued Retirement Benefits

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

9. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at June 30, 2023 and December 31, 2022 consisted of the following:

	June 30,		December 31,
	2023		2022
	(unaudited)		(audited)
	(in thousands)
Defined benefit pension plan	$	1,059	$	1,023
Non-qualified retirement plans		1,709		1,731
Total		2,768		2,754
Less current portion		142		142
Non-current portion of accrued retirement benefits	$	2,626	$	2,612

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 an unfunded non-qualified retirement plan covering nine of its former executives. The non-qualified retirement plan was frozen in 2009 and future vesting of additional benefits discontinued.

The net periodic benefit costs for pension and post-retirement benefits for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	(unaudited)						(unaudited)
	2023			2022			2023			2022
	(in thousands)						(in thousands)
Interest cost	$	203		$	264		$	406		$	529
Expected return on plan assets		(164	)		(306	)		(328	)		(612	)
Amortization of net loss		82			156			165			312
Pension and other postretirement expenses	$	121		$	114		$	243		$	229

No contributions are required to be made to the defined benefit pension plan in 2023.