Note 10 - Postretirement Medical Benefits

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

10. Postretirement Medical Benefits

The Company provides lifetime medical and dental benefits upon retirement for certain employees meeting the eligibility requirements as of December 31, 1989 (“Plan 1”). Additional participants are not eligible to be included in Plan 1 unless they met the requirements on this date. During 2003, the Company implemented an additional postretirement health insurance program (“Plan 2”). Under Plan 2, any employee meeting the service requirement of 20 years of full time service to the Company and is at least age 55 upon retirement is eligible to continue their health insurance coverage. Under both plans, retirees not yet eligible for Medicare have coverage identical to the coverage offered to active employees. Under both plans, Medicare-eligible retirees are provided with a Medicare Advantage plan. The Company pays 100% of the cost of Plan 1. The Company and the retirees each pay 50% of the cost under Plan 2. Both plans are unfunded.

The following disclosures of the net periodic benefit cost components of Plan 1 and Plan 2 were measured at January 1, 2015 and 2014.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands)	2015		2014			2015		2014
Service cost	$	185	$	121		$	554	$	362
Interest cost		162		142			487		427
Recognized prior service cost		13		51			38		155
Recognized net actuarial loss (gain)		10		(15	)		31		(47	)
Net periodic benefit cost	$	370	$	299		$	1,110	$	897

The Company expects benefit payments of $359 thousand for 2015, of which $72 thousand and $214 thousand have been made during the three and nine months ended September 30, 2015, respectively.