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Note 11 - Retirement Plans
3 Months Ended
Mar. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans

(11)

Retirement Plans

Domestic Pension Plan

The components of net periodic benefit cost for the Company’s domestic pension plan (which was frozen in 2007) for the three months ended March 31, 2018 and 2017 were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

Components of net periodic (benefit)/cost

 

 

 

 

 

 

 

 

Interest cost

 

$

510

 

 

$

554

 

Expected return on plan assets

 

 

(792

)

 

 

(677

)

Recognized actuarial loss

 

 

179

 

 

 

200

 

Net periodic (benefit)/cost

 

$

(103

)

 

$

77

 

 

The Company’s Supplemental Executive Retirement Plan (which was frozen in 2007) is non-qualified and unfunded.  The final lump sum payment was made in early 2018. Net periodic benefit cost for the three months ended March 31, 2018 and 2017 were $121 and $77, respectively.

International Pension Plan

The components of net periodic benefit cost for the Company’s international pension plan for the three months ended March 31, 2018 and 2017 were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2018

 

 

2017

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

Service cost

 

$

270

 

 

$

225

 

Interest cost

 

 

194

 

 

 

175

 

Recognized actuarial loss

 

 

103

 

 

 

86

 

Amortization of prior service benefit

 

 

(1

)

 

 

(1

)

Net periodic benefit cost

 

$

566

 

 

$

485

 

 

As a result of the adoption of ASU 2017-07, the Company recorded $311 to “Other expenses, net” for the three months ended March 31, 2018, which formerly would have been recorded as “Selling, general and administrative expenses” or “Cost of goods sold.”  To conform to the current year presentation, the Company reclassified $363 from “Selling, general and administrative expenses” and $50 from “Cost of goods sold” to “Other expenses, net” for the three months ended March 31, 2017.