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Note 13 - Retirement Plans
9 Months Ended
Sep. 30, 2018
Compensation And Retirement Disclosure [Abstract]  
Retirement Plans

(13)

Retirement Plans

The Company recognizes all components of net periodic benefit cost except service costs in “Other expenses, net” in its income statement.  Service costs are recognized in “Selling, general and administrative expenses” and “Cost of goods sold” in its income statement depending on the functional area of the underlying employees included in the plan. As a result of the adoption of ASU 2017-07, the Company recorded $167 and $649 to “Other expenses, net” for the three and nine months ended September 30, 2018, respectively, which formerly would have been recorded as “Selling, general and administrative expenses” or “Cost of goods sold.”  To conform to the current year presentation, for the three and nine months ended September 30, 2017, the Company reclassified $384 and $1,107, respectively, from “Selling, general and administrative expenses” and $54 and $161, respectively, from “Cost of goods sold” to “Other expenses, net.”

Domestic Pension Plan

The components of net periodic benefit (credit)/cost for the Company’s domestic pension plan (which was frozen in 2007) for the three and nine months ended September 30, 2018 and 2017 were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Components of net periodic benefit (credit)/cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

511

 

 

$

553

 

 

$

1,532

 

 

$

1,661

 

Expected return on plan assets

 

 

(792

)

 

 

(677

)

 

 

(2,376

)

 

 

(2,031

)

Recognized actuarial loss

 

 

180

 

 

 

199

 

 

 

539

 

 

 

599

 

Net periodic benefit (credit)/cost

 

$

(101

)

 

$

75

 

 

$

(305

)

 

$

229

 

 

International Pension Plan

The components of net periodic benefit cost for the Company’s international pension plan for the three and nine months ended September 30, 2018 and 2017 were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

245

 

 

$

247

 

 

$

768

 

 

$

700

 

Interest cost

 

 

176

 

 

 

192

 

 

 

552

 

 

 

545

 

Recognized actuarial loss

 

 

93

 

 

 

94

 

 

 

292

 

 

 

268

 

Amortization of prior service credit

 

 

(1

)

 

 

(1

)

 

 

(3

)

 

 

(3

)

Net periodic benefit cost

 

$

513

 

 

$

532

 

 

$

1,609

 

 

$

1,510