Note 20 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

20. EMPLOYEE BENEFIT PLANS

The Company has a defined contribution plan for most of its domestic employees. Under these plans, eligible employees may contribute amounts through payroll deductions supplemented by employer contributions for investment in various investments specified in the plans. The Company contributions to these plans were $664 and $531 for the years ended December 31, 2021, and 2020, respectively.

The Company provides post-retirement medical benefits to certain former domestic employees who met minimum age and service requirements. In 1999, a plan amendment was instituted which limits the liability for post-retirement benefits beginning January 1, 2000 for certain employees who retire after that date. This plan amendment resulted in a $1,100 unrecognized prior service cost reduction which is recognized as employees render the services necessary to earn the post-retirement benefit. The Company’s policy is to pay the cost of these post-retirement benefits when required on a cash basis. The Company also has provided certain foreign employees with retirement related benefits.

The following table presents the amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2021 and 2020 for post-retirement medical benefits:

	2021			2020
Change in Projected Benefit Obligation:
Projected benefit obligation at January 1	$	453		$	453
Interest cost		6			15
Actuarial loss		(38	)		55
Participant contributions		4			10
Benefits paid		(69	)		(80	)
Projected benefit obligation at December 31	$	356		$	453
Change in fair value of plan assets:
Employer contributions		65			70
Participant contributions		4			10
Benefits paid		(69	)		(80	)
Funded status	$	(356	)	$	(453	)
Current liabilities		58			71
Noncurrent liabilities		298			382
Net amount recognized	$	356		$	453
Amount recognized in other comprehensive income (loss)		120			76
Amount recognized in the consolidated statement of operations		236			377
Total	$	356		$	453

Accrued post-retirement medical benefit costs are classified as Pension and post-retirement benefit obligations as of December 31, 2021 and 2020 on the Consolidated Balance Sheets.

Net periodic post-retirement medical benefit costs for 2021 and 2020 included the following components:

For measurement purposes, a 5.6% annual rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) was assumed for 2021; the rate was assumed to decrease gradually to 4.6% by the year 2066 and remain at that level thereafter. The difference in the health care cost trend rate assumption may have a significant effect on the amounts reported.

The assumptions used for the years ended December 31 were as follows:

	2021			2020
Annual increase in cost of benefits		5.6	%		5.5	%
Discount rate used to determine year-end obligations		2.0	%		1.5	%
Discount rate used to determine year-end expense		1.5	%		3.5	%

In addition to the post-retirement medical benefits, the Company provides retirement related benefits to certain former executive employees and to certain employees of foreign subsidiaries. The combined liabilities established for all retirement benefits at December 31, 2021 and 2020 are illustrated below.

	2021		2020
Current portion	$	177	$	188
Long-term portion		1,093		1,292
Total liability at December 31	$	1,270	$	1,480

The Company recorded $179 within the Consolidated Statements of Comprehensive Income (Loss) in 2021 related to actuarial gains. The Company calculated the fair values of the pension plans above utilizing a discounted cash flow, using standard life expectancy tables, annual pension payments, and a discount rate of 2.0% in 2021 and 1.5% in 2020.

Employer benefit payments (medical and pension), which reflect expected future service, are expected to be paid in the following years:

2022	$	177
2023		159
2024		141
2025		126
2026		111
Years 2027 and thereafter		556