Note 4 - Periodic Pension Expense

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

N

OTE

4

 – Periodic Pension Expense:

The following table details the net periodic pension expense under the Company’s plans for the periods presented (in thousands):

	Three Months Ended March 31,
	2020			2019
Service cost - benefits earned during the period	$	38		$	29
Interest cost on projected benefit obligation		216			271
Expected return on plan assets		(389	)		(337	)
Recognized actuarial loss		320			325
Settlement loss		138			-
Net periodic pension cost after settlements	$	323		$	288

The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did

not

require a cash outlay by the Company and did

not

increase the Company’s total pension expense over time, as the charge was an acceleration of costs that otherwise would be recognized as pension expense in future periods. The service cost component is included in selling and administrative expenses in our statements of comprehensive income and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income.

Effective on

June 30, 2013,

the Company

no

longer accrues additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan.

Effective on

December 31, 2014,

the Company

no

longer accrues additional benefits for future service for the Company’s hourly defined benefit plan.