Note 4 - Periodic Pension Expense

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

NOTE 4 – Periodic Pension Expense:

The Company is the sponsor of an unfunded supplemental executive retirement plan in which several employees participate.

The Company had previously sponsored two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). During 2021, the Company completed the termination of its two noncontributory qualified defined benefit pension plans, which were fully funded.

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2022		2021			2022		2021
Service cost - benefits earned during the period	$	51	$	46		$	102	$	92
Interest cost on projected benefit obligation		100		153			200		340
Expected return on plan assets		-		(239	)		-		(597	)
Recognized actuarial loss		428		526			856		1,126
Pension plan termination charge		-		6,945			-		6,945
Net periodic pension cost	$	579	$	7,431		$	1,158	$	7,906

The service cost component is included in selling and administrative expenses in our statements of comprehensive income (loss) and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income (loss).

In the second quarter of 2021, the Company terminated its two noncontributory qualified defined benefit pension plans, which were fully funded. Consequently, the Company recognized a settlement charge of $6.9 million during the three and six months ended June 30, 2021, which represents the acceleration of deferred charges previously included within accumulated other comprehensive loss and the impact of remeasuring the plan assets and obligations at termination. The pension plan terminations did not require a cash outlay by the Company.