Note 8 – Pension Plan

As of December 31, 2003, the benefit service under the pension plan had been frozen and, accordingly, there is no service cost. As of April 30, 2009, the compensation increments had been frozen and, accordingly, no additional benefits are being accrued under the pension plan.

In accordance with the adoption of ASU 2017-07, the Company has retrospectively revised the presentation of the non-service components of periodic pension cost to Pension benefit in the Condensed Consolidated Statements of Operations. The following table presents a summary of the effect for periods presented:

	Three months ended March 31, 2017
In thousands	As reported		As revised		Effect of change
General and administrative expenses	$	1,436	$	1,445	$	9
Operating loss		(1,089)		(1,096)		(9)
Pension benefit		-		(9)		(9)
Loss before income taxes	$	(1,255)	$	(1,255)		-

The following table presents the components of net periodic pension cost:

	Three months ended March 31
In thousands	2018		2017
Interest cost	$	113	$	116
Expected return on plan assets		(203)		(179)
Amortization of net actuarial loss		56		54
Net periodic pension benefit	$	(34)	$	(9)

As of March 31, 2018, the Company had recorded a current pension liability of $669,000, which is included in Accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.5 million, which is included in Deferred pension liability and other in the Condensed Consolidated Balance Sheets. The minimum required contribution in 2018 is expected to be $576,000.