Pension Plan

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

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 benefit 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 September 30, 2017						Nine months ended September 30, 2017
	As reported		As revised		Effect of change		As reported		As revised		Effect of change
In thousands
General and administrative expenses	$	1,512	$	1,521	$	9	$	4,354	$	4,380	$	26
Operating income (loss)		147		138		(9)		(2,025)		(2,051)		(26)
Pension benefit		-		(9)		(9)		-		(26)		(26)
Loss before income taxes	$	(123)	$	(123)		-	$	(2,632)	$	(2,632)	$	-

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

	Three months ended September 30				Nine months ended September 30
In thousands	2018		2017		2018		2017
Interest cost	$	114	$	117	$	340	$	350
Expected return on plan assets		(203)		(180)		(609)		(539)
Amortization of net actuarial loss		56		54		168		163
Net periodic pension benefit	$	(33)	$	(9)	$	(101)	$	(26)

As of September 30, 2018, the Company had recorded a current pension liability of $817,000, which is included in Accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.3 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 $592,000.  Subsequent to September 30, 2018, the Company contributed $421,000 to the plan, leaving $171,000 that still remains to be paid in 2018.