Pension Plan

9 Months Ended

Sep. 30, 2020

Pension Plan [Line Items]

Retirement Benefits [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.

The following table presents the components of net periodic pension cost for the three and nine months ended September 30, 2020 and 2019:

	Three months ended  September 30				Nine months ended  September 30
In thousands	2020		2019		2020		2019
Interest cost	$	96	$	125	$	289	$	376
Expected return on plan assets		(203)		(172)		(610)		(517)
Amortization of net actuarial loss		70		65		211		196
Net periodic pension (benefit) expense	$	(37)	$	18	$	(110)	$	55

As of September 30, 2020 and December 31, 2019, the Company had recorded a current pension liability of $862,000 and $641,000, respectively, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $3.1 million and $3.5 million, respectively, which is included in deferred pension liability and other in the Condensed Consolidated Balance Sheets.  The minimum required contribution in 2020 is expected to be $641,000, of which the Company has already contributed $85,000 as of September 30, 2020.  As allowed by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company has elected to defer the payment of the $556,000 of remaining minimum required contributions due in 2020 until January 1, 2021.