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Pension Plan
9 Months Ended
Sep. 30, 2023
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, 2023 and 2022:

 

 

Three months ended
September 30

Nine months ended
September 30

In thousands

2023

2022

2023

2022

Interest cost

$

134

 

$

75

 

$

402

 

$

227

Expected return on plan assets

(145)

(200)

(436)

(600)

Amortization of net actuarial loss

 

73

 

 

72

 

 

221

 

 

215

Net periodic pension expense (benefit)

$

62

 

$

(53)

 

$

187

 

$

(158)

 

As of September 30, 2023, the Company had recorded a current pension liability of $629,000, which is included in accrued liabilities in the Condensed Consolidated Balance Sheets, and a long-term pension liability of $2.4 million, which is included in deferred pension liability and other in the Condensed Consolidated Balance Sheets.  As of December 31, 2022, all pension contributions were due more than one year from the reporting date, so the Company did not record a current pension liability, and the Company had recorded a long-term pension liability of $2.9 million.  There is not expected to be a minimum required contribution in 2023.