Note 8 - Accrued Retirement Benefits

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

8 . ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at

March 31, 2020

and

December 31, 2019

consisted of the following:

	March 31,			December 31,
	2020			2019
	(unaudited)			(audited)
	(in thousands)
Defined benefit pension plan	$	7,547		$	7,658
Non-qualified retirement plans		2,195			2,209
Total		9,742			9,867
Less current portion		(165	)		(165	)
Non-current portion of accrued retirement benefits	$	9,577		$	9,702

The Company has a defined benefit pension plan which covers substantially all of its former bargaining and non-bargaining full-time, part-time and intermittent employees. In

2011,

pension benefits under the plan were frozen. The Company also has unfunded non-qualified retirement plans covering

nine

of its former executives. The non-qualified retirement plans were frozen in

2009

and future vesting of additional benefits was discontinued.

The net periodic benefit costs for pension and postretirement benefits for the

three

months ended

March 31, 2020

and

2019

were as follows:

	Three Months Ended March 31, (unaudited)
	2020			2019
	(in thousands)
Interest cost	$	408		$	527
Expected return on plan assets		(497	)		(485	)
Amortization of net loss		206			211
Pension and other postretirement expenses	$	117		$	253