Note 9 - Accrued Retirement Benefits

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

9. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at June 30, 2022 and December 31, 2021 consisted of the following:

	June 30,		December 31,
	2022		2021
	(unaudited)		(audited)
	(in thousands)
Defined benefit pension plan	$	5,820	$	5,932
Non-qualified retirement plans		2,111		2,147
Total		7,931		8,079
Less current portion		142		142
Non-current portion of accrued retirement benefits	$	7,789	$	7,937

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 an unfunded non-qualified retirement plan covering nine of its former executives. The non-qualified retirement plan was frozen in 2009 and future vesting of additional benefits discontinued.

The net periodic benefit costs for pension and post-retirement benefits for the three and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	(unaudited)						(unaudited)
	2022			2021			2022			2021
	(in thousands)
Interest cost	$	264		$	309		$	529		$	618
Expected return on plan assets		(306	)		(418	)		(612	)		(836	)
Amortization of net loss		156			221			312			442
Pension and other postretirement expenses	$	114		$	112		$	229		$	224