Note 9 - Accrued Retirement Benefits

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

9.         ACCRUED RETIREMENT BENEFITS

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

	September 30,		December 31,
	2022		2021
	(unaudited)		(audited)
	(in thousands)
Defined benefit pension plan	$	64	$	5,932
Non-qualified retirement plans		2,093		2,147
Total		2,157		8,079
Less current portion		142		142
Non-current portion of accrued retirement benefits	$	2,015	$	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 nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(unaudited)						(unaudited)
	2022			2021			2022			2021
	(in thousands)
Interest cost	$	264		$	309		$	793		$	927
Expected return on plan assets		(306	)		(418	)		(918	)		(1,254	)
Amortization of net loss		156			225			468			675
Pension and other postretirement expenses	$	114		$	116		$	343		$	348

In August 2022, the Company made a $5.7 million contribution to the defined benefit pension plan. No further contributions are required to be made to the plan in 2022.