Note 10 - Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

10.     Pension and Other Postretirement Benefit Plans

The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans.

	Three months ended						Six months ended
	June 30,						June 30,
(In thousands)	2019			2018			2019			2018
Employee Pension Plan:
Interest cost	$	199		$	195		$	398		$	390
Amortization of unrecognized loss		66			156			133			311
Expected return on plan assets		(272	)		(363	)		(544	)		(726	)
Net employee pension benefit	$	(7	)	$	(12	)	$	(13	)	$	(25	)
Outside Director Pension Plan:
Service cost	$	10		$	11		$	20		$	22
Interest cost		21			20			42			40
Amortization of unrecognized gain		(35	)		(23	)		(70	)		(46	)
Amortization of past service liability		-			3			-			6
Net outside director pension (benefit) expense	$	(4	)	$	11		$	(8	)	$	22
Other Postretirement Benefit Plans:
Service cost	$	70		$	88		$	140		$	176
Interest cost		85			77			170			154
Amortization of past service credit		(20	)		(12	)		(42	)		(25	)
Net other postretirement expense	$	135		$	153		$	268		$	305

The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2018 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2019. The Company does not expect to make a contribution to the Employee Pension Plan (the “Employee Pension Plan”). As of June 30, 2019, the Company had contributed $72,000 to the Outside Director Pension Plan and $37,000 in contributions were made to the Other Postretirement Benefit Plans. As of June 30, 2019, the Company has not revised its expected contributions for the year ending December 31, 2019.