EMPLOYEE BENEFIT PLAN

9 Months Ended

Sep. 30, 2017

EMPLOYEE BENEFIT PLAN [Abstract]

EMPLOYEE BENEFIT PLAN

NOTE 14 – EMPLOYEE BENEFIT PLAN

The Company provides postretirement benefits in the form of two unfunded postretirement medical plans; one that under a collective bargaining agreement covers eligible retired employees of the Verona facility and a plan for Named Executive Officers.

Net periodic benefit costs for such retirement medical plans were as follows:

	Nine Months Ended September 30,
	2017			2016
Service cost	$	50		$	48
Interest cost		35			33
Amortization of prior service cost		55			40
Amortization of gain		(11	)		(8	)
Net periodic benefit cost	$	129		$	113

The amount recorded for these obligations on the Company’s balance sheet as of September 30, 2017 and December 31, 2016 is $1,496 and $1,411, respectively, and is included in other long-term obligations. These plans are unfunded and approved claims are paid from Company funds. Historical cash payments made under such plans have typically been less than $100 per year.