EMPLOYEE BENEFIT PLAN

3 Months Ended

Mar. 31, 2018

EMPLOYEE BENEFIT PLAN [Abstract]

EMPLOYEE BENEFIT PLAN

NOTE 15 – 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 plan were as follows:

	Three Months Ended March 31,
	2018			2017
Service cost	$	19		$	17
Interest cost		11			12
Amortization of prior service cost		18			19
Amortization of gain		(1	)		(4	)
Net periodic benefit cost	$	47		$	44

The amount recorded for these obligations on the Company’s balance sheet as of March 31, 2018 and December 31, 2017 is $1,603 and $1,573, 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 plan have typically been less than $100 per year.