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EMPLOYEE BENEFIT PLANS
6 Months Ended
Jun. 30, 2018
EMPLOYEE BENEFIT PLANS [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 15 – EMPLOYEE BENEFIT PLANS

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:

  
Six Months Ended
June 30,
 
  
2018
  
2017
 
Service cost
 
$
39
  
$
34
 
Interest cost
  
22
   
23
 
Amortization of prior service cost
  
35
   
38
 
Amortization of gain
  
(2
)
  
(8
)
Net periodic benefit cost
 
$
94
  
$
87
 

The amount recorded for these obligations on the Company’s balance sheet as of June 30, 2018 and December 31, 2017 is $1,634 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.

On June 1, 2018, the Company established an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees.  Assets of the plan are held in a rabbi trust, which are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company.  As of June 30, 2018, no deferred compensation elections had yet been made and there was no deferred compensation liability.