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Note 6 - Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan [Abstract] |
Schedule of changes in the plans' benefit obligations and fair value of assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the two-year period ended December 31, 2023, and the funded status as of December 31, 2023 and 2022 (in thousands):
|  | Pension Benefits |
|  | 2023 |  |  | 2022 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 148,143 |  |  | $ | 195,862 |
Service cost |  |  | 3,794 |  |  |  | 6,262 |
Interest cost |  |  | 7,974 |  |  |  | 5,476 |
Change due to mortality change |  |  | 643 |  |  |  | 486 |
Change due to discount rate change |  |  | (3,635 | ) |  |  | (54,977 | )
Actuarial return |  |  | 401 |  |  |  | 1,841 |
Benefits paid |  |  | (7,894 | ) |  |  | (6,807 | )
Benefit obligation at end of year |  |  | 149,426 |  |  |  | 148,143 |
Change in fair value of plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 175,159 |  |  |  | 189,874 |
Actual return on plan assets |  |  | 7,937 |  |  |  | (18,238 | )
Employer contributions |  |  | 1,756 |  |  |  | 10,330 |
Benefits paid |  |  | (7,894 | ) |  |  | (6,807 | )
Fair value of plan assets at end of year |  |  | 176,958 |  |  |  | 175,159 |
Funded status at end of year |  | $ | 27,532 |  |  | $ | 27,016 |
Schedule of the amounts recognized in the consolidated balance sheets | The following table provides the amounts recognized in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands):
|  | Pension Benefits |
|  | 2023 |  |  | 2022 |
Non-current assets: |  |  |  |  |  |
Accrued benefit asset |  | $ | 28,399 |  |  | $ | 27,806 |
Current pension liability |  |  |  |  |  |
Accrued benefit liability |  |  | (867 | ) |  |  | (790 | )
Accumulated other comprehensive loss |  |  | 8,031 |  |  |  | 6,446 |
Net amount recognized |  | $ | 35,563 |  |  | $ | 33,462 |
Schedule of assumptions related to benefit obligation and prepaid benefit costs | The benefit obligation and prepaid benefit costs were calculated by applying the following weighted average assumptions:
|  | Pension Benefits
|  | 2023 |  |  | 2022 |  |
Discount rate: net periodic pension cost |  |  | 5.77 | % |  |  | 5.54 | % |
Discount rate: projected benefit obligation |  |  | 5.77 | % |  |  | 5.54 | % |
Expected rate of return on plan assets |  |  | 7.25 | % |  |  | 7.25 | % |
Rate of compensation increase: net periodic pension cost |  | 5%/2% |  | (1) | 5%/2% |  |
Rate of compensation increase: projected benefit obligation |  | 4%/3%/2% |  | (2) | 5%/2% |  |
Schedule of net periodic pension cost | Net periodic pension cost for the plans consisted of the following in 2023, 2022, and 2021 (in thousands):
|  | Pension Benefits |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 3,794 |  |  | $ | 6,262 |  |  | $ | 5,820 |
Interest cost |  |  | 7,974 |  |  |  | 5,476 |  |  |  | 4,990 |
Expected return on plan assets |  |  | (12,428 | ) |  |  | (13,452 | ) |  |  | (9,252 | )
Amortization of prior service cost |  |  | 500 |  |  |  | 511 |  |  |  | 394 |
Amortization of net (loss) gain |  |  | (188 | ) |  |  | 2,049 |  |  |  | 4,502 |
Net periodic pension (benefit) cost |  | $ | (348 | ) |  | $ | 846 |  |  | $ | 6,454 |
Schedule of allocation of assets |
|  | Target |  |  | Maximum |
Large cap U.S. equities |  |  | 17 | % |  |  | 20 | %
Small cap U.S. equities |  |  | 8 | % |  |  | 10 | %
Non-U.S. equities |  |  | 25 | % |  |  | 30 | %
U.S. Fixed income |  |  | 18 | % |  |  | 23 | %
Emerging markets debt |  |  | 5 | % |  |  | 8 | %
Real estate |  |  | 15 | % |  |  | 18 | %
Absolute return |  |  | 5 | % |  |  | 7 | %
Company stock/Real return |  |  | 7 | % |  |  | 13 | %
Schedule of fair values of plan by asset category | The fair values by asset category in each pension plan, along with their hierarchy levels, are as follows as of December 31, 2023 (in thousands):
|  | Hecla plans |  |  | Lucky Friday |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investments measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing cash |  | $ | 525 |  |  | $ | — |  |  | $ | — |  |  | $ | 525 |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
Common stock |  |  | 19,933 |  |  |  | — |  |  |  | — |  |  |  | 19,933 |  |  |  | 2,872 |  |  |  | — |  |  |  | — |  |  |  | 2,872 |
Mutual funds |  |  | 83,504 |  |  |  | — |  |  |  | — |  |  |  | 83,504 |  |  |  | 12,792 |  |  |  | — |  |  |  | — |  |  |  | 12,792 |
Total investments in the fair value hierarchy |  |  | 103,962 |  |  |  | — |  |  |  | — |  |  |  | 103,962 |  |  |  | 15,781 |  |  |  | — |  |  |  | — |  |  |  | 15,781 |
Investments measured at net asset value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,029 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,173 |
Common collective funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,386 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,627 |
Total investments measured at net asset value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,415 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,800 |
Total fair value |  | $ | 103,962 |  |  | $ | — |  |  | $ | — |  |  | $ | 150,377 |  |  | $ | 15,781 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,581 |
|  | Hecla plans |  |  | Lucky Friday |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investments measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing cash |  | $ | 743 |  |  | $ | — |  |  | $ | — |  |  | $ | 743 |  |  | $ | 133 |  |  | $ | — |  |  | $ | — |  |  | $ | 133 |
Common stock |  |  | 21,678 |  |  |  | — |  |  |  | — |  |  |  | 21,678 |  |  |  | 3,295 |  |  |  | — |  |  |  | — |  |  |  | 3,295 |
Mutual funds |  |  | 75,868 |  |  |  | — |  |  |  | — |  |  |  | 75,868 |  |  |  | 11,905 |  |  |  | — |  |  |  | — |  |  |  | 11,905 |
Total investments in the fair value hierarchy |  |  | 98,289 |  |  |  | — |  |  |  | — |  |  |  | 98,289 |  |  |  | 15,333 |  |  |  | — |  |  |  | — |  |  |  | 15,333 |
Investments measured at net asset value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,967 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,550 |
Hedge funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Common collective funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,114 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,906 |
Total investments measured at net asset value |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,081 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,456 |
Total fair value |  | $ | 98,289 |  |  | $ | — |  |  | $ | — |  |  | $ | 148,370 |  |  | $ | 15,333 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,789 |
Schedule of estimates of future benefit payments | The following are estimates of future benefit payments, which reflect expected future service as appropriate, related to our pension plans (in thousands):
Year Ending December 31, |  | Pension Plans |
2024 |  | $ | 8,886 |
2025 |  |  | 10,031 |
2026 |  |  | 10,005 |
2027 |  |  | 9,981 |
2028 |  |  | 10,321 |
Years 2029-2033 |  |  | 51,163 |
Schedule of indication of whether pension plans had accumulated benefit obligations (ABO) in excess of plan assets, or plan assets exceeded ABO | The following table indicates whether our pension plans had accumulated benefit obligations (“ABO”) in excess of plan assets, or plan assets exceeded ABO (amounts are in thousands).
|  | 2023 |  |  | 2022 |
|  | Plan Assets Exceed ABO |  |  | Plan Assets Exceed ABO |
Projected benefit obligation |  | $ | 149,426 |  |  | $ | 148,143 |
Accumulated benefit obligation |  |  | 146,336 |  |  |  | 144,816 |
Fair value of plan assets |  |  | 176,958 |  |  |  | 175,159 |
Schedule of amounts included in "Accumulated other comprehensive loss, net" | For the pension plans, the following amounts are included in “Accumulated other comprehensive income, net” on our balance sheet as of December 31, 2023, that have not yet been recognized as components of net periodic benefit cost (in thousands):
|  | Pension Benefits |
Unamortized net loss |  | $ | 7,462 |
Unamortized prior service cost |  |  | 579 |

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