XML 32 R21.htm IDEA: XBRL DOCUMENT v3.25.3
RETIREMENT PLANS
 9 Months Ended
Sep. 30, 2025
RETIREMENT PLANS  
RETIREMENT PLANS

13.     RETIREMENT PLANS

In the fourth quarter of 2024, the Board of Directors approved the termination of the Supplemental Retirement Plan (“SERP”). Pursuant to the Internal Revenue Service rules, participant balances are required to be distributed between 12 and 24

months after termination. The Company currently expects to distribute the participant balances in the fourth quarter of 2025 by liquidating all the assets currently held in the Rabbi Trust. Retirement Plan assets and liabilities were classified as long-term on December 31, 2024, balance sheet and were reclassed to short-term as of June 30, 2025, when the decision to liquidate the assets and distribute participant balances in the fourth quarter of 2025 was made. As of September 30, 2025, the Retirement plan assets and Retirement plan liabilities related to the SERP are reported as part of current assets and current liabilities in the accompanying Consolidated Balance Sheet.

The Company permitted, through December 31, 2024, selected highly compensated employees to defer a portion of their compensation to the SERP. The Company maintains certain securities primarily in mutual funds and company-owned life insurance policies as a funding source to satisfy the obligations of the SERP that have been classified as trading and are stated at fair value totaling $32.7 million as of September 30, 2025, and $30.7 million as of December 31, 2024. Trading gains related to the SERP assets totaled $1.1 million during the three months ended September 30, 2025, compared to trading gains of $1.0 million during the three months ended September 30, 2024. Trading gains related to the SERP assets totaled $1.9 million during the nine months ended September 30, 2025, compared to trading gains of $2.7 million during the nine months ended September 30, 2024. As of September 30, 2025, the SERP assets are reported in Retirement plan assets in the accompanying Consolidated Balance Sheets. Changes in the fair value of these assets are reported in the accompanying Consolidated Statements of Operations as compensation cost in Selling, general and administrative expenses.

​

The SERP liabilities include participant deferrals, net of distributions, and are stated at fair value of approximately $24.1 million as of September 30, 2025, and $24.5 million as of December 31, 2024. As of September 30, 2025 the SERP liabilities are reported in the accompanying Consolidated Balance Sheets in Retirement plan liabilities. Changes in fair value are recorded as compensation cost within Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations. Changes in the fair value of the SERP liabilities was the result of an increase of $1.1 million due to unrealized gains on participant balances during the three months ended September 30, 2025, compared to an increase of $1.1 million due to unrealized gains on participant balances during the three months ended September 30, 2024. Changes in the fair value of the SERP liabilities resulted in unrealized gains of $2.0 million during the nine months ended September 30, 2025, compared to unrealized gains of $2.8 million during the nine months ended September 30, 2024.

​