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DEFINED BENEFIT PENSION PLANS | 3 Months Ended
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Mar. 31, 2025
DEFINED BENEFIT PENSION PLANS [Abstract] |
DEFINED BENEFIT PENSION PLANS | NOTE 8 – DEFINED BENEFIT PENSION PLANS
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Service cost |  | $ | 607 |  |  | $ | 640 |
Interest cost |  |  | 388 |  |  |  | 483 |
Interest income |  |  | (1,058 | ) |  |  | (968 | )
Amortization of prior service cost/(credit) |  |  | - |  |  |  | - |
Amortization of net gain |  |  | (227 | ) |  |  | (272 | )
Administrative expenses |  |  | 44 |  |  |  | 56 |
Loss due to settlement |  |  | - |  |  |  | - |
Total Benefit cost |  | $ | (246 | ) |  | $ | (61 | )
The components of net periodic pension and other postretirement cost, other than service cost, are included in Other income (expense) in our Condensed Consolidated Statements of Operations. Investments measured at Net Asset Value (NAV) as of December 31, 2024, and 2023 are as follows:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Real estate collective funds |  | $ | 40,964 |  |  | $ | 39,773 |
Pooled investment funds |  |  | - |  |  |  | - |
Total Investments at Fair Value |  | $ | 40,964 |  |  | $ | 39,773 |
Total Plan Assets |  |  | 156,886 |  |  |  | 152,173 |
The following valuation methodologies were used to measure these assets:
| (1) | Equity securities (equities) - Common Stocks and mutual funds are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1.
| (2) | Fixed income securities (bonds) - Debt securities include government and corporate bonds which are generally quoted in active markets or as units in mutual funds are classified as Level 1. Debt securities for which market prices are not available are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modelling techniques, which may involve judgment. Units in mutual funds which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable are measured at fair value using NAV. They are therefore classified as Level 2.
| (3) | Cash and cash equivalents (liquidity) - Cash and cash equivalents include money market instruments and commingled funds. Valuations are generally based on observable inputs. They are categorized as Level 1.
| (4) | Real estate - Real estate investments are classified as Level 2 and are measured at fair value using discounted cash flow.

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- Definition The entire disclosure for defined benefit plan. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 715 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477317/912-715-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715-20/tableOfContent + Details
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