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DEFINED BENEFIT PENSION PLANS
 3 Months Ended
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.