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Note 13 - Retirement Plans
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Retirement Benefits [Text Block]

13.

RETIREMENT PLANS:

 

Defined Contribution Plan

 

The Company has a defined contribution retirement plan that covers substantially all of its employees and provides for a Company match of up to 50% of the first 8% of employee contributions to the plan, subject to certain limitations.

 

ParkUSA had a defined contribution retirement plan that covered substantially all of its employees and provided for a match of up to 100% of the first 4% of employee contributions to the plan, subject to certain limitations. After the acquisition of ParkUSA on October 5, 2021, employees of ParkUSA continued to contribute to this plan until it was merged into the Company’s plan effective December 31, 2021.

 

Defined Benefit Plans

 

The Company has two noncontributory defined benefit plans. Effective 2001, both plans were frozen and participants were fully vested in their accrued benefits as of the date each plan was frozen. No additional participants can be added to the plans and no additional service can be earned by participants subsequent to the date the plans were frozen. The funding policy for both of these plans is based on current plan costs plus amortization of the unfunded plan liability.

 

As of December 31, 2023 and 2022, the Company had recorded, in accordance with the actuarial valuations, an accrued pension asset of $0.5 million and $0.1 million, respectively, in Other long-term assets, and an unrecognized actuarial loss, net of tax, of $1.2 million and $1.5 million, respectively, in Accumulated other comprehensive loss. Additionally, as of December 31, 2023 and 2022, the projected and accumulated benefit obligation was $4.6 million and $4.8 million, respectively, and the fair value of plan assets was $5.1 million and $4.9 million, respectively.

 

The net periodic benefit cost was approximately $0, $0.1 million, and $0.1 million for each of the years ended December 31, 2023, 2022, and 2021, respectively. The weighted-average discount rates used to measure the projected benefit obligation were 4.69% and 4.89% as of December 31, 2023 and 2022, respectively.

 

The plan assets are invested in pooled separate accounts stated at fair value based on the daily net asset value of the account and are therefore not categorized in the fair value hierarchy. The expected weighted-average long-term rate of return on plan assets was 7.00% as of December 31, 2023 and 2022.

 

Non-qualified Retirement Savings Plan

 

The Company has a deferred compensation plan that covered officers and selected highly compensated employees until it was frozen in 2016. As of December 31, 2023 and 2022, deferred compensation plan balances of $3.9 million and $3.6 million, respectively, were recorded in Other assets and Other long-term liabilities.

 

Total expense for all retirement plans for the years ended December 31, 2023, 2022, and 2021 was $2.5 million, $2.2 million, and $1.8 million, respectively, and is primarily related to the defined contribution plan.