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Note 14 - Subsequent Event
9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

14.

Subsequent Event

 

The Company had 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. In December 2024, the Company’s Board of Directors approved the termination of its defined benefit plans, subject to approvals from the Internal Revenue Service and the Pension Benefit Guaranty Corporation. The termination was effective April 30, 2025. On September 30, 2025, the Company entered into an agreement to purchase annuity contracts to transfer its remaining obligations under the plans, which occurred on October 3, 2025. In connection with the plans’ termination, the Company expects to record a noncash pension settlement charge between $1.5 million and $2.0 million during the fourth quarter of 2025 which includes the reclassification of unrecognized pension losses from Accumulated other comprehensive loss to Other income (expense) on the Consolidated Statements of Operations.