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Note 8 - Accrued Retirement Benefits | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Retirement Benefits [Text Block] |
8. | ACCRUED RETIREMENT BENEFITS
Accrued retirement benefits at September 30, 2024 and December 31, 2023 consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (unaudited) |  |  | (audited) |
|  | (in thousands) |
Defined benefit pension plan |  | $ | (63 | ) |  | $ | (33 | )
Non-qualified retirement plans |  |  | 1,690 |  |  |  | 1,725 |
Total |  |  | 1,627 |  |  |  | 1,692 |
Less current portion |  |  | (142 | ) |  |  | (142 | )
Non-current portion of accrued retirement benefits |  | $ | 1,485 |  |  | $ | 1,550 |
The Company has a defined benefit pension plan (the “Defined Plan”), which covers many of its former bargaining unit employees and an unfunded non-qualified retirement plan (the “Non-qualified Plan”) covering nine former non-bargaining unit management employees and former executives. In 2009, the Non-qualified Plan was frozen, and in 2011, the pension benefits under the Defined Plan were frozen. All future vesting of additional benefits were discontinued effective in 2009 for the Non-qualified Plan and in 2011 for the Defined Plan. The Board of Directors (the “Board”) approved the termination of the Defined Plan and the Non-qualified Plan in 2023. The net periodic benefit costs for pension and post-retirement benefits for the three and nine months ended September 30, 2024 and 2023 were as follows:
|  | Three Months Ended September 30, (unaudited) |  |  | Nine Months Ended September 30, (unaudited) |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |  |  | (in thousands) |
Interest cost |  | $ | 184 |  |  | $ | 203 |  |  | $ | 552 |  |  | $ | 608 |
Expected return on plan assets |  |  | (174 | ) |  |  | (165 | ) |  |  | (522 | ) |  |  | (491 | )
Amortization of net loss |  |  | 68 |  |  |  | 83 |  |  |  | 204 |  |  |  | 247 |
Pension and other postretirement expenses |  | $ | 78 |  |  | $ | 121 |  |  | $ | 234 |  |  | $ | 364 |
No contributions are required to be made to the Defined Plan in 2024.

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