XML 28 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Note 8 - Accrued Retirement Benefits
 9 Months Ended
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.