XML 36 R16.htm IDEA: XBRL DOCUMENT
v3.25.1

Note 7 - Accrued Retirement Benefits | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Retirement Benefits [Text Block] |
7. | ACCRUED RETIREMENT BENEFITS
Accrued retirement benefits at December 31, 2024 and 2023 consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Defined benefit pension plan |  | $ | 912 |  |  | $ | (33 | )
Non-qualified retirement plans |  |  | 1,596 |  |  |  | 1,725 |
Total |  |  | 2,508 |  |  |  | 1,692 |
Less current portion |  |  | (140 | ) |  |  | (142 | )
Non-current portion of accrued retirement benefits |  | $ | 2,368 |  |  | $ | 1,550 |
The Company had two defined benefit pension plans which covered substantially all former bargaining and non-bargaining full-time, part-time and intermittent employees. In 2011, pension benefits under both plans were frozen. The Company merged the two defined benefit pension plans to streamline the administration of the frozen plan in 2018. The Company also has an unfunded non-qualified retirement plan covering nine of its former employees. The non-qualified retirement plan was frozen in 2009 and future vesting of additional benefits was discontinued. The measurement date for the Company’s benefit plan disclosures is December 31 of each year. The changes in benefit obligations and plan assets for the years ended December 31, 2024 and 2023, and the funded status of the plans and assumptions used to determine benefit information at December 31, 2024 and 2023 were as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations at beginning of year |  | $ | 15,552 |  |  | $ | 16,537 |
Interest cost |  |  | 738 |  |  |  | 783 |
Actuarial gain |  |  | (27 | ) |  |  | (580 | )
Benefits paid |  |  | (2,314 | ) |  |  | (1,188 | )
Benefit obligations at end of year |  |  | 13,949 |  |  |  | 15,552 |
Change in plan assets: |  |  | 13,860 |  |  |  | 13,783 |
Fair value of plan assets at beginning of year |  |  | (231 | ) |  |  | 1,137 |
Actual return on plan assets |  |  | 126 |  |  |  | 128 |
Employer contributions |  |  | (2,314 | ) |  |  | (1,188 | )
Benefits paid |  |  |  |  |  |  |  |
Fair value of plan assets at end of year |  |  | 11,441 |  |  |  | 13,860 |
Funded status |  | $ | (2,508 | ) |  | $ | (1,692 | )
Accumulated benefit obligations |  | $ | (13,949 | ) |  | $ | (15,552 | )
Weighted average assumptions to determine benefit obligations: |  |  |  |  |  |  |  |
Discount rate |  |  | 5.40 - 5.52 | % |  |  | 4.90 - 4.95 | %
Expected long-term return on plan assets |  |  | 5.40 | % |  |  | 5.25 | %
Rate of compensation increase |  |  | n/a |  |  |  | n/a |
Accumulated other comprehensive loss of $6.9 million at December 31, 2024 and 2023, respectively, represent the net actuarial loss which have not yet been recognized as a component of pension and other post-retirement expense. Components of net periodic benefit cost and other amounts recognized in comprehensive income were as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Pensions and other benefits: |  |  |  |  |  |  |  |
Interest cost |  | $ | 735 |  |  | $ | 783 |
Expected return on plan assets |  |  | (695 | ) |  |  | (657 | )
Amortization of net loss |  |  | 273 |  |  |  | 310 |
Settlement expense |  |  | 635 |  |  |  |  |
Pension and other postretirement expenses |  | $ | 948 |  |  | $ | 436 |
Other changes in plan assets and benefits obligations recognized in comprehensive income: |  |  |  |  |  |  |  |
Net loss (gain) |  |  | 900 |  |  | $ | (1,060 | )
Amortization of recognized loss |  |  | (907 | ) |  |  | (310 | )
Total recognized gain in comprehensive income |  | $ | (7 | ) |  | $ | (1,370 | )
Weighted average assumptions used to determine net periodic benefit cost:
|  | 2024 |  |  | 2023 |
Discount rate |  | 4.90 | - | 4.95% |  |  | 5.11 | - | 5.14% |
Expected long-term return on plan assets |  |  | 5.25% |  |  |  |  | 5.00% |  |
Rate of compensation increase |  |  | n/a |  |  |  |  | n/a |  |
The expected long-term rate of return on plan assets was based on a building-block approach. Historical markets are studied and long-term historical relationships between equities and fixed income are presumed consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital markets are determined. Diversification and rebalancing of plan assets are properly considered as part of establishing long-term portfolio returns. At December 31, 2024 and 2023, the plan held shares of various Aon Collective Investment Trust (“ACIT”) funds. The fair value of the Company’s pension plan assets by category were as follows:
|  | 2024 Fair Value Measurements |  |  |  |  |  |  |  |  |
|  | ( in thousands) |  |  |  |  |  |  |  |  |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Measured at NAC as a practical expedient |  |  | Total |
ACIT equity funds |  | $ | - |  |  | $ | 94 |  |  | $ | - |  |  | $ | 94 |
ACIT fixed income funds |  |  | - |  |  |  | 10,362 |  |  |  | - |  |  |  | 10,362 |
Cash management funds |  |  | - |  |  |  | 985 |  |  |  | - |  |  |  | 985 |
|  | $ | - |  |  | $ | 11,441 |  |  | $ | - |  |  | $ | 11,441 |
|  | 2023 Fair Value Measurements |  |  |  |  |  |  |  |  |
|  | ( in thousands) |  |  |  |  |  |  |  |  |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Measured at NAC as a practical expedient |  |  | Total |
ACIT equity funds |  | $ | - |  |  | $ | 760 |  |  | $ | - |  |  | $ | 760 |
ACIT fixed income funds |  |  | - |  |  |  | 12,002 |  |  |  | 70 |  |  |  | 12,072 |
Cash management funds |  |  | - |  |  |  | 1,028 |  |  |  | - |  |  |  | 1,028 |
|  | $ | - |  |  | $ | 13,790 |  |  | $ | 70 |  |  | $ | 13,860 |
Level 1 assets are priced using quotes for trades occurring in active markets for the identical asset. Level 2 assets are priced using observable inputs for the asset (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Net asset values (“NAV”) of ACIT funds included in Level 2 are readily determinable, measured daily and based on the fair value of each fund’s underlying investments. For certain ACIT funds, NAV is used as a practical expedient to estimate fair value and is not categorized in the fair value hierarchy. These funds determine NAV based on the fair value of its underlying investments on a monthly or quarterly basis and have redemption restrictions. Redemptions may be requested at the fund’s quarter-end NAV under the notification requirements of each fund, including a 105 day notice. An administrative committee consisting of certain senior management employees administers the Company’s defined benefit pension plan. The pension plan assets are allocated among approved asset types based on the plan’s current funded status and other characteristics set by the administrative committee, subject to liquidity requirements of the plan. Estimated future benefit payments are as follows (in thousands):
Years ending December 31, |  |  |  |  |
2024 |  |  | $ | 12,540 |
2025 |  |  |  | 138 |
2026 |  |  |  | 137 |
2027 |  |  |  | 135 |
2028 |  |  |  | 132 |
2029-2033 |  |  |  | 614 |
No minimum contributions were required in 2024 or 2023. The termination notification of the Qualified Plan originally made on August 31, 2023, was amended to November 30, 2023. The change in timing provided for the Company to issue lump sum distributions in the fourth quarter of 2024 amounting to approximately $1.1 million and final annuitization of plan participants to take place in the first and second quarters of 2025. The cost of the final annuitization for the participants amounted to approximately $11.7 million, paid from the pension assets. An estimated settlement charge (non-cash GAAP expense) between $7.0 million to $8.0 million will be recognized at the time of final annuitization and plan termination.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration