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Note 10 - Accrued Retirement Benefits
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

10.

ACCRUED RETIREMENT BENEFITS

 

Accrued retirement benefits at June 30, 2025 and December 31, 2024 consisted of the following:

 

  

June 30,

  

December 31,

 
  

2025

  

2024

 
  

(unaudited)

  

(audited)

 
  

(in thousands)

 
         

Defined benefit pension plan

 $7,230  $912 

Non-qualified retirement plans

  1,578   1,596 

Total

  8,808   2,508 

Less current portion

  (7,370)  (140)

Non-current portion of accrued retirement benefits

 $1,438  $2,368 

 

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 six months ended June 30, 2025 and 2024 were as follows:

 

  

Three Months Ended June 30,

(unaudited)

  

Six Months Ended June 30,

(unaudited)

 
  

2025

  

2024

  

2025

  

2024

 
  

(in thousands)

  

(in thousands)

 

Pensions and other benefits:

                

Interest cost

 $105  $184  $210  $368 

Expected return on plan assets

  (72)  (174)  (245)  (348)

Amortization of net loss

  -   68   79   136 

Settlement expense

  549   -   7,457   - 

Pension and other postretirement expenses

 $582  $78  $7,501  $156 

 

Plan cash contributions in the amount of $1,060,000 were made to the Defined Plan during the six months ended June 30, 2025. No contributions were required in 2024.

 

A settlement expense in the amount of $7,457,000 was recognized during the six months ended June 30, 2025. This expense includes $6,397,000 in non-cash expense to recognize the most current estimated costs to terminate the qualified pension plan, as well as a cash contribution to the plan in the amount of $1,060,000 made during the six months ended June 30, 2025. No contributions to the plan were required in 2024. Final settlement expenses will be recognized upon the final termination of the qualified plan which is anticipated to be completed during the third quarter of 2025. There was no settlement expense incurred during the six months ended June 30, 2024.