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Note 10 - Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Retirement Benefits [Text Block] | NOTE 10 – Benefit Plans: Defined Benefit Plans The Company had previously sponsored two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, covering all eligible employees (as defined). Effective June 30, 2013, the Company no longer accrued additional benefits for future service or for future increases in compensation levels for the Company’s primary defined benefit pension plan. Effective December 31, 2014, the Company no longer accrued additional benefits for future service for the Company’s hourly defined benefit plan. During the year ended December 31, 2021, the Company completed the termination of its two noncontributory qualified defined benefit pension plans, which were fully funded. The Company settled its obligations under the plans by providing lump-sum payments of $14.3 million to eligible participants who elected to receive them and entering into an annuity purchase contract for the remaining liability of $3.1 million. Consequently, the Company recognized a settlement charge of $7.8 million during the year ended December 31, 2021, which represents the acceleration of deferred charges previously included within accumulated other comprehensive loss, the impact of remeasuring the plan assets and obligations at termination and additional benefits from asset surpluses paid and expected to be paid to plan participants. The pension plan terminations did not require a cash outlay by the Company. The Company is also the sponsor of an unfunded supplemental executive retirement plan (“SERP”) in which several employees participate. The Company’s projected benefit obligation under the unfunded SERP was $13.0 million. Contributions to the plan are made in accordance with statutory funding requirements and any additional funding that may be deemed appropriate. The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company’s balance sheets at December 31, 2022 and 2021 (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | SERP |  |  | Pension Plans |  |  | SERP |  |  | Total |
Changes in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 15,523 |  |  | $ | 18,778 |  |  | $ | 14,337 |  |  | $ | 33,115 |
Service cost |  |  | 203 |  |  |  | - |  |  |  | 185 |  |  |  | 185 |
Interest cost |  |  | 401 |  |  |  | 171 |  |  |  | 337 |  |  |  | 508 |
Actuarial (gain) loss |  |  | (3,031 | ) |  |  | 11 |  |  |  | 767 |  |  |  | 778 |
Benefits paid |  |  | (103 | ) |  |  | (127 | ) |  |  | (103 | ) |  |  | (230 | )
Lump sum benefits paid |  |  | - |  |  |  | (17,430 | ) |  |  | - |  |  |  | (17,430 | )
Amendments |  |  | - |  |  |  | 711 |  |  |  | - |  |  |  | 711 |
Effect of settlement/curtailment |  |  | - |  |  |  | (1,983 | ) |  |  | - |  |  |  | (1,983 | )
Benefit obligation at end of year |  |  | 12,993 |  |  |  | 131 |  |  |  | 15,523 |  |  |  | 15,654 |
Changes in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | - |  |  |  | 18,754 |  |  |  | - |  |  |  | 18,754 |
Actual return on assets |  |  | - |  |  |  | (637 | ) |  |  | - |  |  |  | (637 | )
Employer contributions |  |  | 103 |  |  |  | (14 | ) |  |  | 103 |  |  |  | 89 |
Benefits paid |  |  | (103 | ) |  |  | (127 | ) |  |  | (103 | ) |  |  | (230 | )
Lump sum benefits paid |  |  | - |  |  |  | (17,430 | ) |  |  | - |  |  |  | (17,430 | )
Fair value of plan assets at end of year |  |  | - |  |  |  | 546 |  |  |  | - |  |  |  | 546 |
Funded status at end of year |  | $ | (12,993 | ) |  | $ | 415 |  |  | $ | (15,523 | ) |  | $ | (15,108 | )
Amounts recognized in balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | - |  |  | $ | 415 |  |  | $ | - |  |  | $ | 415 |
Other current liabilities |  |  | (129 | ) |  |  | - |  |  |  | (103 | ) |  |  | (103 | )
Long-term pension liability |  |  | (12,864 | ) |  |  | - |  |  |  | (15,420 | ) |  |  | (15,420 | )
Net amount recognized |  | $ | (12,993 | ) |  | $ | 415 |  |  | $ | (15,523 | ) |  | $ | (15,108 | )
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 1,953 |  |  | $ | - |  |  | $ | 6,698 |  |  | $ | 6,698 |
Information for benefit plans with projected benefit obligation in excess of plan assets depicted as follows (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | SERP |  |  | Pension Plans |  |  | SERP |  |  | Total |
Projected benefit obligation |  | $ | 12,993 |  |  | $ | 131 |  |  | $ | 15,523 |  |  | $ | 15,654 |
Fair value of plan assets |  |  | - |  |  |  | (546 | ) |  |  | - |  |  |  | (546 | )
Underfunded (Overfunded) |  | $ | 12,993 |  |  | $ | (415 | ) |  | $ | 15,523 |  |  | $ | 15,108 |
Components of net periodic benefit cost related to pension plans were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Interest cost on projected benefit obligation |  | $ | - |  |  | $ | 171 |
Expected return on plan assets |  |  | - |  |  |  | (597 | )
Recognized actuarial loss |  |  | - |  |  |  | 376 |
Settlement loss |  |  | - |  |  |  | - |
Pension plan termination charge |  |  | - |  |  |  | 7,821 |
Net periodic pension cost after settlements |  | $ | - |  |  | $ | 7,771 |
The termination of the Company’s two noncontributory qualified defined benefit pension plans in 2021 resulted in a non-cash charge of $7.8 million during the year ended December 31, 2021. The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did not require a cash outlay by the Company. The pension plan termination charge is presented as a separate line in our statements of comprehensive income (loss) and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income (loss). Components of net periodic benefit cost related to the SERP were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Service cost on benefits earned during the period |  | $ | 203 |  |  | $ | 185 |
Interest cost on projected benefit obligation |  |  | 401 |  |  |  | 337 |
Recognized actuarial loss |  |  | 1,715 |  |  |  | 1,499 |
Net periodic pension cost after settlements |  | $ | 2,319 |  |  | $ | 2,021 |
The service cost component is included in selling and administrative expenses in our statements of comprehensive income (loss) and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income (loss). The estimated net actuarial loss for the SERP that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year is $0.2 million. The following table presents the weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021:
|  | Discount Rate |  |  | Long Term Rate of Return |  |  | Salary Scale |
|  | SERP |  |  | SERP |  |  | SERP |
2021 |  |  | 2.59 | % |  |  | N/A |  |  |  | 3.00 | %
2022 |  |  | 4.93 | % |  |  | N/A |  |  |  | 3.00 | %
The following table presents the weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2021 and 2022:
|  | Discount Rate |  |  | Long Term Rate of Return |  |  | Salary Scale |
|  | Pension Plans |  |  |  |  |  |  | Pension Plans |  |  |  |  |  |  | Pension Plans |  |  |  |
|  |  | Corporate |  |  |  | Plants |  |  |  | SERP |  |  |  | Corporate |  |  |  | Plants |  |  |  | SERP |  |  |  | Corporate |  |  |  | Plants |  |  |  | SERP |
2021 |  |  | 2.36 | % |  |  | 2.21 | % |  |  | 2.36 | % |  |  | 8.00 | % |  |  | 8.00 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 3.00 | %
2022 |  |  | N/A |  |  |  | N/A |  |  |  | 2.59 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 3.00 | %
The following table includes projected benefit payments for the years indicated (in thousands):
|  |  | Projected Benefit Payments |
Year |  |  | SERP |
2023 |  |  | $ | 132 |
2024 |  |  |  | 1,280 |
2025 |  |  |  | 673 |
2026 |  |  |  | 695 |
2027 |  |  |  | 706 |
2028-2032 |  |  |  | 4,916 |
Rabbi Trust In connection with the Company’s unfunded SERP, we have life insurance contracts on the lives of designated individuals. The insurance contracts associated with the SERP are held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the SERP. The cash surrender value of the life insurance contracts was $3.9 million and $4.6 million at December 31, 2022 and 2021, respectively. The cash surrender value of these policies is included in other assets in the balance sheets. During the years ended December 31, 2022 and 2021 we recognized an investment loss of $0.8 million and an investment gain of $0.6 million, respectively, on the cash surrender value of these life insurance contracts. In 2013, we initiated a Non-Qualified Deferred Compensation Plan, and we have purchased life insurance contracts on the lives of designated individuals. The insurance contracts associated with the Non-Qualified Deferred Compensation Plan are also held in a Rabbi trust. The trust is the owner and beneficiary of such insurance contracts. The policies are being utilized to help offset the costs and liabilities of the Non-Qualified Deferred Compensation Plan. The cash surrender value of the life insurance contracts was $7.7 million and $7.9 million at December 31, 2022 and 2021, respectively. The cash surrender value of these policies is included in other assets in the balance sheets. The liability for participant deferrals was $7.7 million and $7.8 million as of December 31, 2022 and 2021, respectively, and is included in other long-term liabilities in the balance sheets. Defined Contribution Plan The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401(k) of the Internal Revenue Code. The plan provides for the Company to make a guaranteed match equal to 25% of each employee’s eligible contributions. The plan also provides the Company with the option of making an additional discretionary contribution to the plan each year. The Company expensed employer matching contributions of $0.6 million and $1.6 million during the years ended December 31, 2022 and 2021, respectively.

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