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U.S. Employee Deferred Compensation and Stock Purchase Plans | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
U.S. Employee Deferred Compensation and Stock Purchase Plans | (6) U.S. Employee Deferred Compensation and Stock Purchase Plans The Company maintains a deferred compensation plan (“the Plan”) for all eligible employees. The Plan calls for each eligible employee, at the employee’s election, to participate in an income deferral arrangement under Internal Revenue Code Section 401(k). The plan allows eligible employees to make contributions, which cannot exceed 100% of compensation, or the annual dollar limit set by the Internal Revenue Code. The Company matches the first 5% of employee contributions. The Company’s contributions to the Plan amounted to $2,507, $2,409 and $2,273 in 2023, 2022 and 2021, respectively. During 2001, the Company’s Board of Directors adopted the AVD Employee Stock Purchase Plan (the “ESPP Plan”). The Plan allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. An original aggregate number of approximately 1,000,000 shares of the Company’s Common Stock, par value $0.10 per share (subject to adjustment for any stock dividend, stock split or other relevant changes in the Company’s capitalization) were allowed to be sold pursuant to the Plan, which is intended to qualify under Section 423 of the Internal Revenue Code. The Plan allows for purchases in a series of offering periods, each six months in duration, with new offering periods (other than the initial offering period) commencing on January 1 and July 1 of each year. The initial offering period commenced on July 1, 2001. Pursuant to action taken by the Company’s Board of Directors on December 10, 2010, the expiration of the Plan was extended to December 31, 2013. The Plan was amended and restated on June 30, 2011, following stockholders’ ratification of the extended expiration date. The Plan was amended as of June 6, 2018, following stockholders’ ratification of a ten-year extension to the expiration date (which now stands at December 31, 2028). Under the Plan, as amended as of June 6, 2018, 995,000 shares of the Company’s common stock were authorized. As of December 31, 2023, 2022, and 2021, 441,915, 491,940, and 543,180 shares, respectively, remained available under the plan. The expense recognized under the Plan was immaterial during the years ended December 31, 2023, 2022 and 2021, respectively. Shares of common stock purchased through the Plan in 2023, 2022 and 2021 were 50,025, 51,240 and 50,782, respectively.

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- Definition The Deferred Plan is a deferred compensation plan for all eligible employees to make contribution which cannot exceed 100% of compensation, or the annual dollar limit set by the Internal Revenue Code. The Company matches the first 5% of employee contributions. The Employee Stock Purchase Plan is a plan that allows eligible employees to purchase shares of common stock through payroll deductions at a discounted price. + References No definition available. + Details
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- References No definition available. + Details
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