XML 55 R33.htm IDEA: XBRL DOCUMENT v3.24.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Plans  
Schedule of Net Periodic Benefit

The net periodic benefit cost of the Defined Benefit Plan for the period from January 1, 2023 through December 31, 2023 was as follows:

 

   2023 
Service cost  $259,031 
Interest cost   66,136 
Expected return on plan assets   (133,373)
Amortization of prior service cost (credit)   (2,205)
Loss recognized due to settlements and curtailments   38,579 
Net periodic pension benefit cost  $228,168 
Schedule of Projected Benefit Obligation for the Period

The PBO is the present value of benefits earned to date by plan participants, including the effect of assumed future salary increases. The changes in the projected benefit obligation for the period from January 1, 2023 through December 31, 2023 were as follows:

 

   2023 
PBO, beginning of period  $3,299,621 
Service cost   259,031 
Interest cost   66,136 
Plan participation contributions   207,225 
Actuarial (gains) / losses   87,078 
Benefits paid through plan assets   (84,874)
Curtailments, settlements and special contractual termination benefits   (1,225,712)
Foreign currency exchange rate changes   269,346 
PBO, end of period   2,877,851 
Component representing future salary increases   (98,669)
Accumulated benefit obligation (“ABO”), end of period  $2,779,182 
Schedule of Defined Benefit Plan Assets by Major Categories

The following table presents the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2023:

 

                 
   Level 1   Level 2   Level 3   Total 
Cash and equivalents  $117,463   $-   $-   $117,463 
Equity securities   846,910    -    -    846,910 
Bonds   942,056    -    -    942,056 
Real estate   -    454,583    -    454,583 
Alternative investments   -    300,706    -    300,706 
Total fair value of plan assets  $1,906,429   $755,289   $-   $2,661,718 

 

The following tables present the fair value of the Defined Benefit Plan assets by major categories and by levels within the fair value hierarchy as of December 31, 2022:

 

 

   Level 1   Level 2   Level 3   Total 
Cash and equivalents  $279,883   $-   $-   $279,883 
Equity securities   906,136    -    -    906,136 
Bonds   1,167,789    -    -    1,167,789 
Real estate   -    570,490    -    570,490 
Alternative investments   -    372,105    -    372,105 
Total fair value of plan assets  $2,353,808   $942,595   $-   $3,296,403 
Schedule of Projected Benefit Obligation

The following table shows the unfunded status of the Defined Benefit Plan, defined as plan assets less the projected benefit obligation as of December 31, 2023:

 

Fair value of plan assets  $2,661,718 
Less: PBO   (2,877,851)
Underfunded status, end of period  $(216,133)
Schedule of Projected Benefit Obligation

 

   2023 
Net prior service (cost) / credit  $10,572 
Net gain / (loss)   (178,544)
Accumulated other comprehensive income (loss), net of tax  $(167,972)
Schedule of Expected Benefit Payments

The actuarial assumptions for the Defined Benefit Plan were as follows:

 

     
Benefit obligations:    
Discount rate   2.10%
Estimated rate of compensation increase   1.25%
Periodic costs:     
Discount rate   2.10%
Estimated rate of compensation increase   1.25%
Expected long term rate of return on plan assets   3.85%
Cash balance interest credit rate   2.10%

 

The following table shows expected benefit payments from the Defined Benefit Plan for the next five fiscal years and the aggregate five years thereafter:

 

Year Ending December 31:  Expected Plan Benefit Payments 
2024  $432,265 
2025   387,629 
2026   347,691 
2027   310,103 
2028   277,213 
Thereafter   1,045,423 
Total expected benefit payments by the plan  $2,800,324 
Schedule of Expected Benefit Payments

The following table shows expected benefit payments from the Defined Benefit Plan for the next five fiscal years and the aggregate five years thereafter:

 

Year Ending December 31:  Expected Plan Benefit Payments 
2024  $432,265 
2025   387,629 
2026   347,691 
2027   310,103 
2028   277,213 
Thereafter   1,045,423 
Total expected benefit payments by the plan  $2,800,324