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Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Employee Benefit Plans

(11)Employee Benefit Plans

Defined Contribution Plan

The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $22,500 and $23,000 (or $30,000 and $30,500 if aged 50 years or older) in 2023 and 2024, respectively. No employer matching contributions were made to the defined contribution plan in 2023 and 2024.

Supplemental Employee Retirement Plan

The benefit obligations related to the frozen SERP of $8.0 million and $7.3 million are reported in other long-term liabilities, of which $0.6 million was reclassified to other current liabilities, in the consolidated balance sheets as of December 31, 2023 and 2024. The Company contributed $0.5 million to the SERP in both 2023 and 2024.

The SERP is summarized as follows:

		Year ended December 31,
		2023				2024
Change in Projected Benefit Obligation
Benefit obligation at beginning of year		$	7,958,072			$	8,006,835
Interest cost			379,126				355,194
Actuarial (gain) loss			205,087				(567,611	)
Benefits paid			(535,450	)			(483,159	)
Benefit obligation at end of year		$	8,006,835			$	7,311,259

Change in Plan Assets
Fair value of plan assets at beginning of year		$	—			$	—
Employer contribution			535,450				483,159
Benefits paid			(535,450	)			(483,159	)
Fair value of plan assets at end of year		$	—			$	—
Funded status		$	(8,006,835	)		$	(7,311,259	)
Unrecognized net actuarial loss			(464,163	)			(1,031,774	)
Cumulative employer contributions in excess of the net periodic pension cost		$	(8,470,998	)		$	(8,343,033	)

Amounts Recognized in the Statement of Financial Position
Current liabilities		$	(606,578	)		$	(603,693	)
Noncurrent liabilities			(7,400,257	)			(6,707,566	)
Net amount recognized		$	(8,006,835	)		$	(7,311,259	)

Amounts Recognized in Accumulated Other Comprehensive Income
Net actuarial (gain) loss		$	(464,163	)		$	(1,031,774	)
Total (before tax effects)		$	(464,163	)		$	(1,031,774	)

Information for Pension Plans about Benefit Obligation and Plan Assets
Projected benefit obligation		$	8,006,835			$	7,311,259
Accumulated benefit obligation		$	8,006,835			$	7,311,259

Weighted-Average Assumptions for Disclosure
Discount rate			4.70	%			5.35	%
Mortality table		Pri-2012 WC				Pri-2012 WC
Mortality improvement scale		MP-2021				MP-2021

Net Periodic Benefit Cost
Interest cost		$	379,126			$	355,194
Recognized net actuarial (gain) loss			—				—
Net periodic benefit cost		$	379,126			$	355,194

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial (gain) loss		$	205,087			$	(567,611	)
Recognized net actuarial (gain) loss			—				—
Total recognized in other comprehensive income (before tax effects)		$	205,087			$	(567,611	)
Total recognized in net cost and other comprehensive income (before tax effects)		$	584,213			$	(212,417	)

Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
(Gain) loss recognition		$	—			$	(65,932	)
Prior service cost recognition		$	—			$	—
Net initial obligation (asset) recognition		$	—			$	—

Weighted-average assumptions used to determine Net Periodic Benefit Cost
Discount rate			4.90	%			4.70	%
Corridor			10.00	%			10.00	%
Average future working lifetime			4.52				5.06
Mortality table		Pri-2012 WC				Pri-2012 WC
Mortality improvement scale		MP-2021				MP-2021

Estimated Future Benefit Payments
2025				$	603,693
2026				$	605,604
2027				$	599,487
2028				$	601,274
2029				$	599,632
2030-2034				$	2,875,243

Contributions
Estimated contributions for 2025				$	603,693

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/710/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/712/tableOfContent

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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- References

No definition available.

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