PENSION PLAN

12 Months Ended

Dec. 31, 2025

PENSION PLAN [Abstract]

PENSION PLAN

13. PENSION PLAN

The Company sponsored a noncontributory defined benefit pension plan covering substantially all of the Company's union employees. Benefits are provided based on employees’ years of service and earnings. This plan was frozen on December 31, 1994 for non-union employees.

The Company has terminated its defined benefit pension plan as of December 31, 2024. In connection with this termination, the Company offered plan participants a choice between a lump sum payment and the continuation of their benefits through an annuity contract with a third-party insurance provider. The final settlement accounting was recorded during the year ended December 31, 2025.

The following table sets forth the plan's funded status and amounts recognized in the Consolidated Financial Statements:

	Year Ended December 31,
	2025			2024
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	15,565		$	16,621
Interest cost		610			758
Actuarial gain		(563	)		(550	)
Benefits paid		(1,033	)		(1,264	)
Settlements		(14,579	)		-
Benefit obligation at end of year		-			15,565
CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		17,119			17,380
Actual return on plan assets		725			1,010
Benefits paid		(1,412	)		(1,271	)
Settlements		(14,580	)		-
Fair value of plan assets-end of year		1,852			17,119
FAIR VALUE IN EXCESS OF BENEFIT OBLIGATION FUNDED STATUS:	$	1,852		$	1,554

As of December 31, 2025, all benefit obligations have been fully settled. The remaining $1.9 million represents surplus plan assets held by the plan administrator that are expected to be returned to the Company, subject to applicable excise taxes. Accordingly, no pension asset is reflected on the Consolidated Balance Sheet as of December 31, 2025, and the expected refund is recorded as a receivable within Prepaid and other assets. Although the surplus is presented as a receivable on the Consolidated Balance Sheet, the amounts remained held in cash and cash equivalents within the plan trust at December 31, 2025 and are therefore reflected as Level 1 plan assets in the fair value hierarchy disclosure.

For the fiscal year ended December 31, 2025, the actuarial gain of $0.6 million was due to the decrease in the discount rate from 4.71% to zero.

Amounts recognized in the Consolidated Balance Sheets consist of:

	At December 31,
	2025		2024
Current assets	$	1,852	$	-
Noncurrent assets	$	-	$	1,554

Amounts recognized in accumulated other comprehensive income (loss) consist of:

	Year Ended December 31,
	2025		2024			2023
Accumulated loss	$	-	$	(793	)	$	(1,219	)
Deferred income taxes		-		1,067			1,183
Accumulated other comprehensive income (loss)	$	-	$	274		$	(36	)

The accumulated benefit obligation was $0 million and $15.5 million at December 31, 2025 and 2024, respectively.

The following table provides the components of net periodic cost for the plan:

	Year Ended December 31,
	2025			2024				2023
COMPONENTS OF NET PERIODIC BENEFIT COST
Interest cost	$	610				758			792
Expected return on plan assets		(576	)			(1,127	)		(1,065	)
Recognized net actuarial loss		-				-			106
Net periodic benefit income		34				(369	)		(167	)
Settlement		461				-			-
Net periodic benefit income	$	495			$	(369	)	$	(167	)

The following tables present plan assets using the fair value hierarchy as of December 31, 2025 and 2024, respectively. The fair value hierarchy has three levels based on the reliability of inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using observable prices that are based on inputs not quoted in active markets but observable by market data, while Level 3 includes the fair values estimated using significant non-observable inputs. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Fixed income	$	-	$	-	$	-	$	-
Cash and equivalents		1,852		-		-		1,852
Balance at December 31, 2025	$	1,852	$	-	$	-	$	1,852

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed income	$	16,050	$	-	$	-	$	16,050
Cash and equivalents		1,069		-		-		1,069
Balance at December 31, 2024	$	17,119	$	-	$	-	$	17,119

Fair value of total plan assets by major asset category as of December 31:

	2025			2024
Fixed income		0	%		94	%
Cash and equivalents		100	%		6	%
Total		100	%		100	%

Weighted-average assumptions used to determine benefit obligations as of December 31:

	2025		2024			2023
Discount rate		N/A		5.30	%		4.71	%
Rate of compensation increase		N/A		2.50	%		2.50	%

Weighted-average assumptions used to determine net periodic pension cost for years ended December 31:

	2025			2024			2023
Discount rate		5.3	%		4.71	%		4.71	%
Rate of compensation increase		N/A			2.50	%		2.50	%
Long-term rate of return		4.5	%		6.75	%		6.75	%

The Company did not make contributions to the plan in 2025.

The total amount of the Company’s contributions paid under its pension plan was zero for each of the fiscal years ended December 31, 2025 and 2024, and 2023.

 Subsequent to the termination of the pension plan, the Company does not expect to issue any future benefit payments.

The Company has a 401(k) defined contribution plan for all eligible employees. Employees may contribute up to 75% of their compensation into the plan. The Company may contribute up to an additional 20% of the employee's contributed amount up to 6% of compensation. For each of the fiscal years ended December 31, 2025, 2024, and 2023, the Company's expense for the 401(k) plan amounted to $1.2 million, $0.8, and $0.8 million, respectively.