Note 8 - Accrued Retirement Benefits

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Retirement Benefits [Text Block]

8. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at March 31, 2025 and December 31, 2024 consisted of the following:

	March 31,			December 31,
	2025			2024
	(unaudited)			(audited)
	(in thousands)
Defined benefit pension plan	$	7,230		$	912
Non-qualified retirement plans		1,587			1,596
Total		8,817			2,508
Less current portion		(7,370	)		(140	)
Non-current portion of accrued retirement benefits	$	1,447		$	2,368

The Company has a defined benefit pension plan (the “Defined Plan”), which covers many of its former bargaining unit employees and an unfunded non-qualified retirement plan (the “Non-qualified Plan”) covering nine former non-bargaining unit management employees and former executives. In 2009, the Non-qualified Plan was frozen, and in 2011, the pension benefits under the Defined Plan were frozen. All future vesting of additional benefits were discontinued effective in 2009 for the Non-qualified Plan and in 2011 for the Defined Plan. The Board of Directors (the “Board”) approved the termination of the Defined Plan and the Non-qualified Plan in 2023.

The net periodic benefit costs for pension and post-retirement benefits for the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31, (unaudited)
	2025			2024
	(in thousands)
Pensions and other benefits:
Interest cost	$	105		$	184
Expected return on plan assets		(72	)		(174	)
Amortization of net loss		79			68
Settlement expense		6,807			-
Pension and other postretirement expenses	$	6,919		$	78

A plan contribution in the amount of $500,000 was made to the Defined Plan during the three months ended March 31, 2025. No contributions were required in 2024.

A settlement expense in the amount of $6,807,000 was recognized during the three months ended March 31, 2025. This expense is a non-cash expense to recognize most current estimated costs to terminate the qualified pension plan. Final settlement expenses will be recognized upon the final termination of the qualified plan which is anticipated to be completed during the third quarter of 2025. There was no settlement expense incurred during the three months ended March 31, 2024.