Note 10 - Accrued Retirement Benefits

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Retirement Benefits [Text Block]

10. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at September 30, 2025 and December 31, 2024 consisted of the following:

	September 30,			December 31,
	2025			2024
	(unaudited)			(audited)
	(in thousands)
Defined benefit pension plan	$	-		$	912
Non-qualified retirement plans		1,591			1,596
Total		1,591			2,508
Less current portion		(140	)		(140	)
Non-current portion of accrued retirement benefits	$	1,451		$	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 all future vesting of additional benefits were discontinued, and in 2011, the pension benefits under the Defined Plan were frozen and all future vesting of additional benefits were discontinued. 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 and nine months ended September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(unaudited)						(unaudited)
	(in thousands)						(in thousands)
Interest cost	$	-		$	184		$	252		$	552
Expected return on plan assets		-			(174	)		(216	)		(522	)
Amortization of net loss		-			68			321			204
Settlement expense		(587	)		-			6,557			-
Pension and other postretirement expenses	$	(587	)	$	78		$	6,914		$	234

Plan cash contributions in the amount of $1,060,000 were made to the Defined Plan during the nine months ended September 30, 2025. No contributions were required in 2024.

A settlement expense in the amount of $6,557,000 was recognized during the nine months ended September 30, 2025. A $6,557,000 non-cash GAAP expense to recognize the most current estimated costs to terminate the Defined pension plan was incurred during the nine months ended September 30, 2025. A cash contribution to the Defined plan in the amount of $1,060,000 was made during the nine months ended September 30, 2025. No contributions to the plan were required in 2024. Final expense recovery of $587,000 was recognized upon the final termination of the Defined plan which was completed during the third quarter of 2025.