XML 53 R25.htm IDEA: XBRL DOCUMENT v3.22.4
Note 5 - Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plan [Abstract]  
Schedule of changes in the plans' benefit obligations and fair value of assets

 

 

Pension Benefits

 

 

 

2022

 

 

2021

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

195,862

 

 

$

192,954

 

Service cost

 

 

6,262

 

 

 

5,820

 

Interest cost

 

 

5,476

 

 

 

4,990

 

Amendments

 

 

0

 

 

 

550

 

Change due to mortality change

 

 

486

 

 

 

548

 

Change due to discount rate change

 

 

(54,977

)

 

 

(5,865

)

Actuarial return (loss)

 

 

1,841

 

 

 

4,342

 

Benefits paid

 

 

(6,807

)

 

 

(7,477

)

Benefit obligation at end of year

 

 

148,143

 

 

 

195,862

 

Change in fair value of plan assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

189,874

 

 

 

148,052

 

Actual return on plan assets

 

 

(18,238

)

 

 

27,049

 

Employer contributions

 

 

10,330

 

 

 

22,250

 

Benefits paid

 

 

(6,807

)

 

 

(7,477

)

Fair value of plan assets at end of year

 

 

175,159

 

 

 

189,874

 

Funded/(underfunded) status at end of year

 

$

27,016

 

 

$

(5,988

)

Schedule of the amounts recognized in the consolidated balance sheets

 

 

Pension Benefits

 

 

 

2022

 

 

2021

 

Non-current assets:

 

 

 

 

 

 

Accrued benefit asset

 

$

27,806

 

 

$

 

Current pension liability

 

 

 

 

 

 

Accrued benefit liability

 

 

(790

)

 

 

(1,315

)

Non- current pension liability:

 

 

 

 

 

 

Accrued benefit liability

 

 

 

 

 

(4,673

)

Accumulated other comprehensive loss

 

 

6,446

 

 

 

29,966

 

Net amount recognized

 

$

33,462

 

 

$

23,978

 

Schedule of assumptions related to benefit obligation and prepaid benefit costs

 

 

Pension Benefits

 

 

 

2022

 

 

 

2021

 

Discount rate: net periodic pension cost

 

 

5.54

%

 

 

 

2.64

%

Discount rate: projected benefit obligation

 

 

5.54

%

 

 

 

2.86

%

Expected rate of return on plan assets

 

 

7.25

%

 

 

 

6.40

%

Rate of compensation increase: net periodic pension cost

 

5.00%/2.00%

 

(1)

 

5.00%/2.00%

 

Rate of compensation increase: projected benefit obligation

 

5.00%/2.00%

 

(1)

 

5.00%/2.00%

 

Schedule of net periodic pension cost

 

 

Pension Benefits

 

 

 

2022

 

 

2021

 

 

2020

 

Service cost

 

$

6,262

 

 

$

5,820

 

 

$

5,334

 

Interest cost

 

 

5,476

 

 

 

4,990

 

 

 

5,618

 

Expected return on plan assets

 

 

(13,452

)

 

 

(9,252

)

 

 

(7,489

)

Amortization of prior service benefit

 

 

511

 

 

 

394

 

 

 

117

 

Amortization of net gain from earlier periods

 

 

2,049

 

 

 

4,502

 

 

 

4,652

 

Net periodic pension cost

 

$

846

 

 

$

6,454

 

 

$

8,232

 

Schedule of allocation of assets

 

 

Target

 

 

Maximum

 

Large cap U.S. equities

 

 

17

%

 

 

20

%

Small cap U.S. equities

 

 

8

%

 

 

10

%

Non-U.S. equities

 

 

25

%

 

 

30

%

U.S. Fixed income

 

 

18

%

 

 

23

%

Emerging markets debt

 

 

5

%

 

 

8

%

Real estate

 

 

15

%

 

 

18

%

Absolute return

 

 

5

%

 

 

7

%

Company stock/Real return

 

 

7

%

 

 

13

%

Schedule of fair values of plan by asset category

 

 

Hecla plans

 

 

Lucky Friday

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Investments measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing cash

 

$

743

 

 

$

 

 

$

 

 

$

743

 

 

$

133

 

 

$

 

 

$

 

 

$

133

 

Common stock

 

 

21,678

 

 

 

 

 

 

 

 

 

21,678

 

 

 

3,295

 

 

 

 

 

 

 

 

 

3,295

 

Mutual funds

 

 

75,868

 

 

 

 

 

 

 

 

 

75,868

 

 

 

11,905

 

 

 

 

 

 

 

 

 

11,905

 

Total investments in the fair value hierarchy

 

 

98,289

 

 

 

 

 

 

 

 

 

98,289

 

 

 

15,333

 

 

 

 

 

 

 

 

 

15,333

 

Investments measured at net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

23,967

 

 

 

 

 

 

 

 

 

 

 

 

5,550

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common collective funds

 

 

 

 

 

 

 

 

 

 

 

26,114

 

 

 

 

 

 

 

 

 

 

 

 

5,906

 

Total investments measured at net asset value

 

 

 

 

 

 

 

 

 

 

 

50,081

 

 

 

 

 

 

 

 

 

 

 

 

11,456

 

Total fair value

 

$

98,289

 

 

$

 

 

$

 

 

$

148,370

 

 

$

15,333

 

 

$

 

 

$

 

 

$

26,789

 

 

 

Hecla

 

 

Lucky Friday

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Investments measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing cash

 

$

1,835

 

 

$

 

 

$

 

 

$

1,835

 

 

$

305

 

 

$

 

 

$

 

 

$

305

 

Common stock

 

 

8,869

 

 

 

 

 

 

 

 

 

8,869

 

 

 

1,580

 

 

 

 

 

 

 

 

 

1,580

 

Mutual funds

 

 

96,957

 

 

 

 

 

 

 

 

 

96,957

 

 

 

15,707

 

 

 

 

 

 

 

 

 

15,707

 

Total investments in the fair value hierarchy

 

 

107,661

 

 

 

 

 

 

 

 

 

107,661

 

 

 

17,592

 

 

 

 

 

 

 

 

 

17,592

 

Investments measured at net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

19,119

 

 

 

 

 

 

 

 

 

 

 

 

4,482

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

12,866

 

 

 

 

 

 

 

 

 

 

 

 

2,828

 

Common collective funds

 

 

 

 

 

 

 

 

 

 

 

20,626

 

 

 

 

 

 

 

 

 

 

 

 

4,700

 

Total investments measured at net asset value

 

 

 

 

 

 

 

 

 

 

 

52,611

 

 

 

 

 

 

 

 

 

 

 

 

12,010

 

Total fair value

 

$

107,661

 

 

$

 

 

$

 

 

$

160,272

 

 

$

17,592

 

 

$

 

 

$

 

 

$

29,602

 

Schedule of estimates of future benefit payments

 

Year Ending December 31,

 

Pension
Plans

 

2023

 

$

8,429

 

2024

 

 

8,796

 

2025

 

 

9,649

 

2026

 

 

9,819

 

2027

 

 

9,803

 

Years 2028-2032

 

 

50,279

 

Schedule of indication of whether pension plans had accumulated benefit obligations (ABO) in excess of plan assets, or plan assets exceeded ABO

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

ABO Exceeds Plan Assets

 

 

Plan Assets Exceed ABO

 

 

ABO Exceeds Plan Assets

 

 

Plan Assets Exceed ABO

 

Projected benefit obligation

 

$

 

 

$

148,143

 

 

$

195,862

 

 

$

 

Accumulated benefit obligation

 

 

 

 

 

144,816

 

 

 

191,597

 

 

 

 

Fair value of plan assets

 

 

 

 

 

175,159

 

 

 

189,874

 

 

 

 

Schedule of amounts included in "Accumulated other comprehensive loss, net"

 

 

 

Pension
Benefits

 

Unamortized net (gain)/loss

 

$

5,377

 

Unamortized prior service cost

 

 

1,069