Note 4 - Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Disclosure Text Block [Abstract]

Employee Benefit Plans

Note 4. Employee Benefit Plans

We sponsor three defined benefit pension plans, two of which cover substantially all U.S. employees. Net periodic pension benefit for the plans consisted of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Service cost	$	914		$	949		$	2,744		$	2,847
Interest cost		2,076			1,993			6,227			5,979
Expected return on plan assets		(3,136	)		(3,107	)		(9,408	)		(9,321	)
Amortization of prior service cost		67			125			199			375
Amortization of net loss		15			(47	)		46			(141	)
Net periodic pension benefit	$	(64	)	$	(87	)	$	(192	)	$	(261	)

For the three and nine months ended September 30, 2024 and 2023, the service cost component of net periodic pension benefit is included in the same line items of our condensed consolidated financial statements as other employee compensation costs. The net benefit related to all other components of net periodic pension cost of $1.0 million and $2.9 million for the three and nine months ended September 30, 2024, respectively, and $1.0 million and $3.1 million for the three and nine months ended September 30, 2023, respectively, is included in other income on our condensed consolidated statements of operations and comprehensive income (loss).

During July 2024, we closed the Hecla Mining Company Retirement Plan for Employees (the “Plan”) to new participants. The closure of the Plan does not affect employees hired prior to July 19, 2024, and they will continue to accrue benefits. Benefits to retirees will continue unchanged.