v3.25.2
Note 7 - Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

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EMPLOYEE BENEFIT PLANS

 

U.S. Defined Benefit Pension Plan

 

We sponsor a defined benefit pension plan (pension plan) that was frozen in 2010 covering certain U.S. employees. Actuarial valuations are performed annually. We contributed $0.5 million and zero to the pension plan during the six months ended June 30, 2025 and 2024, respectively, and expect to contribute an additional $0.5 million to the pension plan during the remainder of 2025.

 

Supplemental Executive Retirement Plan

 

We support a non-contributory and non-qualified defined benefit supplemental executive retirement plan (supplemental plan) that was closed to new participants in 2010. We contributed $0.6 million and $0.8 million to the supplemental plan for the six months ended June 30, 2025 and 2024, respectively, and expect to contribute $0.6 million during the remainder of 2025. Our estimated obligations under the supplemental plan were $15.0 million and $16.3 million at June 30, 2025 and  December 31, 2024, respectively, and are included in “accrued expenses” and “other liabilities” in the consolidated condensed balance sheet.

 

Net Periodic Benefit Costs

 

The net periodic benefit cost for our defined benefit pension plans and supplemental plan (collectively Pension Benefits) is comprised of the following components:

 

(In Thousands)

 

Three Months Ended

  

Six Months Ended

 
  

June 30, 2025

  

June 30, 2024

  

June 30, 2025

  

June 30, 2024

 

Pension Benefits:

                

Interest cost

 $619  $630  $1,237  $1,260 

Expected return on plan assets

  (457)  (445)  (915)  (890)

Amortization of net actuarial gains

  (55)  (31)  (110)  (61)

Net periodic pension cost

 $107  $154  $212  $309 

 

The components of the net periodic pension cost are included in the caption “Interest income and other, net.”