Employee benefit plans |
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| Employee benefit plans | Note 12 – Employee benefit plans: We administer a U.S. pension plan which has been closed to new participants since 1996. In accordance with applicable U.S. pension regulations, effective June 30, 2025 we began the process of terminating the pension plan, which includes the purchase of annuity contracts from a third-party insurance company for the purpose of distributing benefits to plan participants. The termination process involves several steps and is expected to take between six and twelve months to complete. Following the purchase of the annuity contracts for plan participants, we will remove pension plan assets and liabilities from our Condensed Consolidated Financial Statements and a plan settlement gain or loss (which we are currently unable to estimate) will be included in our net periodic pension cost. The plan termination is expected to be completed with existing plan funds. At December 31, 2024 the U.S. pension plan had a benefit obligation of $26.6 million, plan assets of $26.8 million and a pension plan asset of $.4 million. The components of net periodic defined benefit pension cost are presented in the table below.
We do not expect to make any contributions to our defined benefit pension plan during 2025. |
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