v3.26.1
Note 9 - Accrued Retirement Benefits
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Retirement Benefits [Text Block]

9.

ACCRUED RETIREMENT BENEFITS

 

Accrued retirement benefits at March 31, 2026 and December 31, 2025 consisted of the following:

 

  

March 31,

  

December 31,

 
  

2026

  

2025

 
  

(unaudited)

  

(audited)

 
  

(in thousands)

 
         

Defined benefit pension plan

 $-  $- 

Non-qualified retirement plans

  1,609   1,620 

Total

  1,609   1,620 

Less current portion

  (1,609)  (1,620)

Non-current portion of accrued retirement benefits

 $-  $- 

 

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 in 2011, the pension benefits under the Defined Plan were frozen. All future vesting of additional benefits were discontinued effective in 2009 for the Non-qualified Plan and in 2011 for the Defined Plan. 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 months ended March 31, 2026 and 2025 were as follows:

 

  

Three Months Ended March 31,

 
  

(unaudited)

 
  

2026

  

2025

 
         
  

(in thousands)

 

Pensions and other benefits:

        

Interest cost

 $18  $105 

Expected return on plan assets

  -   (72)

Amortization of net loss

  2   79 

Settlement expense

  -   6,807 

Pension and other postretirement expenses

 $20  $6,919 

 

A settlement expense in the amount of $6,807,000 was recognized during the three months ended March 31, 2025. This expense is a non-cash expense to recognize most estimated costs to terminate the Defined Plan. Final settlement expenses were recognized upon the final termination of the Defined Plan during the third quarter of 2025.