Note 7 - Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Retirement Benefits [Text Block]

(7) 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. We have not made contributions to the pension plan since 2019. Actuarial valuations are performed annually, and an assessment of the future pension obligations and market value of the assets will determine if contributions are made in the future.

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 during 2010. We contributed $0.4 million to the supplemental plan during each of the three months ended March 31, 2024 and 2023, respectively, and expect to contribute $1.2 million during the remainder of 2024. Our obligations under the supplemental plan were $17.1 million and $17.3 million at March 31, 2024 and  December 31, 2023, 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 (referred to collectively as “Pension Benefits”) is comprised of the following components:

(In Thousands)	Three Months Ended
	March 31, 2024			March 31, 2023
Pension Benefits:
Interest cost	$	630		$	846
Expected return on plan assets		(445	)		(688	)
Amortization of net actuarial gains		(30	)		(66	)
Net periodic pension cost	$	155		$	92

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