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Defined Benefit Plan | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Defined Benefit Plan | 25. Defined Benefit Plan: In August 2021, the Company assumed sponsorship of Weingarten Realty Investors’ noncontributory qualified cash balance retirement plan (“the Benefit Plan”) in connection with the merger with Weingarten Realty Investors. The Benefit Plan was frozen as of the date of the merger and subsequently terminated as of December 31, 2021. On March 28, 2023, the Internal Revenue Service (the “IRS”) issued a favorable determination letter for the termination of the Benefit Plan. As a result, the Company elected to settle the Benefit Plan’s obligations through third-party annuity payments, lump sum distributions and direct rollover of funds in an Individual Retirement Account (“IRA Rollovers”) based on elections made by the Benefit Plan’s participants. During 2023, the Benefit Plan’s obligations were settled through third-party annuity contracts, lump sum distributions and IRA Rollovers. In addition, during 2023, the Benefit Plan transferred excess assets with a value of $3.9 million to the qualified replacement plan managed by the Company and reverted excess assets with a value of $11.0 million to the Company. Upon the liquidation of the Benefit Plan, the Company realized $10.8 million of settlement gains during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income and were previously included in Accumulated other comprehensive income on the Company’s Consolidated Balance Sheets. In addition, the Company incurred excise taxes of $2.2 million resulting from the pension reversion of excess pension plan assets during the year ended December 31, 2023, which are included in Other income, net on the Company’s Consolidated Statements of Income. The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded status, as well as the components of net periodic benefit costs, including key assumptions, from January 1, 2023 through December 31, 2023 (in thousands):
|  | 2023 |
Change in Projected Benefit Obligation: |  |  |
Benefit obligation at beginning of period |  | $ | 26,165 |
Interest cost |  |  | 982 |
Settlement payments |  |  | (25,480 | )
Actuarial gain |  |  | (189 | )
Benefit payments |  |  | (1,478 | )
Benefit obligation at end of period |  | $ | - |
Change in Plan Assets: |  |  |
Fair value of plan assets at beginning of period |  | $ | 40,586 |
Actual return on plan assets |  |  | 1,299 |
Excess assets transfer |  |  | (14,927 | )
Settlement payments |  |  | (25,480 | )
Benefit payments |  |  | (1,478 | )
Fair value of plan assets at end of period |  | $ | - |
Funded status at end of period (included in Accounts and notes receivable) |  | $ | - |
Accumulated benefit obligation |  | $ | - |
Net gain recognized in Accumulated other comprehensive income |  | $ | 267 |
The components of net periodic benefit income/(cost), included in Other income, net in the Company’s Consolidated Statements of Income for the years ended December 31, 2023 and 2022 are as follows (in thousands):
|  | 2023 |  |  | 2022 |
Interest cost |  | $ | (982 | ) |  | $ | (1,052 | )
Expected return on plan assets |  |  | 1,221 |  |  |  | 413 |
Amortization of net gain |  |  | - |  |  |  | 37 |
Settlement gain |  |  | 10,848 |  |  |  | - |
Total |  | $ | 11,087 |  |  | $ | (602 | )

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