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Retirement Benefit Obligations | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Retirement Benefit Obligations | 20. Retirement Benefit Obligations Retirement benefit obligations at December 31, 2024 and 2023, consist of the following:
| 2024 |  | 2023
Non-qualified deferred compensation plan | 4,037 |  |  | 3,386 |
Pension benefits | (173) |  |  | (207) |
Other post-retirement benefits | 1,253 |  |  | 1,131 |
Retirement benefit obligations | 5,117 |  |  | 4,310 |
Non‐qualified deferred compensation plan This plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 ("ERISA"). For this purpose, the Company created an irrevocable trust to facilitate the payment of deferred compensation to participants under the plan. Participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. There were no costs for the plan for the year ended December 31, 2024, 2023, or 2022. Defined benefit plans The Company operates a defined benefit pension plan and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations, are similar to those used for the defined benefit pension plan. The defined benefit pension plan and all but one of the other post-retirement benefit plans have been frozen for new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility. At December 31, 2024, the defined benefit pension plan assets are invested 95% in fixed income investments (2023: 95%), 5% in other various investments (2023: 5%), 0% in equity investments (2023: 0%). The discount rate adopted for the study of the pension plans was 5.35% at December 31, 2024 (4.84% at December 31, 2023). In 2025 there is no contribution due under the minimum requirement of the Employee Retirement Income Security Act of 1974 (ERISA). As a result, the Company does not expect to contribute to its defined benefit pension plans in 2025. The Company’s other post-retirement benefit plans are unfunded obligations and will be funded, consistent with past practice, on a pay-as-you-go basis. 20. Retirement Benefit Obligations (continued) Defined contribution plans The Company sponsors a defined contribution retirement and 401(k) savings plan, which covers substantially all employees of the Company. The plan provides for voluntary employee pre-tax and after-tax contributions for eligible employees. The Company matches 50% of eligible employees’ contributions up to 8% o f the employee’s eligible wages, subject to IRS limitations on maximum elective deferrals. Total costs charged against income for this element of the plan was $7,292, $6,421, and $5,860 for the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, the Company recognized income from 401k match forfeitures of $565, $792 and $245 for the years ended December 31, 2024, 2023 and 2022 respectively. Information about the Company’s defined benefit pension and other post-retirement benefit plans is presented below:
|  |  |  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Benefit obligations | $ | 9,361 |  |  | $ | 10,294 |  |  | $ | 10,594 |  |  | $ | 1,253 |  |  | $ | 1,131 |  |  | $ | 1,097 |
Fair value of plan assets | 9,534 |  |  | 10,501 |  |  | 10,235 |  |  | — |  |  | — |  |  | — |
Accrued (gain)/cost, December 31 | $ | (173) |  |  | $ | (207) |  |  | $ | 359 |  |  | $ | 1,253 |  |  | $ | 1,131 |  |  | $ | 1,097 |
Changes in the present value of the defined benefit obligations for the years ended December 31, 2024 and 2023 are as follows:
|  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Benefit obligations, January 1 | $ | 10,294 |  |  | $ | 10,594 |  |  | $ | 1,131 |  |  | $ | 1,097 |
Service cost | — |  |  | — |  |  | 3 |  |  | 3 |
Interest cost | 461 |  |  | 502 |  |  | 53 |  |  | 53 |
Benefits paid | (952) |  |  | (860) |  |  | (99) |  |  | (72) |
Actuarial (gain)/loss | (442) |  |  | 58 |  |  | 119 |  |  | 50 |
Other | — |  |  | — |  |  | 46 |  |  | — |
Benefit obligations, December 31 | $ | 9,361 |  |  | $ | 10,294 |  |  | $ | 1,253 |  |  | $ | 1,131 |
Discount rate used in computing ending obligations | 5.35 | % |  | 4.84 | % |  | 5.35 | % |  | 4.84 | %
20. Retirement Benefit Obligations (continued) The following rates of increase in the cost of covered health care benefits was assumed:
| Other Post-retirement Benefits
| 2024 |  | 2023
2023 | N/A |  | 6.0 | %
2024 | 7.5 | % |  | 5.5 | %
2025 | 7.5 | % |  | 5.3 | %
2026 | 7.3 | % |  | 4.8 | %
2027 | 7.0 | % |  | 4.5 | %
2028 | 6.8 | % |  | 4.5 | %
2029 | 6.3 | % |  | 4.5 | %
2030 | 6.0 | % |  | 4.5 | %
2031 | 5.8 | % |  | 4.5 | %
2032 | 5.5 | % |  | 4.5 | %
2033 | 5.3 | % |  | 4.5 | %
2034 | 5.0 | % |  | 4.5 | %
2035 | 4.8 | % |  | 4.5 | %
2036 and thereafter | 4.5 | % |  | 4.5 | %
Changes in the fair value of plan assets for the years ended December 31, 2024 and 2023 are as follows:
|  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of plan assets, January 1 | $ | 10,501 |  |  | $ | 10,235 |  |  | $ | — |  |  | $ | — |
Return on plan assets | 72 |  |  | 1,405 |  |  | — |  |  | — |
Contributions | — |  |  | — |  |  | 99 |  |  | 72 |
Administrative expenses | (87) |  |  | (279) |  |  | — |  |  | — |
Benefits paid | (952) |  |  | (860) |  |  | (99) |  |  | (72) |
Fair value of plan assets, | $ | 9,534 |  |  | $ | 10,501 |  |  | $ | — |  |  | $ | — |
20. Retirement Benefit Obligations (continued) The estimated future benefit payments at December 31, 2024, 2023 and 2022 are as follows:
|  |  |  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Year 1 | $ | 1,368 |  |  | $ | 1,368 |  |  | $ | 956 |  |  | $ | 135 |  |  | $ | 113 |  |  | $ | 103 |
Year 2 | 888 |  |  | 919 |  |  | 948 |  |  | 101 |  |  | 102 |  |  | 108 |
Year 3 | 861 |  |  | 896 |  |  | 926 |  |  | 108 |  |  | 99 |  |  | 111 |
Year 4 | 825 |  |  | 869 |  |  | 904 |  |  | 112 |  |  | 101 |  |  | 92 |
Year 5 | 796 |  |  | 833 |  |  | 877 |  |  | 107 |  |  | 96 |  |  | 94 |
Years 6-10 | 3,540 |  |  | 3,736 |  |  | 3,924 |  |  | 462 |  |  | 405 |  |  | 409 |
Years 10+ | 6,489 |  |  | 7,189 |  |  | 7,917 |  |  | 733 |  |  | 688 |  |  | 715 |
| $ | 14,767 |  |  | $ | 15,810 |  |  | $ | 16,452 |  |  | $ | 1,758 |  |  | $ | 1,604 |  |  | $ | 1,632 |
Movements in the net pension and other post-retirement benefit liabilities during the years ended 2024, 2023 and 2022 are as follows:
|  |  |  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Accrued cost, January 1 | $ | (207) |  |  | $ | 359 |  |  | $ | 417 |  |  | $ | 1,131 |  |  | $ | 1,097 |  |  | $ | 1,405 |
Expense recognized in the income statement | 71 |  |  | 290 |  |  | 174 |  |  | 56 |  |  | 56 |  |  | 39 |
Amount recognized as other comprehensive (income)/loss | (37) |  |  | (856) |  |  | (232) |  |  | 119 |  |  | 50 |  |  | (306) |
Contributions | — |  |  | — |  |  | — |  |  | (99) |  |  | (72) |  |  | (41) |
Other | — |  |  | — |  |  | — |  |  | 46 |  |  | — |  |  | — |
Accrued (gain)/loss, December 31 | $ | (173) |  |  | $ | (207) |  |  | $ | 359 |  |  | $ | 1,253 |  |  | $ | 1,131 |  |  | $ | 1,097 |
The components of net periodic pension and other post-retirement benefit costs for the years ended December 31, 2024, 2023, and 2022 are as follows:
|  |  |  |  |  |  | Other Post-retirement
| Pension Benefits |  | Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |
Administrative expenses | 87 |  |  | 279 |  |  | 170 |  |  | — |  |  | — |  |  | — |
Net interest cost | (16) |  |  | 11 |  |  | 4 |  |  | 53 |  |  | 53 |  |  | 35 |
Net periodic pension expense | 71 |  |  | 290 |  |  | 174 |  |  | 56 |  |  | 56 |  |  | 39 |
Other comprehensive (income)/loss | (37) |  |  | (856) |  |  | (232) |  |  | 119 |  |  | 50 |  |  | (306) |
Total comprehensive (income)/loss | $ | 34 |  |  | $ | (566) |  |  | $ | (58) |  |  | $ | 175 |  |  | $ | 106 |  |  | $ | (267) |
20. Retirement Benefit Obligations (continued) The amounts recorded in other comprehensive (income)/loss for the years ended December 31, 2024, 2023, and 2022 are as follows:
| 2024 |  | 2023 |  | 2022
Cost of goods sold | $ | 90 |  |  | $ | 282 |  |  | $ | 174 |
Finance cost | 37 |  |  | 64 |  |  | 39 |
Net periodic expense | 127 |  |  | 346 |  |  | 213 |
Other comprehensive (income) | 82 |  |  | (806) |  |  | (538) |
Comprehensive (income)/loss | $ | 209 |  |  | $ | (460) |  |  | $ | (325) |
The components of actuarial (gains)/losses included in other comprehensive (income)/loss for the years ended December 31, 2024, 2023, and 2022 are as follows:
| 2024 |  | 2023 |  | 2022
Asset loss/(gain) | $ | 404 |  |  | $ | (914) |  |  | $ | 2,503 |
Demographic (gain)/loss | (23) |  |  | (160) |  |  | (243) |
Assumption (gain)/loss | (299) |  |  | 268 |  |  | (2,798) |
Total actuarial loss/(gain) | $ | 82 |  |  | $ | (806) |  |  | $ | (538) |
A one percentage point change in the assumed rate of increase in healthcare costs would have the following effects:
| Increase |  | Decrease
2024 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 3 |  |  | $ | (3) |
Effect on other post-retirement benefit obligations | $ | 73 |  |  | $ | (65) |
2023 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 3 |  |  | $ | (3) |
Effect on other post-retirement benefit obligations | $ | 72 |  |  | $ | (64) |
2022 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 2 |  |  | $ | (2) |
Effect on other post-retirement benefit obligations | $ | 70 |  |  | $ | (62) |
A one percentage point change in the assumed discount rate would have the following effects:
| Increase |  | Decrease
2024 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 6 |  |  | $ | (7) |
Effect on pension and other post-retirement benefit obligations | $ | (686) |  |  | $ | 786 |
2023 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 6 |  |  | $ | (7) |
Effect on pension and other post-retirement benefit obligations | $ | (782) |  |  | $ | 902 |
2022 |  |  |
Effect on the aggregate current service cost and interest cost | $ | 9 |  |  | $ | (11) |
Effect on pension and other post-retirement benefit obligations | $ | (809) |  |  | $ | 934 |

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