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Pension and Employee Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pension and Employee Benefit Plans

11. Pension and Employee Benefit Plans

The Company sponsored a non-contributory defined benefit pension plan for certain union employees. The plan was funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. The Company presents the components of net periodic benefit cost within “Other expense, net” on the Condensed Consolidated Statements of Income. Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:

 

 

Three months ended March 31,

 

 

(in thousands)

 

2025

 

 

2024

 

 

Interest cost

 

$

318

 

 

$

304

 

 

Expected return on plan assets

 

 

(335

)

 

 

(304

)

 

Amortization of net actuarial loss

 

 

9

 

 

 

57

 

 

Net periodic benefit cost

 

$

(8

)

 

$

57

 

 

The Company made no contributions to its defined benefit plan during the three months ended March 31, 2025 and 2024. The plan assets balance of $0.4 million as of December 31, 2024 is included in “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. On March 31, 2025, the pension plan was transferred to the purchaser of the Global Pump Solutions business, as discussed in Note 16.