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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans We sponsor an employee savings plan (“401(k) plan”) covering substantially all of our United States based employees. We also sponsor a defined benefit pension plan (the “pension plan”) that was frozen in 2009. It covered substantially all our United States based employees at the time it was frozen. Total employer contributions to the 401(k) plan were $8.0 million, $8.2 million and $9.9 million during the years ended December 31, 2024, 2023 and 2022, respectively. We use a December 31, measurement date for our pension plan. Cumulative gains and losses in excess of 10% of the greater of the benefit obligation or the market-related value of assets are amortized on a straight-line basis over the lesser of the expected average remaining life expectancy of the plan's participants or 10.85 and 11.13 years at December 31, 2024 and 2023, respectively. The limits of 10.85 and 11.13 years, respectively, are adjusted to reflect the percentage change in the average remaining service period for the plan's active membership. The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31:
| 2024 |  | 2023
Accumulated benefit obligation | $ | 69,235 |  |  | $ | 70,588 |
Change in benefit obligation |  |  |
Projected benefit obligation at beginning of year | $ | 70,588 |  |  | $ | 71,203 |
Service cost | 721 |  |  | 776 |
Interest cost | 3,452 |  |  | 3,646 |
Actuarial gain | (1,373) |  |  | (806) |
Benefits paid | (3,112) |  |  | (3,018) |
Settlements | (1,041) |  |  | (1,213) |
Projected benefit obligation at end of year | $ | 69,235 |  |  | $ | 70,588 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 65,896 |  |  | $ | 62,356 |
Actual gain (loss) on plan assets | 3,930 |  |  | 7,771 |
Benefits paid | (3,112) |  |  | (3,018) |
Settlements | (1,041) |  |  | (1,213) |
Fair value of plan assets at end of year | $ | 65,673 |  |  | $ | 65,896 |
Funded status | $ | (3,562) |  |  | $ | (4,692) |
The projected benefit obligation decreased $1.4 million from December 31, 2023 to December 31, 2024 mainly due to interest rate changes. Amounts recognized in the consolidated balance sheets consist of the following at December 31,:
| 2024 |  | 2023
Other long-term liabilities | $ | (3,562) |  |  | $ | (4,692) |
Accumulated other comprehensive loss | (22,281) |  |  | (24,770) |
Accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 consists of net actuarial losses not yet recognized in net periodic pension cost (before income taxes). The following actuarial assumptions were used to determine our accumulated and projected benefit obligations as of December 31,:
| 2024 |  | 2023
Discount rate | 5.65 | % |  | 5.15 | %
Other changes in plan assets and benefit obligations recognized in other comprehensive income in 2024 and 2023 are as follows:
| 2024 |  | 2023
Current year actuarial loss | $ | 898 |  |  | $ | 4,447 |
Amortization of actuarial loss | 1,591 |  |  | 2,129 |
Total recognized in other comprehensive income (loss) | $ | 2,489 |  |  | $ | 6,576 |
Net periodic pension cost for the years ended December 31, consists of the following:
| 2024 |  | 2023 |  | 2022
Service cost | $ | 721 |  |  | $ | 776 |  |  | $ | 1,077 |
Interest cost on projected benefit obligation | 3,452 |  |  | 3,646 |  |  | 2,148 |
Expected return on plan assets | (4,405) |  |  | (4,130) |  |  | (5,295) |
Amortization of loss | 1,591 |  |  | 2,129 |  |  | 2,589 |
Net periodic pension cost | $ | 1,359 |  |  | $ | 2,421 |  |  | $ | 519 |
Non-service pension cost/(benefit) was immaterial for the years ended 2024, 2023 and 2022. The following actuarial assumptions were used to determine our net periodic pension benefit cost for the years ended December 31,:
| 2024 |  | 2023 |  | 2022
Discount rate on benefit obligation | 5.15 | % |  | 5.41 | % |  | 2.81 | %
Effective rate for interest on benefit obligation | 5.08 | % |  | 5.34 | % |  | 2.33 | %
Expected return on plan assets | 7.00 | % |  | 7.00 | % |  | 7.00 | %
The Company’s discount rate and mortality assumptions are the significant assumptions in determining the projected benefit obligation of the Company’s pension plan. The discount rate represents the interest rate used in estimating the present value of projected cash flows to settle the Company’s pension obligations. The discount rate assumption is determined by management using a full yield curve approach, which involves applying the specific spot rates along the yield curve used in the determination of the benefit obligation that correlates to the relevant projected cash flows. Mortality assumptions are based on published mortality studies developed primarily based on past experience of the broad population and modified for projected longevity trends. The mortality assumptions used for 2024 and 2023 are based on the Pri-2012 Mortality Tables using the MP-2021 mortality improvement scale. In determining the expected return on pension plan assets, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The allocation of plan assets by category is as follows at December 31,:
| Percentage of Pension Plan Assets |  | Target Allocation
| 2024 |  | 2023 |  | 2025
Equity securities | 71 | % |  | 72 | % |  | 75 | %
Debt securities | 29 | % |  | 28 | % |  | 25 | %
Total | 100 | % |  | 100 | % |  | 100 | %
As of December 31, 2024, the pension plan held 27,562 shares of our common stock, which had a fair value of $1.9 million. We believe that our long-term asset allocation on average will approximate the targeted allocation. We regularly review our actual asset allocation and periodically rebalance the pension plan’s investments to our targeted allocation when deemed appropriate. FASB guidance defines fair value and establishes a framework for measuring fair value and related disclosure requirements as described in Note 16. Following is a description of the valuation methodologies used for our pension assets. There have been no changes in the methodologies used at December 31, 2024 and 2023:
Common Stock: | Common stock is valued at the closing price reported on the common stock’s respective stock exchange and is classified within level 1 of the valuation hierarchy.
Fixed Income Securities: | Valued at the closing price reported on the active market on which the individual securities are traded and are classified within level 1 of the valuation hierarchy.
Money Market Fund: | These investments are public investment vehicles valued using the Net Asset Value (NAV).
Mutual Funds: | These investments are public investment vehicles valued using the Net Asset Value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the pension plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table sets forth the value of the pension plan's assets as of December 31, 2024 and December 31, 2023:
| 2024 |  | 2023
Investments measured at fair value: |  |  |
Level 1 |  |  |
Common Stock | $ | 7,797 |  |  | $ | 7,926 |
Fixed Income Securities | 17,016 |  |  | 16,735 |
Total Investments measured at fair value | 24,813 |  |  | 24,661 |
Investments measured at NAV: |  |  |
Money Market Fund | 1,885 |  |  | 1,834 |
Mutual Funds | 38,975 |  |  | 39,401 |
Total Investments measured at NAV | 40,860 |  |  | 41,235 |
Total Investments | $ | 65,673 |  |  | $ | 65,896 |
We do not expect to make any contributions to our pension plan for 2025. The following table summarizes the benefits and settlements expected to be paid by our pension plan in each of the next five years and in aggregate for the following five years. The expected payments are estimated based on the same assumptions used to measure the Company’s projected benefit obligation at December 31, 2024.
2025 | $6,059 |
2026 | 6,076 |
2027 | 5,672 |
2028 | 5,541 |
2029 | 5,367 |
2030-2034 | 25,803 |

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