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Pension Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension Plans
Note 5 - Pension Plans
The Company maintains a noncontributory defined benefit pension plan covering eligible U.S. employees (the "U.S. Plan") and a defined contribution plan to provide retirement benefits for employees as well as other foreign defined benefit plans. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), local statutory law or as determined by the Board of Directors. The plans generally provide benefits based upon years of service and compensation. The Company also established arrangements for certain key employees, which provide for supplemental retirement benefits. The Company's plans are funded except for a U.S. non-qualified plan for certain key employees and certain foreign plans.
Within the U.S., hourly employees of the Company who meet specific requirements as to age and length and date of service are covered by the U.S. Plan. On December 12, 2012, the Company approved a freeze on further benefit accruals under the U.S. Plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants ceased earning additional benefits under the U.S. Plan and no new participants entered the U.S. Plan. The Company uses a December 31 measurement date for its Plan. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan and preliminary administrative actions have been undertaken to proceed with the termination. There were no contributions to the U.S. Plan during the year ended December 31, 2024. The Company made a $1.5 million contribution to the U.S. Plan for the year ended December 31, 2023.
A summary of the U.S. Plan follows for the year ended December 31:
 202420232022
Service cost$— $— $— 
Interest cost1,540 1,568 1,185 
Expected return on plan assets(1,940)(2,017)(2,455)
Recognized net actuarial loss445 463 445 
Net periodic pension expense (benefit)$45 $14 $(825)
Components of net periodic pension expense (benefit), other than service cost, are included in other income (expense), net in the Consolidated Statement of Income.
The following tables set forth the changes in benefit obligations, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the U.S. Plan at December 31:
 20242023
Projected benefit obligation at beginning of the year$29,773 $29,013 
Interest cost1,540 1,568 
Actuarial (gain) loss(1,557)670 
Benefits paid(1,581)(1,478)
Projected benefit obligation at end of year$28,175 $29,773 
 
Fair value of plan assets at beginning of the year$31,896 $29,632 
Actual return on plan assets(1,221)2,242 
Employer contributions— 1,500 
Benefits paid(1,581)(1,478)
Fair value of plan assets at end of the year$29,094 $31,896 
 
Pension asset$(919)$(2,123)
In 2024, in accordance with ASC 715-20, the Company recognized the over-funded status of the U.S. Plan as a non-current asset. The amount recognized in Accumulated other comprehensive loss related to the U.S. Plan at December 31 is comprised of the following:
 20242023
Balance at January 1$(4,478)$(4,492)
 
Reclassification adjustments:
Pre-tax amortized net actuarial loss445 463 
Tax benefit(104)(110)
 341 353 
 
Adjustment to recognize loss on pension asset:
Pre-tax loss(1,605)(445)
Tax benefit369 106 
(1,236)(339)
Balance at December 31,$(5,373)$(4,478)
The 2024 reduction on the projected benefit obligation of $1.6 million was the result of an increase in the discount rate to 5.77% from 5.34% in 2023. There is no prior service cost to be amortized in the future.
The U.S. Plan had assets in excess of accumulated benefit obligations as follows:
 20242023
Accumulated benefit obligation$28,175 $29,773 
Fair market value of assets29,094 31,896 
Weighted-average assumptions used to determine benefit obligations at:20242023
Discount rate5.77%5.34%
Rate of compensation increasen/an/a
Weighted-average assumptions used to determine net periodic benefit cost at:202420232022
Discount rate5.34%5.55%2.92%
Rate of compensation increasen/an/an/a
Expected long-term return on plan assets6.25%7.00%6.50%
The net periodic pension cost for 2024 was based on a long-term asset rate-of-return of 6.25%. This rate is based upon management’s estimate of future long-term rates of return on similar assets and is consistent with historical returns on such assets.
At December 31, 2024 and 2023, the Plan assets are invested in pooled investment funds which are measured at fair value using the net asset value ("NAV"). The NAV is based on the value of the assets owned by the plan, less liabilities. These pooled assets are not quoted on an active exchange. The fair value of the Plan assets at December 31, 2024 and 2023 was $29.1 million and $31.9 million, respectively.
The U.S. Plan weighted-average asset allocations at December 31, 2024 and 2023, by asset category, are as follows:
 Plan assets
at December 31,
Asset category20242023
Equity securities— %18 %
Debt securities100 77 
Cash and equivalents— 5 
 100 %100 %
Management seeks to maximize the long-term total return of financial assets consistent with the fiduciary standards of ERISA. The ability to achieve these returns is dependent upon the need to accept moderate risk to achieve long-term capital appreciation.
In recognition of the expected returns and volatility from financial assets, U.S. Plan assets are invested in the following ranges with the target allocation noted below. The Company reassesses the target allocations periodically:
 RangeTarget
Equities
—%
—%
Fixed Income
100%
100%
Cash Equivalents
—%
—%
Investment in these markets is projected to provide performance consistent with expected long-term returns with appropriate diversification. The Company's policy is to fund amounts deductible for federal income tax purposes.
If the U.S. Plan is not terminated, the benefits expected to be paid out of the U.S. Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:
YearPension Benefits
2025$1,618 
20261,675 
20271,756 
20281,827 
20291,874 
2030-203410,268 
Other Benefit Plans
The Company also provides retirement benefits through various defined contribution plans including PLP-USA’s Profit Sharing Plan. Expense for these defined contribution plans was $8.2 million in 2024, $6.6 million in 2023, and $6.3 million in 2022.
The Company also provides retirement benefits through the Supplemental Profit Sharing Plan. To the extent an employee’s award under PLP-USA’s Profit Sharing Plan exceeds the maximum allowable contribution permitted under existing tax laws, the excess is accrued for (but not funded) under a non-qualified Supplemental Profit Sharing Plan. The Supplemental Profit Sharing Plan allows participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The (expense) benefit for the Supplemental Profit Sharing Plan for the year ended December 31, 2024, 2023 and 2022 was ($0.8) million, $(0.9) million, and $1.3 million, respectively. The Supplemental Profit Sharing Plan unfunded status for the years ended December 31, 2024 and 2023 was $9.0 million and $8.2 million, respectively, and is included in Other noncurrent liabilities.
The Company also has established nonqualified foreign defined benefit plans, which provide post-employment benefits based on years of service. For the periods ending December 31, 2024 and 2023, the Company's benefit obligations related to these unfunded programs were $3.1 million and $2.9 million, respectively. During 2024, 2023 and 2022, the Company recorded benefit costs relating to these programs of $0.3 million, $0.6 million, and $0.2 million, respectively.