XML 198 R41.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Retirement Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Assumptions Used in Accounting for the Defined Benefit Plan | The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
| 2023 |  | 2022 |  |
Weighted average discount rates for pension benefit obligation | 5.02% - 5.04% |  | 5.36% - 5.40% |  |
Weighted average discount rates for net periodic benefit cost | 5.36% - 5.40% |  | 2.53% - 2.77% |  |
Expected long-term rate of return on assets for net periodic benefit cost | 7.00 | % |  | 7.00 | % |  |
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:
| 2023 |  | 2022 |  |
Weighted average discount rates for benefit obligation | 4.98 | % |  | 5.29 | % |  |
Weighted average discount rates for net periodic benefit cost | 5.29 | % |  | 2.12 | % |  |
Health care cost trend rate assumed for next year | 6.25% - 6.50% |  | 6.25 | % |  |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.75% |  | 4.50% - 4.75% |  |
Year that the rate reaches the ultimate trend rate | 2029 - 2033 |  | 2029 |  |
Schedule of Net Periodic Benefit Income and Expense For the Defined Benefit Plan | Set forth below is detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31:
| 2023 |  | 2022 |  |
Interest cost | $ | 1,639 |  |  | $ | 1,105 |  |  |
Expected return on plan assets | (2,751) |  |  | (2,707) |  |  |
Amortization of actuarial loss | 51 |  |  | 543 |  |  |
Amortization of prior service cost | 58 |  |  | 58 |  |  |
Settlements | 1,815 |  |  | — |  |  |
Net periodic pension expense (income) | $ | 812 |  |  | $ | (1,001) |  |  |
Set forth below is detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31:
| 2023 |  | 2022 |  |
Service cost | $ | 7 |  |  | $ | 12 |  |  |
Interest cost | 77 |  |  | 38 |  |  |
Amortization of actuarial loss | 44 |  |  | 64 |  |  |
Amortization of prior service credit | (50) |  |  | (52) |  |  |
Net periodic benefit expense | $ | 78 |  |  | $ | 62 |  |  |
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) | Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
| 2023 |  | 2022 |  |
Current year actuarial (gain) loss | $ | 2,560 |  |  | $ | 1,717 |  |  |
Amortization of actuarial loss | (51) |  |  | (543) |  |  |
Amortization of prior service cost | (58) |  |  | (58) |  |  |
Settlements | (1,815) |  |  | — |  |  |
Total recognized in other comprehensive loss | $ | 636 |  |  | $ | 1,116 |  |  |
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) for the years ended December 31:
| 2023 |  | 2022 |  |
Current year actuarial loss (gain) | $ | 173 |  |  | $ | (44) |  |  |
Amortization of actuarial loss | (44) |  |  | (64) |  |  |
Amortization of prior service credit | 50 |  |  | 52 |  |  |
Total recognized in other comprehensive loss (income) | $ | 179 |  |  | $ | (56) |  |  |
Schedule of Changes in Benefit Obligations During the Year and Funded Status of Defined Benefit Plan | The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
| 2023 | 2022
Change in benefit obligation |  |  |
Projected benefit obligation at beginning of year | $ | 31,722 |  |  | $ | 41,663 |
Interest cost | 1,639 |  |  | 1,105 |
Actuarial loss (gain) | 2,261 |  |  | (8,396) |
Benefits paid | (2,614) |  |  | (2,650) |
Settlements | (4,651) |  |  | — |
Projected benefit obligation at end of year | $ | 28,357 |  |  | $ | 31,722 |
Accumulated benefit obligation at end of year | $ | 28,357 |  |  | $ | 31,722 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 34,485 |  |  | $ | 44,009 |
Actual return on plan assets | 2,452 |  |  | (7,405) |
Employer contributions | 456 |  |  | 531 |
Benefits paid | (2,614) |  |  | (2,650) |
Settlements | (4,651) |  |  | — |
Fair value of plan assets at end of year | $ | 30,128 |  |  | $ | 34,485 |
Funded status at end of year | $ | 1,771 |  |  | $ | 2,763 |
Amounts recognized in the balance sheets consist of: |  |  |
Non-current assets | $ | 6,068 |  |  | $ | 6,991 |
Current liabilities | (510) |  |  | (491) |
Non-current liabilities | (3,787) |  |  | (3,737) |
| $ | 1,771 |  |  | $ | 2,763 |
Components of accumulated other comprehensive loss consist of: |  |  |
Actuarial loss | $ | 11,379 |  |  | $ | 10,682 |
Prior service cost | 586 |  |  | 645 |
Deferred taxes | (2,724) |  |  | (2,490) |
| $ | 9,241 |  |  | $ | 8,837 |
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31:
| 2023 |  | 2022
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 1,551 |  |  | $ | 1,877 |
Service cost | 7 |  |  | 12 |
Interest cost | 77 |  |  | 38 |
Actuarial loss (gain) | 173 |  |  | (44) |
Benefits paid | (229) |  |  | (332) |
Benefit obligation at end of year | $ | 1,579 |  |  | $ | 1,551 |
Funded status at end of year | $ | (1,579) |  |  | $ | (1,551) |
Amounts recognized in the balance sheets consist of: |  |  |
Current liabilities | $ | (183) |  |  | $ | (206) |
Noncurrent liabilities | (1,396) |  |  | (1,345) |
| $ | (1,579) |  |  | $ | (1,551) |
Components of accumulated other comprehensive loss consist of: |  |  |
Actuarial loss | $ | 542 |  |  | $ | 412 |
Prior service credit | (6) |  |  | (56) |
Deferred taxes | (123) |  |  | (180) |
| $ | 413 |  |  | $ | 176 |
Schedule of Future Benefit Payments | Future pension benefit payments expected to be paid from assets of the pension plans are:
2024 | $ | 2,739 |
2025 | 2,636 |
2026 | 2,588 |
2027 | 2,533 |
2028 | 2,473 |
2029 - 2033 | 11,129 |
| $ | 24,098 |
Future postretirement health care benefit payments expected to be paid are:
2024 | 188 |
2025 | 182 |
2026 | 191 |
2027 | 194 |
2028 | 185 |
2029 - 2033 | 660 |
| $ | 1,600 |
Schedule of Actual Allocation Percentage and Target Allocation Percentage for Pension Plan Assets | The following is the actual allocation percentage and target allocation percentage for the pension plan assets at December 31:
| 2023 Actual Allocation |  | 2022 Actual Allocation |  | Target Allocation Range
Fixed income securities | 99.1 | % |  | 34.1 | % |  | 90.0% - 100.0%
Cash equivalents | 0.3 | % |  | — | % |  | —% - 5.0%
Money market funds | 0.6 | % |  | 0.5 | % |  | 0.0% - 10.0%
U.S. equity securities | — | % |  | 44.9 | % |  | 0.0% - 0.0%
Non-U.S. equity securities | — | % |  | 20.5 | % |  | 0.0% - 0.0%
Schedule of Fair Value of Pension Plan Assets | The fair value of each major category of the Company's pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. Following are the values as of December 31:
| Level 1
| 2023 |  | 2022
Fixed income securities | $ | 29,866 |  |  | $ | 11,753 |
Cash equivalents | 81 |  |  | — |
Money market funds | 181 |  |  | 178 |
U.S. equity securities | — |  |  | 15,499 |
Non-U.S. equity securities | — |  |  | 7,055 |
Total | $ | 30,128 |  |  | $ | 34,485 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration