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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of 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:
| 2024 |  | 2023 |  |
Weighted average discount rates for pension benefit obligation | 5.39% - 5.49% |  | 5.02% - 5.04% |  |
Weighted average discount rates for net periodic benefit cost | 5.02% - 5.04% |  | 5.36% - 5.40% |  |
Expected long-term rate of return on assets for net periodic benefit cost | 5.00% |  | 7.00% |  |
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:
| 2024 |  | 2023 |  |
Weighted average discount rates for benefit obligation | 5.26 | % |  | 4.98 | % |  |
Weighted average discount rates for net periodic benefit cost | 4.98 | % |  | 5.29 | % |  |
Health care cost trend rate assumed for next year | 6.50% |  | 6.25% - 6.50% |  |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.75% |  | 4.75% |  |
Year that the rate reaches the ultimate trend rate | 2033 |  | 2029 - 2033 |  |
Schedule of Net Periodic Benefit Income and Expense For the Defined Benefit Plan | Set forth below is detail of the net periodic pension expense for the defined benefit plans for the years ended December 31:
| 2024 |  | 2023 |  |
Interest cost | $ | 1,360 |  |  | $ | 1,639 |  |  |
Expected return on plan assets | (1,641) |  |  | (2,751) |  |  |
Amortization of actuarial loss | 270 |  |  | 51 |  |  |
Amortization of prior service cost | 58 |  |  | 58 |  |  |
Settlements | — |  |  | 1,815 |  |  |
Net periodic pension expense | $ | 47 |  |  | $ | 812 |  |  |
Set forth below is detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31:
| 2024 |  | 2023 |  |
Service cost | $ | 8 |  |  | $ | 7 |  |  |
Interest cost | 75 |  |  | 77 |  |  |
Amortization of actuarial loss | 75 |  |  | 44 |  |  |
Amortization of prior service credit | (6) |  |  | (50) |  |  |
Net periodic benefit expense | $ | 152 |  |  | $ | 78 |  |  |
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:
| 2024 |  | 2023 |  |
Current year actuarial loss | $ | 960 |  |  | $ | 2,560 |  |  |
Amortization of actuarial loss | (270) |  |  | (51) |  |  |
Amortization of prior service cost | (58) |  |  | (58) |  |  |
Settlements | — |  |  | (1,815) |  |  |
Total recognized in other comprehensive loss | $ | 632 |  |  | $ | 636 |  |  |
Set forth below is detail of other changes in benefit obligations recognized in other comprehensive (income) loss for the years ended December 31:
| 2024 |  | 2023 |  |
Current year actuarial (gain) loss | $ | (49) |  |  | $ | 173 |  |  |
Amortization of actuarial loss | (75) |  |  | (44) |  |  |
Amortization of prior service credit | 6 |  |  | 50 |  |  |
Total recognized in other comprehensive (income) loss | $ | (118) |  |  | $ | 179 |  |  |
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:
| 2024 | 2023
Change in benefit obligation |  |  |
Projected benefit obligation at beginning of year | $ | 28,357 |  |  | $ | 31,722 |
Interest cost | 1,360 |  |  | 1,639 |
Actuarial (gain) loss | (427) |  |  | 2,261 |
Benefits paid | (2,610) |  |  | (2,614) |
Settlements | — |  |  | (4,651) |
Projected benefit obligation at end of year | $ | 26,680 |  |  | $ | 28,357 |
Accumulated benefit obligation at end of year | $ | 26,680 |  |  | $ | 28,357 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 30,128 |  |  | $ | 34,485 |
Actual return on plan assets | 258 |  |  | 2,452 |
Employer contributions | 475 |  |  | 456 |
Benefits paid | (2,610) |  |  | (2,614) |
Settlements | — |  |  | (4,651) |
Fair value of plan assets at end of year | $ | 28,251 |  |  | $ | 30,128 |
Funded status at end of year | $ | 1,571 |  |  | $ | 1,771 |
Amounts recognized in the balance sheets consist of: |  |  |
Non-current assets | $ | 5,624 |  |  | $ | 6,068 |
Current liabilities | (515) |  |  | (510) |
Non-current liabilities | (3,538) |  |  | (3,787) |
| $ | 1,571 |  |  | $ | 1,771 |
Components of accumulated other comprehensive loss consist of: |  |  |
Actuarial loss | $ | 12,072 |  |  | $ | 11,379 |
Prior service cost | 528 |  |  | 586 |
Deferred taxes | (2,869) |  |  | (2,724) |
| $ | 9,731 |  |  | $ | 9,241 |
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care plans at December 31:
| 2024 |  | 2023
Change in benefit obligation |  |  |
Benefit obligation at beginning of year | $ | 1,579 |  |  | $ | 1,551 |
Service cost | 8 |  |  | 7 |
Interest cost | 75 |  |  | 77 |
Actuarial (gain) loss | (49) |  |  | 173 |
Benefits paid | (195) |  |  | (229) |
Benefit obligation at end of year | $ | 1,418 |  |  | $ | 1,579 |
Funded status at end of year | $ | (1,418) |  |  | $ | (1,579) |
Amounts recognized in the balance sheets consist of: |  |  |
Current liabilities | $ | (169) |  |  | $ | (183) |
Noncurrent liabilities | (1,249) |  |  | (1,396) |
| $ | (1,418) |  |  | $ | (1,579) |
Components of accumulated other comprehensive loss consist of: |  |  |
Actuarial loss | $ | 416 |  |  | $ | 542 |
Prior service credit | — |  |  | (6) |
Deferred taxes | (95) |  |  | (123) |
| $ | 321 |  |  | $ | 413 |
Schedule of Future Benefit Payments | Future pension benefit payments expected to be paid from assets of the pension plans are:
2025 | $ | 2,750 |
2026 | 2,631 |
2027 | 2,575 |
2028 | 2,514 |
2029 | 2,435 |
2030 - 2034 | 10,860 |
| $ | 23,765 |
Future postretirement health care benefit payments expected to be paid are:
2025 | 173 |
2026 | 182 |
2027 | 185 |
2028 | 174 |
2029 | 166 |
2030 - 2034 | 582 |
| $ | 1,462 |
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:
| 2024 Actual Allocation |  | 2023 Actual Allocation |  | Target Allocation Range
Fixed income securities | 99.2 | % |  | 99.1 | % |  | 90.0% - 100.0%
Money market funds | 0.8 | % |  | 0.6 | % |  | 0.0% - 10.0%
Cash equivalents | — | % |  | 0.3 | % |  | 0.0%
Schedule of Fair Value of Pension Plan Assets | The fair value of each major category of our 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
| 2024 |  | 2023
Fixed income securities | $ | 28,028 |  |  | $ | 29,866 |
Money market funds | 223 |  |  | 181 |
Cash equivalents | — |  |  | 81 |
Total | $ | 28,251 |  |  | $ | 30,128 |

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