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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Change in Plan Assets and Funded Status

The changes in benefit obligation, change in plan assets and funded status as of December 31, 2024 and 2023, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2024

 

 

 

2023

 

Change in benefit obligation

 

 

 

 

 

 

 

 

Benefit obligation  Beginning of year

 

 

$

11,393

 

 

 

$

12,443

 

Interest cost

 

 

 

535

 

 

 

 

599

 

Actuarial gain

 

 

 

(821

)

 

 

 

(119

)

Benefits paid

 

 

 

(690

)

 

 

 

(1,530

)

Annuity purchase

 

 

 

-

 

 

 

 

-

 

Benefit obligation  End of year

 

 

 

10,417

 

 

 

 

11,393

 

Change in plan assets

 

 

 

 

 

 

 

 

Plan assets  Beginning of year

 

 

 

10,347

 

 

 

 

11,403

 

Return on plan assets

 

 

 

(312

)

 

 

 

474

 

Benefits paid

 

 

 

(690

)

 

 

 

(1,530

)

Plan assets at fair value  End of year

 

 

 

9,345

 

 

 

 

10,347

 

Funded status of plan  End of year

 

 

$

(1,072

)

 

 

$

(1,046

)

Amounts Recognized in the Balance Sheets

 

 

 

Pension Benefits

 

 

 

 

2024

 

 

 

2023

 

Amounts recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

(1,072

)

 

 

 

(1,046

)

Net amount recognized as of December 31

 

 

$

(1,072

)

 

 

$

(1,046

)

 

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive income but not yet recognized in earnings as of December 31, 2024 and 2023, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

$

4,174

 

 

 

$

4,524

 

 

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for the years ended December 31, 2024 and 2023, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2024

 

 

 

2023

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

Interest cost

 

$

 

535

 

 

$

 

599

 

Expected return on plan assets

 

 

 

(300

)

 

 

 

(319

)

Amortization of unrecognized net loss

 

 

 

145

 

 

 

 

150

 

Total net periodic benefit cost

 

$

 

380

 

 

$

 

430

 

 

 

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The increase in accumulated other comprehensive income (pre-tax) for the years ended December 31, 2024 and 2023, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2024

 

 

 

2023

 

Net actuarial gain

 

 

$

(213

)

 

 

$

(274

)

Amortization of:

 

 

 

 

 

 

 

 

Actuarial loss from settlement

 

 

 

-

 

 

 

 

(313

)

Net actuarial loss

 

 

 

(145

)

 

 

 

(150

)

Total recognized in accumulated other comprehensive income

 

 

$

(358

)

 

 

$

(737

)

 

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2024:

 

 

 

 

Pension Benefits

 

 

 

 

 

 

2025

 

 

$

772

 

2026

 

 

 

762

 

2027

 

 

 

747

 

2028

 

 

 

771

 

2029

 

 

 

772

 

2030 through 2034

 

 

 

3,900

 

Schedule of Assumptions Used

The assumptions used to determine end of year benefit obligations are shown in the following table:

 

 

 

Pension Benefits

 

 

 

2024

 

 

2023

Discount rates

 

 

5.67%

 

 

5.01%

 

The assumptions used in the measurement of net periodic cost are shown in the following table:

 

 

 

 

Pension Benefits

 

 

 

2024

 

 

2023

Discount rate for benefit obligations

 

 

5.67%

 

 

5.01%

 

Expected return on plan assets

 

 

3.00%

 

 

3.00%

 

Rate for interest on benefit obligations

 

 

5.39%

 

 

4.91%

 

Discount rate for service cost

 

 

N/A

 

 

N/A

 

Schedule of Allocation of Plan Assets

The Company’s pension plan’s weighted average asset allocations as of December 31, 2024 and 2023, and target allocations for 2025, by asset category, are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Target Allocation

 

 

 

 

2024

 

 

2023

 

 

2025

 

Asset Category

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

1.50

%

 

 

0

%

 

0% - 5%

 

Equity securities

 

 

 

0

%

 

 

0

%

 

0%

 

Fixed income securities

 

 

 

98.50

%

 

 

100

%

 

95%-100%

 

Real estate

 

 

 

0

%

 

 

0

%

 

0%

 

 

 

 

 

100

%

 

 

100

%

 

100%

 

 

 

Schedule of Changes in Fair Value of Plan Assets The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820, Fair Value Measurement, fair value hierarchy as of

December 31, 2024 and 2023. For further information on the fair value hierarchy, see Note 2 - Summary of Significant Accounting Policies.

 

   Pension Plan Assets

 

 

As of December 31, 2024

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

 

$

9,207

 

 

 

$

-

 

 

 

$

-

 

 

 

$

9,207

 

Cash and equivalents

 

 

 

138

 

 

 

 

-

 

 

 

 

-

 

 

 

 

138

 

Total

 

 

$

9,345

 

 

 

$

-

 

 

 

$

-

 

 

 

$

9,345

 

 

 

 Pension Plan Assets

 

 

As of December 31, 2023

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

 

$

10,347

 

 

 

$

-

 

 

 

$

-

 

 

 

$

10,347

 

Cash and equivalents

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Total

 

 

$

10,347

 

 

 

$

-

 

 

 

$

-

 

 

 

$

10,347