XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.25.1

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Prior to January 1, 1999, we provided a defined benefit pension plan for which most of our employees were eligible to participate (the “Qualified Pension Plan”). In conjunction with significant enhancements to our 401(k) plan, we elected to freeze benefits under the Qualified Pension Plan as of December 31, 1998. In 1994, we adopted a non-qualified, unfunded, supplemental pension plan (the “Restoration Pension Plan”) covering certain employees, which provides for incremental pension payments so that total pension payments equal those amounts that would have been payable from the principal pension plan were it not for limitations imposed by income tax regulation. The benefits under the Restoration Pension Plan were intended to provide benefits equivalent to our Qualified Pension Plan as if such plan had not been frozen. We elected to freeze benefits under the Restoration Pension Plan as of April 1, 2014. At the end of 2020, the Board of Directors of the Company approved the division of the Qualified Pension Plan into two distinct plans, “Qualified Pension Plan I” and “Qualified Pension Plan II.” The assets and liabilities of the Qualified Pension Plan that were attributable to certain participants in Qualified Pension Plan II were spun off and transferred into Qualified Pension Plan II effective as of the end of December 31, 2021, in accordance with Internal Revenue Code section 414 (I) and ERISA Section 4044. In January 2023, the Board of Directors of the Company approved the termination of the Qualified Pension Plan I. The termination process took approximately eighteen months and was completed in June 2024, which resulted in the transfer of our obligations pursuant to this pension plan to an insurance company. We made a cash contribution of $6.7 million in the year ended December 31, 2024 to terminate the Qualified Pension Plan I. This contribution, together with the liquidation of pension assets was used to purchase annuities from an insurance company, which settled the liabilities for Pension Plan I participants as well as to submit the final filings to the Pension Benefit Guaranty Corporation. We recognized $37.5 million of pension termination charges which were reflected in our Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2024. The Qualified Pension Plans I and II, together with the Restoration Pension Plan are collectively referred to as the "defined benefit pension plans. The overfunded or underfunded status of our defined benefit pension plans is recorded as an asset or liability on our consolidated balance sheets. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation. Periodic changes in the funded status are recognized through other comprehensive income in the Consolidated Statements of Comprehensive Income. We currently measure the funded status of our defined benefit plans as of December 31, the date of our year-end Consolidated Balance Sheets. The status of the defined benefit pension plans at year-end was as follows:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 141,427 |  |  | $ | 143,521 |
Interest cost |  | 5,032 |  |  | 7,088 |
Settlements |  | (77,891) |  |  | — |
Actuarial gain (loss) |  | (7,361) |  |  | 1,465 |
Benefits paid |  | (6,670) |  |  | (10,647) |
Benefit obligation at end of year |  | $ | 54,537 |  |  | $ | 141,427 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 103,696 |  |  | $ | 103,891 |
Actual return on plan assets |  | 1,790 |  |  | 7,128 |
Settlements |  | (77,891) |  |  | — |
Contributions |  | 9,885 |  |  | 3,324 |
Benefits paid |  | (7,361) |  |  | (10,647) |
Fair value of plan assets at end of year |  | $ | 30,119 |  |  | $ | 103,696 |
Funded status at end of year |  | $ | (24,418) |  |  | $ | (37,731) |
The following amounts have been recognized in the Consolidated Balance Sheets as of December 31:
In thousands |  | 2024 |  | 2023
Current pension liabilities within accrued expenses |  | $ | 1,870 |  |  | $ | 8,561 |
Long term pension liabilities - Qualified plans |  | 5,445 |  |  | 10,540 |
Long term pension liabilities - Nonqualified plan |  | 17,103 |  |  | 18,630 |
Total pension liabilities |  | $ | 24,418 |  |  | $ | 37,731 |
The following amounts have been recognized in accumulated other comprehensive losses, net of tax, as of December 31:
In thousands |  | 2024 |  | 2023
Accumulated other comprehensive losses, net of tax |  | $ | 10,183 |  |  | $ | 42,456 |
Based on current estimates, we will be required to make $2.0 million in cash contributions to our Qualified Pension Plan II in 2025. We are not required to make and do not intend to make any contributions to our Restoration Pension Plan in 2025 other than to the extent needed to cover benefit payments. We made benefit payments under this supplemental plan of $1.8 million in 2024. The following information is presented for pension plans with an accumulated benefit obligation in excess of plan assets:
In thousands |  | 2024 |  | 2023
Projected benefit obligation |  | $ | 54,537 |  |  | $ | 141,427 |
Accumulated benefit obligation |  | $ | 54,537 |  |  | $ | 141,427 |
Fair value of plan assets |  | $ | 30,119 |  |  | $ | 103,696 |
The Restoration Pension Plan had an accumulated benefit obligation of $19.0 million and $20.5 million as of December 31, 2024, and 2023, respectively. The following table presents the components of net periodic benefit cost and other amounts recognized in other comprehensive income in the Consolidated Statements of Comprehensive Income for Qualified Pension Plan II and Restoration Pension Plans:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
Net Periodic Benefit Cost |  |  |  |
Interest cost |  | $ | 5,032 |  |  | $ | 7,088 |
Expected return on plan assets |  | (3,633) |  |  | (6,216) |
Recognized actuarial loss |  | 1,557 |  |  | 2,521 |
Net periodic benefit cost |  | 2,956 |  |  | 3,393 |
Amounts Recognized in Other Comprehensive Income |  |  |  |
Adjustment to pension liabilities |  | (32,273) |  |  | (1,723) |
Net cost recognized in net periodic benefit cost and other comprehensive income |  | $ | (29,317) |  |  | $ | 1,670 |
The components of net periodic benefit costs other than the service cost component are included in Other expenses, net in our Consolidated Statement of Comprehensive Income. The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2025 is $0.4 million. The period over which the net loss from the Qualified Pension Plan is amortized into net periodic benefit cost was the average future lifetime of all participants (approximately 23.9 years for Qualified Pension Plan II ). The Qualified Pension Plan II is frozen and almost all of the plan’s participants are not active employees. The weighted-average assumptions used for measurement of the defined pension plans were as follows:
Weighted-average assumptions used to determine net periodic benefit cost | Year Ended December 31,
2024 |  | 2023
Discount rate |  |  |
Qualified Plan I | 5.64 | % |  | 5.13 | %
Qualified Plan II | 4.99 | % |  | 5.18 | %
Restoration Plan | 4.92 | % |  | 5.12 | %
Expected return on plan assets |  |  |
Qualified Plan I | 4.85 | % |  | 5.95 | %
Qualified Plan II | 6.95 | % |  | 7.05 | %
Restoration Plan | n/a |  | n/a
Weighted-average assumptions used to determine benefit obligations | December 31,
2024 |  | 2023
Discount rate |  |  |
Qualified Plan I | n/a |  | 5.64 | %
Qualified Plan II | 5.63 | % |  | 4.99 | %
Restoration Plan | 5.64 | % |  | 4.92 | %
The discount rate assumptions are based on current yields of investment-grade corporate long-term bonds. The expected long-term return on plan assets is based on the expected future average annual return for each major asset class within the plan’s portfolio (which is principally comprised of equity investments) over a long-term horizon. In determining the expected long-term rate of return on plan assets, we evaluated input from our investment consultants, actuaries, and investment management firms, including their review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Additionally, we considered our historical 15-year compounded returns, which were in excess of the forward-looking return expectations. The funded pension plan assets as of December 31, 2024 and 2023, by asset category, were as follows:
In thousands |  | 2024 |  | % |  | 2023 |  | %
Equity securities |  | $ | 23,658 |  |  | 79 | % |  | $ | 20,635 |  |  | 20 | %
Debt securities |  | 5,252 |  |  | 17 | % |  | 76,036 |  |  | 73 | %
Other |  | 1,209 |  |  | 4 | % |  | 7,025 |  |  | 7 | %
Total plan assets |  | $ | 30,119 |  |  | 100 | % |  | $ | 103,696 |  |  | 100 | %
The fair values presented have been prepared using values and information available as of December 31, 2024 and 2023. The following tables present the fair value measurements of the assets in our funded pension plan:
|  | As of December 31, 2024
In thousands |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities |  | $ | 23,658 |  |  | $ | 23,658 |  |  | $ | — |  |  | $ | — |
Debt securities |  | 5,252 |  |  | 3,669 |  |  | 1,583 |  |  | — |
Total investments, excluding investments valued at NAV |  | 28,910 |  |  | 27,327 |  |  | 1,583 |  |  | — |
Investments valued at NAV(1) |  | 1,209 |  |  | — |  |  | — |  |  | — |
Total plan assets |  | $ | 30,119 |  |  | $ | 27,327 |  |  | $ | 1,583 |  |  | $ | — |
|  | As of December 31, 2023
In thousands |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities |  | $ | 20,635 |  |  | $ | 20,635 |  |  | $ | — |  |  | $ | — |
Debt securities |  | $ | 76,036 |  |  | 66,847 |  |  | 9,189 |  |  | — |
Total investments, excluding investments valued at NAV |  | 96,671 |  |  | 87,482 |  |  | 9,189 |  |  | — |
Investments valued at NAV(1) |  | $ | 7,025 |  |  | — |  |  | — |  |  | — |
Total plan assets |  | $ | 103,696 |  |  | $ | 87,482 |  |  | $ | 9,189 |  |  | $ | — |
(1)Investment valued at net asset value ("NAV") are comprised of cash, cash equivalents, and short-term investments used to provide liquidity for the payment of benefits and other purposes. The commingled funds are valued at NAV based on the market value of the underlying investments, which are primarily government issued securities. The investment policy for the Qualified Pension Plan II focuses on the preservation and enhancement of the corpus of the plan’s assets through prudent asset allocation, quarterly monitoring and evaluation of investment results, and periodic meetings with investment managers. The investment policy’s goals and objectives are to meet or exceed the representative indices over a full market cycle (3-5 years). The policy establishes the following investment mix, which is intended to subject the principal to an acceptable level of volatility while still meeting the desired return objectives:
Qualified Pension Plan II | Target | Acceptable Range | Benchmark Index
Equities | 77% | 62% - 87% |
U.S. Large Cap | 28% | 18% - 38% | Russell 1000 TR
U.S. Mid Cap | 18% | 13% - 23% | Russell Mid Cap Index TR
U.S. Small Cap | 9% | 4% - 14% | Russell 2000 TR
International Equity |  |  |
Developed | 16% | 11% - 21% | MSCI EAFE Net TR USD Index
Emerging Markets | 6% | 0% - 9% | MSCI Emerging Net Total Return
Fixed Income | 21% | 11% - 31% |
Investment Grade | 21% | 11% - 31% | BBG BARC US Aggregate Bond Index
Cash Equivalent | 2% | 0%-40% | ICE BofA US 3-Month Treasury Bill Index TR
The funded pension plans provide for investment in various investment types. Investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with investments, it is reasonably possible that changes in the value of investments will occur in the near term and may impact the funded status of these plans. To address the issue of risk, the investment policy places high priority on the preservation of the value of capital (in real terms) over a market cycle. Investments are made in companies with a minimum five-year operating history and sufficient trading volume to facilitate, under most market conditions, prompt sales without severe market effects. Investments are diversified across numerous market sectors and individual companies. Reasonable concentration in any one issue, issuer, industry, or geographic area is allowed if the potential reward is worth the risk. Investment managers are evaluated by the performance of the representative indices over a full market cycle for each class of assets. The Pension Plan Committee reviews, on a quarterly basis, the investment portfolio of each manager, which includes rates of return, performance comparisons with the most appropriate indices, and comparisons of each manager’s performance with a universe of other portfolio managers that employ the same investment style. The expected future benefit payments for Qualified Pension Plan II and Restoration Pension Plan over the next ten years as of December 31, 2024, are as follows:
In thousands |  |
2025 |  | $ | 4,110 |
2026 |  | 4,204 |
2027 |  | 4,302 |
2028 |  | 4,403 |
2029 |  | 4,582 |
2030 - 2034 |  | 22,944 |
Total |  | $ | 44,545 |
The Company also has two pension plans in its foreign jurisdictions, the associated pension liabilities are not material. We also sponsored a 401(k) retirement plan in which we match a portion of employees’ voluntary before-tax contributions prior. Under this plan, both employee and matching contributions vest immediately. We incurred $1.0 million and $1.2 million in 401k match expenses in 2024 and 2023, respectively.

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 The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration