Pension Plans (Tables)

12 Months Ended

Dec. 31, 2024

Pension Plans

Funded Status and Accrued Pension Cost

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):

	2024		2023
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	57,778	$	60,922
Interest cost		2,501		2,794
Actuarial gain		(2,445)		(188)
Benefits paid		(5,486)		(5,750)
Benefit obligation at end of year		52,348		57,778
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		52,642		52,269
Actual return on plan assets		3,801		6,123
Benefits paid		(5,486)		(5,750)
Fair value of plan assets at end of year		50,957		52,642
Funded status and accrued pension cost	$	(1,391)	$	(5,136)

Assumptions Used to Determine Benefit Obligations

The assumptions used to determine the benefit obligation at December 31 are as follows:

	2024		2023		2022
Discount rate	5.28	%	4.66	%	4.85	%
Rate of compensation increase	N/A		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:

	2024		2023		2022
Discount rate	4.65	%	5.02	%	3.33	%
Rate of compensation increase	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.00	%	6.00	%	6.00	%

Allocation of Defined Benefit Pension Plans Assets

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):

Asset Class	2024		2023
Cash	$	1,066	$	1,013
Mutual funds		49,891		51,629
Total	$	50,957	$	52,642

Pension Plan [Member]

Pension Plans

Net Periodic Pension and Postretirement Benefit Expense

Net periodic pension expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):

	2024		2023		2022
Interest cost	$	2,501	$	2,794	$	2,253
Expected return on plan assets		(3,000)		(2,904)		(3,701)
Amortization of net actuarial loss		465		681		667
Net settlement loss		858		1,313		1,894
Total net periodic pension expense	$	824	$	1,884	$	1,113

Expected Future Benefit Payments

The Company does not expect to be required to contribute to its defined benefit pension plan in 2025. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):

2025	$	9,217
2026		4,864
2027		5,281
2028		5,634
2029		5,093
2030 - 2034		18,703