Fair Value of Plan Assets by Asset Class

The fair values of all of the company pension plan assets at December 31, 2024 and December 31, 2023, by asset class are as follows (amounts in thousands):


	Fair value of Pension Plan Assets as of December 31, 2024
Asset Class	Quoted prices in active markets for identical assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short term investments and cash	$	214	$	—	$	—	$	214
Common stocks:
International common stocks		2,022		—		—		2,022
U.S. common stocks		4,190		—		—		4,190
Fixed income securities:
U.S. government bonds		—		—		—		—
U.S. government agency bonds		—		—		—		—
U.S. corporate bonds		—		21,430		—		21,430
Pending transactions(*)		—		—		—		—
Accrued (expenses) income(*)		—		—		—		—
Total	$	6,426	$	21,430	$	—	$	27,856


	Fair value of Pension Plan Assets as of December 31, 2023
Asset Class	Quoted prices in active markets for identical assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short term investments and cash	$	501	$	—	$	—	$	501
Common stocks:
International common stocks		2,401		—		—		2,401
U.S. common stocks		4,425		—		—		4,425
Fixed income securities:
U.S. government bonds		—		—		—		—
U.S. government agency bonds		—		—		—		—
U.S. corporate bonds		22,077		—		—		22,077
Pending transactions(*)		—		—		—		—
Accrued (expenses) income(*)		—		—		—		—
Total	$	29,404	$	—	$	—	$	29,404

(*) This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases.

Summary of Total Cost and Employer Contributions

During Fiscal 2024, 2023, and 2022, the total cost and employer contributions were as follows (amounts in thousands):


Contributions by fiscal year	Defined contribution plans expense
Fiscal 2024	$	33,312
Fiscal 2023	$	31,378
Fiscal 2022	$	29,425

Components of Net Periodic Benefit / (Income) Cost

The net periodic pension cost (income) for the company’s pension plans includes the following components for Fiscal 2024, 2023, and 2022 (amounts in thousands):


	Fiscal 2024			Fiscal 2023			Fiscal 2022
Service cost	$	728		$	682		$	1,188
Interest cost		1,178			1,304			884
Expected return on plan assets		(1,604	)		(1,561	)		(1,874	)
Settlement loss		241			—			—
Amortization:
Prior service cost		57			57			57
Actuarial loss		42			173			461
Net periodic pension cost		642			655			716
Other changes in plan assets and benefit obligations recognized in OCI:
Current year actuarial gain		(720	)		(815	)		(3,049	)
Settlement loss		(241	)		—			—
Amortization of prior service cost		(57	)		(57	)		(57	)
Amortization of actuarial loss		(42	)		(173	)		(461	)
Total recognized in OCI		(1,060	)		(1,045	)		(3,567	)
Total recognized in net periodic benefit and OCI	$	(418	)	$	(390	)	$	(2,851	)

Schedule of Actuarial Gain/(Loss) on Defined Benefit Obligations

The actuarial gain/(loss) on defined benefit obligations of the employer due to experience, including any assumption changes, different from assumed, and the reasons for such (gain)/loss, can be found in the table below for Fiscal 2024, 2023 and 2022 (amounts in thousands).


	Amount of (Gain)/Loss on Defined Benefit Obligation			Reasons for (Gain)/Loss
Fiscal 2024	$	(562	)	Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 50 basis points).
Fiscal 2023	$	953		Loss from decrease in general level of interest rates used to measure defined benefit plan obligations (approximately 33 basis points).
Fiscal 2022	$	(9,253	)	Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 260 basis points).

Company Contributions

Company contributions to qualified and nonqualified plans are as follows (amounts in thousands):


Year	Required		Discretionary		Total
2024	$	249	$	—	$	249
2023	$	268	$	1,000	$	1,268
2022	$	271	$	1,000	$	1,271