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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Net pension cost (credit) included the following components (in thousands):


	Twelve Months Ended December 31,
	2024		2023

Interest cost	$	2,622	$	2,763

Expected return on plan assets	(3,407)		(3,719)
Amortization of prior service cost	32		31
Amortization of net actuarial loss	319		285
Net pension credit	$	(434)	$	(640)

Summary of Assumptions Used

The weighted-average assumptions used to determine benefit obligations as of December 31, 2024 and 2023 are as follows:


	December 31,
	2024		2023
Discount rate	5.5	%	4.6	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.1	%	3.1	%

______________

1 Not applicable due to plan curtailment.

The weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2024 and 2023 are as follows:


	Twelve Months Ended December 31,
	2024		2023
Discount rate	4.6	%	5.0	%
Expected long-term return on plan assets	5.5	%	6.4	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.1	%	3.2	%

_______________

1 Not applicable due to plan curtailment.

Summary of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, 2024 and 2023 (in thousands):


	Twelve Months Ended December 31,
	2024		2023
Projected benefit obligation:
Beginning of year	$	59,327	$	56,170


Interest cost	2,622		2,763
Actuarial (gain) loss	(5,273)		1,059
Benefits paid	(4,689)		(3,646)


Foreign currency translation adjustment and other	(773)		2,981
End of year	$	51,214	$	59,327
Fair value of plan assets:
Beginning of year	63,650		56,568
Actual gain (loss) on plan assets	(2,132)		3,908
Employer contributions	—		3,729
Benefits paid	(4,689)		(3,646)


Foreign currency translation adjustment and other	(847)		3,091
End of year	55,982		63,650
Excess of fair value of plan assets over projected obligation at end of year	$	4,768	$	4,323
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	(11,945)	$	(12,020)
Prior service cost	(476)		(509)
Total	$	(12,421)	$	(12,529)

Summary of Expected Benefit Payments

As of December 31, 2024, expected future benefit payments are as follows for the years ended December 31, (in thousands):


2025	$	4,009
2026	3,965
2027	3,995
2028	3,956
2029	4,103
2030-2034	19,790
Total	$	39,818

Summary of Allocation of Plan Assets

The following tables summarize the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, 2024 and 2023 (in thousands):


December 31, 2024
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	6,382	$	6,382	$	—	$	—
Equity securities:






Diversified growth fund (a)	5,436		—		5,436		—

Fixed income securities:

U.K. government fixed income securities (b)	5,374		—		5,374		—
U.K. government index-linked securities (c)	5,251		—		5,251		—

Corporate bonds (d)	33,538		—		33,538		—
Total	$	55,981	$	6,382	$	49,599	$	—


December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2) (a)		Significant Unobservable Inputs (Level 3)
Cash	$	2,992	$	2,992	$	—	$	—
Equity securities:






Diversified growth fund (a)	9,426		—		3,297		6,129

Fixed income securities:

U.K. government fixed income securities (b)	9,369		—		9,369		—
U.K. government index-linked securities (c)	9,255		—		9,255		—

Corporate bonds (d)	32,608		—		32,608		—
Total	$	63,650	$	2,992	$	54,529	$	6,129

a.This category includes investments in a diversified portfolio of equity, alternatives and cash markets that aims to achieve capital growth returns.

b.This category includes investments in funds with the objective to provide a leveraged return to U.K. government fixed income securities (bonds) that have maturity periods ranging from 2030 to 2060.

c.This category includes investments in funds with the objective to provide a leveraged return to various U.K. government indexed-linked securities (gilts), with maturity periods ranging from 2027 to 2062. The funds invest in U.K. government bonds and derivatives.

d.This category includes investments in a diversified pool of debt and debt like assets to generate capital and income returns. Investment objectives for the U.K. Plan, as of December 31, 2024, are to:

•optimize the long-term return on plan assets at an acceptable level of risk;

•maintain a broad diversification across asset classes; and

•maintain careful control of the risk level within each asset class.

The following table sets forth the weighted-average asset allocation and target asset allocations as of December 31, 2024 and 2023 by asset category:


	Asset Allocations				Target Asset Allocations
	2024		2023		2024		2023
Equity securities and diversified growth funds1	9.7	%	14.8	%	10.0	%	27.5	%
Debt securities2	78.9	%	80.5	%	90.0	%	72.5	%
Cash	11.4	%	4.7	%	—	%	—	%
Total	100	%	100	%	100	%	100	%

______________________________

1Diversified growth funds refer to actively managed absolute return funds that hold a combination of equity and debt securities.

2Includes investments in funds with the objective to provide leveraged returns to U.K. government fixed income securities, U.K. government indexed-linked securities, global bonds, and corporate bonds.

Summary of Changes in the Fair Value Measurements of Level 3 Investments

The following table summarizes the changes in the fair value measurements of Level 3 investments for the pension plans (in thousands):


	December 31, 2024		December 31, 2023
Balance at beginning of year	$	6,129	$	10,437
Actual return on plan assets	146		232
Purchases/ sales/ settlements	(6,300)		(4,971)
Transfer out of level 3	—		—
Changes due to foreign exchange	25		431
Balance at end of year	$	—	$	6,129