XML 59 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Obligation and Funded Status of Pension and Postretirement Plans
Following are the details of the obligation and funded status of the postretirement health care benefit plan:
(in thousands)
Change in benefit obligation20242023
Benefit obligation at beginning of year$17,266 $17,433 
Service cost133 151 
Interest cost785 830 
Actuarial (gains) losses(911)(66)
Participant contributions227 257 
Benefits paid(1,573)(1,339)
Benefit obligation at end of year$15,927 $17,266 
(in thousands)
Change in plan assets20242023
Fair value of plan assets at beginning of year$— $— 
Company contributions1,346 1,082 
Participant contributions227 257 
Benefits paid(1,573)(1,339)
Fair value of plan assets at end of year$— $— 
Underfunded status of plans at end of year$(15,927)$(17,266)
Schedule of Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets consist of:
December 31,
(in thousands)20242023
Accrued expenses and other current liabilities$1,282 $1,242 
Other long-term liabilities14,645 16,024 
Net amount recognized$15,927 $17,266 
Schedule of Pre-tax Amounts Recognized in Accumulated Other Comprehensive Loss
Following are the details of the amounts recognized in Accumulated other comprehensive income before taxes for the year ended December 31, 2024:
(in thousands)Unamortized Actuarial Net GainsUnamortized Prior Service Costs
Balance at beginning of year$11,744 $(6,243)
Amounts arising during the period911 — 
Amounts recognized as a component of net periodic benefit cost— (1,206)
Balance at end of year$12,655 $(7,449)
Schedule of Benefits Expected to be Paid for Company's Defined Benefit Plans
The benefits expected to be paid for the postretirement health care benefit plan over the next ten years are as follows:
(in thousands)Postretirement Benefits
2025$1,282 
20261,285 
20271,288 
20281,287 
20291,284 
2030-20346,167 
Schedule of Components of Net Periodic Benefit Costs
The components of the net periodic benefit cost are as follows:
Year Ended December 31,
(in thousands)202420232022
Service cost$133 $151 $248 
Interest cost785 830 586 
Amortization of prior service cost(911)(911)(911)
Amortization of actuarial gain(295)(323)— 
Net periodic benefit (gain) cost$(288)$(253)$(77)
Schedule of Weighted Average Assumptions of Pension and Postretirement Benefits
The weighted-average assumptions of the postretirement health care benefit plan are as follows:
Year Ended December 31,
202420232022
Used to Determine Benefit Obligations at Measurement Date
Discount rate5.4 %4.7 %4.9 %
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate4.7 %4.9 %2.6 %
Expected long-term return on plan assets— — — 
Rate of compensation increases— — — 
Schedule of Assumed Health Care Cost Trend Rate at Beginning of Year
Assumed Health Care Cost Trend Rates at Beginning of Year
20242023
Health care cost trend rate assumed for next year3.0 %3.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a)
N/AN/A
Year that the rate reaches the ultimate trend rate (a)
N/AN/A
(a)In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.