Defined Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Changes in Benefit Plan's Projected Benefit Obligation, Plan Assets and Funded Status

The following table summarizes the measurement changes in the Benefit Plan’s projected benefit obligation, plan assets and funded status, as well as the components of net periodic benefit costs, including key assumptions, from January 1, 2023 through December 31, 2023 (in thousands):

	2023
Change in Projected Benefit Obligation:
Benefit obligation at beginning of period	$	26,165
Interest cost		982
Settlement payments		(25,480	)
Actuarial gain		(189	)
Benefit payments		(1,478	)
Benefit obligation at end of period	$	-
Change in Plan Assets:
Fair value of plan assets at beginning of period	$	40,586
Actual return on plan assets		1,299
Excess assets transfer		(14,927	)
Settlement payments		(25,480	)
Benefit payments		(1,478	)
Fair value of plan assets at end of period	$	-
Funded status at end of period (included in Accounts and notes receivable)	$	-
Accumulated benefit obligation	$	-
Net gain recognized in Accumulated other comprehensive income	$	267

Components of Net Periodic Benefit Income/(Cost)

The components of net periodic benefit income/(cost), included in Other income, net in the Company’s Consolidated Statements of Income for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	2023			2022
Interest cost	$	(982	)	$	(1,052	)
Expected return on plan assets		1,221			413
Amortization of net gain		-			37
Settlement gain		10,848			-
Total	$	11,087		$	(602	)