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Benefit Plans (Tables)
3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Components of Company Plan Benefit Expense

The following tables summarize key information related to the Company’s pension plans and retirement agreements (in thousands):

 

 

 

Three Months Ended
March 31,
2025

 

 

Year Ended
December 31,
2024

 

Change in Projected Benefit Obligation

 

 

 

 

 

 

Projected benefit obligation, beginning of period

 

$

27,027

 

 

$

27,790

 

Service cost

 

 

133

 

 

 

653

 

Interest cost

 

 

376

 

 

 

1,365

 

Actuarial gain

 

 

 

 

 

(1,772

)

Benefits paid

 

 

(155

)

 

 

(1,009

)

Projected benefit obligation, end of period

 

$

27,381

 

 

$

27,027

 

Change in Plan Assets

 

 

 

 

 

 

Plan assets at fair value, beginning of period

 

$

 

 

$

 

Company contributions

 

 

155

 

 

 

1,009

 

Benefits paid

 

 

(155

)

 

 

(1,009

)

Plan assets at fair value, end of period

 

$

 

 

$

 

Unfunded Status of the Plan

 

$

27,381

 

 

$

27,027

 

Components of Net Periodic Benefit Cost

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

March 31, 2024

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

Service cost

 

$

133

 

 

$

163

 

Interest cost

 

 

376

 

 

 

341

 

Net (gain) loss

 

 

(62

)

 

 

15

 

Net periodic benefit cost

 

$

447

 

 

$

519