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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2024
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

December 31, 

December 31, 

    

2024

    

2023

(in thousands)

Projected benefit obligation, beginning of year

$

65,653

$

56,520

Service cost

 

1,022

 

1,016

Interest cost

 

2,799

 

2,909

Actuarial loss (gain)

 

(409)

 

4,808

Benefits paid

 

(1,934)

 

(1,452)

Translation adjustment

 

(2,790)

 

1,852

Projected benefit obligation, end of year

64,341

65,653

Fair value of plan assets, beginning of year

$

14,115

$

12,489

Expected return

 

714

 

654

Contributions

 

1,556

 

1,443

Benefits paid

 

(1,363)

 

(1,140)

Actuarial gain (loss)

 

(564)

 

17

Translation adjustment

 

(404)

 

652

Fair value of plan assets, end of year

14,054

14,115

Funded status of plan

$

(50,287)

$

(51,538)

December 31, 

December 31, 

    

2024

    

2023

(in thousands)

Accumulated benefit obligation

$

55,918

$

58,968

Schedule of current portion of the liability

December 31, 

    

2024

    

2023

(in thousands)

Current

$

732

$

2,403

Long-term

 

49,555

 

49,135

Total pension benefit obligation

$

50,287

$

51,538

Schedule of net periodic pension benefit costs

Years Ended December 31, 

    

2024

    

2023

    

2022

(in thousands)

Service cost

$

1,022

$

1,016

$

1,133

Interest cost

2,799

2,909

1,819

Expected return on plan assets

 

(714)

 

(654)

 

(535)

Amortization of actuarial gains and losses

 

(210)

 

(404)

 

322

Net periodic pension cost

$

2,897

$

2,867

$

2,739

Schedule of assumptions used in determination of net period pension cost

Years Ended December 31, 

 

    

2024

    

2023

    

2022

 

Discount rate used for net periodic pension costs

 

4.4

%  

5.1

%  

2.6

%

Discount rate used for pension benefit obligations

5.0

%  

4.4

%  

5.1

%  

Expected long-term return on plan assets

 

5.9

%  

5.2

%  

3.2

%

Schedule of fair value qualified pension plan assets

December 31, 2024

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Diversified Growth Fund

$

$

11,510

$

$

11,510

Corporate Bonds

 

1,334

1,334

Insurance Contracts

697

697

Cash

 

513

513

Total

$

513

$

12,844

$

697

$

14,054

December 31, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

(in thousands)

Diversified Growth Fund

$

$

11,606

$

$

11,606

Corporate Bonds

 

 

1,212

 

 

1,212

Insurance Contracts

 

 

799

 

799

Cash

 

498

 

 

 

498

Total

$

498

$

12,818

$

799

$

14,115

Schedule of expected future benefit payments under defined benefit pension plans

Year Ending December 31,

    

(in thousands)

2025

$

2,420

2026

3,943

2027

3,389

2028

3,578

2029

5,125

2029 to 2034

23,509