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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Changes in Plan Benefit Obligations

The following table summarizes the changes in plan benefit obligations for the years ended December 31, 2024 and 2023:

 

Year Ended December 31,

 

2024

 

 

2023

 

Beginning benefit obligation

 

$

23,661

 

 

$

23,155

 

Interest cost

 

 

1,158

 

 

 

1,217

 

Actuarial loss (gain)

 

 

(1,355

)

 

 

739

 

Benefit payments

 

 

(1,456

)

 

 

(1,450

)

Ending benefit obligation

 

 

22,008

 

 

 

23,661

 

Fair value of plan assets at end of year

 

 

 

 

 

 

(Unfunded) funded status

 

$

(22,008

)

 

$

(23,661

)

 

Summary of Amounts Recognized in Consolidated Balance Sheets and Accumulated Other Comprehensive Loss

The following table summarizes amounts recognized in the consolidated balance sheets and accumulated other comprehensive loss for the years ended December 31, 2024 and 2023:

 

Year Ended December 31,

 

2024

 

 

2023

 

Amounts recognized in the consolidated balance sheets consist of:

 

 

 

 

 

 

Accrued expenses

 

$

1,619

 

 

$

1,431

 

Other non-current liabilities

 

 

20,389

 

 

 

22,230

 

Net amount recognized

 

$

22,008

 

 

$

23,661

 

Amounts recognized in accumulated other comprehensive loss, before tax effect

 

 

 

 

 

 

Net actuarial loss

 

$

1,100

 

 

$

2,460

 

Weighted average assumptions used to determine benefit obligations:

 

 

 

 

 

 

Discount rate

 

 

5.6

%

 

 

5.1

%

Rate of compensation increase

 

 

3.0

%

 

 

3.0

%

 

Summary of Components of Net Periodic Pension Cost

Net periodic pension cost for the years ended December 31, 2024 and 2023 are described in the following table:

 

Year Ended December 31,

 

2024

 

 

2023

 

Net periodic pension cost

 

$

1,164

 

 

$

1,217

 

Weighted average assumptions used to determine net periodic pension cost:

 

 

 

 

 

 

Discount rate

 

 

5.1

%

 

 

5.4

%

Rate of compensation increase

 

 

3.0

%

 

 

3.0

%

Summary of Expected Benefit Payments

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

 

Year Ended December 31,

 

Amount

 

2025

 

$

1,664

 

2026

 

 

1,733

 

2027

 

 

1,694

 

2028

 

 

1,740

 

2029

 

 

1,740

 

Years 2030 to 2034

 

 

8,895