XML 198 R41.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Assumptions Used in Accounting for the Defined Benefit Plan
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
 20232022
Weighted average discount rates for pension benefit obligation
5.02% - 5.04%
5.36% - 5.40%
Weighted average discount rates for net periodic benefit cost
5.36% - 5.40%
2.53% - 2.77%
Expected long-term rate of return on assets for net periodic benefit cost7.00 %7.00 %
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:
 20232022
Weighted average discount rates for benefit obligation4.98 %5.29 %
Weighted average discount rates for net periodic benefit cost5.29 %2.12 %
Health care cost trend rate assumed for next year
6.25% - 6.50%
6.25 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
4.75%
4.50% - 4.75%
Year that the rate reaches the ultimate trend rate
2029 - 2033
2029
Schedule of Net Periodic Benefit Income and Expense For the Defined Benefit Plan
Set forth below is detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31:
 20232022
Interest cost$1,639 $1,105 
Expected return on plan assets(2,751)(2,707)
Amortization of actuarial loss51 543 
Amortization of prior service cost58 58 
     Settlements1,815 — 
Net periodic pension expense (income)$812 $(1,001)
Set forth below is detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31:
 20232022
Service cost$7 $12 
Interest cost77 38 
Amortization of actuarial loss44 64 
Amortization of prior service credit(50)(52)
Net periodic benefit expense$78 $62 
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
 20232022
Current year actuarial (gain) loss$2,560 $1,717 
Amortization of actuarial loss(51)(543)
Amortization of prior service cost(58)(58)
     Settlements(1,815)— 
Total recognized in other comprehensive loss$636 $1,116 
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) for the years ended December 31:
 20232022
Current year actuarial loss (gain)$173 $(44)
Amortization of actuarial loss(44)(64)
Amortization of prior service credit50 52 
Total recognized in other comprehensive loss (income)$179 $(56)
Schedule of Changes in Benefit Obligations During the Year and Funded Status of Defined Benefit Plan
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
 20232022
Change in benefit obligation  
Projected benefit obligation at beginning of year$31,722 $41,663 
Interest cost1,639 1,105 
Actuarial loss (gain)2,261 (8,396)
Benefits paid(2,614)(2,650)
Settlements(4,651)— 
Projected benefit obligation at end of year$28,357 $31,722 
Accumulated benefit obligation at end of year$28,357 $31,722 
Change in plan assets 
Fair value of plan assets at beginning of year$34,485 $44,009 
Actual return on plan assets2,452 (7,405)
Employer contributions456 531 
Benefits paid(2,614)(2,650)
Settlements(4,651)— 
Fair value of plan assets at end of year$30,128 $34,485 
Funded status at end of year$1,771 $2,763 
Amounts recognized in the balance sheets consist of: 
Non-current assets$6,068 $6,991 
Current liabilities(510)(491)
Non-current liabilities(3,787)(3,737)
 $1,771 $2,763 
Components of accumulated other comprehensive loss consist of:
Actuarial loss$11,379 $10,682 
Prior service cost586 645 
Deferred taxes(2,724)(2,490)
 $9,241 $8,837 
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31:
 20232022
Change in benefit obligation  
Benefit obligation at beginning of year$1,551 $1,877 
Service cost7 12 
Interest cost77 38 
Actuarial loss (gain)173 (44)
Benefits paid(229)(332)
Benefit obligation at end of year$1,579 $1,551 
Funded status at end of year$(1,579)$(1,551)
Amounts recognized in the balance sheets consist of: 
Current liabilities$(183)$(206)
Noncurrent liabilities(1,396)(1,345)
 $(1,579)$(1,551)
Components of accumulated other comprehensive loss consist of: 
Actuarial loss$542 $412 
Prior service credit(6)(56)
Deferred taxes(123)(180)
 $413 $176 
Schedule of Future Benefit Payments
Future pension benefit payments expected to be paid from assets of the pension plans are:
2024$2,739 
20252,636 
20262,588 
20272,533 
20282,473 
2029 - 203311,129 
 $24,098 
Future postretirement health care benefit payments expected to be paid are:
2024188 
2025182 
2026191 
2027194 
2028185 
2029 - 2033660 
 $1,600 
Schedule of Actual Allocation Percentage and Target Allocation Percentage for Pension Plan Assets
The following is the actual allocation percentage and target allocation percentage for the pension plan assets at December 31:
 2023 Actual
Allocation		2022 Actual
Allocation		Target Allocation
Range
Fixed income securities99.1 %34.1 %
90.0% - 100.0%
Cash equivalents0.3 %— %
—% - 5.0%
Money market funds0.6 %0.5 %
0.0% - 10.0%
U.S. equity securities— %44.9 %
0.0% - 0.0%
Non-U.S. equity securities— %20.5 %
0.0% - 0.0%
Schedule of Fair Value of Pension Plan Assets
The fair value of each major category of the Company's pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. Following are the values as of December 31:
Level 1
 20232022
Fixed income securities$29,866 $11,753 
Cash equivalents81 — 
Money market funds181 178 
U.S. equity securities— 15,499 
Non-U.S. equity securities— 7,055 
Total$30,128 $34,485