Annual report [Section 13 and 15(d), not S-K Item 405]

DEFINED CONTRIBUTION AND PENSION PLANS (Tables)

v3.25.0.1
DEFINED CONTRIBUTION AND PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table shows the activity associated with the projected benefit obligation and the fair value of plan assets in addition to the defined benefit retirement plans’ funded status (in thousands):
Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Change in benefit obligation:
Projected benefit obligation (PBO) at beginning of period $ 363,315  $ 367,609  $ 529,956 
Service cost 51  42  663 
Interest cost 14,842  17,406  8,987 
Actuarial loss (gain) (23,922) (17,939) (107,835)
Benefit payments and expenses (24,159) (25,771) (18,481)
Effect of exchange rate changes (6,382) 21,968  (45,681)
Projected benefit obligation (PBO) at end of period $ 323,745  $ 363,315  $ 367,609 
Change in plan assets:
Fair value of assets at beginning of period $ 366,630  $ 347,520  $ 511,786 
Actual return on assets (18,799) 9,836  (113,510)
Employer contributions 11,272  14,278  11,725 
Benefit payments and expenses (24,159) (25,771) (18,481)
Effect of exchange rate changes (6,439) 20,767  (44,000)
Fair value of assets at end of period $ 328,505  $ 366,630  $ 347,520 
Reconciliation of funded status:
Accumulated benefit obligation (ABO) $ 323,745  $ 363,315  $ 367,609 
Projected benefit obligation (PBO) $ 323,745  $ 363,315  $ 367,609 
Fair value of assets (328,505) (366,630) (347,520)
Net recognized pension liability (asset) $ (4,760) $ (3,315) $ 20,089 
Amounts recognized in accumulated other comprehensive loss $ 12,150  $ (7,528) $ 12,441 
Schedule of Components of Net Periodic Pension Cost Details of the components of net periodic pension cost (benefit) for the periods reflected in the table below were as follows (in thousands):
Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Service cost for benefits earned during the period $ 72  $ 42  $ 663 
Interest cost on pension benefit obligation 14,842  17,406  8,987 
Expected return on assets (17,383) (18,321) (11,347)
Amortization of unrecognized losses 91  —  — 
Net periodic pension cost (benefit) $ (2,378) $ (873) $ (1,697)
Schedule of Actuarial Assumptions
Actuarial assumptions used to develop the components of the Defined Benefit Pension Plans for the periods reflected in the table below were as follows:    
  Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023 Nine Months Ended
December 31, 2022
Discount rate 4.50  % 4.80  % 2.70  %
Expected long-term rate of return on assets 4.93  % 5.02  % 3.22  %
Pension increase rate 3.00  % 3.10  % 3.40  %
Schedule of Target Allocation Percentages And Plan Assets By Level Within Fair Value Hierarchy Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included as follows:
  Target Allocation
as of December 31,		 Actual Allocation
as of December 31,
Asset Category 2024 2023 2024 2023
Equity securities 10.7  % 20.9  % 15.4  % 21.9  %
Debt securities 57.7  % 24.7  % 39.3  % 38.4  %
Property —  % 5.9  % 0.9  % 4.6  %
Other assets 31.6  % 48.5  % 44.4  % 35.1  %
Total 100.0  % 100.0  % 100.0  % 100.0  %
The following table summarizes, by level within the fair value hierarchy, the plan assets as of December 31, 2024, which are valued at fair value (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance as of December 31, 2024
Cash and cash equivalents $ 4,759  $ 37,572  $ —  $ 42,331 
Equity investments - UK 250  —  —  250 
Equity investments - non-UK 2,254  —  —  2,254 
Liquid credit —  69,258  —  69,258 
Alternative investments —  35,443  —  35,443 
Government debt securities 1,378  55,607  —  56,985 
Corporate debt securities 2,630  —  —  2,630 
Insurance policy —  —  103,699  103,699 
Total fair value investments $ 11,271  $ 197,880  $ 103,699  $ 312,850 
Net asset value(1)
—  —  —  15,655 
Total investments $ 11,271  $ 197,880  $ 103,699  $ 328,505 
______________________
(1)Includes illiquid credit and property debt amounts held at net asset values.
The following table summarizes, by level within the fair value hierarchy, the plan assets as of December 31, 2023, which are valued at fair value (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance as of December 31, 2023
Cash and cash equivalents $ 6,629  $ 13,895  $ —  $ 20,524 
Equity investments - UK 510  —  —  510 
Equity investments - non-UK 2,932  —  —  2,932 
Insurance linked securities —  —  382  382 
Liquid credit —  49,334  —  49,334 
Alternative investments —  52,521  —  52,521 
Diversified growth (absolute return) funds 892  —  —  892 
Government debt securities 892  89,235  —  90,127 
Corporate debt securities 1,402  —  —  1,402 
Insurance policy —  —  110,779  110,779 
Total fair value investments $ 13,257  $ 204,985  $ 111,161  $ 329,403 
Net asset value(1)
—  —  —  37,227 
Total investments $ 13,257  $ 204,985  $ 111,161  $ 366,630 
______________________
(1)Includes illiquid credit and property debt amounts held at net asset values.