Pension Liability (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Pension Liability [Abstract] |
|
| Schedule of Information on the Pension Plan |
The following table provides information on the pension plan for the years ended December 31, 2024, 2023 and 2022:
|
|
|
2024
|
|
2023
|
|
2022
|
|
Service cost
|
|
$
|
69,716 |
|
|
$
|
53,920 |
|
|
$
|
39,667 |
|
|
Interest cost
|
|
|
24,375 |
|
|
|
14,416 |
|
|
|
2,743 |
|
|
Expected return on assets
|
|
|
(32,364 |
)
|
|
|
(14,767 |
)
|
|
|
(12,196 |
)
|
|
Effect of settlement, curtailment, plan amendment
|
|
|
(44,236 |
)
|
|
|
|
|
|
|
(72,600 |
)
|
|
Actuarial loss outside corridor recognized
|
|
|
5,231 |
|
|
|
|
|
|
|
3,091 |
|
|
Past service cost recognized in year
|
|
|
3,094 |
|
|
|
3,031 |
|
|
|
2,855 |
|
|
Administrative expenses
|
|
|
1,861 |
|
|
|
2,926 |
|
|
|
2,298 |
|
|
Net periodic pension cost
|
|
$
|
27,677 |
|
|
$
|
59,525 |
|
|
$
|
(34,142 |
)
|
|
| Schedule of Projected Benefit Obligation and the Changes to the Fair Value of the Plan Assets of the Pension Plan |
The reconciliation of the projected benefit obligation and the changes to the fair value of the plan assets of the pension plan are shown in the following table:
|
|
|
2024
|
|
2023
|
|
Projected benefit obligation, beginning of period
|
|
$
|
809,028 |
|
|
$
|
584,737 |
|
|
Service cost and plan amendments
|
|
|
26,283 |
|
|
|
53,920 |
|
|
Interest cost
|
|
|
24,375 |
|
|
|
14,416 |
|
|
Employer contributions
|
|
|
14,777 |
|
|
|
(3,759 |
)
|
|
Transfers-in and (-out), net
|
|
|
1,342,430 |
|
|
|
42,413 |
|
|
Actuarial (gain)/loss
|
|
|
21,240 |
|
|
|
123,388 |
|
|
Currency conversion adjustments
|
|
|
(24,956 |
)
|
|
|
(6,087 |
)
|
|
Projected benefit obligation, end of period
|
|
$
|
2,213,177 |
|
|
$
|
809,028 |
|
| |
|
|
|
|
|
|
|
|
|
Plan assets, beginning of period
|
|
$
|
548,343 |
|
|
$
|
448,615 |
|
|
Actual return on plan assets
|
|
|
32,364 |
|
|
|
27,844 |
|
|
Employer contributions
|
|
|
33,300 |
|
|
|
38,737 |
|
|
Participant contributions
|
|
|
14,777 |
|
|
|
20,655 |
|
|
Actuarial (gain)/loss
|
|
|
178,872 |
|
|
|
|
|
|
Transfers-in and (-out), net
|
|
|
1,445,453 |
|
|
|
17,999 |
|
|
Administration expenses
|
|
|
(1,861 |
)
|
|
|
(2,926 |
)
|
|
Currency conversion adjustments
|
|
|
(38,071 |
)
|
|
|
(2,581 |
)
|
|
Plan assets, end of period
|
|
$
|
2,213,177 |
|
|
$
|
548,343 |
|
|
Accrued pension liability
|
|
$
|
|
|
|
$
|
260,685 |
|
|
| Schedule of Unrecognized Pension Cost in Accumulated Other Comprehensive Income/Loss |
The following table shows the components of unrecognized pension cost in accumulated other comprehensive income/loss that have not yet been recognized as components of net periodic pension cost:
|
|
|
2024
|
|
2023
|
|
Net loss, beginning of period
|
|
$
|
158,073 |
|
|
$
|
50,791 |
|
|
Other (gain)/loss during the period
|
|
|
(47,413 |
)
|
|
|
110,313 |
|
|
Other prior year (gain)/loss recognized in period
|
|
|
(157,632 |
)
|
|
|
|
|
|
Effect of settlement, curtailment
|
|
|
(58,787 |
)
|
|
|
|
|
|
Amortization of pension related net loss
|
|
|
|
|
|
|
|
|
|
Net (gain)/loss, end of period
|
|
|
(105,759 |
)
|
|
|
161,104 |
|
| |
|
|
|
|
|
|
|
|
|
Prior service cost, beginning of period
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost
|
|
|
(3,094 |
)
|
|
|
(3,031 |
)
|
|
Prior service cost end of period
|
|
|
(3,094 |
)
|
|
|
(3,031 |
)
|
|
Total unrecognized pension (credit) cost, end of period
|
|
$
|
(108,853 |
)
|
|
$
|
158,073 |
|
|
| Schedule of Weighted Average of the Key Assumptions used to Compute the Benefit Obligations |
The weighted average of the key assumptions used to compute the benefit obligations were as follows:
|
|
|
2024
|
|
2023
|
|
Discount rate
|
|
0.95 |
%
|
|
1.45 |
%
|
|
Rate of increase in compensation level
|
|
0.65 |
%
|
|
0.65 |
%
|
|
Interest credit rate on savings accounts
|
|
1.25 |
%
|
|
1.45 |
%
|
|
Expected long-term rate of return on plan assets
|
|
2.15 |
%
|
|
2.30 |
%
|
|
Inflation rate
|
|
1.25 |
%
|
|
1.25 |
%
|
|