v3.25.2
Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits

NOTE 6 - PENSION AND OTHER POSTRETIREMENT BENEFITS

 

The Company sponsors a defined benefit pension plan (“GR Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The GR Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The GR Plan was closed to new participants effective January 1, 2008. Employees hired after this date, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits.

Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company funds the cost of these benefits as incurred.

The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and eligible spouses and dependent children. The Company funds the cost of these benefits as incurred.

The following tables present the components of net periodic benefit costs:

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

Three Months Ended
June 30,

 

 

Three Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

493

 

 

$

502

 

 

$

202

 

 

$

213

 

Interest cost

 

 

750

 

 

 

668

 

 

 

310

 

 

 

285

 

Expected return on plan assets

 

 

(832

)

 

 

(839

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(19

)

 

 

—

 

Recognized actuarial loss (gain)

 

 

285

 

 

 

332

 

 

 

(8

)

 

 

(8

)

Net periodic benefit cost (a)

 

$

696

 

 

$

663

 

 

$

485

 

 

$

490

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

Six Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

986

 

 

$

1,004

 

 

$

403

 

 

$

426

 

Interest cost

 

 

1,500

 

 

 

1,337

 

 

 

621

 

 

 

572

 

Expected return on plan assets

 

 

(1,665

)

 

 

(1,678

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

—

 

 

 

(37

)

 

 

—

 

Recognized actuarial loss (gain)

 

 

571

 

 

 

663

 

 

 

(17

)

 

 

(17

)

Net periodic benefit cost (a)

 

$

1,392

 

 

$

1,326

 

 

$

970

 

 

$

981

 

 

(a)
The components of net periodic cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income.