12. Employee Retirement Plans

Postretirement benefits

The Company provides postretirement healthcare benefits for certain employee groups. The postretirement healthcare plans are contributory and contain certain other cost‑sharing features such as deductibles and coinsurance. The plans are unfunded. Employees do not vest until they retire from active employment with the Company and have at least twelve years of service. These benefits can be amended or terminated at any time and are subject to the same ongoing changes as the Company’s healthcare benefits for employees with respect to deductible, co‑insurance and participant contributions. Postretirement benefits of $3,319 and $4,692 as of  December 31, 2024 and December 31, 2023, respectively, are included in Retiree benefits and deferred compensation in the Consolidated Balance Sheets. Postretirement benefits of $220 and $280 as of December 31, 2024 and December 31, 2023, respectively, are included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Effective January 1, 2004, the postretirement healthcare benefits were extended to all active employees of the Company as of December 31, 2003. The period of coverage was reduced and the retiree contribution percentage was increased in order to keep the cost of the plan equivalent to the previous plan design.

Maximum coverage under the plan is limited to ten years. All benefits terminate upon the death of the retiree. Employees who began working for the Company after December 31, 2003, are not eligible for postretirement healthcare benefits.

The reconciliation of the beginning and ending balances of the projected benefit obligation for the Company consisted of the following:

The components of postretirement healthcare benefit cost consisted of the following for the year ended December 31,

The assumed discount and healthcare cost trend rates are summarized as follows:

The discount rate used to determine the benefit obligation at December 31, 2024 and 2023 is 5.3% and 4.7%, respectively. For December 31, 2024, the health care cost trend rate is assumed to be 8.5% beginning in 2024 gradually reducing to an ultimate rate of 4.5% in 2033. For December 31, 2023, the health care cost trend rate is assumed to be 7.5% beginning in 2023 gradually reducing to an ultimate rate of 4.5% in 2032. For December 31, 2022, the health care cost trend rate is assumed to be 7.5% beginning in 2022 gradually reducing to an ultimate rate of 4.5% in 2031.

No actuarial gains (losses) remain in accumulated other comprehensive income related to pension due to the termination of the plans. The amount included in accumulated other comprehensive income, net of tax, at December 31, 2024, which has not yet been recognized in net periodic OPEB cost was a net actuarial gain of $3,676.

Defined contribution plan

The Company has a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code and provides substantially all employees an opportunity to accumulate personal funds for their retirement. Contributions are made on a before‑tax basis to the plan and are invested, at the employees’ direction, among a variety of investment alternatives including, commencing January 1, 2013, a Company common stock fund designated as an employee stock ownership plan.

As determined by the provisions of the plan, the Company matches a portion of the employees’ basic voluntary contributions. The Company matching contributions to the plan were approximately $4,836, $5,172 and $4,999 for the years ended December 31, 2024, 2023 and 2022, respectively. The Company made non‑discretionary employer contributions of $0, $0 and $0 in the years ended December 31, 2024, 2023 and 2022, respectively. 

Non‑qualified plan

The Company also maintains a supplemental non‑qualified plan for certain officers and other key employees. Expense for this plan was $204, $222 and $378 for the years ended December 31, 2024, 2023 and 2022, respectively. The amount accrued was $10,297, $9,229 and $9,420 as of December 31, 2024, 2023 and 2022, respectively and is included in Retiree benefits and deferred compensation on the Consolidated Balance Sheets. Amounts were determined based on the fair value of the liability at December 31, 2024, 2023 and 2022, respectively. The Company holds assets that are substantially equivalent to the liability and are intended to fund the liability. Non-qualified plan assets of $10,482 and $9,195 at December 31, 2024 and December 31, 2023, respectively, are included as Non-qualified benefit plan assets on the Consolidated Balance Sheets. The Company had outstanding loans of $546 and $750 against its corporate-owned life insurance policies as of  December 31, 2024 and December 31, 2023, respectively, included in Other long-term liabilities on the Consolidated Balance Sheets, see Note 8 for additional information.