Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 301

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 301
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Fair value of plan assets at end of period $ 18,904 $ 19,953 $ 19,511
Funded Status $ 1,870 $ 1,672 $ 2,075
Amounts recognized in statement of financial position:
Non-current assets $ 1,870 $ 1,672 $ 2,075
Non-current liabilities - - -
Net amount recognized $ 1,870 $ 1,672 $ 2,075
Weighted average assumptions used:
Discount rate 5.60 4.90 5.10
Rate of compensation increases N/A N/A N/A
The following benefit payments are expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
Fiscal Year Other Benefits
2025 $ 1,244
2026 1,285
2027 1,332
2028 1,357
2029 1,375
2030 - 2034 $ 6,690
Description of Significant Gains and Losses in Obligations:
For the fiscal year ended December 31, 2024, the benefit obligation summed to a net actuarial gain primarily attributable to the discount rate increase as compared to the prior year. For the fiscal year ended December 31, 2023, the benefit obligation summed to a net actuarial loss primarily attributable to the discount rate decrease as compared to the prior year and demographic experience during the year.
The plan’s assets measured at fair value on a recurring basis consisted of the following as of December 31, 2024:
Details Level 1 Level 2 Level 3
Investments in commingled funds $ $18,904 $
Total plan assets at fair value $ $18,904 $
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The plan’s assets measured at fair value on a recurring basis consisted of the following as of December 31, 2023:
Details Level 1 Level 2 Level 3
Investments in commingled funds $ $19,953 $
Total plan assets at fair value $ $19,953 $
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TSNB’s pension plan weighted average asset allocations on December 31, 2024, by asset category are as follows:
Asset Category December 31, 2024 Target allocation
2025
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Equity securities 10 10