Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 300

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 300
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Net periodic benefit cost:
Interest cost $ 868 $ 891 $ 627
Expected return on plan assets ( 1,075 ( 1,034 ( 778
Expected administrative expenses 200 200 200
Amortization of prior service costs 3 3 3
Amortization of net loss (gain) 91 123 -
Total net periodic benefit cost $ 87 $ 183 $ 52
Other changes in plan assets and benefits obligations recognized in other comprehensive income:
Prior service cost for the period $ - $ - $ -
Net loss (gain) for the period ( 192 346 1,545
Amortization of prior service costs ( 3 ( 3 ( 3
Amortization of net gain (loss) ( 91 ( 123 -
Total recognized in other comprehensive income $ ( 286 $ 220 $ 1,542
Total recognized in net periodic benefit cost (gain) and other comprehensive income $ ( 199 $ 403 $ 1,594
Weighted average assumptions used:
Discount rate 4.90 5.10 2.90
Expected return on plan assets 5.60 5.60 3.10
Rate of compensation increases N/A N/A N/A
The components of the change in benefit obligation, change in plan assets and funded status for TSNB’s pension plan for the years ended December 31, 2024, 2023 and 2022 are as follows:
Details 2024 2023 2022
Change in benefit obligation:
──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Benefit obligation at beginning of period $ 18,281 $ 17,436 $ 22,081
Interest cost 868 891 627
Benefits paid ( 963 ( 963 ( 804
Change in plan provisions - - -
Actuarial loss (gain) ( 1,152 917 ( 4,468
Benefit obligation end of period $ 17,034 $ 18,281 $ 17,436
Change in plan assets:
Fair value of plan assets at beginning of period $ 19,953 $ 19,511 $ 25,750
Actual return on plan assets 187 1,628 ( 5,211
Employer contribution - - -
Expenses paid ( 272 ( 224 ( 224
Benefits paid ( 964 ( 962 ( 804