Company: CRL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001100682-25-000011
Chunk: 184

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 184
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 provide cash sufficient to settle its current pension obligations. Weighted-average assumptions used to determine net periodic benefit cost are as follows: December 28, 2024December 30, 2023December 31, 2022Discount rate4.7 %4.8 %1.8 %Expected long-term return on plan assets3.5 %3.9 %2.4 %Rate of compensation increase3.1 %3.2 %3.7 %In fiscal year 2023, new mortality improvement scales were issued in the U.S. and the United Kingdom (U.K.) reflecting a decline in longevity projection from previous releases the Company adopted, which decreased the Company’s benefit obligations by $3.5 million as of December 30, 2023. There were no new mortality improvement scales issued in fiscal 2024.Plan AssetsThe Company invests its pension assets with the objective of achieving a total long-term rate of return sufficient to fund future pension obligations and to minimize future pension contributions. The Company is willing to tolerate a commensurate level of risk to achieve this objective. The Company controls its risk by maintaining a diversified portfolio of asset classes. Plan assets did not include any of the Company’s common stock as of December 28, 2024 or December 30, 2023. The weighted-average target asset allocations are 6.0% to equity securities, 85.3% to fixed income securities, and 8.7% to other securities.

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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The fair value of the Company’s pension plan assets by asset category are as follows: December 28, 2024December 30, 2023Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total(in thousands)Cash and cash equivalents$2,406 $25 $— $2,431 $446 $798 $— $1,244 Equity securities (1)— 11,962 — 11,962 — 10,701 — 10,701 Debt securities (2) — 126,965 — 126,965 — 144,822 — 144,822 Mutual funds (3)8,507 11,080 — 19