Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 43

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 43
---
2024 and 2023:

F-28

Table of Content

(Amounts in thousands)December 31, 2024December 31, 2023Change in benefit obligationBenefit obligation at beginning of year$5,046 $5,087 Service cost39 41 Interest cost276 273 Direct benefit payments(296)(303)Net transfers in559 – Actuarial gain(598)(52)Benefit obligation at end of year$5,026 $5,046 The following table sets forth the amounts recognized in the consolidated balance sheets as of December 31, 2024 and 2023:(Amounts in thousands)December 31, 2024December 31, 2023Amount recognized in the consolidated balance sheets:Accounts payable and accrued liabilities, current portion$(308)$(392)Post-retirement obligation, less current portion(4,718)(4,654)Net amount recognized in the balance sheet$(5,026)$(5,046)There are no required minimum contributions for the pension plans and pension costs are determined using the assumptions as of the beginning of the plan year.

14. Related Party Transactions

The Company leased commercial office space from BCG Chantilly, LLC (BCC), an entity in which Mr. Bowman, Mr. Bruen and Mr. Hickey collectively owned a 63.6% interest until April 19, 2024. The Company entered into lease with new landlord thereafter. As of December 31, 2024 and 2023, there were no amounts due to or receivables due from BCC. Rent expense for years ended December 31, 2024 and 2023 was $27,000 and $0.1 million, respectively.Bowman Lansdowne Development, LLC (BLD) is an entity in which Mr. Bowman has an ownership interest. On December 31, 2024 and 2023, the Company’s notes receivable included $0.5 million and $0.5 million, respectively, from BLD, with a maturity date of December 31, 2027. Mr. Bowman has executed a Guaranty of Collection for the amount of the current unpaid principal balance.Lansdowne Development Group, LLC (LDG) is an entity in which BLD has a minority ownership interest. On December 31, 2024 and 2023, our accounts receivable included $0.1 million and $