Company: PRSU
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040127
Chunk: 236

Company: Pursuit Attractions & Hospitality, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 236
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 pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans, which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we typically fund the plans.During 2024, we communicated the termination of the Giltspur, Inc. Employees’ Pension Plan, which was frozen in 1996, to applicable participants. The termination of the plan, which had $9.3 million in assets and $10.4 million in estimated obligations on a termination accounting basis as of December 31, 2024, is expected to be completed in the first half of 2025. The components of net periodic benefit cost and other amounts of our pension plans recognized in other comprehensive income (loss) consist of the following:

        December 31,

        (in thousands)
         
        2024

        2023

        2022

        Net periodic benefit cost:

        Interest cost
         
        $
        809

        $
        845

        $
        478

        Expected return on plan assets

        (161
        )

        (126
        )

        93

        Amortization of prior service credit

        (38
        )

        (38
        )

        —

        Recognized net actuarial loss

        332

        291

        444

        Net periodic benefit cost

        942

        972

        1,015

        Other changes in plan assets and benefit obligations recognized in other   comprehensive income (loss):

        Net actuarial (gain) loss

        (746
        )

        198

        (3,409
        )

        Reversal of amortization item:

        Prior service credit (cost)

        38

        38

        (518
        )

        Net actuarial loss

        (332
        )

        (291
        )

        (444
        )