Company: TSEM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001178913-25-001537
Chunk: 298

Company: TOWER SEMICONDUCTOR LTD
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 298
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Measurement date December 31, 2024 December 31, 2023 December 31, 2022
The components of the change in benefit obligation, change in plan assets and funded status for post-retirement medical plan are as follows as of the years ended December 31, 2024, 2023 and 2022:
Details 2024 2023 2022
Change in medical plan related benefit obligation:
───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Medical plan related benefit obligation at beginning of period $ 1,319 $ 1,454 $ 1,912
Service cost 2 2 4
Interest cost 65 71 57
Benefits paid ( 2 ( 13 ( 4
Change in medical plan provisions - - -
Actuarial (gain) loss, net ( 149 ( 195 ( 515
Benefit medical plan related obligation end of period $ 1,235 $ 1,319 $ 1,454
Change in plan assets:
Fair value of plan assets at beginning of period $ - $ - $ -
Employer contribution 2 13 4
Benefits paid ( 2 ( 13 ( 4
Fair value of plan assets at end of period $ - $ - $ -
Medical plan related net funding $ ( 1,235 $ ( 1,319 $ ( 1,454
As of December 31, 2024, 2023 and 2022:
Details 2024 2023 2022
────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Amounts recognized in statement of financial position:
Current liabilities $ ( 56 $ ( 50 $ ( 59
Non-current liabilities ( 1,179 ( 1,269 ( 1,395
Net amount recognized $ ( 1,235 $ ( 1,319 $ ( 1,454
Weighted average assumptions used:
Discount rate 5.70 5.00 5.10
Rate of compensation increases N/A N/A N/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next year (pre-65/post-65 Medicare Advantage) 8.60%/ 11.50 8.20%/ 11.00 7.30%/ 9.25
Health care cost trend rate assumed for next year (