Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 143

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 143
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 below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. Net unrecognized actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit costs during the year ending December 31, 2025 for the U.S. and U.K. defined benefit pension plans are $12,525,000 ($10,035,000 net of tax).Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date. Net periodic benefit (credit) cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 included the following components: 

        Year Ended December 31,
         
        2024

        2023

        2022

        (In thousands)

        Service cost
         
        $
        1,531

        $
        1,423

        $
        1,219

        Interest cost

        23,163

        23,915

        12,903

        Expected return on assets

        (25,882
        )

        (27,168
        )

        (24,600
        )

        Amortization of actuarial loss

        12,580

        12,020

        10,198

        Curtailment loss recognized

        48

        —

        —

        Net periodic benefit cost (credit)
         
        $
        11,440

        $
        10,190

        $
        (280
        )
       
       Benefit cost for the U.S. Qualified Plan does not include service cost since the plan is frozen. For the years ended December 31, 2024, 2023 and 2022, the non-service components of net periodic pension cost/(credits) of $9,