Company: CODI-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001345126-25-000015
Chunk: 248

Company: Compass Diversified Holdings
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 248
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572 444 Benefits paid(96)1,037 Settlement(342)(1,139)Foreign currency translation(821)1,008 Fair value of assets10,738 11,426 Funded status$(4,147)$(2,421)

F-37

COMPASS DIVERSIFIED HOLDINGSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

The unfunded liability of $4.1 million and $2.4 million at December 31, 2024 and 2023, respectively, is recognized in the consolidated balance sheet within other non-current liabilities.  Net periodic benefit cost consists of the following:Year ended December 31,(in thousands)202420232022Service cost$538 $369 $432 Interest cost243 257 42 Expected return on plan assets(201)(184)(73)Amortization of unrecognized gain (loss)(45)(37)(27)Effect of settlement47 (1)(40)Net periodic benefit cost$582 $404 $334 Assumptions used to determine the benefit obligations and components of the net periodic benefit cost at December 31, 2024 and 2023:December 31,20242023Discount rate1.05 %1.85 %Expected return on plan assets1.05 %1.85 %Rate of compensation increase3.00 %4.00 %The Company considers the historical level of long-term returns and the current level of expected long-term returns for the plan assets, as well as the current and expected allocation of assets when developing its expected long-term rate of return on assets assumption. The assumptions used for the plan are based upon customary rates and practices for the location of the Company.Arnold expects to contribute approximately $0.6 million to the defined benefit plan in 2025.  The following presents the benefit payments which are expected to be paid for the plan in each year indicated (in thousands):2025$640 2026793 2027850 2028964 2029607 Thereafter4,363 $8,217 Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements.The assets of the plan are reinsured in their entirety with Swiss Life Ltd. (“Swiss Life”) within the framework of the corresponding contracts with Swiss Life Collective BVG Foundation and Swiss Life Complementary Foundation. The assets