Company: CRL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001100682-25-000011
Chunk: 182

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 182
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 periodic benefit cost associated with these plans for fiscal years 2024, 2023 and 2022 totaled $3.0 million, $2.8 million and $4.3 million, respectively.The Company has invested in several corporate-owned key-person life insurance policies with the intention of using these investments to fund the ESLIRP and the DCP. Participants have no interest in any such investments. As of December 28, 2024 and December 30, 2023, the cash surrender value of these life insurance policies were $55.8 million and $48.4 million, respectively.

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CHARLES RIVER LABORATORIES INTERNATIONAL, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension, DCP, and ESLIRP plans: December 28, 2024December 30, 2023(in thousands)Change in projected benefit obligations:  Benefit obligation at beginning of year$224,875 $205,551 Service cost2,807 2,474 Interest cost10,417 9,941 Benefit payments(8,034)(6,239)Curtailment(7)— Settlements(74)— Transfer in due to acquisition— 1,106 Actuarial (gain) loss(10,667)3,600 Effect of foreign exchange(3,358)8,442 Benefit obligation at end of year$215,959 $224,875 Change in fair value of plan assets:Fair value of plan assets at beginning of year$203,657 $192,540 Actual return on plan assets(15,713)5,578 Employer contributions5,496 1,744 Settlements(74)— Transfer in due to acquisition— 181 Benefit payments(8,034)(6,239)Effect of foreign exchange(2,685)9,853 Fair value of plan assets at end of year$182,647 $203,657 Net balance sheet liability$33,312 $21,218 Amounts recognized in balance sheet:Noncurrent assets$31,628 $36,957 Current liabilities873 1,164 Noncurrent liabilities64,067 57,011 Actuarial gains and losses are driven by changes in economic assumptions, principally discount rates. Amounts recognized