Retirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Retirement Plan [Abstract] |
|
| Schedule of Benefit Obligation and the Net Periodic Benefit Cost |
The following significant actuarial assumptions were used in calculating the benefit obligation and the net periodic benefit cost as of December 31, 2023:
|
Discount rate
|
|
1.45 |
%
|
|
Expected long-term rate of return on plan assets
|
|
1.45 |
%
|
|
Rate of compensation increase
|
|
3.00 |
%
|
|
| Schedule of Accompanying Consolidated Balance Sheet |
The components of net periodic benefit cost for the period from December 15, 2023 to December 31, 2023 are as follows:
|
Service cost
|
|
$
|
4,278 |
|
|
Interest cost
|
|
|
1,943 |
|
|
Expected return on plan assets
|
|
|
(1,581 |
)
|
|
Amortization of net (gain)/loss
|
|
|
(1,534 |
)
|
|
Settlements (gain)/loss
|
|
|
(1,157 |
)
|
|
Total
|
|
$
|
1,949 |
|
|
| Schedule of Accumulated Comprehensive Loss |
The components of accumulated comprehensive loss attributable to the Company’s pension plan for the period from December 15, 2023 to December 31, 2023 are as follows:
|
Net loss (gain)
|
|
$
|
7,277 |
|
|
Amortization of net gain
|
|
|
1,534 |
|
|
Effect of settlement
|
|
|
1,157 |
|
|
Other adjustments
|
|
|
(4,005 |
)
|
|
Total recorded during the period
|
|
$
|
5,963 |
|
|
| Schedule of Accompanying Consolidated Balance Sheet |
As of December 31, 2023, the funded status of the plan and the amounts recognized in the accompanying consolidated balance sheet are as follows:
|
Projected benefit obligation
|
|
$
|
2,299,970 |
|
|
Fair value of plan assets
|
|
|
1,743,674 |
|
|
Overfunded (underfunded) status
|
|
$
|
(556,296 |
)
|
|
| Schedule of the Beginning and Ending Balances of the Accumulated Benefit Obligation |
A reconciliation of the beginning and ending balances of the accumulated benefit obligation is provided in the table below:
|
As of December 15, 2023
|
|
|
2,288,273 |
|
|
Service cost
|
|
|
4,278 |
|
|
Interest cost
|
|
|
1,943 |
|
|
Actuarial (gain) loss
|
|
|
7,979 |
|
|
Benefits paid
|
|
|
(905 |
)
|
|
Ordinary contributions paid by employees
|
|
|
4,005 |
|
|
Contributions paid by plan participants
|
|
|
769 |
|
|
Settlements
|
|
|
(6,372 |
)
|
|
Projected benefit obligation as of December 31, 2023
|
|
|
2,299,970 |
|
|
Actuarial (gain)/loss due to assumption changes
|
|
|
8,834 |
|
|
Actuarial (gain)/loss due to plan experience
|
|
|
(855 |
)
|
|
Accumulated benefit obligation as of December 31, 2023
|
|
$
|
2,307,949 |
|
A reconciliation of the beginning and ending balances of the plan assets is provided in the table below:
|
As of December 15, 2023
|
|
$
|
1,739,889 |
|
|
Actual return on plan assets
|
|
|
2,283 |
|
|
Contributions paid by employer
|
|
|
4,005 |
|
|
Ordinary contributions paid by employees
|
|
|
4,005 |
|
|
Contributions paid by plan participants
|
|
|
769 |
|
|
Benefits paid
|
|
|
(905 |
)
|
|
Settlements
|
|
|
(6,372 |
)
|
|
As of December 31, 2023
|
|
$
|
1,743,674 |
|
|
| Schedule of Benefit Payments |
Projected benefit payments for the next five years as of December 31, 2023 are as follows:
|
Years ending December 31,
|
|
|
|
|
2024
|
|
$
|
|
|
2025
|
|
|
95,100 |
|
2026
|
|
|
95,100 |
|
2027
|
|
|
95,100 |
|
2028
|
|
|
95,100 |
|
Thereafter
|
|
|
553,900 |
|
Total
|
|
$
|
934,300 |
|