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Pension and Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | The following tables set forth the plan changes in benefit obligations, plan assets and funded status on the measurement dates:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 27,350 |  |  | $ | 35,035 |  |  | $ | 38,272 |
Interest cost |  |  | 1,274 |  |  |  | 877 |  |  |  | 775 |
Actuarial loss (gain) |  |  | 183 |  |  |  | (6,540 | ) |  |  | (1,936 | )
Benefits paid |  |  | (2,047 | ) |  |  | (2,022 | ) |  |  | (2,076 | )
Projected benefit obligation at end of year |  |  | 26,760 |  |  |  | 27,350 |  |  |  | 35,035 |
Change in plan assets: |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 21,821 |  |  |  | 29,474 |  |  |  | 28,545 |
Actual return on plan assets |  |  | 2,872 |  |  |  | (5,631 | ) |  |  | 3,005 |
Benefits paid |  |  | (2,047 | ) |  |  | (2,022 | ) |  |  | (2,076 | )
Fair value of plan assets at end of year |  |  | 22,646 |  |  |  | 21,821 |  |  |  | 29,474 |
Funded status at end of year |  | $ | (4,114 | ) |  | $ | (5,529 | ) |  | $ | (5,561 | )
Weighted-average assumptions used to determine benefit obligations for the year ended December 31: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.70 | % |  |  | 4.90 | % |  |  | 2.55 | %
The funded status as of December 31, 2023, 2022 and 2021, was $4.1 million, $5.5 m illion, and $5.6 million, respectively and is recognized in the accompanying Consolidated Balance Sheets within other long-term liabilities.
Schedule of Net Periodic Benefit Cost For Pension Benefits Included in the Accompanying Consolidated Statements of Operations | The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Income are as follows:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Interest cost |  | $ | 1,274 |  |  | $ | 877 |  |  | $ | 775 |
Expected return on plan assets |  |  | (1,142 | ) |  |  | (1,560 | ) |  |  | (1,510 | )
Amortization of net loss |  |  | 297 |  |  |  | 263 |  |  |  | 411 |
Net periodic benefit (expense) income |  | $ | 429 |  |  | $ | (420 | ) |  | $ | (324 | )
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income:
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net (gain) loss |  | $ | (1,548 | ) |  | $ | 651 |  |  | $ | (3,432 | )
Amortization of net actuarial loss |  |  | (297 | ) |  |  | (263 | ) |  |  | (411 | )
Total recognized in other comprehensive income (loss) |  | $ | (1,845 | ) |  | $ | 388 |  |  | $ | (3,843 | )
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | (1,416 | ) |  | $ | (32 | ) |  | $ | (4,167 | )
Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit costs
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Discount Rate |  | 4.90% |  | 2.55% |  | 2.10%
Expected return on assets |  | 5.50% |  | 5.50% |  | 5.50%
Details of Defined Benefit Pension Plan Asset Allocation by Asset Category | defined benefit pension plan asset allocation by asset category is as follows:
|  | Target Allocation |  | Percentage of Plan Assets
|  | 2023 |  | 2023 |  | 2022
Asset Category: |  |  |  |  |  |
Cash and cash equivalents |  | 0% |  | 1% |  | 2%
Equity securities |  | 70% |  | 76% |  | 73%
Debt securities |  | 30% |  | 23% |  | 25%
Total |  | 100% |  | 100% |  | 100%
Disclosure of Fair Value Measurements of Pension Plan Assets | The levels assigned to the defined benefit plan assets as of December 31, 2023, are summarized in the tables below:
(table only in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 311 |  |  | $ | — |  |  | $ | — |  |  | $ | 311 |
Equity securities |  |  | 17,233 |  |  |  | — |  |  |  | — |  |  |  | 17,233 |
Debt securities |  |  | 5,102 |  |  |  | — |  |  |  | — |  |  |  | 5,102 |
Total assets |  | $ | 22,646 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,646 |
The levels assigned to the defined benefit plan assets as of December 31, 2022, are summarized in the tables below:
(table only in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Pension assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 354 |  |  | $ | — |  |  | $ | — |  |  | $ | 354 |
Equity securities |  |  | 15,984 |  |  |  | — |  |  |  | — |  |  |  | 15,984 |
Debt securities |  |  | 5,483 |  |  |  | — |  |  |  | — |  |  |  | 5,483 |
Total assets |  | $ | 21,821 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,821 |
Summary of Pension Fund General Information | The Company’s participation in these plans for the year ended December 31, 2023, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2023 is for the plan’s year-end at December 31, 2022. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.
Pension Fund |  | EIN/Pension Plan Number |  | Pension Protection Act Zone Status 2012 |  | FIF/RP Status Pending/Implemented |  | Surcharge Imposed |  | Expiration of Collective Bargaining Agreement
Sheet Metal Workers’ National Pension Fund |  | 52-6112463/001 |  | Green |  | FIF: Yes - Implemented RP: Yes - Implemented |  | No |  | Various
Sheet Metal Workers Local 224 Pension Plan |  | 31-6171353/001 |  | Yellow |  | FIF: Yes - Implemented |  | No |  | n/a
Sheet Metal Workers Local No. 177 Pension Fund |  | 62-6093256/001 |  | Green |  | Is not subject |  | No |  | April 30, 2026

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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