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Retirement Plans (Tables) - Pension Plan | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure |
Schedule of Net Benefit Costs | Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
Components of net periodic benefit cost: |  |  |  |  |  |
Interest cost |  | $ | 286 |  |  | $ | 194 |  |  |
Expected return on plan assets |  | (256) |  |  | (264) |  |  |
Recognized net actuarial loss |  | 62 |  |  | 71 |  |  |
Net periodic pension cost |  | $ | 92 |  |  | $ | 1 |  |  |
Schedule of Costs of Retirement Plans | The Company sponsors five defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
United States |  | $ | 2,841 |  |  | $ | 1,650 |  |  |
Canada |  | 114 |  |  | 131 |  |  |
United Kingdom |  | 1,178 |  |  | 817 |  |  |
|  | $ | 4,133 |  |  | $ | 2,598 |  |  |
United States |
Defined Benefit Plan Disclosure |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,101 |  |  | $ | 7,875 |
Interest cost |  | 286 |  |  | 194 |
Actuarial gain |  | (23) |  |  | (1,544) |
Benefits paid |  | (455) |  |  | (424) |
Benefit obligation at end of year |  | $ | 5,909 |  |  | $ | 6,101 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 3,792 |  |  | $ | 4,767 |
Actual gain (loss) on plan assets |  | 310 |  |  | (1,007) |
Employer contribution |  | 276 |  |  | 456 |
Benefits paid |  | (455) |  |  | (424) |
Fair value of assets at end of year |  | 3,923 |  |  | 3,792 |
Funded status at end of year |  | $ | (1,986) |  |  | $ | (2,309) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other long-term liabilities |  | $ | (1,986) |  |  | $ | (2,309) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net loss |  | $ | 1,598 |  |  | $ | 1,737 |
Schedule of Changes in Fair Value of Plan Assets | The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,101 |  |  | $ | 7,875 |
Interest cost |  | 286 |  |  | 194 |
Actuarial gain |  | (23) |  |  | (1,544) |
Benefits paid |  | (455) |  |  | (424) |
Benefit obligation at end of year |  | $ | 5,909 |  |  | $ | 6,101 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 3,792 |  |  | $ | 4,767 |
Actual gain (loss) on plan assets |  | 310 |  |  | (1,007) |
Employer contribution |  | 276 |  |  | 456 |
Benefits paid |  | (455) |  |  | (424) |
Fair value of assets at end of year |  | 3,923 |  |  | 3,792 |
Funded status at end of year |  | $ | (1,986) |  |  | $ | (2,309) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other long-term liabilities |  | $ | (1,986) |  |  | $ | (2,309) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net loss |  | $ | 1,598 |  |  | $ | 1,737 |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
Discount rate |  | 4.9 | % |  | 2.6 | % |  |
Expected rate of return on plan assets |  | 7.0 | % |  | 5.6 | % |  |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
Projected benefit obligation |  | $ | 5,909 |  |  | $ | 6,101 |
Accumulated benefit obligation |  | 5,909 |  |  | 6,101 |
Fair value of plan assets |  | 3,923 |  |  | 3,792 |
Schedule of Investment Allocation and Target Allocation | The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2023 and 2022 were as follows:
|  |  |  | December 31,
|  | Target |  | 2023 |  | 2022
Asset Category |  |  |  |  |  |
Cash and cash equivalents |  | 0 - 20% |  | 4 | % |  | 6 | %
Total fixed income funds |  | 25 - 50% |  | 33 |  |  | 7 |
Total mutual funds and equities |  | 35 - 70% |  | 63 |  |  | 87 |
Total |  |  |  | 100 | % |  | 100 | %
In accordance with the fair value disclosure requirements of ASC 820, the following assets were measured at fair value on a recurring basis as of December 31, 2023 and 2022. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.
|  | December 31,
|  | 2023 |  | 2022
Asset Category |  |  |  |
Cash and cash equivalents |  | $ | 160 |  |  | $ | 222 |
Fixed income funds |  |  |  |
Corporate bonds |  | 845 |  |  | 795 |
Total fixed income funds |  | 845 |  |  | 795 |
Equity funds and equities |  |  |  |
Mutual funds |  | — |  |  | 247 |
Exchange-traded funds |  | 2,918 |  |  | 2,528 |
Total mutual funds and equities |  | 2,918 |  |  | 2,775 |
Total |  | $ | 3,923 |  |  | $ | 3,792 |
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during the years indicated:
Year Ending December 31, |  |
2024 |  | $ | 491 |
2025 |  | 483 |
2026 |  | 478 |
2027 |  | 468 |
2028 |  | 455 |
Years 2029-2033 |  | 2,105 |
United Kingdom |
Defined Benefit Plan Disclosure |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The funded status of the United Kingdom defined benefit plan as of December 31, 2023 and 2022 was as follows:
|  | December 31,
|  | 2023 |  | 2022
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,671 |  |  | $ | 9,135 |
Interest cost |  | 229 |  |  | 135 |
Actuarial gain |  | 154 |  |  | (2,221) |
Benefits paid |  | (292) |  |  | (1,424) |
Foreign currency exchange rate changes |  | 249 |  |  | (954) |
Benefit obligation at end of year |  | $ | 5,011 |  |  | $ | 4,671 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 5,745 |  |  | $ | 8,409 |
Actual gain (loss) on plan assets |  | 323 |  |  | (742) |
Employer contribution |  | 318 |  |  | 319 |
Benefits paid |  | (292) |  |  | (1,363) |
Foreign currency exchange rate changes |  | 305 |  |  | (878) |
Fair value of assets at end of year |  | 6,399 |  |  | 5,745 |
Funded status at end of year |  | $ | 1,388 |  |  | $ | 1,074 |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other assets |  | $ | 1,388 |  |  | $ | 1,074 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net gain |  | $ | (567) |  |  | $ | (1,425) |
Prior service cost |  | 71 |  |  | 90 |
Total |  | $ | (496) |  |  | $ | (1,335) |
Schedule of Net Benefit Costs | Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
Components of net periodic benefit gain: |  |  |  |  |  |
Interest cost |  | $ | 229 |  |  | $ | 135 |  |  |
Expected return on plan assets |  | (346) |  |  | (264) |  |  |
Amortization of prior service cost |  | 24 |  |  | 23 |  |  |
Recognized net actuarial loss |  | 18 |  |  | 13 |  |  |
Net periodic pension gain |  | $ | (75) |  |  | $ | (93) |  |  |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  |
Discount rate |  | 4.5 | % |  | 4.8 | % |  |
Expected rate of return on plan assets |  | 6.0 | % |  | 5.7 | % |  |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2023 and 2022:
|  | December 31,
|  | 2023 |  | 2022
Projected benefit obligation |  | $ | 5,011 |  |  | $ | 4,671 |
Accumulated benefit obligation |  | 5,011 |  |  | 4,671 |
Fair value of plan assets |  | 6,399 |  |  | 5,745 |
Schedule of Investment Allocation and Target Allocation | The target asset allocation percentages for 2023 were as follows:
Equity securities |  | Up to 100%
Commercial property |  | Not to exceed 50%
UK Government securities |  | Not to exceed 50%
Cash |  | Up to 100%
Plan assets held within the United Kingdom defined benefit plan consist of cash and equity securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy. The plan assets by category for the years ended December 31, 2023 and 2022 were as follows:
|  | December 31,
|  | 2023 |  | 2022
Asset Category |  |  |  |
Cash and cash equivalents |  | $ | 127 |  |  | $ | 540 |
Equity securities |  | 3,676 |  |  | 2,530 |
Bonds |  | 1,693 |  |  | 2,296 |
Other |  | 903 |  |  | 379 |
Total |  | $ | 6,399 |  |  | $ | 5,745 |
Schedule of Expected Benefit Payments | The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:
Year Ending December 31, |  |
2024 |  | $ | 308 |
2025 |  | 318 |
2026 |  | 325 |
2027 |  | 331 |
2028 |  | 337 |
Years 2029-2033 |  | 1,497 |

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