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Retirement Plans | 6 Months Ended
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Jun. 30, 2024
Employee-related Liabilities [Abstract] |
Retirement Plans | Retirement Plans The Company has three retirement plans that cover its hourly and salaried employees in the United States: one defined benefit plan, which is frozen, and two defined contribution plans. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the defined benefit and defined contribution plans are governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Company’s policy and investment guidelines applicable to each respective plan. The Company’s policy is to contribute at least the minimum in accordance with the funding standards of ERISA. The Company maintains one defined contribution plan for its employees in Canada. In the United Kingdom, the Company maintains two defined contribution plans and a defined benefit plan, which is frozen. On May 23, 2024, the Company’s Board of Directors approved the termination of our frozen L.B. Foster Company Merged Retirement Plan (the “US DB Plan”) and the Portec Rail Products (UK) Limited Pension Scheme (the “UK DB Plan”). The transfer of plan assets and obligations to insurers, and subsequent termination is expected to be completed by June 30, 2025. The Company’s US DB Plan is underfunded as of June 30, 2024, and will require cash payments of approximately $2,000 to $3,000 to effectuate the termination. The estimated cash payments are subject to change due to changes in market conditions that can impact the return on plan assets that are held by the US DB Plan and the UK DB Plan. The UK DB Plan is fully funded as of June 30, 2024, and we do not expect any additional contributions to be required during the termination process. These plans are discussed in further detail below. United States Defined Benefit Plan Net periodic pension costs were as follows for the periods presented:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest cost |  | $ | 66 |  |  | $ | 71 |  |  | $ | 132 |  |  | $ | 143 |
Expected return on plan assets |  | (68) |  |  | (64) |  |  | (136) |  |  | (128) |
Recognized net actuarial loss |  | 15 |  |  | 16 |  |  | 30 |  |  | 31 |
Net periodic pension cost |  | $ | 13 |  |  | $ | 23 |  |  | $ | 26 |  |  | $ | 46 |
The Company has made contributions to its United States defined benefit plan of $200 during the six months ended June 30, 2024 and expects to make total contributions of approximately $370 during 2024. United Kingdom Defined Benefit Plan Net periodic pension costs were as follows for the periods presented:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest cost |  | $ | 56 |  |  | $ | 56 |  |  | $ | 112 |  |  | $ | 112 |
Expected return on plan assets |  | (93) |  |  | (84) |  |  | (186) |  |  | (168) |
Amortization of prior service costs and transition amount |  | 6 |  |  | 6 |  |  | 12 |  |  | 12 |
Recognized net actuarial loss |  | 8 |  |  | 3 |  |  | 16 |  |  | 6 |
Net periodic pension income |  | $ | (23) |  |  | $ | (19) |  |  | $ | (46) |  |  | $ | (38) |
United Kingdom regulations require trustees to adopt a prudent approach to funding required contributions to defined benefit pension plans. For the six months ended June 30, 2024, the Company contributed approximately $156 to the plan. The Company anticipates total contributions of approximately $316 to the United Kingdom pension plan during 2024. Defined Contribution 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 for the periods presented:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
United States |  | $ | 720 |  |  | $ | 793 |  |  | $ | 1,271 |  |  | $ | 1,407 |
Canada |  | 34 |  |  | 32 |  |  | 110 |  |  | 94 |
United Kingdom |  | 287 |  |  | 315 |  |  | 565 |  |  | 576 |
|  | $ | 1,041 |  |  | $ | 1,140 |  |  | $ | 1,946 |  |  | $ | 2,077 |

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