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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | 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, 2024 and 2023:
|  | December 31,
|  | 2024 |  | 2023
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,909 |  |  | $ | 6,101 |
Service cost |  | — |  |  | — |
Interest cost |  | 265 |  |  | 286 |
Actuarial gain |  | (150) |  |  | (23) |
Benefits paid |  | (432) |  |  | (455) |
Settlements |  | (5,592) |  |  | — |
Benefit obligation at end of year |  | $ | — |  |  | $ | 5,909 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 3,923 |  |  | $ | 3,792 |
Actual gain (loss) on plan assets |  | (61) |  |  | 310 |
Employer contribution |  | 2,274 |  |  | 276 |
Benefits paid |  | (432) |  |  | (455) |
Reversion |  | (112) |  |  |
Settlements |  | (5,592) |  |  | — |
Fair value of assets at end of year |  | — |  |  | 3,923 |
Funded status at end of year |  | $ | — |  |  | $ | (1,986) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other long-term liabilities |  | $ | — |  |  | $ | (1,986) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net loss |  | $ | — |  |  | $ | 1,598 |
The funded status of the United Kingdom defined benefit plan as of December 31, 2024 and 2023 was as follows:
|  | December 31,
|  | 2024 |  | 2023
Changes in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 5,011 |  |  | $ | 4,671 |
Interest cost |  | 215 |  |  | 229 |
Actuarial gain |  | (134) |  |  | 154 |
Benefits paid |  | (322) |  |  | (292) |
Foreign currency exchange rate changes |  | (66) |  |  | 249 |
Benefit obligation at end of year |  | $ | 4,704 |  |  | $ | 5,011 |
Change to plan assets: |  |  |  |
Fair value of assets at beginning of year |  | $ | 6,399 |  |  | $ | 5,745 |
Actual gain (loss) on plan assets |  | 137 |  |  | 323 |
Employer contribution |  | 214 |  |  | 318 |
Benefits paid |  | (322) |  |  | (292) |
Foreign currency exchange rate changes |  | (83) |  |  | 305 |
Fair value of assets at end of year |  | 6,345 |  |  | 6,399 |
Funded status at end of year |  | $ | 1,641 |  |  | $ | 1,388 |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Other assets |  | $ | 1,641 |  |  | $ | 1,388 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net gain |  | $ | (703) |  |  | $ | (567) |
Prior service cost |  | 46 |  |  | 71 |
Total |  | $ | (657) |  |  | $ | (496) |
Schedule of Net Benefit Costs | Net periodic pension costs for the years ended December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  |
Components of net periodic benefit cost: |  |  |  |  |  |
Interest cost |  | $ | 265 |  |  | $ | 286 |  |  |
Expected return on plan assets |  | (271) |  |  | (256) |  |  |
Recognized net actuarial loss |  | 58 |  |  | 62 |  |  |
Net periodic pension cost |  | $ | 52 |  |  | $ | 92 |  |  |
Settlement charge |  | 1,722 |  |  | — |  |  |
Total pension expense |  | $ | 1,774 |  |  | $ | 92 |  |  |
Net periodic pension costs for the years ended December 31, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  |
Components of net periodic benefit gain: |  |  |  |  |  |
Interest cost |  | $ | 215 |  |  | $ | 229 |  |  |
Expected return on plan assets |  | (380) |  |  | (346) |  |  |
Amortization of prior service cost |  | 24 |  |  | 24 |  |  |
Recognized net actuarial loss |  | 33 |  |  | 18 |  |  |
Net periodic pension gain |  | $ | (108) |  |  | $ | (75) |  |  |
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,
|  | 2024 |  | 2023 |  |
Discount rate |  | 4.7 | % |  | 4.9 | % |  |
Expected rate of return on plan assets |  | 7.0 | % |  | 7.0 | % |  |
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,
|  | 2024 |  | 2023 |  |
Discount rate |  | 5.4 | % |  | 4.5 | % |  |
Expected rate of return on plan assets |  | 5.3 | % |  | 6.0 | % |  |
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:
|  |  | December 31,
|  |  |  | 2023
Projected benefit obligation |  |  |  | $ | 5,909 |
Accumulated benefit obligation |  |  |  | 5,909 |
Fair value of plan assets |  |  |  | 3,923 |
Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2024 and 2023:
|  | December 31,
|  | 2024 |  | 2023
Projected benefit obligation |  | $ | 4,704 |  |  | $ | 5,011 |
Accumulated benefit obligation |  | 4,704 |  |  | 5,011 |
Fair value of plan assets |  | 6,345 |  |  | 6,399 |
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 were as follows:
|  |  |  |  | December 31,
|  | Target |  |  |  | 2023
Asset Category |  |  |  |  |  |
Cash and cash equivalents |  | 0 - 20% |  |  |  | 4 | %
Total fixed income funds |  | 25 - 50% |  |  |  | 33 |
Total mutual funds and equities |  | 35 - 70% |  |  |  | 63 |
Total |  |  |  |  |  | 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. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 15.
|  |  | December 31,
|  |  |  | 2023
Asset Category |  |  |  |
Cash and cash equivalents |  |  |  | $ | 160 |
Fixed income funds |  |  |  |
Corporate bonds |  |  |  | 845 |
Total fixed income funds |  |  |  | 845 |
Equity funds and equities |  |  |  |
Mutual funds |  |  |  | — |
Exchange-traded funds |  |  |  | 2,918 |
Total mutual funds and equities |  |  |  | 2,918 |
Total |  |  |  | $ | 3,923 |
The target asset allocation percentages for 2024 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, 2024 and 2023 were as follows:
|  | December 31,
|  | 2024 |  | 2023
Asset Category |  |  |  |
Cash and cash equivalents |  | $ | 139 |  |  | $ | 127 |
Equity securities |  | — |  |  | 3,676 |
Bonds |  | 6,206 |  |  | 1,693 |
Other |  | — |  |  | 903 |
Total |  | $ | 6,345 |  |  | $ | 6,399 |
Schedule of Costs of Retirement Plans | The following table summarizes the expense associated with the contributions made to these plans.
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  |
United States |  | $ | 2,757 |  |  | $ | 2,841 |  |  |
Canada |  | 124 |  |  | 114 |  |  |
United Kingdom |  | 1,165 |  |  | 1,178 |  |  |
|  | $ | 4,046 |  |  | $ | 4,133 |  |  |

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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
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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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