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Retirement Plans | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans The Company has two defined contribution retirement plans that cover its hourly and salaried employees in the United States. Employees are eligible to participate in the appropriate plan based on employment classification. The Company’s contributions to the 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. These plans are discussed in further detail below. On May 23, 2024, the Company's Board of Directors approved the termination of the 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”). At such time, the Company notified all plan participants of the Company's intentions to terminate and fully settle the obligations. During the fourth quarter of 2024, the Company completed the termination of the US DB Plan. In January 2025, the Company entered into an insurance buy-in contract with a third party insurer which resulted in an exchange of plan assets of the UK DB Plan for an annuity that covers our future projected benefit obligations. The Company expects the buy out of the plan and transfer of future benefit obligations of plan participants to be completed in early 2026. The Company does not expect to make any further contributions to the UK DB Plan. United Kingdom Defined Benefit Plan Net periodic pension costs were as follows for the periods presented:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Interest cost |  | $ | 62 |  |  | $ | 56 |  |  |  |  |
Expected return on plan assets |  | (83) |  |  | (94) |  |  |  |  |
Amortization of prior service costs and transition amount |  | 6 |  |  | 6 |  |  |  |  |
Recognized net actuarial loss |  | 10 |  |  | 8 |  |  |  |  |
Net periodic pension income |  | $ | (5) |  |  | $ | (24) |  |  |  |  |
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 March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
United States |  | $ | 713 |  |  | $ | 551 |  |  |  |  |
Canada |  | 70 |  |  | 76 |  |  |  |  |
United Kingdom |  | 271 |  |  | 281 |  |  |  |  |
|  | $ | 1,054 |  |  | $ | 908 |  |  |  |  |

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