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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Pension Plan  
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2022 and 2021 were as follows:
Year Ended December 31,
20222021
Components of net periodic benefit cost:
Interest cost$194 $172 
Expected return on plan assets(264)(247)
Recognized net actuarial loss71 99 
Net periodic pension cost$$24 
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,
20222021
United States$1,650 $1,484 
Canada131 145 
United Kingdom817 510 
$2,598 $2,139 
Pension Plan | 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, 2022 and 2021:
December 31,
20222021
Changes in benefit obligation:
Benefit obligation at beginning of year$7,875 $8,448 
Interest cost194 172 
Actuarial gain(1,544)(319)
Benefits paid(424)(426)
Benefit obligation at end of year$6,101 $7,875 
Change to plan assets:
Fair value of assets at beginning of year$4,767 $4,459 
Actual (loss) gain on plan assets(1,007)434 
Employer contribution456 300 
Benefits paid(424)(426)
Fair value of assets at end of year3,792 4,767 
Funded status at end of year$(2,309)$(3,108)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(2,309)$(3,108)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$1,737 $2,082 
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, 2022 and 2021:
December 31,
20222021
Changes in benefit obligation:
Benefit obligation at beginning of year$7,875 $8,448 
Interest cost194 172 
Actuarial gain(1,544)(319)
Benefits paid(424)(426)
Benefit obligation at end of year$6,101 $7,875 
Change to plan assets:
Fair value of assets at beginning of year$4,767 $4,459 
Actual (loss) gain on plan assets(1,007)434 
Employer contribution456 300 
Benefits paid(424)(426)
Fair value of assets at end of year3,792 4,767 
Funded status at end of year$(2,309)$(3,108)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(2,309)$(3,108)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$1,737 $2,082 
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,
20222021
Discount rate2.6 %2.1 %
Expected rate of return on plan assets5.6 %5.2 %
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, 2022 and 2021:
December 31,
20222021
Projected benefit obligation$6,101 $7,875 
Accumulated benefit obligation6,101 7,875 
Fair value of plan assets3,792 4,767 
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, 2022 and 2021 were as follows:
December 31,
Target20222021
Asset Category
Cash and cash equivalents
0 - 20%
%%
Total fixed income funds
25 - 50%
14 
Total mutual funds and equities
35 - 70%
87 82 
Total100 %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, 2022 and 2021. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.
December 31,
20222021
Asset Category
Cash and cash equivalents$222 $171 
Fixed income funds
Corporate bonds795 667 
Total fixed income funds795 667 
Equity funds and equities
Mutual funds247 802 
Exchange-traded funds2,528 3,127 
Total mutual funds and equities2,775 3,929 
Total$3,792 $4,767 
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid during the years indicated:
Year Ending December 31,
2023$499 
2024496 
2025490 
2026485 
2027474 
Years 2028-20322,190 
Pension Plan | 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, 2022 and 2021 was as follows:
December 31,
20222021
Changes in benefit obligation:
Benefit obligation at beginning of year$9,135 $10,265 
Interest cost135 109 
Actuarial gain(2,221)(825)
Benefits paid(1,424)(302)
Foreign currency exchange rate changes(954)(112)
Benefit obligation at end of year$4,671 $9,135 
Change to plan assets:
Fair value of assets at beginning of year$8,409 $7,975 
Actual (loss) gain on plan assets(742)522 
Employer contribution319 336 
Benefits paid(1,363)(338)
Foreign currency exchange rate changes(878)(86)
Fair value of assets at end of year5,745 8,409 
Funded status at end of year$1,074 $(726)
Amounts recognized in the consolidated balance sheets consist of:
Other assets (long-term liabilities)$1,074 $(726)
Amounts recognized in accumulated other comprehensive loss consist of:
Net (gain) loss$(1,425)$837 
Prior service cost90 127 
Total$(1,335)$964 
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2022 and 2021 were as follows:
Year Ended December 31,
20222021
Components of net periodic benefit (gain) cost:
Interest cost$135 $109 
Expected return on plan assets(264)(254)
Amortization of prior service cost23 26 
Recognized net actuarial loss13 165 
Net periodic pension (gain) cost$(93)$46 
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,
20222021
Discount rate4.8 %1.8 %
Expected rate of return on plan assets5.7 %3.8 %
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, 2022 and 2021:
December 31,
20222021
Projected benefit obligation$4,671 $9,135 
Accumulated benefit obligation4,671 9,135 
Fair value of plan assets5,745 8,409 
Schedule of Investment Allocation and Target Allocation The target asset allocation percentages for 2022 were as follows:
Equity securities
Up to 100%
Commercial property
Not to exceed 50%
U.K. 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, 2022 and 2021 were as follows:
December 31,
20222021
Asset Category
Cash and cash equivalents$540 $339 
Equity securities2,530 3,822 
Bonds2,296 3,491 
Other379 757 
Total$5,745 $8,409 
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,
2023$288 
2024302 
2025312 
2026318 
2027324 
Years 2028-20321,415 
Other Postretirement Benefits Plan  
Defined Benefit Plan Disclosure  
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.
December 31,
2021
Discount rate3.1 %
Weighted average health care trend rate4.7 %