Retirement Plans

6 Months Ended

Jun. 30, 2023

Employee-related Liabilities [Abstract]

Retirement Plans

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. These plans are discussed in further detail below.

United States Defined Benefit Plan

Net periodic pension costs for the United States defined benefit pension plan for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest cost	$	71	$	49	$	143	$	97
Expected return on plan assets	(64)		(66)		(128)		(132)
Recognized net actuarial loss	16		18		31		35
Net periodic pension cost	$	23	$	1	$	46	$	—

The Company has made contributions to its United States defined benefit plan of $176 during the six months ended June 30, 2023 and expects to make total contributions of $400 during 2023.

United Kingdom Defined Benefit Plan

Net periodic pension costs for the United Kingdom defined benefit pension plan for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest cost	$	56	$	43	$	112	$	86
Expected return on plan assets	(84)		(76)		(168)		(152)
Amortization of prior service costs and transition amount	6		6		12		12
Recognized net actuarial loss	3		40		6		80
Net periodic pension (income) cost	$	(19)	$	13	$	(38)	$	26

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, 2023, the Company contributed approximately $170 to the plan. The Company anticipates total contributions of approximately $340 to the United Kingdom pension plan during 2023.

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,
	2023		2022		2023		2022
United States	$	793	$	390	$	1,407	$	695
Canada	32		45		94		105
United Kingdom	315		379		576		379
	$	1,140	$	814	$	2,077	$	1,179