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Retirement Plans (Tables) - Pension Plan
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,
20232022
Components of net periodic benefit cost:
Interest cost$286 $194 
Expected return on plan assets(256)(264)
Recognized net actuarial loss62 71 
Net periodic pension cost$92 $1 
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,
20232022
United States$2,841 $1,650 
Canada114 131 
United Kingdom1,178 817 
$4,133 $2,598 
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, 2023 and 2022:
December 31,
20232022
Changes in benefit obligation:
Benefit obligation at beginning of year$6,101 $7,875 
Interest cost286 194 
Actuarial gain(23)(1,544)
Benefits paid(455)(424)
Benefit obligation at end of year$5,909 $6,101 
Change to plan assets:
Fair value of assets at beginning of year$3,792 $4,767 
Actual gain (loss) on plan assets310 (1,007)
Employer contribution276 456 
Benefits paid(455)(424)
Fair value of assets at end of year3,923 3,792 
Funded status at end of year$(1,986)$(2,309)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(1,986)$(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$1,598 $1,737 
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, 2023 and 2022:
December 31,
20232022
Changes in benefit obligation:
Benefit obligation at beginning of year$6,101 $7,875 
Interest cost286 194 
Actuarial gain(23)(1,544)
Benefits paid(455)(424)
Benefit obligation at end of year$5,909 $6,101 
Change to plan assets:
Fair value of assets at beginning of year$3,792 $4,767 
Actual gain (loss) on plan assets310 (1,007)
Employer contribution276 456 
Benefits paid(455)(424)
Fair value of assets at end of year3,923 3,792 
Funded status at end of year$(1,986)$(2,309)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(1,986)$(2,309)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$1,598 $1,737 
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,
20232022
Discount rate4.9 %2.6 %
Expected rate of return on plan assets7.0 %5.6 %
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 and 2022:
December 31,
20232022
Projected benefit obligation$5,909 $6,101 
Accumulated benefit obligation5,909 6,101 
Fair value of plan assets3,923 3,792 
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 and 2022 were as follows:
December 31,
Target20232022
Asset Category
Cash and cash equivalents
0 - 20%
4 %6 %
Total fixed income funds
25 - 50%
33 7 
Total mutual funds and equities
35 - 70%
63 87 
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, 2023 and 2022. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.
December 31,
20232022
Asset Category
Cash and cash equivalents$160 $222 
Fixed income funds
Corporate bonds845 795 
Total fixed income funds845 795 
Equity funds and equities
Mutual funds— 247 
Exchange-traded funds2,918 2,528 
Total mutual funds and equities2,918 2,775 
Total$3,923 $3,792 
Schedule of Expected Benefit Payments The following benefit payments are expected to be paid during the years indicated:
Year Ending December 31,
2024$491 
2025483 
2026478 
2027468 
2028455 
Years 2029-20332,105 
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, 2023 and 2022 was as follows:
December 31,
20232022
Changes in benefit obligation:
Benefit obligation at beginning of year$4,671 $9,135 
Interest cost229 135 
Actuarial gain154 (2,221)
Benefits paid(292)(1,424)
Foreign currency exchange rate changes249 (954)
Benefit obligation at end of year$5,011 $4,671 
Change to plan assets:
Fair value of assets at beginning of year$5,745 $8,409 
Actual gain (loss) on plan assets323 (742)
Employer contribution318 319 
Benefits paid(292)(1,363)
Foreign currency exchange rate changes305 (878)
Fair value of assets at end of year6,399 5,745 
Funded status at end of year$1,388 $1,074 
Amounts recognized in the consolidated balance sheets consist of:
Other assets$1,388 $1,074 
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain$(567)$(1,425)
Prior service cost71 90 
Total$(496)$(1,335)
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2023 and 2022 were as follows:
Year Ended December 31,
20232022
Components of net periodic benefit gain:
Interest cost$229 $135 
Expected return on plan assets(346)(264)
Amortization of prior service cost24 23 
Recognized net actuarial loss18 13 
Net periodic pension gain$(75)$(93)
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,
20232022
Discount rate4.5 %4.8 %
Expected rate of return on plan assets6.0 %5.7 %
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, 2023 and 2022:
December 31,
20232022
Projected benefit obligation$5,011 $4,671 
Accumulated benefit obligation5,011 4,671 
Fair value of plan assets6,399 5,745 
Schedule of Investment Allocation and Target Allocation The target asset allocation percentages for 2023 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, 2023 and 2022 were as follows:
December 31,
20232022
Asset Category
Cash and cash equivalents$127 $540 
Equity securities3,676 2,530 
Bonds1,693 2,296 
Other903 379 
Total$6,399 $5,745 
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,
2024$308 
2025318 
2026325 
2027331 
2028337 
Years 2029-20331,497