Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Cost

The components of net periodic pension cost for the Pension Plan and LaBarge Retirement Plan in aggregate are as follows:

	(In thousands) Years Ended December 31,
	2024		2023		2022
Service cost	$	407	$	406	$	625
Interest cost	1,501		1,503		1,089
Expected return on plan assets	(865)		(1,790)		(2,081)
Amortization of actuarial losses	233		220		585
Net periodic pension cost	$	1,276	$	339	$	218

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2024 were as follows:

	(In thousands) Year Ended December 31,
	2024
Amortization of actuarial loss - total before tax (1)	$	233
Tax benefit	(55)
Net of tax	$	178

(1)The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

Schedule of Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan

The obligations, fair value of plan assets, and funded status of both plans are as follows:

	(In thousands) December 31,
	2024		2023
Change in benefit obligation(1)
Beginning benefit obligation (January 1)	$	31,550	$	30,337
Service cost	407		406
Interest cost	1,501		1,503
Actuarial gain (loss)	(2,115)		859
Benefits paid	(1,736)		(1,555)
Ending benefit obligation (December 31)	$	29,607	$	31,550
Change in plan assets
Beginning fair value of plan assets (January 1)	$	29,487	$	29,280
Return on assets	1,029		987
Employer contribution	439		775
Benefits paid	(1,736)		(1,555)
Ending fair value of plan assets (December 31)	$	29,219	$	29,487
Funded status underfunded	$	(388)	$	(2,063)
Amounts recognized in the consolidated balance sheet
Non-current assets	$	2,938	$	1,464
Current liabilities	$	440	$	428
Non-current liabilities	$	2,886	$	3,099
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	5,449	$	4,011
Amortization	(226)		(216)
Liability (gain) loss	(2,122)		851
Asset (gain) loss	(165)		803
Ending unrecognized loss, before tax (December 31)	2,936		5,449
Tax impact	(696)		(1,296)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	2,240	$	4,153

(1)Projected benefit obligation equals the accumulated benefit obligation for the plans.

Schedule of Company's Pension Plan Asset Allocation, by Asset Category

Our Pension Plan asset allocations at December 31, 2024 and 2023, by asset category, were as follows:

	December 31,
	2024	2023
Equity securities	—%	—%
Cash and equivalents	40%	41%
Debt securities	60%	59%
Total(1)	100%	100%

(1)Our overall investment strategy is typically to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk.

Cash	0-10%
Fixed income securities	15-75%
Equities	30-80%

	(In thousands) Year Ended December 31, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	11,773	$	—	$	—	$	11,773
Fixed income securities	17,446		—		—		17,446
Total plan assets at fair value	$	29,219	$	—	$	—	29,219
Pooled funds							—
Total fair value of plan assets							$	29,219

	(In thousands) Year Ended December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	12,016	$	—	$	—	$	12,016
Fixed income securities	17,471		—		—		17,471
Total plan assets at fair value	$	29,487	$	—	$	—	29,487
Pooled funds							—
Total fair value of plan assets							$	29,487

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:

	Years Ended December 31,
	2024	2023	2022
Discount rate used to determine pension expense
Pension Plan	4.91%	5.11%	2.85%
LaBarge Retirement Plan	4.75%	5.00%	2.35%

The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows:

	December 31,
	2024	2023	2022
Discount rate used to determine value of obligations
Pension Plan	5.68%	4.91%	5.11%
LaBarge Retirement Plan	5.35%	4.75%	5.00%
Long-term rate of return - Pension Plan only	3.00%	3.00%	6.25%

Schedule of Expected Future Benefit Payments Under Pension Plans

The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid:

	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2025	$	1,639	$	440
2026	$	1,751	$	412
2027	$	1,836	$	386
2028	$	1,891	$	363
2029	$	1,946	$	339
2030 - 2034	$	9,666	$	1,366