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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
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, 2024 and 2023:
December 31,
20242023
Changes in benefit obligation:
Benefit obligation at beginning of year$5,909 $6,101 
Service cost— — 
Interest cost265 286 
Actuarial gain(150)(23)
Benefits paid(432)(455)
Settlements(5,592)— 
Benefit obligation at end of year$— $5,909 
Change to plan assets:
Fair value of assets at beginning of year$3,923 $3,792 
Actual gain (loss) on plan assets(61)310 
Employer contribution2,274 276 
Benefits paid(432)(455)
Reversion (112)
Settlements(5,592)— 
Fair value of assets at end of year— 3,923 
Funded status at end of year$— $(1,986)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$— $(1,986)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$— $1,598 
The funded status of the United Kingdom defined benefit plan as of December 31, 2024 and 2023 was as follows:
December 31,
20242023
Changes in benefit obligation:
Benefit obligation at beginning of year$5,011 $4,671 
Interest cost215 229 
Actuarial gain(134)154 
Benefits paid(322)(292)
Foreign currency exchange rate changes(66)249 
Benefit obligation at end of year$4,704 $5,011 
Change to plan assets:
Fair value of assets at beginning of year$6,399 $5,745 
Actual gain (loss) on plan assets137 323 
Employer contribution214 318 
Benefits paid(322)(292)
Foreign currency exchange rate changes(83)305 
Fair value of assets at end of year6,345 6,399 
Funded status at end of year$1,641 $1,388 
Amounts recognized in the consolidated balance sheets consist of:
Other assets$1,641 $1,388 
Amounts recognized in accumulated other comprehensive loss consist of:
Net gain$(703)$(567)
Prior service cost46 71 
Total$(657)$(496)
Schedule of Net Benefit Costs Net periodic pension costs for the years ended December 31, 2024 and 2023 were as follows:
Year Ended December 31,
20242023
Components of net periodic benefit cost:
Interest cost$265 $286 
Expected return on plan assets(271)(256)
Recognized net actuarial loss58 62 
Net periodic pension cost$52 $92 
Settlement charge1,722 — 
Total pension expense$1,774 $92 
Net periodic pension costs for the years ended December 31, 2024 and 2023 were as follows:
Year Ended December 31,
20242023
Components of net periodic benefit gain:
Interest cost$215 $229 
Expected return on plan assets(380)(346)
Amortization of prior service cost24 24 
Recognized net actuarial loss33 18 
Net periodic pension gain$(108)$(75)
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,
20242023
Discount rate4.7 %4.9 %
Expected rate of return on plan assets7.0 %7.0 %
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,
20242023
Discount rate5.4 %4.5 %
Expected rate of return on plan assets5.3 %6.0 %
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:
December 31,
2023
Projected benefit obligation$5,909 
Accumulated benefit obligation5,909 
Fair value of plan assets3,923 
Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2024 and 2023:
December 31,
20242023
Projected benefit obligation$4,704 $5,011 
Accumulated benefit obligation4,704 5,011 
Fair value of plan assets6,345 6,399 
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 were as follows:
December 31,
Target2023
Asset Category
Cash and cash equivalents
0 - 20%
4 %
Total fixed income funds
25 - 50%
33 
Total mutual funds and equities
35 - 70%
63 
Total100 %
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. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 15.
December 31,
2023
Asset Category
Cash and cash equivalents$160 
Fixed income funds
Corporate bonds845 
Total fixed income funds845 
Equity funds and equities
Mutual funds— 
Exchange-traded funds2,918 
Total mutual funds and equities2,918 
Total$3,923 
The target asset allocation percentages for 2024 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, 2024 and 2023 were as follows:
December 31,
20242023
Asset Category
Cash and cash equivalents$139 $127 
Equity securities— 3,676 
Bonds6,206 1,693 
Other— 903 
Total$6,345 $6,399 
Schedule of Costs of Retirement Plans The following table summarizes the expense associated with the contributions made to these plans.
Year Ended December 31,
20242023
United States$2,757 $2,841 
Canada124 114 
United Kingdom1,165 1,178 
$4,046 $4,133