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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Plans
The Company has certain defined benefit plans which are frozen with no further increases in benefits for participants may occur as a result of increases in service years or compensation. In connection with the sale of the coil coatings business on June 28, 2022, the Company transferred two defined benefit plans and an other post-employment benefit plan to the purchaser resulting in no further benefit obligation at the time of sale. As of December 31, 2023 the MW Manufacturers, Inc. Retirement Plan and the Ply Gem Group Pension Plan were both merged into the Robertson-Ceco Corporation Master Pension Plan. The merger does not impact (in aggregate) benefits of any participant, associated plan obligations, assets or funded status.

The following table sets forth the weighted average actuarial assumptions used to determine benefit obligations:
Successor
December 31, 2023December 31, 2022
Discount rate5.70 %5.45 %
The following table sets forth the weighted average actuarial assumptions used to determine net periodic benefit cost (income):
Year Ended December 31, 2022
SuccessorPredecessor
Year Ended December 31, 2023July 25, 2022
through
December 31, 2022		January 1, 2022
through
July 24, 2022
Discount rate5.30 %4.40 %2.85 %
Expected return on plan assets5.17 %5.16 %4.85 %
The basis used to determine the expected long-term rate of return on assets assumptions for the defined benefit plans was recent market performance and historical returns. The investment policy is to maximize the expected return for an acceptable level of risk. Our expected long-term rate of return on plan assets is based on a target allocation of assets, which is based on our goal of earning the highest rate of return while maintaining risk at acceptable levels.
As of December 31, 2023, all of our defined pension plans have projected benefit obligations in excess of the fair value of plan assets. The following table sets forth the changes in the projected benefit obligation, plan assets and funded status, and the amounts recognized on the Consolidated Balance Sheets:
Year Ended December 31, 2022
SuccessorPredecessor
Year Ended December 31, 2023July 25, 2022
through
December 31, 2022		January 1, 2022
through
July 24, 2022
Change in benefit obligation:
Beginning of period$63,464 $70,676 $97,134 
Service cost— — 23 
Interest cost2,486 1,254 1,529 
Benefits paid(3,360)(2,607)(3,339)
Settlements(27,097)— — 
Actuarial gains(51)(5,859)(13,523)
Divestitures— — (11,148)
End of period$35,442 $63,464 $70,676 
Accumulated benefit obligation at end of period$35,442 $63,464 $70,676 
Change in plan assets:
Beginning of period$56,737 $63,627 $98,954 
Actual return on plan assets1,335 (4,284)(16,524)
Benefits paid(3,360)(2,606)(3,339)
Settlements(27,098)— — 
Divestitures— — (15,464)
End of period$27,614 $56,737 $63,627 
Funded status at end of period$(7,828)$(6,727)$(7,049)
Successor
December 31, 2023December 31, 2022
Amounts recognized on the Consolidated Balance Sheets - Noncurrent liabilities(7,828)(6,727)
The following table sets forth the weighted average asset allocations by asset category for the defined benefit plans:
Successor
Investment typeDecember 31, 2023December 31, 2022
Equity securities38 %38 %
Debt securities59 %60 %
Real estate3 %2 %
Total100 %100 %
The principal investment objectives are to ensure the availability of funds to pay pension and postretirement benefits as they become due under a broad range of future economic scenarios, to maximize long-term investment return with an acceptable level of risk based on our pension and postretirement obligations, and to be sufficiently diversified across and within the capital markets to mitigate the risk of adverse or unexpected results from one security class having an unduly detrimental impact on the entire portfolio. Each asset class has broadly diversified characteristics. Decisions regarding investment policy are made with an understanding of the effect of asset allocation on funded status, future contributions and projected expenses.
The fair values of the assets of the defined benefit plans at December 31, 2023 and December 31, 2022, by asset category and by levels of fair value were as follows:
Successor
December 31, 2023December 31, 2022
Level 1Level 2TotalLevel 1Level 2Total
Cash and cash equivalents$17 $— $17 $27 $— $27 
Mutual funds:
Growth funds2,195 — 2,195 4,271 — 4,271 
Real estate funds762 — 762 1,395 — 1,395 
Equity income funds1,994 — 1,994 4,217 — 4,217 
Index funds4,440 — 4,440 9,036 — 9,036 
International equity funds1,817 — 1,817 3,795 — 3,795 
Fixed income funds3,314 13,075 16,389 6,680 27,316 33,996 
Total$14,539 $13,075 $27,614 $29,421 $27,316 $56,737 
The following table sets forth the components of the net periodic benefit income:
Year Ended December 31, 2022
SuccessorPredecessor
Year Ended December 31, 2023July 25, 2022
through
December 31, 2022		January 1, 2022
through
July 24, 2022		Year Ended December 31, 2021
Service cost$— $— $23 $54 
Interest cost2,486 1,254 1,529 2,542 
Expected return on assets(2,100)(1,316)(2,650)(5,439)
Amortization of prior service cost— — — 65 
Amortization of loss— — 117 416 
Net periodic benefit income$386 $(62)$(981)$(2,362)
The following table sets forth the changes in plan assets and benefit obligation recognized in other comprehensive (loss) income:
Year Ended December 31, 2022
SuccessorPredecessor
Year Ended December 31, 2023July 25, 2022
through
December 31, 2022		January 1, 2022
through
July 24, 2022		Year Ended December 31, 2021
Net unrecognized actuarial loss (gain) $439 $(278)$9,966 $(6,479)
Recognition of net actuarial loss due to settlement(17)— — — 
Amortization of net actuarial gain (loss)— — 117 (416)
Amortization of prior service cost— — — (65)
Total recognized in other comprehensive (loss) income$422 $(278)$10,083 $(6,960)
We expect to contribute $2.5 million to the Defined Benefit Plans in Fiscal Year Ending 2024. We expect the following benefit payments to be made:
Years endingAmount
2024$3,323 
20253,259 
20263,202 
20273,136 
20283,048 
Thereafter13,960 
$29,928 
Defined Contribution Plan
The Company has a 401(k) profit sharing plan that allows participation by all eligible employees. The Company’s contributions vary, but are based primarily on each participant’s level of contributions, which cannot exceed the maximum allowable for income tax purposes. The Company’s contribution expense for matching contributions to the plan was $16.1 million for 2023, $6.6 million for the period from July 25, 2022 through December 31, 2022, $10.2 million for the period from January 1, 2022 through July 24, 2022, and $16.3 million for 2021.