Employee Benefit Plans |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Retirement Benefits [Abstract] | |
| Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Retirement Plans The Company provides a 401(k) savings plan for eligible U.S. based employees. Employee contributions are discretionary up to the IRS prescribed limits; however, catch up contributions are allowed for employees 50 years of age or older. The plan provides for discretionary employer matching contributions. During the year ended December 31, 2025 and during the period July 30 to December 31, 2024, the Company recognized expense of $5.2 million and $1.5 million, respectively. For the period from January 1 through July 29, 2024 and the year ended December 31, 2023, the Company recognized expense of $2.2 million and $3.1 million, respectively. The Company’s Canadian subsidiaries provide registered retirement savings plans (“RRSP”). Employee and employer matching contributions are discretionary. The Company expensed $2.6 million and $1.0 million during the year ended December 31, 2025 and during the period July 30 to December 31, 2024. The Company expensed $1.3 million and $1.9 million during the period from January 1 through July 29, 2024 and the year ended December 31, 2023, respectively. The Company participates in multiemployer retirement plans that provide defined benefits to certain employees covered by unionized collective bargaining agreements. Such plans are generally administered by the local labor representative of the respective union. The Company expensed $0.6 million and $0.3 million during the year ended December 31, 2025 and during the period July 30 to December 31, 2024. The Company expensed $0.2 million and $0.4 million during the period from January 1 through July 29, 2024 and the year ended December 31, 2023, respectively. The Company’s Canadian operations are inherently highly unionized. The majority of Canadian direct employees belong to the Quality Control Council of Canada (“QCCC”), a union specifically dedicated to NDT professionals. The Company made employer contributions to the QCCC pension on behalf of its employees in the amounts of $12.1 million and $4.7 million for the year ended December 31, 2025 and during the period July 30 to December 31, 2024, respectively, and $6.8 million and $11.4 million during the period from January 1 through July 29, 2024 and the year ended December 31, 2023, respectively. The Company’s U.S. contributions are less than 5% of the total contributions in each plan it participates in. The Company’s percentage of contributions to the plan is not readily available public information. The future cost of these plans is dependent on several factors including the funded status of the plans and the ability of the participating employers to meet their ongoing funding obligations. If the Company voluntarily withdraws or is deemed to partially withdraw, or there is a mass employer withdrawal from the plan, the Company would be obligated to pay additional contributions for its proportionate share of the unfunded vested liability at that time.
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