Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| 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, | | | 2025 | | 2024 | | 2023 | | Service cost | | $ | — | | | $ | 407 | | | $ | 406 | | | Interest cost | | 1,616 | | | 1,501 | | | 1,503 | | | Expected return on plan assets | | (854) | | | (865) | | | (1,790) | | | Amortization of actuarial losses | | 104 | | | 233 | | | 220 | | | Net periodic pension cost | | $ | 866 | | | $ | 1,276 | | | $ | 339 | |
|
| 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 2025 were as follows: | | | | | | | | | | | (In thousands)
Year Ended December 31, | | | 2025 | Amortization of actuarial loss - total before tax (1) | | $ | 104 | | | Tax benefit | | (26) | | | Net of tax | | $ | 78 | |
(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, | | | 2025 | | 2024 | Change in benefit obligation(1) | | | | | | Beginning benefit obligation (January 1) | | $ | 29,607 | | | $ | 31,550 | | | Service cost | | — | | | 407 | | | Interest cost | | 1,616 | | | 1,501 | | | Actuarial loss (gain) | | 554 | | | (2,115) | | | Benefits paid | | (2,054) | | | (1,736) | | | Ending benefit obligation (December 31) | | $ | 29,723 | | | $ | 29,607 | | | Change in plan assets | | | | | | Beginning fair value of plan assets (January 1) | | $ | 29,219 | | | $ | 29,487 | | | Return on assets | | 1,296 | | | 1,029 | | | Employer contribution | | 447 | | | 439 | | | Benefits paid | | (2,054) | | | (1,736) | | | Ending fair value of plan assets (December 31) | | $ | 28,908 | | | $ | 29,219 | | | Funded status underfunded | | $ | (815) | | | $ | (388) | | | Amounts recognized in the consolidated balance sheet | | | | | | Non-current assets | | $ | 2,342 | | | $ | 2,938 | | | Current liabilities | | $ | 397 | | | $ | 440 | | | Non-current liabilities | | $ | 2,760 | | | $ | 2,886 | | | Unrecognized loss included in accumulated other comprehensive loss | | | | | | Beginning unrecognized loss, before tax (January 1) | | $ | 2,936 | | | $ | 5,449 | | | Amortization | | (104) | | | (226) | | | Liability loss (gain) | | 554 | | | (2,122) | | | Asset gain | | (441) | | | (165) | | | Ending unrecognized loss, before tax (December 31) | | 2,945 | | | 2,936 | | | Tax impact | | (704) | | | (696) | | | Unrecognized loss included in accumulated other comprehensive loss, net of tax | | $ | 2,241 | | | $ | 2,240 | | | | | | | | | | | |
(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, 2025 and 2024, by asset category, were as follows: | | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | | Equity securities | | —% | | —% | | Cash and equivalents | | 6% | | 40% | | Debt securities | | 94% | | 60% | 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, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Cash and cash equivalents | | $ | 1,631 | | | $ | — | | | $ | — | | | $ | 1,631 | | | Fixed income securities | | 27,277 | | | — | | | — | | | 27,277 | | | | | | | | | | | | | | | | | | | | | Total plan assets at fair value | | $ | 28,908 | | | $ | — | | | $ | — | | | 28,908 | | | Pooled funds | | | | | | | | — | | | Total fair value of plan assets | | | | | | | | $ | 28,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (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 | |
|
| 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, | | | 2025 | | 2024 | | 2023 | | Discount rate used to determine pension expense | | | | | | | | Pension Plan | | 5.68% | | 4.91% | | 5.11% | | LaBarge Retirement Plan | | 5.35% | | 4.75% | | 5.00% |
The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows: | | | | | | | | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | | 2023 | | Discount rate used to determine value of obligations | | | | | | | | Pension Plan | | 5.47% | | 5.68% | | 4.91% | | LaBarge Retirement Plan | | 4.85% | | 5.35% | | 4.75% | | Long-term rate of return - Pension Plan only | | 3.00% | | 3.00% | | 3.00% |
|
| 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 | | 2026 | | $ | 1,714 | | | $ | 397 | | | 2027 | | $ | 1,766 | | | $ | 377 | | | 2028 | | $ | 1,807 | | | $ | 359 | | | 2029 | | $ | 1,877 | | | $ | 340 | | | 2030 | | $ | 1,912 | | | $ | 321 | | | 2031 - 2035 | | $ | 9,463 | | | $ | 1,294 | |
|