Quarterly report pursuant to Section 13 or 15(d)

Employee Benefit Plans

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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note L – Employee Benefit Plans
Post-Retirement Benefit Plans
The Company sponsors various post-retirement benefit plans through its wholly-owned subsidiary, Redwire Space NV (“Space NV”), including three cash balance plans: one defined benefit pension plan with risk-based coverage for death and disability benefits (collectively, the “Base Plan”) and two supplementary pension bonus plans that provides variable remuneration linked to employees’ performance (the “Performance Plans”). The Company has taken actions to mitigate the risk related to its post-retirement benefit plans through pension risk transfer transactions whereby the Company subscribes to group insurance policies, which are funded by employee and employer premiums (contributions) determined at the beginning of each plan year. The Company has determined that the unit of account is the insurance contract and therefore, on a plan-by-plan basis, recognizes the net funded status as either an asset recorded within other non-current assets or a liability recorded within other non-current liabilities within the condensed consolidated balance sheets. A net liability is recorded to the extent that the benefit obligation exceeds the fair value of plan assets or a net asset is recorded to the extent that the fair value of plan assets exceeds the benefit obligation.

Income Statement Information
The table below provides the components of net periodic benefit cost and other amounts for the Base Plan recognized in the condensed consolidated statements of operations and comprehensive income (loss) for the following periods:
Three Months Ended Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net periodic benefit cost:
Service cost $ 78  $ 84  $ 157  $ 165 
Interest cost 61  60  123  117 
Expected return on plan assets (63) (59) (127) (116)
Net periodic benefit cost $ 76  $ 85  $ 153  $ 166 
The table below provides the components of net periodic benefit cost and other amounts for the Performance Plans recognized in the condensed consolidated statements of operations and comprehensive income (loss) for the following periods:
Three Months Ended Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Net periodic benefit cost:
Service cost $ —  $ 8  $ 57  $ 396 
Interest cost 26  25  52  49 
Expected return on plan assets (24) (22) (49) (44)
Net periodic benefit cost $ 2  $ 11  $ 60  $ 401 
Contributions
The required funding of our qualified defined benefit pension plans is determined in accordance with Belgium Regulation. The table below presents contributions made by the employee and employer for the Base Plan and the Performance Plans for the following periods:
Three Months Ended Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Base Plan Contributions by:
Employee $ 85  $ 42  $ 126  $ 101 
Employer 163  69  242  168 
Three Months Ended Six Months Ended
June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Performance Plans Contributions by:
Employee $ —  $ —  $ —  $ — 
Employer —  17  57  403