v3.25.4
Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):
Year Ended December 31, 2025Year Ended December 31, 2024
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1$485,068 $177,953 $512,902 $195,918 
Service cost402 5,167 545 5,391 
Interest cost26,140 7,404 25,580 7,204 
Actuarial loss (gain)14,340 (6,483)(11,604)(7,034)
Benefits paid(41,765)(12,943)(42,355)(9,423)
Employee contributions— 65 — 70 
Foreign exchange loss (gain)— 18,624 — (7,920)
Settlements/curtailments— (998)— (6,197)
Other— (52)— (56)
Reclass to assets held for sale(615)(2,156)— — 
Benefit obligation at December 31$483,570 $186,581 $485,068 $177,953 
Change in plan assets:
Fair value of plan assets at January 1$477,394 $62,318 $484,131 $65,514 
Actual return on plan assets34,927 3,456 33,707 (1,317)
Employer contributions5,237 13,240 1,911 15,498 
Benefits paid(41,765)(12,943)(42,355)(9,423)
Employee contributions— 65 — 70 
Foreign exchange gain (loss)— 5,948 — (1,771)
Settlements/curtailments— (998)— (6,197)
Other— (52)— (56)
Reclass to assets held for sale(563)(1,210)— — 
Fair value of plan assets at December 31$475,230 $69,824 $477,394 $62,318 
Funded status at December 31$(8,340)$(116,757)$(7,674)$(115,635)
December 31, 2025December 31, 2024
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(910)$(6,826)$(928)$(6,189)
Noncurrent liabilities (pension benefits)(7,430)(109,931)(6,746)(109,446)
Net pension liability$(8,340)$(116,757)$(7,674)$(115,635)
Amounts recognized in accumulated other comprehensive loss:
Prior service benefit$— $(371)$— $(441)
Net amount recognized$— $(371)$— $(441)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.43 %4.50 %5.65 %4.04 %
Rate of compensation increase— %2.83 %— %3.65 %
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):
Year Ended December 31,
20252024
Other Postretirement BenefitsOther Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1$34,478 $28,889 
Service cost19 46 
Interest cost1,883 1,441 
Actuarial loss (gain)13,215 6,072 
Benefits paid(1,964)(1,970)
Benefit obligation at December 31$47,631 $34,478 
Change in plan assets:
Fair value of plan assets at January 1$— $— 
Employer contributions1,964 1,970 
Benefits paid(1,964)(1,970)
Fair value of plan assets at December 31$— $— 
Funded status at December 31$(47,631)$(34,478)

December 31,
20252024
Other Postretirement BenefitsOther Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(2,887)$(2,548)
Noncurrent liabilities (postretirement benefits)(44,744)(31,930)
Net postretirement liability$(47,631)$(34,478)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.45 %5.67 %
Rate of compensation increase3.50 %3.50 %
Schedule of Net Benefit Costs
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$402 $5,167 $545 $5,391 $499 $5,686 
Interest cost26,140 7,404 25,580 7,204 26,924 7,153 
Expected return on assets(30,711)(4,252)(31,862)(3,867)(30,875)(2,872)
Actuarial loss (gain)10,204 (6,173)(13,530)(2,569)(11,951)8,593 
Amortization of prior service benefit— 79 — 79 — 81 
Total net pension benefits (credit) cost$6,035 $2,225 $(19,267)$6,238 $(15,403)$18,641 
Weighted-average assumption percentages:
Discount rate5.65 %4.04 %5.21 %3.73 %5.46 %4.04 %
Expected return on plan assets6.70 %6.52 %6.88 %5.95 %6.88 %4.86 %
Rate of compensation increase— %3.65 %— %3.67 %— %3.67 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202520242023
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$19 $46 $47 
Interest cost1,883 1,441 1,873 
Actuarial loss (gain)13,215 6,268 (6,816)
Total net postretirement benefits credit$15,117 $7,755 $(4,896)
Weighted-average assumption percentages:
Discount rate5.67 %5.21 %5.45 %
Schedule of Assumptions Used
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2025December 31, 2024December 31, 2023
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$402 $5,167 $545 $5,391 $499 $5,686 
Interest cost26,140 7,404 25,580 7,204 26,924 7,153 
Expected return on assets(30,711)(4,252)(31,862)(3,867)(30,875)(2,872)
Actuarial loss (gain)10,204 (6,173)(13,530)(2,569)(11,951)8,593 
Amortization of prior service benefit— 79 — 79 — 81 
Total net pension benefits (credit) cost$6,035 $2,225 $(19,267)$6,238 $(15,403)$18,641 
Weighted-average assumption percentages:
Discount rate5.65 %4.04 %5.21 %3.73 %5.46 %4.04 %
Expected return on plan assets6.70 %6.52 %6.88 %5.95 %6.88 %4.86 %
Rate of compensation increase— %3.65 %— %3.67 %— %3.67 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202520242023
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$19 $46 $47 
Interest cost1,883 1,441 1,873 
Actuarial loss (gain)13,215 6,268 (6,816)
Total net postretirement benefits credit$15,117 $7,755 $(4,896)
Weighted-average assumption percentages:
Discount rate5.67 %5.21 %5.45 %
Financial Assets Accounted for at Fair Value on Recurring Basis
The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):
December 31, 2025Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$140 $140 $— $— 
International Equity(b)
152,912 143,654 9,258 — 
Fixed Income(c)
368,588 331,713 36,875 — 
Absolute Return Measured at Net Asset Value(d)
8,076 — — — 
Cash
15,338 15,338 — — 
Total Pension Assets
$545,054 $490,845 $46,133 $— 
December 31, 2024Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$78,124 $78,124 $— $— 
International Equity(b)
78,124 69,471 8,653 — 
Fixed Income(c)
318,036 286,549 31,487 — 
Absolute Return Measured at Net Asset Value(d)
56,888 — — — 
Cash
8,540 8,540 — — 
Total Pension Assets
$539,712 $442,684 $40,140 $— 
(a)Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.
(b)Consists primarily of international equity funds that invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.
(c)Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
(d)Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. Their fair values are included in this table to permit reconciliation to the reconciliation of plan assets table above.
Schedule of Allocation of Plan Assets
The weighted-average target allocations as of the measurement date are as follows:
Target Allocation
Equity securities30 %
Fixed income69 %
Absolute return1 %
Current Forecast of Benefit Payments, which Reflect Expected Future Service
The current forecast of benefit payments, which reflects expected future service, amounts to (in thousands):
U.S. Pension PlansForeign Pension PlansOther Postretirement Benefits
2026$44,432 $14,242 $2,887 
2027$44,105 $13,136 $3,004 
2028$43,627 $14,262 $3,109 
2029$42,856 $16,062 $3,197 
2030$41,763 $13,580 $4,252 
2031-2035$189,846 $66,953 $21,281