v3.25.4
Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Benefit Plans Retirement Benefit Plans
Defined Benefit Plans: The Company maintains various defined benefit pension plans that provide benefits based on years of service and average compensation during certain periods. The Company’s policy is to make contributions to fund these plans within the range allowed by applicable regulations. Plan assets consist primarily of publicly traded stocks and government and corporate bonds.

Pension benefits for employees covered under the Company’s U.S. and U.K. plans are frozen. Only certain grandfathered employees in the Netherlands still earn retirement benefits under defined benefit pension plans. All other eligible employees of the Company, including employees whose pension benefits are frozen, receive retirement benefits under defined contribution retirement plans. During 2024, the Company and the trustee initiated a de-risking strategy for the U.K. plan, which resulted in changes to the target asset allocation to fixed income and highly-liquid securities. In January 2025, the trustee entered into a buy-in contract for the U.K. plan with a third-party insurance company. The trustee may choose to convert the buy-in policy to a buy-out by assigning individual insurance contracts to members. This process may extend for a significant period of time. Until any potential buy-out process is completed, the trustee remains responsible for the administration of the U.K. plan, allocation of non-insured plan assets and payment of employee retirement benefits. If a buy-out of the U.K. plan is completed in the future and the criteria for settlement accounting is satisfied, any amounts relating to the U.K. plan remaining in accumulated other comprehensive income (loss) will be reclassified into earnings. The amount related to the U.K. plan represents the majority of the Non-U.S. Plans column in the components of accumulated comprehensive income (loss) table below.
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
 202520242023
U.S. Plans   
Weighted average discount rates4.97%5.43%5.03%
Expected long-term rate of return on assets4.00%5.00%5.50%
Cash balance interest crediting rate
5.00%-6.73%
5.00%-6.73%
3.50%-5.73%
Non-U.S. Plans
Weighted average discount rates
3.09%-5.40%
2.93%-5.40%
3.08%-4.50%
Rate of increase in compensation levels
2.00%-2.80%
2.00%-2.80%
2.60%-3.00%
Expected long-term rate of return on assets
4.00%-4.90%
3.50%-3.60%
3.30%-4.50%
Each year, the assumptions used to calculate the benefit obligation are used to calculate the net periodic pension expense for the following year.