v3.25.4
Pension Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension Plans
Note 5 - Pension Plans
The Company maintained a noncontributory defined benefit pension plan covering eligible U.S. employees (the "U.S. Plan"). On December 12, 2012, the Company approved a freeze on further benefit accruals under the U.S. Plan and notified the participants of the freeze on December 19, 2012. Beginning February 1, 2013, participants ceased earning additional benefits under the U.S. Plan and no new participants entered the U.S. Plan. In August 2023, the Board of Directors of the Company approved a resolution to terminate the U.S. Plan. The Company used a December 31 measurement date for the U.S. Plan.
The Company completed its U.S. Plan termination in the third quarter of 2025 through the purchase of a group annuity contract. Prior to the termination, the U.S. Plan was amended to provide certain participants who are not currently receiving benefits the opportunity during an election period of April 1, 2025 to May 31, 2025 to elect to receive their benefit in the form of a lump sum. Lump-sum payments of approximately $13.1 million were made during July and August of 2025 in connection with such elections. In August 2025, the Company contributed approximately $2.9 million to the U.S. Plan and purchased an annuity contract through a financial institution for approximately $18.0 million to fully liquidate the U.S. Plan.
Due to the termination of the U.S. Plan in August 2025, the Company remeasured the U.S. Plan at August 31, 2025. In the third quarter, the Company recorded a total non-cash pre-tax charge associated with the U.S. Plan termination of $11.7 million, of which $8.8 million represents the acceleration of deferred charges previously accrued in accumulated other comprehensive loss and $2.9
million represents the actuarial loss. This non-cash pre-tax charge is recognized within the pension termination expense line item on the Statement of Consolidated Income.
The Company made no contribution to the U.S. Plan for the year ended December 31, 2024.
Excluding the U.S. Plan termination charges, the following is the net periodic pension expense for the U.S. Plan for the years ended December 31:
 202520242023
Interest cost$1,058 $1,540 $1,568 
Expected return on plan assets(942)(1,940)(2,017)
Recognized net actuarial loss432 445 463 
Net periodic pension expense$548 $45 $14 
Components of net periodic pension expense, other than service cost, are included in other income (expense), net in the Consolidated Statement of Income.
The following tables set forth the changes in benefit obligations, the change in plan assets, the funded status, and amounts recognized in the consolidated financial statements for the U.S. Plan at December 31, which is inclusive of the U.S. Plan termination:
 20252024
Projected benefit obligation at beginning of the year$28,175 $29,773 
Interest cost1,058 1,540 
Actuarial loss (gain)2,856 (1,557)
Benefits paid(954)(1,581)
Benefits settled in lump sum window(13,150)— 
Benefits settled in annuity purchase(17,985)— 
Projected benefit obligation at end of year$— $28,175 
 
Fair value of plan assets at beginning of the year$29,094 $31,896 
Actual return on plan assets494 (1,221)
Employer contributions2,850 — 
Benefits paid(954)(1,581)
Benefits settled in lump sum window(13,150)— 
Benefits settled in annuity purchase(17,985)— 
Fair value of plan assets at end of the year$349 $29,094 
 
Pension asset$(349)$(919)
In 2025, in accordance with ASC 715-20, the Company recognized the over-funded status of the U.S. Plan as a non-current asset. The remaining pension asset will be settled once final census adjustments are completed in 2026. The amount recognized in Accumulated other comprehensive loss related to the U.S. Plan at December 31 is comprised of the following:
 20252024
Balance at January 1$(5,373)$(4,478)
 
Reclassification adjustments:
Pre-tax termination loss11,657 — 
Pre-tax amortized net actuarial loss432 445 
Tax benefit(4,106)(104)
 7,983 341 
 
Adjustment to recognize loss on pension asset:
Pre-tax loss(3,303)(1,605)
Tax benefit693 369 
(2,610)(1,236)
Balance at December 31,$— $(5,373)
The 2025 reduction on the projected benefit obligation of $28.2 million was primarily due to the U.S. Plan termination and related lump sum window and annuity purchase that occurred in the third quarter of 2025.
The U.S. Plan had assets in excess of accumulated benefit obligations as follows:
 20252024
Accumulated benefit obligation$— $28,175 
Fair market value of assets$349 $29,094 
Weighted-average assumptions used to determine benefit obligations at:August 31,
2025		December 31,
2024
Discount raten/a5.77%
Rate of compensation increasen/an/a
Weighted-average assumptions used to determine net periodic benefit cost at:August 31,
2025		December 31,
2024		December 31,
2023
Discount rate5.77%5.34%5.55%
Rate of compensation increasen/an/an/a
Expected long-term return on plan assets4.75%6.25%7.00%
The net periodic pension cost for the eight-month period in 2025 prior to the U.S. Plan termination was based on a long-term asset rate-of-return of 4.75%. This rate is based upon management’s estimate of future long-term rates of return on assets as invested at December 31, 2024 and is consistent with historical returns on such assets.
At December 31, 2025, all plan assets were invested solely in cash. At December 31, 2024, the U.S. Plan assets were invested in pooled investment funds which are measured at fair value using the net asset value ("NAV"). The NAV is based on the value of the assets owned by the plan, less liabilities. These pooled assets are not quoted on an active exchange. The fair value of the U.S. Plan assets at December 31, 2025 and 2024 was $0.3 million and $29.1 million, respectively.
The U.S. Plan weighted-average asset allocations at December 31, 2025 and 2024, by asset category, are as follows:
 Plan assets
at December 31,
Asset category20252024
Debt securities— %100 %
Cash and equivalents100 — 
 100 %100 %
Other Benefit Plans
The Company also provides retirement benefits through various defined contribution plans including PLP-USA’s Profit Sharing Plan. Expense for these defined contribution plans was $9.6 million in 2025, $8.2 million in 2024, and $6.6 million in 2023.
The Company also provides retirement benefits through the Supplemental Profit Sharing Plan. To the extent an employee’s award under PLP-USA’s Profit Sharing Plan exceeds the maximum allowable contribution permitted under existing tax laws, the excess is accrued for (but not funded) under a non-qualified Supplemental Profit Sharing Plan. The Supplemental Profit Sharing Plan allows participants the ability to hypothetically invest their proportionate award into various investment options, which primarily includes mutual funds. The expense for the Supplemental Profit Sharing Plan for the year ended December 31, 2025, 2024 and 2023 was $1.8 million, $0.8 million, and $0.9 million, respectively. The Supplemental Profit Sharing Plan unfunded status for the years ended December 31, 2025 and 2024 was $10.8 million and $9.0 million, respectively, and is included in Other noncurrent liabilities.
The Company also has established nonqualified foreign defined benefit plans, which provide post-employment benefits based on years of service. For the periods ending December 31, 2025 and 2024, the Company's benefit obligations related to these unfunded programs were $3.2 million and $3.1 million, respectively. During 2025, 2024 and 2023, the Company recorded benefit costs relating to these programs of $0.6 million, $0.3 million, and $0.6 million, respectively.