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RETIREMENT AND DEFERRED COMPENSATION PLANS
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
RETIREMENT AND DEFERRED COMPENSATION PLANS RETIREMENT AND DEFERRED COMPENSATION PLANS
We have various noncontributory retirement plans covering certain of our domestic and foreign employees. Benefits under our retirement plans are based on participants’ years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Certain pension commitments under our foreign plans are also funded according to local requirements or at our discretion.
Effective January 1, 2021, our domestic noncontributory retirement plans were closed to new employees and employees who were rehired after December 31, 2020. These employees are instead eligible for additional contributions to their defined contribution 401(k) employee savings plan. All domestic employees with hire/rehire dates prior to January 1, 2021 are still eligible for the domestic pension plans and continue to accrue plan benefits after this date.
Components of Net Periodic Benefit Cost:
Domestic PlansForeign Plans
Three Months Ended June 30,2026202520262025
Service cost$1,986 $1,983 $1,572 $1,682 
Interest cost2,495 2,391 1,087 971 
Expected return on plan assets(3,260)(3,186)(608)(613)
Amortization of net (gain) loss(3)(122)145 312 
Amortization of prior service cost— — 28 25 
Net periodic benefit cost$1,218 $1,066 $2,224 $2,377 
Domestic PlansForeign Plans
Six Months Ended June 30,2026202520262025
Service cost$3,973 $3,966 $3,154 $3,247 
Interest cost4,989 4,782 2,181 1,873 
Expected return on plan assets(6,520)(6,372)(1,221)(1,183)
Amortization of net (gain) loss
(7)(244)281 603 
Amortization of prior service cost— — 55 48 
Net periodic benefit cost$2,435 $2,132 $4,450 $4,588 
The components of net periodic benefit cost, other than the service cost component, are included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income.
Employer Contributions
Although we have no minimum funding requirement, discretionary cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by ERISA. There were no contributions to our domestic defined benefit plans during the six months ended June 30, 2026, and we do not expect that we will make significant additional contributions in the remainder of 2026. For the supplemental executive retirement plan (SERP), $0.3 million of company-paid benefits were distributed during the six months ended June 30, 2026, and approximately $0.5 million is expected to be paid during the rest of 2026. Contributions to fund pension costs accrued under our foreign plans are made in accordance with local laws or, if not otherwise stated, at our discretion. We contributed $0.9 million to our foreign defined benefit plans during the six months ended June 30, 2026 and do not expect to make any additional significant contributions during the rest of 2026.