v3.26.1
Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

NOTE 12. PENSION AND POSTRETIREMENT BENEFITS

The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the three months ended June 30, 2026 and 2025, consisted of the following:

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6

 

 

$

—

 

 

$

—

 

Interest cost

 

 

—

 

 

 

142

 

 

 

7

 

 

 

107

 

 

 

16

 

 

 

75

 

Expected return on plan assets

 

 

—

 

 

 

(67

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(52

)

Amortization of prior service (credit) cost

 

 

—

 

 

 

(431

)

 

 

(1,039

)

 

 

9

 

 

 

—

 

 

 

11

 

Recognized net actuarial (gain) loss

 

 

(65

)

 

 

5,970

 

 

 

(315

)

 

 

(56

)

 

 

136

 

 

 

5

 

Net periodic benefit (gain) cost

 

$

(65

)

 

$

5,614

 

 

$

(1,347

)

 

$

66

 

 

$

152

 

 

$

39

 

The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the six months ended June 30, 2026 and 2025, consisted of the following:

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

$

—

 

Interest cost

 

 

55

 

 

 

350

 

 

 

14

 

 

 

216

 

 

 

62

 

 

 

147

 

Expected return on plan assets

 

 

—

 

 

 

(130

)

 

 

—

 

 

 

—

 

 

 

(33

)

 

 

(102

)

Amortization of prior service (credit) cost

 

 

—

 

 

 

(441

)

 

 

(2,079

)

 

 

17

 

 

 

—

 

 

 

21

 

Recognized net actuarial (gain) loss

 

 

(65

)

 

 

6,033

 

 

 

(631

)

 

 

(80

)

 

 

2,232

 

 

 

12

 

Net periodic benefit (gain) cost

 

$

(10

)

 

$

5,812

 

 

$

(2,696

)

 

$

164

 

 

$

2,261

 

 

$

78

 

 

During 2026, the Company terminated the foreign Retirement Plan for Management Employees of Brewster, Inc. for applicable participants. Additionally, during the three and six months ended June 30, 2025, the Company completed the termination and settlement of the Giltspur, Inc. Employees’ Pension Plan, which resulted in a reclassification of previously recorded prior service credit and net actuarial loss within AOCL to other (income) expense, net of approximately $5.4 million.