Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE 11. EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

Certain employees participate in noncontributory defined benefit pension plans. In general, the Company’s policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plan’s funded status, the anticipated deductibility of the contribution, local practices, market conditions, interest rates and other factors.

The pension benefit obligations of the Company’s plans were $14.0 million and $13.3 million as of December 31, 2025 and 2024, respectively. The fair value of the plan assets was $9.0 million and $7.9 million as of December 31, 2025 and 2024, respectively, and include the use of Level 1 and Level 2 inputs in determining the fair value. The assumptions used in calculating the benefit obligations for the plans are dependent on the local economic conditions and were measured as of December 31, 2025 and 2024. The net periodic benefit costs were $0.5 million, $0.6 million and $0.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Defined Contribution Plans

The Company administers and maintains 401(k) Programs. Contributions are determined based on a percentage of compensation. For the years ended December 31, 2025, 2024 and 2023, compensation expense related to employer contributions was $17.9 million, $19.7 million and $19.9 million, respectively.