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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs

The table below sets forth net periodic benefit costs of the plan for the twelve months ended December 31:

 

Defined Benefit Plan

 

 

2025

 

 

2024

 

Components of net periodic benefit cost:

 

 

 

 

 

Service cost

$

395

 

 

$

383

 

Interest cost

 

5,282

 

 

 

4,664

 

Recognized actuarial gain

 

(5,619

)

 

 

3,708

 

Expected return on plan assets

 

3,878

 

 

 

(5,920

)

Prior service cost

 

68

 

 

 

66

 

Net periodic benefit cost

$

4,004

 

 

$

2,901

 

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of our Plan

The table below sets forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31:

 

Defined Benefit Plan

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

Beginning balance

$

95,572

 

 

$

108,108

 

Service cost

 

395

 

 

 

383

 

Interest cost

 

5,282

 

 

 

4,664

 

Actuarial (gain) loss

 

(3,621

)

 

 

(10,605

)

Benefits paid

 

(5,990

)

 

 

(5,284

)

Currency changes

 

6,946

 

 

 

(1,694

)

Benefit obligation at December 31

$

98,584

 

 

$

95,572

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Beginning balance - fair value

 

88,289

 

 

$

98,016

 

Employer contribution

 

5,506

 

 

 

2,939

 

Actual return on plan assets

 

3,029

 

 

 

(5,813

)

Benefits paid

 

(5,990

)

 

 

(5,284

)

Currency changes

 

6,547

 

 

 

(1,569

)

Fair value of plan assets at December 31

$

97,381

 

 

$

88,289

 

Underfunded status at December 31

$

(1,203

)

 

$

(7,283

)

Schedule of Assumptions Used The following weighted-average assumptions were used to determine net periodic benefit costs for the twelve months ended December 31:

 

2025

 

2024

Discount rate

5.5%

 

4.4%

Expected long-term return on plan assets

5.6%

 

6.2%

The following weighted-average assumption was used to determine the benefit obligations at December 31:

 

2025

 

2024

Discount rate

5.5%

 

5.4%

Schedule of Allocation Of Plan Assets

The table below sets forth the plan asset allocations of the assets in the plan and expected long-term return by asset category:

Asset category

 

Expected long-term
return

 

Asset allocation

Growth assets

 

6.6%

 

48%

Hedging assets

 

5.0%

 

34%

Cash

 

3.8%

 

18%

Schedule of Expected Benefit Payments

Benefit plan payments are primarily made from funded benefit plan trusts and current assets. The table below sets forth the expected future benefit payments, including future benefit accrual, as of December 31, 2025:

2026

$

6,527

 

2027

 

6,230

 

2028

 

6,341

 

2029

 

6,327

 

2030

 

6,652

 

2031-2035

 

33,962

 

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the major categories of the plan assets:

 

 

December 31, 2025

 

Asset category

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

12,523

 

 

$

-

 

 

$

-

 

 

$

12,523

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.K.

 

 

-

 

 

 

531

 

 

 

-

 

 

 

531

 

Overseas equities

 

 

-

 

 

 

14,091

 

 

 

-

 

 

 

14,091

 

Emerging markets

 

 

-

 

 

 

2,579

 

 

 

-

 

 

 

2,579

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

 

-

 

 

 

43

 

 

 

-

 

 

 

43

 

Non-government bonds

 

 

-

 

 

 

8,619

 

 

 

-

 

 

 

8,619

 

Other types of investments

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

 

-

 

 

 

18,558

 

 

 

-

 

 

 

18,558

 

Liability-driven investments

 

 

-

 

 

 

35,389

 

 

 

-

 

 

 

35,389

 

Commodities

 

 

-

 

 

 

947

 

 

 

-

 

 

 

947

 

Other

 

 

-

 

 

 

4,101

 

 

 

-

 

 

 

4,101

 

Total

 

$

12,523

 

 

$

84,858

 

 

$

-

 

 

$

97,381

 

 

 

 

December 31, 2024

 

Asset category

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

5,736

 

 

$

-

 

 

$

-

 

 

$

5,736

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.K.

 

 

-

 

 

 

527

 

 

 

-

 

 

 

527

 

Overseas equities

 

 

-

 

 

 

13,227

 

 

 

-

 

 

 

13,227

 

Emerging markets

 

 

-

 

 

 

2,070

 

 

 

-

 

 

 

2,070

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

 

-

 

 

 

78

 

 

 

-

 

 

 

78

 

Non-government bonds

 

 

-

 

 

 

15,569

 

 

 

-

 

 

 

15,569

 

Other types of investments

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

 

-

 

 

 

15,983

 

 

 

-

 

 

 

15,983

 

Liability-driven investments

 

 

-

 

 

 

31,492

 

 

 

-

 

 

 

31,492

 

Commodities

 

 

-

 

 

 

795

 

 

 

-

 

 

 

795

 

Other

 

 

-

 

 

 

2,812

 

 

 

-

 

 

 

2,812

 

Total

 

$

5,736

 

 

$

82,553

 

 

$

-

 

 

$

88,289