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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans
17. Employee Benefit Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $69,776, $61,384 and $56,597 for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its subsidiaries. The plans' benefits are generally based on years of service and employee compensation. The Company also provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of qualified plan limits imposed by federal tax law.

The U.S. qualified and non-qualified defined benefit plans were closed to new employees after December 31, 2013. All pension-eligible employees as of December 31, 2013 continued to earn a pension benefit through December 31, 2023 as long as they remained employed by the Company participating in the impacted plans. Effective January 1, 2024, the plans have been frozen for any future benefit accruals.

The Company also maintains other post-retirement benefit plans. These plans are closed to new entrants and are not considered to be significant. The supplemental and other post-retirement benefit plans are supported by the general assets of the Company.
Obligations and Funded Status

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2025 and 2024:
 
Qualified Defined Benefits
Non-Qualified Supplemental Benefits
 
U.S. Plan
Non-U.S. Plans
 202520242025202420252024
Change in benefit obligation:      
Benefit obligation at beginning of year$290,756 $319,306 $241,431 $250,029 $23,042 $29,189 
Service cost
— — 6,409 4,853 — — 
Interest cost15,669 15,810 6,231 6,091 1,078 1,359 
Plan participants' contributions— — 2,751 2,481 — — 
Benefits paid(31,970)(27,725)(11,344)(8,477)(5,523)(4,188)
Actuarial loss (gain)(1)
9,402 (16,635)(5,463)3,288 634 (3,318)
Disposition
— — — (4,226)— — 
Amendments— — — (364)— — 
Settlements and curtailments(2)
— — — (2,118)(739)— 
Currency translation and other— — 28,793 (10,126)— — 
Benefit obligation at end of year283,857 290,756 268,808 241,431 18,492 23,042 
Change in plan assets:      
Fair value of plan assets at beginning of year371,966 392,519 176,230 175,765 — — 
Actual return on plan assets34,397 7,172 13,761 6,770 — — 
Company contributions— — 10,017 8,594 6,262 4,188 
Plan participants' contributions— — 2,751 2,481 — — 
Benefits paid(31,970)(27,725)(11,344)(8,477)(5,523)(4,188)
Settlements and curtailments(2)
— — — (2,118)(739)— 
Currency translation and other— — 21,349 (6,785)— — 
Fair value of plan assets at end of year374,393 371,966 212,764 176,230 — — 
Funded (unfunded) status
$90,536 $81,210 $(56,044)$(65,201)$(18,492)$(23,042)
Amounts recognized in the consolidated balance sheets consist of:
    
Assets and Liabilities:      
Other assets and deferred charges$90,536 $81,210 $9,170 $2,080 $— $— 
Accrued compensation and employee benefits— — (1,908)(1,601)(4,439)(6,481)
Defined benefit and other post-retirement benefit plans
— — (63,306)(65,680)(14,053)(16,561)
Total assets (liabilities)
90,536 81,210 (56,044)(65,201)(18,492)(23,042)
Accumulated other comprehensive loss (earnings):
Net actuarial losses (gains)62,656 61,715 33,755 45,986 (20,197)(24,795)
Prior service cost (credit)
— — (984)(1,825)— — 
Tax (benefit) expense(13,157)(12,945)(6,748)(9,293)4,359 5,395 
Total accumulated other comprehensive loss (earnings), net of tax
49,499 48,770 26,023 34,868 (15,838)(19,400)
Net amount recognized at December 31,$140,035 $129,980 $(30,021)$(30,333)$(34,330)$(42,442)
Accumulated benefit obligations$283,857 $290,756 $260,636 $233,921 $18,492 $23,042 
(1) The actuarial loss (gain) were primarily due to discount rate fluctuations and plan experience.
(2) The settlement gain recognized for a Non-Qualified Supplemental Benefit Plan was recorded within loss from discontinued operations, net in the consolidated statements of earnings. See Note 4 — Discontinued and Disposed Operations for further details.
The Company's net unfunded status at December 31, 2025 and 2024 includes net liabilities of $56,044 and $65,201, respectively, relating to the Company's international qualified plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company's businesses in Germany, France, the United Kingdom, Switzerland, India, and Italy.

The accumulated benefit obligation for all defined benefit pension plans was $562,985 and $547,719 at December 31, 2025 and 2024, respectively.

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2025 and 2024:
 20252024
Accumulated benefit obligation$139,343 $228,977 
Fair value of plan assets80,641 169,207 

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2025 and 2024:
 20252024
Projected benefit obligation$145,855 $236,488 
Fair value of plan assets80,641 169,207 

Net Periodic Benefit Cost

The operating expense component of net periodic benefit cost (service cost) is reported with similar compensation costs in the Company's consolidated statement of earnings. The non-operating components (all other components of net periodic benefit cost, including interest cost, amortization of prior service cost, curtailments and settlements, etc.) are reported outside of operating income in other income, net in the consolidated statement of earnings.

Components of the net periodic benefit cost were as follows: 

Defined Benefit Plans
 Qualified Defined Benefits  Non-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202520242023202520242023202520242023
Service cost$— $— $2,867 $6,409 $4,853 $3,712 $— $— $970 
Interest cost15,669 15,810 17,203 6,231 6,091 10,591 1,078 1,359 1,636 
Expected return on plan assets(25,936)(27,653)(26,208)(8,692)(7,868)(7,331)— — — 
Amortization of:
Prior service cost (credit)— — — (841)(760)(717)— — 1,874 
Actuarial loss (gain)
— — — 1,693 1,069 656 (3,234)(2,959)(3,207)
Settlement and curtailment loss (gain) (1)
— — 4,434 — 112 (801)(729)— — 
Net periodic (benefit) expense$(10,267)$(11,843)$(1,704)$4,800 $3,497 $6,110 $(2,885)$(1,600)$1,273 
(1) The settlement gain recognized for a Non-Qualified Supplemental Benefit Plan was recorded within loss from discontinued operations, net in the consolidated statements of earnings. See Note 4 — Discontinued and Disposed Operations for further details.
Assumptions

The Company determines actuarial assumptions on an annual basis. The weighted average assumptions used in determining the benefit obligations were as follows:
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202520242025202420252024
Discount rate5.40 %5.70 %2.89 %2.64 %5.10 %5.50 %
Average wage increasenana1.42 %1.36 %nana

The weighted average assumptions used in determining the net periodic benefit cost were as follows:
 Qualified Defined BenefitsNon- Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202520242023202520242023202520242023
Discount rate5.70 %5.20 %5.55 %2.64 %2.80 %3.57 %5.50 %5.15 %5.50 %
Average wage increasena4.00 %4.00 %1.36 %1.65 %1.67 %na4.50 %4.50 %
Expected return on plan assets6.20 %6.30 %5.60 %4.66 %4.59 %4.69 %
na
nana

The Company's discount rate assumption is determined by developing a yield curve based on high quality corporate bonds with maturities matching the plans' expected benefit payment streams. The plans' expected cash flows are then discounted by the resulting year-by-year discount rates.

Plan Assets

The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans' financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements.

As it relates to the funded defined benefit pension plans, the Company's funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The Company is responsible for overseeing the management of the investments of the plans' assets and otherwise ensuring that the plans' investment programs are in compliance with ERISA, other relevant legislation and the related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans' assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans.

The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The plans' long-term investment objective is to generate investment returns that provide adequate assets to meet all benefit obligations in accordance with applicable regulations. The expected return on assets assumption used for net periodic benefit cost is developed through analysis of historical and forecasted market returns, statistical analysis, current market conditions and the past experience of plan asset investments.

The Company's actual and target weighted average asset allocation for our U.S. Qualified Defined Benefits Plan was as follows:
20252024Current Target
Return-seeking investments30 %30 %30 %
Liability hedging investments70 %70 %70 %
Total100 %100 %100 %
Return-seeking investments include diversified foreign and domestic equities, U.S. high yield fixed income investments, and emerging market debt. Liability hedging investments primarily include a diversified portfolio of U.S. long and intermediate duration fixed income assets. While the non-U.S. investment policies are different for each country, the long-term objectives are generally the same as for the U.S. pension assets.

The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 13 — Financial Instruments) were as follows:
 
U.S. Qualified Defined Benefits Plan
 December 31, 2025December 31, 2024
 
Level 1
Level 2
Total Fair Value
Level 1
Level 2
Total Fair Value
Corporate bonds$— $109,284 $109,284 $— $196,492 $196,492 
Government securities— 86,784 86,784 — 52,880 52,880 
Interest-bearing cash and short-term investments3,292 — 3,292 3,189 — 3,189 
Total investments at fair value$3,292 $196,068 199,360 $3,189 $249,372 252,561 
Investments measured at net asset value*
Collective funds166,388 110,020 
Short-term investment funds8,645 9,385 
Total investments$374,393 $371,966 

 
Non-U.S. Plans
 December 31, 2025December 31, 2024
 
Level 1
Level 2
Level 3
Total Fair Value
Level 1
Level 2
Level 3
Total Fair Value
Common stocks$73,330 $— $— $73,330 $56,976 $— $— $56,976 
Fixed income investments— 40,023 — 40,023 — 35,936 — 35,936 
Mutual funds13,457 — — 13,457 12,118 — — 12,118 
Cash and cash equivalents4,320 — — 4,320 2,384 — — 2,384 
Other— 3,399 30,704 34,103 — 3,570 21,658 25,228 
Total investments at fair value$91,107 $43,422 $30,704 165,233 $71,478 $39,506 $21,658 132,642 
Investments measured at net asset value*
Collective funds46,016 39,339 
Other1,515 4,249 
 Total investments$212,764 $176,230 
* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.

Common stocks represent investments in domestic and foreign equities, which are publicly traded on active exchanges and are valued based on quoted market prices.

Fixed income investments include bonds and notes, which are valued based on quoted market prices, as well as investments in other government and municipal securities and corporate bonds, which are valued based on yields currently available on comparable securities of issuers with similar credit ratings.

Mutual funds are categorized as either Level 1, 2 or Net Asset Value ("NAV") as a practical expedient depending on the nature of the observable inputs. Collective funds and short-term investment funds are valued using NAV as a practical expedient as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The availability of observable data is monitored by plan management to assess appropriate classification of financial instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer between levels. In such instances, the transfer is reported at the end of the reporting period.

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2024 and 2025, due to the following:
Level 3
Balance at December 31, 2023$18,652 
Actual return on plan assets:
Relating to assets still held at December 31, 2024623 
Relating to assets sold during the period7 
Purchases2,154 
Sales and settlements1,090 
Foreign currency translation(868)
Balance at December 31, 202421,658 
Actual return on plan assets:
Relating to assets still held at December 31, 2025275 
Relating to assets sold during the period(2)
Purchases5,263 
Sales and settlements131 
Foreign currency translation3,379 
Balance at December 31, 2025$30,704 

Future Estimates

Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service except to the extent frozen, are as follows:
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
2026$30,655 $14,790 $4,550 
202725,389 16,565 1,887 
202824,268 14,758 3,421 
202923,553 14,190 1,679 
203022,804 15,150 2,060 
2031 - 2035103,904 78,657 5,984 

Contributions
 
In 2026, the Company expects to make payments of approximately $9.9 million to its non-US plans and $4.6 million to its non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2026.