XML 72 R52.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
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.
Schedule of Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets
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 
Schedule of Net Periodic Benefit Costs
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.
Schedule of Weighted-Average Assumptions Used in Benefit Obligations 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
Schedule of Weighted-Average Assumptions Used Calculating Net Periodic Cost
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
Schedule of Weighted-Average Asset Allocation Actual and Target
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 %
Schedule of Plan Assets by Asset Category
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.
Schedule of Measurement of Plan Assets use Significant Unobservable Inputs
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 
Schedule of Expected Future Benefit Payments
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