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Pensions and Other Post-retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pensions and Other Post-retirement Benefits Pensions and Other Post-retirement Benefits
We maintain various defined benefit and defined contribution plans covering the majority of our employees. Our principal U.S. plan is funded in compliance with the Employee Retirement Income Security Act ("ERISA"). It is our general policy to fund current costs for the international plans according to local requirements and general market practice. We provide health care benefits and limited life insurance for certain retired employees who are covered by our principal U.S. defined benefit pension plan until they become Medicare-eligible.
Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables:
Pension BenefitsOther Benefits
(In thousands)2025202420252024
Change in Benefit Obligations
Benefit obligations at January 1$474,484 $521,474 $22,046 $21,386 
Service cost8,118 9,214 124 176 
Interest cost24,178 23,307 1,104 994 
Participant contributions165 232 222 285 
Plan amendments605 (20)— — 
Actuarial (gains) losses(a)
(5,524)(27,259)(569)1,696 
Benefits paid(29,818)(28,159)(2,269)(2,491)
Settlements(2,282)(17,576)— — 
Acquisitions8,554 — — — 
Currency translation11,263 (6,729)— — 
Benefit obligations at December 31$489,743 $474,484 $20,658 $22,046 
Change in Plan Assets
Fair value of plan assets at January 1$580,364 $563,449 $— $— 
Actual return on plan assets83,400 55,610 — — 
Employer contributions6,644 7,877 2,047 2,206 
Participant contributions165 232 222 285 
Settlements(2,282)(17,576)— — 
Benefits paid(29,818)(28,159)(2,269)(2,491)
Administrative expenses paid(56)(62)— — 
Currency translation546 (1,007)— — 
Fair value of plan assets at December 31$638,963 $580,364 $— $— 
Funded Status
Funded status at December 31$149,220 $105,880 $(20,658)$(22,046)
Unrecognized prior service cost794 728 — — 
Unrecognized net actuarial (gains) losses(1,252)40,339 5,584 6,804 
Net amount recognized$148,762 $146,947 $(15,074)$(15,242)
Amounts Recognized in the Balance Sheets
Noncurrent assets$279,450 $224,638 $— $— 
Current liabilities(8,522)(7,474)(1,963)(2,145)
Noncurrent liabilities(121,708)(111,284)(18,695)(19,901)
Net amount recognized$149,220 $105,880 $(20,658)$(22,046)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial (gains) losses$(1,252)$40,339 $5,584 $6,804 
Prior service cost794 728 — — 
Total (before tax effects)$(458)$41,067 $5,584 $6,804 
Accumulated Benefit Obligations for all Defined Benefit Plans$464,203 $442,734 $— $— 
(a)Actuarial (gains) losses for both periods relate primarily to the increase in discount rates used in measuring plan obligations as of December 31, 2025, and 2024, respectively.
Pension BenefitsOther Benefits
(In thousands)202520242023202520242023
Components of Net Periodic Benefit (Income) Cost
Service cost$8,118 $9,214 $7,587 $124 $176 $214 
Interest cost24,178 23,307 23,775 1,104 994 1,090 
Expected return on plan assets(48,030)(42,832)(39,639)— — — 
Amortization of prior service cost (credit)650 142 161 — (184)(245)
Recognized net actuarial losses1,091 1,103 186 651 460 550 
Settlement/curtailment loss17 919 15 — — — 
Net periodic benefit (income) cost(a)
$(13,976)$(8,147)$(7,915)$1,879 $1,446 $1,609 
(a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income.
The Company utilizes a spot rate approach, which discounts the individual plan specific expected cash flows underlying the service and interest cost using the applicable spot rates derived from a yield curve used in the determination of the benefit obligation to the relevant projected cash flows. For plans where the discount rate is not derived from plan specific expected cash flows, the Company uses a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period for measuring both the projected benefit obligations and the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Pension Benefits
(In thousands)20252024
Aggregate accumulated benefit obligations (ABO)$128,023 $117,299 
Aggregate fair value of plan assets2,416 3,334 
Information for pension plans with a projected benefit obligation in excess of plan assets:
Pension Benefits
(In thousands)20252024
Aggregate projected benefit obligations (PBO)$132,646 $122,092 
Aggregate fair value of plan assets2,416 3,334 
Pension BenefitsOther Benefits
2025202420252024
Assumptions used to determine benefit obligations
Average discount rate5.37 %5.35 %5.09 %5.49 %
Rate of compensation increase2.97 %2.96 %3.00 %3.00 %
Assumptions used to determine net periodic benefit cost
Average discount rate - Service cost5.75 %5.02 %5.65 %4.96 %
Average discount rate - Interest cost5.07 %4.64 %5.22 %4.85 %
Expected return on plan assets8.05 %7.23 %— — 
Rate of compensation increase2.96 %3.78 %3.00 %3.00 %
Discount rates for all U.S. and foreign plans were determined using the aforementioned spot rate methodology for 2025 and 2024. Aside from sovereign bonds used in Mexico, the remaining plans' discount rates were determined using various corporate bonds and by matching our projected benefit obligation payment stream to current yields on high quality bonds.
The expected return on assets for the 2025 net periodic pension cost was determined by multiplying the expected returns of each asset class (based on capital market expectations) by the expected percentage of the total portfolio invested in that asset class. A total return was determined by summing the expected returns over all asset classes.
Pension Plan Assets at
December 31,
20252024
Equity securities59 %65 %
Fixed income securities33 26 
Pooled investment funds7 7 
Cash and cash equivalents1 1 
Insurance contracts— 1 
Total100 %100 %
The overall objective of our pension investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and meet other cash requirements of our pension funds. Investment policies for our primary U.S. pension plan are determined by the plan’s Investment Committee and set forth in the plan’s investment policy. Asset managers are granted discretion for determining sector mix, selecting securities and timing transactions, subject to the guidelines of the investment policy. An aggressive, flexible management of the portfolio is permitted and encouraged, with shifts of emphasis among equities, fixed income securities and cash equivalents at the discretion of each manager. No target asset allocations are set forth in the investment policy. For our non-U.S. pension plans, our investment objective is generally met through the use of pooled investment funds and insurance contracts.
The fair values of the Company's pension plan assets are determined using NAV as a practical expedient, or by information categorized in the fair value hierarchy level based on the inputs used to determine fair value, as further discussed in Note 20—Fair Value Measurements.
The fair values of the Company's pension plan assets at December 31, 2025, were as follows:
Fair Value
(In thousands)TotalNAVQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Equity securities$374,848 $59,938 $314,910 $— $— 
Fixed income securities210,277 — 129,420 80,857 — 
Pooled investment funds44,630 44,630 — — — 
Cash and cash equivalents6,792 4,403 2,389 — — 
Insurance contracts2,416 — — 2,416 — 
Total$638,963 $108,971 $446,719 $83,273 $— 
The fair values of the Company's pension plan assets at December 31, 2024, were as follows:
Fair Value
(In thousands)TotalNAVQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Equity securities$375,001 $56,803 $318,198 $— $— 
Fixed income securities152,258 — 97,013 55,245 — 
Pooled investment funds42,182 42,182 — — — 
Cash and cash equivalents7,589 5,908 1,681 — — 
Insurance contracts3,334 — — — 3,334 
Total$580,364 $104,893 $416,892 $55,245 $3,334 
Equity securities consist primarily of publicly traded U.S. and non-U.S. common stocks. Equities are valued at closing prices reported on the listing stock exchange.
Fixed income securities consist primarily of U.S. government and agency bonds and U.S. corporate bonds. Fixed income securities are valued at closing prices reported in active markets or based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, and may include adjustments, for certain risks that may not be observable, such as credit and liquidity risks.
A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Pooled investment funds consist of mutual and collective investment funds that invest primarily in publicly traded equity and fixed income securities. Pooled investment funds are valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of shares outstanding. The underlying securities are generally valued at closing prices reported in active markets, quoted prices of similar securities, or discounted cash flows approach that maximizes observable inputs such as current value measurement at the reporting date. These investments are not classified in the fair value hierarchy in accordance with guidance in ASU 2015-07.
Insurance contracts are valued in accordance with the terms of the applicable collective pension contract.
Cash equivalents consist primarily of money market and similar temporary investment funds. Cash equivalents are valued at closing prices reported in active markets.
The preceding methods may produce fair value measurements that are not indicative of net realizable value or reflective of future fair values. Although we believe the 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.
We expect to make net contributions between $8 million and $10 million to our pension plans in 2026, which are primarily associated with statutorily required plans in the International reportable segment.
For the 2025 beginning of the year measurement purposes (net periodic benefit expense), a 7.8% increase in the costs of covered health care benefits was assumed, decreasing by 0.3% for each successive year to 4.5% in 2034 and thereafter. For the 2025 end of the year measurement purposes (benefit obligation), an 8.0% increase in the costs of covered health care benefits was assumed, decreasing by approximately 0.4% for each successive year to 4.5% in 2035 and thereafter.
Expense for defined contribution pension plans was $14.1 million in 2025, $13.6 million in 2024 and $13.4 million in 2023.
Estimated pension benefits to be paid under our defined benefit pension plans during the next five years are $31.2 million in 2026, $31.7 million in 2027, $32.2 million in 2028, $32.8 million in 2029 and $33.6 million in 2030, and an aggregated $174.4 million for the five years thereafter. Estimated other post-retirement benefits to be paid during the next five years are $2.0 million in 2026, $2.1 million in 2027, $2.1 million in 2028, $2.1 million in 2029, $2.2 million in 2030, and an aggregated $9.1 million for the five years thereafter.