Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plans

12. Retirement Plans

The Company and certain of its subsidiaries have pension and profit sharing plans covering substantially all of their employees. The Company’s defined benefit pension plan, The Pension Agreement between Akro-Mils and United Steelworkers of America Local No. 1761-02, (the “Plan”) provides benefits primarily based upon a fixed amount for each year of service. The Plan was frozen in 2007, and no benefits for service have accumulated after this date.

On April 22, 2025, the Company entered into an agreement with United of Omaha Life Insurance Company (the “Insurer”), under which the Company purchased an irrevocable nonparticipating single premium group annuity contract from the insurer and transferred to the insurer the future benefit obligations and annuity administration for remaining retirees and beneficiaries under the Company’s defined benefit pension plan (the ‘Plan’) with remaining obligations that approximated $4.1 million, at the time of transfer. Under the group annuity contract, the Insurer has made an unconditional and irrevocable commitment to pay the pension benefits of each participant that are due on or after June 1, 2025 and the Company has no remaining obligations under the Plan. The purchase of the group annuity contract was funded primarily by the assets of the plan and as a result of the transaction, the Company recognized a pre-tax pension settlement charge of $1.6 million in the second quarter of 2025, primarily related to the non-cash acceleration of actuarial losses included within Accumulated Other Comprehensive Income (Loss) in the Consolidated Statements of Financial Position.

Net periodic pension cost of the Plan for the year ended December 31, 2025 was not significant. Net periodic pension cost for the years ended December 31, 2024 and 2023 was as follows:

	For the Year Ended December 31,
	2024			2023
Interest cost	$	222		$	233
Expected return on assets		(125	)		(144	)
Amortization of net loss		64			70
Net periodic pension cost	$	161		$	159

The reconciliation of changes in the Plan’s projected benefit obligations and assets are as follows:

	December 31,
	2025			2024
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	4,280		$	4,766
Interest cost		—			222
Actuarial (gain) loss		(99	)		(291	)
Benefits paid		(54	)		(417	)
Settlement		(4,127	)		—
Projected benefit obligation at end of year	$	—		$	4,280
Change in plan assets:
Fair value of plan assets at beginning of year	$	4,201		$	4,631
Actual return on plan assets		—			(13	)
Plan expenses paid out of assets		(20	)		—
Benefits paid		(54	)		(417	)
Settlement		(4,127	)		—
Fair value of plan assets at end of year	$	—		$	4,201
Funded status	$	—		$	(79	)

The Plan’s funded status shown above is included in Other liabilities - long-term in the Company’s Consolidated Statements of Financial Position at December 31, 2024. At December 31, 2025 the plan was fully terminated and the Company had no remaining obligations under the Plan.

As discussed above, the annuity purchase price was used to measure the projected benefit obligation on the settlement date. Prior to settlement, the assumptions used to determine the Plan’s net periodic benefit cost and benefit obligations were as follows:

	December 31,
	2024			2023
Discount rate for net periodic pension cost		4.85	%		5.05	%
Discount rate for benefit obligations		5.40	%		4.85	%
Expected long-term return of plan assets		5.00	%		5.25	%

Prior to settlement the expected long-term rate of return was based on the long-term expected returns for the investment mix consistent with the Plan’s current asset allocation and investment policy. The Plan’s asset allocation and investment policy increases the allocation of fixed income investments that are managed to match the duration of the underlying pension liability as the funding status improves. The assumed discount rates represent long-term high-quality corporate bond rates commensurate with the liability duration of the Plan.

The fair value of Plan assets at December 31, 2024 consisted of mutual funds valued at $0.4 million and pooled separate accounts valued at $3.8 million. Fair values of all Plan assets are categorized as Level 1. Mutual fund values are determined based on period end closing quoted prices in active markets. The pooled separate accounts are measured at net asset value, which is made readily available to investors. Each of the pooled separate accounts invest in multiple fixed securities and provide for daily redemptions by the plan with no advance notice requirements and have redemption prices that are also determined by the fund’s net asset value per unit with no redemption fees. The weighted average asset allocations for the Plan at December 31, 2024 are show in the table below. There were no significant changes to the asset allocations of the Plan assets prior to settlement.

	December 31,
	2024
U.S. equities securities		10	%
U.S. debt securities		90	%
		100	%

The Company maintains defined contribution plans for its U.S.-based employees, who are not covered under defined benefit plans and have met eligibility service requirements. The Company recognized expense related to the 401(k) employer matching contribution in the amount of, $4.5 million, $4.9 million and $4.5 million in 2025, 2024 and 2023, respectively.

In addition, the Company has a Supplemental Executive Retirement Plan (“SERP”) to provide certain former senior executives with retirement benefits in addition to amounts payable under the 401(k) plan. Net expense (benefit) related to the SERP was not meaningful for the years ended December 2025, 2024 and 2023. The SERP liability was based on the discounted present value of expected future benefit payments using a discount rate of 5.4%. The SERP liability was approximately $0.3 million and $0.6 million at December 31, 2025 and 2024, respectively, and is included in Accrued employee compensation and Other liabilities - long-term on the accompanying Consolidated Statements of Financial Position. The SERP is unfunded.