We sponsor several defined contribution plans, which cover substantially all U.S. and non-U.S. employees. Eligible employees may defer a portion of their pre-tax covered compensation on an annual basis. We match employee contributions up to pre-defined percentages. Employee contributions are 100% vested. Employer contributions are vested based on pre-defined requirements. Costs for defined contribution benefit plans were $14.9 million in 2025, $12.7 million in 2024 and $10.4 million in 2023.

Benefits from defined benefit pension plans are based primarily on an employee's compensation and years of service. We fund our pension plans when appropriate.

Our U.S. defined benefit pension plans include a qualified, funded RIP and a Retirement Benefit Equity Plan (“RBEP”), which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code.

We have a defined benefit pension plan in Germany which remains from previously discontinued entities. This plan uses assumptions which are consistent with, but not identical to, those of the U.S. plans. The accumulated benefit obligation for the non-U.S. defined benefit pension plan was $2.0 million and $2.1 million as of December 31, 2025 and 2024, respectively.

As a result of our acquisition of Zahner, we are required to make regular contributions to a multi-employer defined benefit pension plan (“Multi-Employer Plan”) under the terms of collective bargaining agreements that cover union-represented employees and that

will expire in 2028. Assets contributed to the Multi-Employer Plan may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Multi-Employer Plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In the event we choose to stop participating in the Multi-Employer Plan, we may be required to pay a withdrawal liability based on the underfunded status of the plan. Because we believe the Multi-Employer Plan is adequately funded at this time, and we have no current intention of withdrawing from the Multi-Employer Plan, we have not recorded a liability associated with this plan on our Consolidated Balance Sheets. Our contributions to the Multi-Employer Plan for the years ended December 31, 2025 and 2024 were $2.4 million and $0.2 million, respectively, and included as a component of cost of goods sold on our Consolidated Statements of Earnings and Comprehensive Income.

The following tables summarize the balance sheet impact of our U.S. defined benefit pension plans, as well as the related benefit obligations, assets, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit pension plans.


	2025			2024
Change in benefit obligations:
Benefit obligations as of beginning of period	$	319.2		$	356.5
Service cost		2.3			2.5
Interest cost		16.6			16.9
Actuarial loss (gain)		2.8			(25.1	)
Benefits paid		(16.9	)		(31.6	)
Benefit obligations as of end of period	$	324.0		$	319.2


	2025			2024
Change in plan assets:
Fair value of plan assets as of beginning of period	$	381.9		$	413.4
Actual return on plan assets		30.6			(2.4	)
Employer contributions		3.0			2.5
Benefits paid		(16.9	)		(31.6	)
Fair value of plan assets as of end of period	$	398.6		$	381.9
Funded status	$	74.6		$	62.7


	2025			2024
Weighted-average assumptions used to determine benefit obligations at end of period:
Discount rate		5.47	%		5.68	%
Rate of compensation increase		3.33	%		3.33	%
Weighted-average assumptions used to determine net periodic benefit cost for the period:
Discount rate		5.67	%		5.01	%
Expected return on plan assets		6.00	%		6.00	%
Rate of compensation increase		3.33	%		3.33	%

Long-term asset class return assumptions for the RIP are determined based on input from investment professionals on the expected performance of the asset classes over 10 to 20 years. The forecasts were averaged to derive consensus passive return forecasts for each asset class. Incremental components were added for the expected return from active management and asset class rebalancing based on historical information obtained from investment consultants. These forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 6.00% for the years ended December 31, 2025 and 2024, respectively.

The accumulated benefit obligation for the U.S. defined benefit pension plans was $322.8 million and $318.1 million as of December 31, 2025 and 2024, respectively. In 2025, the largest contributor to the net actuarial loss affecting the benefit obligations for the defined benefit pension plans was a decrease in discount rate, partially offset by changes in retirement rate and other assumptions. In 2024, the largest contributor to the net actuarial gain affecting the benefit obligations for the defined benefit pension plans was an increase in discount rate, partially offset by changes in census data.


	2025		2024
U.S. pension plans with benefit obligations in excess of assets
RBEP Projected benefit obligation, December 31	$	25.1	$	25.6
RBEP Accumulated benefit obligation, December 31		25.1		25.6

The following table presents the components of the pension cost (credit) for the U.S. defined benefit pension plans for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
Service cost of benefits earned during the period	$	2.3		$	2.5		$	2.6
Interest cost on projected benefit obligation		16.6			16.9			16.9
Expected return on plan assets		(22.4	)		(24.3	)		(25.0	)
Amortization of net actuarial loss		5.4			5.2			5.4
Net periodic pension cost (credit)	$	1.9		$	0.3		$	(0.1	)

For 2025, 2024 and 2023, actuarial gains and losses were amortized over the remaining life expectancy of plan participants, which was approximately 23 years for 2025, 24 years for 2024 and 26 years for 2023 for our U.S. defined benefit pension plans.

The RIP’s primary investment objective is to maintain the funded status of the plan such that the likelihood we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by (a) investing a substantial portion of the plan assets in high quality corporate bonds whose duration is at least equal to that of the plan’s liabilities, (b) investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time, (c) limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations, and/or (d) using derivatives to either implement investment positions efficiently or to hedge risk but not to create investment leverage.

Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2025 and 2024 positions for each asset class:


	Target			Position as of December 31,
Asset Class	Weight			2025			2024
Long duration bonds		90.0	%		90.0	%		90.0	%
Equities, real estate and private equity		10.0	%		9.0	%		10.0	%
Cash equivalents, other short-term investments, receivables and payables, net		-			1.0	%		-

Pension plan assets are required to be reported and disclosed at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs may be used to measure fair value:

The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis:


	Fair Value as of December 31, 2025
Description	Level 1			Level 2		Total
Collective trust funds - bonds	$	-		$	357.6	$	357.6
Collective trust funds - equities		-			33.2		33.2
Cash equivalents, other short-term investments, receivables and payables, net		(0.5	)		5.1		4.6
Net assets measured at fair value	$	(0.5	)	$	395.9	$	395.4
Investments measured at net asset value per share as a practical expedient							3.2
Net assets						$	398.6


	Fair Value as of December 31, 2024
Description	Level 1			Level 2		Total
Collective trust funds - bonds	$	-		$	342.3	$	342.3
Collective trust funds - equities		-			32.0		32.0
Cash equivalents, other short-term investments, receivables and payables, net		(0.5	)		4.7		4.2
Net assets measured at fair value	$	(0.5	)	$	379.0	$	378.5
Investments measured at net asset value per share as a practical expedient							3.4
Net assets						$	381.9

The RIP has investments in alternative investment funds as of December 31, 2025 and 2024 which are reported at fair value. These investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the tables above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the U.S. defined benefit pension plan asset’s interest in the funds. As of December 31, 2025, there were no restrictions on redemption of these investments.

The following table sets forth a summary of the RIP’s investments measured at NAV:

          
         Fair Value as of December 31, 2025

         Description

         Fair Value

         Unfunded
Commitments

         Redemption
Frequency

         Redemption
Notice
Period

Real estate

3.2

2.2

Quarterly

60 days

          
         Fair Value as of December 31, 2024

         Description

         Fair Value

         Unfunded
Commitments

         Redemption
Frequency

         Redemption
Notice
Period

Real estate

3.4

2.2

Quarterly

60 days

Following is a description of the valuation methodologies used for assets measured at fair value and at NAV.

Collective trust funds – bonds: Consists primarily of collective trust funds and registered investment funds, both of which invest in fixed income securities tailored to institutional investors. There are no readily available market quotations for collective trust funds. The fair value of collective trust funds and registered investment funds have been classified as Level 2 assets above based on the determination that the funds have quoted prices in non-active markets. The funds are priced on a daily basis by their trustee and therefore have a readily determinable fair value; however, the number of trades occurring is not sufficient for the market to be considered active. Investments in pooled funds traded in a non-active market were valued at bid price and classified as Level 2 assets above.

Collective trust funds – equities: Represents collective trust funds holding equity investments, fixed income securities, commodity futures contracts, and other short-term securities. The fair value of collective trust funds have been classified as Level 2 assets above based on the determination that the funds have quoted prices in non-active markets. The funds are priced on a daily basis by their trustee and therefore have a readily determinable fair value; however, the number of trades occurring is not sufficient for the market to be considered active.

Cash equivalents, other short-term investments, receivables and payables, net: Consists primarily of cash and cash equivalents, and plan receivables/payables. The carrying amounts of cash and cash equivalents and receivables/payables approximate fair value due to the short-term nature of these instruments and have been classified as Level 1 assets above. Receivables and payables consist primarily of receivables related to liquidated investment positions for which proceeds had not been received as of December 31 and accrued fees.

Real estate: Consists of both open-end and closed-end real estate funds. There are no readily available market quotations for these real estate funds. These investments were measured at fair value using the NAV practical expedient.

We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions.

The following tables summarize the balance sheet impact of our postretirement benefit pension plans, as well as the related benefit obligations, funded status and rate assumptions. We use a December 31 measurement date for all our defined benefit postretirement benefit plans.


	2025			2024
Change in benefit obligations:
Benefit obligation as of beginning of period	$	39.4		$	47.6
Interest cost		2.0			2.2
Plan participant contributions		1.4			1.5
Actuarial gain		(0.3	)		(5.0	)
Benefits paid		(6.3	)		(6.9	)
Benefit obligations as of end of period	$	36.2		$	39.4


	2025			2024
Change in plan assets:
Fair value of plan assets as of beginning of period	$	-		$	-
Employer contributions		4.9			5.4
Plan participant contributions		1.4			1.5
Benefits paid		(6.3	)		(6.9	)
Fair value of plan assets as of end of period	$	-		$	-
Funded status	$	(36.2	)	$	(39.4	)

In 2025, the largest contributor to the actuarial gain affecting the benefit obligation for the postretirement plans was an update to the per capita claims assumption and retirement rates, partially offset by updated healthcare cost trend rates and a decrease in the discount rate. In 2024, the largest contributor to the actuarial gains affecting the benefit obligation for the postretirement plans was an update to the per capita claims assumption and an increase in the discount rate, partially offset by updated healthcare cost trend rates.

The following table presents the components of postretirement benefit cost (credit) for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
Interest cost on accumulated postretirement benefit obligation	$	2.0		$	2.2		$	2.9
Amortization of prior service credit		(0.1	)		(0.2	)		(0.3	)
Amortization of net actuarial gain		(1.7	)		(8.6	)		(5.9	)
Net periodic postretirement benefit cost (credit)	$	0.2		$	(6.6	)	$	(3.3	)

The change in amortization of net actuarial gain for 2025 in comparison to 2024 was due to an increase in amortization period. For 2025, the amortization period was updated to equal the expected remaining life expectancy of plan participants. In 2024 and 2023, actuarial gains were amortized over the expected remaining service period of plan participants. For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 8.6% for pre-65 retirees and 18.4% for post-65 retirees was assumed for 2025, decreasing ratably to an ultimate rate of 4.5% in 2036.

Amounts recognized in assets (liabilities) on the Consolidated Balance Sheets at year end consist of:


	U.S. Pension Plans						Non-U.S. Pension Plan						Retiree Health and Life Insurance Benefits
	2025			2024			2025			2024			2025			2024
Prepaid pension costs	$	99.7		$	88.3		$	-		$	-		$	-		$	-
Accounts payable and accrued expenses		(2.7	)		(2.9	)		(0.1	)		(0.2	)		(3.5	)		(4.1	)
Postretirement benefit liabilities		-			-			-			-			(32.7	)		(35.3	)
Pension benefit liabilities		(22.4	)		(22.7	)		(1.9	)		(1.9	)		-			-
Net amount recognized	$	74.6		$	62.7		$	(2.0	)	$	(2.1	)	$	(36.2	)	$	(39.4	)

Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:


	U.S. Pension Plans						Retiree Health and Life Insurance Benefits
	2025			2024			2025		2024
Net actuarial (loss) gain	$	(158.0	)	$	(168.7	)	$	24.0	$	25.4
Prior service credit		-			-			0.6		0.7
Accumulated other comprehensive (loss) income	$	(158.0	)	$	(168.7	)	$	24.6	$	26.1

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years:


	U.S. Pension Benefits (1)		Retiree Health and Life Insurance Benefits, Net
2026	$	21.2	$	3.5
2027		21.8		3.4
2028		22.8		3.3
2029		23.2		3.0
2030		23.8		3.1
2031 - 2035		122.4		12.5

(1)

We were not required and did not make contributions to the RIP during 2025, 2024 or 2023 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are funded by the Company.