XML 66 R49.htm IDEA: XBRL DOCUMENT v3.25.4
Retirement Plans and Postretirement Medical Benefits (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Defined Benefit Pension Plans The benefit obligations and funded status of defined benefit pension plans are as follows:
United StatesForeign
2025202420252024
Accumulated benefit obligation$991,154 $1,001,801 $462,726 $447,127 
Projected benefit obligation
Benefit obligation - beginning of year$1,001,811 $1,205,140 $450,740 $492,767 
Service cost25 49 1,143 745 
Interest cost53,485 58,131 23,477 20,815 
Net actuarial (gain) loss
32,303 (39,337)(12,056)(15,310)
Foreign currency changes — 33,545 (15,591)
Settlements (140,356)(1,122)(7,861)
Benefits paid(96,470)(81,816)(29,541)(24,825)
Benefit obligation - end of year$991,154 $1,001,811 $466,186 $450,740 
Fair value of plan assets
Fair value of plan assets - beginning of year$958,812 $1,153,490 $408,205 $466,687 
Actual return on plan assets72,960 22,920 11,951 (19,217)
Company contributions5,626 4,574 8,645 7,881 
Settlements (140,356)(1,122)(7,861)
Foreign currency changes — 27,707 (14,460)
Benefits paid(96,470)(81,816)(29,541)(24,825)
Fair value of plan assets - end of year$940,928 $958,812 $425,845 $408,205 

Amounts recognized in the Consolidated Balance Sheets
Noncurrent asset$ $— $25,479 $26,502 
Current liability(19,776)(4,606)(1,855)(1,664)
Noncurrent liability(30,449)(38,393)(63,965)(67,373)
Funded status$(50,225)$(42,999)$(40,341)$(42,535)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information provided in the table below is only for pension plans with an accumulated benefit obligation in excess of plan assets:
United StatesForeign
2025202420252024
Projected benefit obligation$991,154 $1,001,811 $383,913 $368,417 
Accumulated benefit obligation$991,154 $1,001,801 $381,867 $366,197 
Fair value of plan assets$940,928 $958,812 $318,757 $299,912 
Schedule of Amounts Recognized in Other Comprehensive Loss
Pretax amounts recognized in AOCL consist of:
United StatesForeign
2025202420252024
Net actuarial loss$647,221 $633,733 $343,268 $350,007 
Prior service (credit) cost(45)(65)6,662 6,969 
Transition asset — (7)(7)
Total$647,176 $633,668 $349,923 $356,969 
Other changes in plan assets and benefit obligations for defined benefit pension plans recognized in other comprehensive loss were as follows:
United StatesForeign
2025202420252024
Net actuarial loss
$33,644 $23,443 $2,577 $29,581 
Amortization of net actuarial loss(20,156)(19,190)(9,120)(7,737)
Amortization of prior service credit (cost)20 20 (307)(298)
Settlements (88,051)(197)(3,373)
Total recognized in other comprehensive loss
$13,508 $(83,778)$(7,047)$18,173 
Other changes in benefit obligation for postretirement medical benefit plans recognized in other comprehensive loss were as follows:
20252024
Net actuarial gain$2,630 $(5,603)
Amortization of net actuarial loss2,456 1,451 
Total recognized in other comprehensive loss
$5,086 $(4,152)
Schedule of Costs (Income) of Retirement Plans
The components of net periodic benefit cost (income) for defined benefit pension plans were as follows:
United StatesForeign
202520242023202520242023
Service cost$25 $49 $44 $1,143 $745 $766 
Interest cost53,485 58,131 63,533 23,477 20,815 21,238 
Expected return on plan assets(74,302)(85,701)(86,008)(26,585)(25,858)(29,899)
Amortization of prior service (credit) cost(20)(20)(20)307 298 286 
Amortization of net actuarial loss20,156 19,190 17,362 9,120 7,737 2,068 
Settlements  88,051 771 197 3,373 (25)
Net periodic benefit cost (income)
$(656)$79,700 $(4,318)$7,659 $7,110 $(5,566)
The components of net periodic benefit cost for postretirement medical benefit plans were as follows:
202520242023
Service cost$273 $369 $367 
Interest cost4,159 4,479 5,031 
Amortization of net actuarial loss(2,456)(1,451)(2,249)
Net periodic benefit cost$1,976 $3,397 $3,149 
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs
Weighted-average actuarial assumptions used to determine year end benefit obligations and net periodic benefit cost for defined benefit pension plans include:
202520242023
United States
Used to determine benefit obligations
     Discount rate5.34%5.65%5.15%
     Rate of compensation increaseN/AN/AN/A
Used to determine net periodic benefit cost
     Discount rate5.65%5.15%5.55%
     Expected return on plan assets6.90%6.70%6.50%
     Rate of compensation increaseN/AN/AN/A
Foreign
Used to determine benefit obligations
     Discount rate3.20 %-6.40%2.20 %-6.70%1.95 %-4.60%
     Rate of compensation increase2.00 %-9.94%2.00 %-9.88%2.00 %-3.50%
Used to determine net periodic benefit cost
     Discount rate2.20 %-6.70%1.95 %-4.60%1.95 %-5.10%
     Expected return on plan assets3.00 %-7.00%2.75 %-5.50%2.75 %-5.26%
     Rate of compensation increase2.00 %-9.88%2.00 %-3.50%2.00 %-3.60%
The weighted-average discount rates used to determine end of year benefit obligation and net periodic pension cost include:
202520242023
Discount rate used to determine benefit obligation
U.S.5.30 %5.60 %5.20 %
Canada4.65 %4.55 %4.60 %
Discount rate used to determine net period benefit cost
U.S.5.60 %5.20 %5.60 %
Canada4.55 %4.60 %5.15 %
Schedule of Target Allocation and Percentage of Plan Assets for Domestic Pension Plan
Target and actual asset allocations for the U.S. pension plans were as follows:
Target allocationPercent of Plan Assets at December 31,
202620252024
Asset category
Equities %— %15 %
Multi-asset credit %— %%
Fixed income %14 %77 %
Annuity
 %85 %— %
Real estate
 %%%
Private equity
 %— %%
Total %100 %100 %
Schedule of Target Allocation and Percentage of Plan Assets for Foreign Pension Plan Target and actual asset allocations for the U.K. Plan, which comprises 75% of the total foreign pension plan assets, were as follows:
Target AllocationPercent of Plan Assets at December 31,
202620252024
Asset category
Global equities5 %%%
Fixed income55 %55 %53 %
Multi-asset credit
4 %%%
Real estate10 %10 %15 %
Diversified Growth Funds
25 %25 %16 %
Cash1 %%%
Total100 %100 %100 %
Schedule of Fair Value Measurement of Plan Assets
The following tables show the U.S. and foreign pension plans' assets, by level within the fair value hierarchy. The plan asset categories presented in the following tables are subsets of the broader asset allocation categories.

United States Pension Plans
December 31, 2025
Level 1Level 2Level 3Total
Commingled fixed income securities$ $34,618 $ $34,618 
Government and related securities
97,055   97,055 
Corporate debt securities 31  31 
Mortgage-backed /asset-backed securities 17  17 
Real estate  7,452 7,452 
Buy-in annuity contract
  798,275 798,275 
Total plan assets at fair value $97,055 $34,666 $805,727 937,448 
Investments valued at NAV4,664 
Cash15 
Other(1,199)
Fair value of plan assets $940,928 
December 31, 2024
Level 1Level 2Level 3Total
Money market funds$— $10,461 $— $10,461 
Equity securities— 67,945 — 67,945 
Commingled fixed income securities— 185,212 — 185,212 
Government and related securities
158,047 37,880 — 195,927 
Corporate debt securities— 498,867 — 498,867 
Mortgage-backed /asset-backed securities— 39,046 — 39,046 
Real estate— — 45,221 45,221 
Securities lending collateral— 109,132 — 109,132 
Total plan assets at fair value $158,047 $948,543 $45,221 1,151,811 
Securities lending payable(109,132)
Investments valued at NAV4,940 
Cash466 
Other(89,273)
Fair value of plan assets $958,812 


Foreign Plans
December 31, 2025
Level 1Level 2Level 3Total
Money market funds$ $23,878 $ $23,878 
Equity securities 18,853  18,853 
Commingled fixed income securities 193,786  193,786 
Real estate  30,247 30,247 
Diversified growth funds—  80,144 80,144 
Buy-in annuity contract
  72,752 72,752 
Total plan assets at fair value $ $236,517 $183,143 419,660 
Cash3,589 
Other2,596 
Fair value of plan assets $425,845 

December 31, 2024
Level 1Level 2Level 3Total
Money market funds$— $2,400 $— $2,400 
Equity securities— 28,958 — 28,958 
Commingled fixed income securities— 212,425 — 212,425 
Government and related securities
— 31,962 — 31,962 
Corporate debt securities— 20,875 — 20,875 
Real estate— 3,675 43,930 47,605 
Diversified growth funds— — 48,400 48,400 
Total plan assets at fair value $— $300,295 $92,330 392,625 
Cash 12,644 
Other2,936 
Fair value of plan assets$408,205 
Schedule of Changes in Fair Value of Level 3 Assets Domestic
The following table summarizes the changes in the fair value of Level 3 assets:
U.S. PlansForeign Plans
Buy-in annuity contract
Real estate
Buy-in annuity contract
Real estate
Diversified Growth Funds
Balance at December 31, 2023$— $67,256 $— $43,205 $— 
Realized gains— 6,762 — — — 
Unrealized (losses) gains
— (14,316)— 406 3,446 
Net purchases, sales and settlements— (14,481)— 1,214 45,406 
Foreign currency and other— — — (895)(452)
Balance at December 31, 2024— 45,221 — 43,930 48,400 
Realized gains
 8,486    
Unrealized (losses) gains
 (7,147)1,165 799 6,503 
Net purchases, sales and settlements (39,108) (16,993)21,359 
Buy-in contract purchase
798,275  69,934   
Foreign currency and other  1,653 2,511 3,882 
Balance at December 31, 2025$798,275 $7,452 $72,752 $30,247 $80,144 
Schedule of Change in Benefit Obligation, Plan Assets and the Funded Status of Nonpension Benefit Plans The benefit obligation and funded status for postretirement medical benefit plans are as follows:
20252024
Benefit obligation
Benefit obligation - beginning of year$79,647 $93,487 
Service cost273 369 
Interest cost4,159 4,479 
Net actuarial gain2,630 (5,603)
Foreign currency changes295 (633)
Benefits paid, net(10,806)(12,452)
Benefit obligation - end of year (1)
$76,198 $79,647 
Fair value of plan assets
Fair value of plan assets - beginning of year$ $— 
Company contribution10,806 12,452 
Benefits paid, net(10,806)(12,452)
Fair value of plan assets - end of year$ $— 
Amounts recognized in the Consolidated Balance Sheets
Current liability$(8,865)$(9,257)
Noncurrent liability
(67,334)(70,390)
Funded status$(76,199)$(79,647)
(1)    Includes a benefit obligation for the U.S. postretirement plan of $70 million and $73 million at December 31, 2025 and 2024, respectively.

Pretax amounts recognized in AOCL consist of:
20252024
Net actuarial gain
$(13,425)$(18,511)
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid.
Pension BenefitsPostretirement Medical Benefits
2026$1,037,924 $9,087 
202732,847 8,611 
202833,029 8,192 
202933,393 7,724 
203033,092 7,293 
Thereafter166,565 29,855 
$1,336,850 $70,762