The Company maintains defined benefit retirement plans, primarily for certain domestic employees, as presented below. All plans are frozen to new entrants, with the exception of the executive supplemental plan. Benefits are based primarily on years of service and earnings of the employee.

The significant assumptions used in the measurement of the projected benefit obligation and net periodic benefit cost primarily include the discount rate, rate of compensation increase and expected long-term return on plan assets. Weighted-average assumptions for the projected benefit obligation follow:

The weighted-average cash balance interest crediting rate for the Company's cash balance defined benefit plans was 4.0% for the years ended December 31, 2025, 2024, and 2023.

The Company considers several factors in determining the long-term rate of return for plan assets. Asset-class return expectations are set using a combination of empirical and forward-looking analyses. Capital market assumptions for the composition of the Company’s asset portfolio are intended to capture the behavior of asset classes observed over several market cycles. The Company also looks to historical returns for reasonableness and appropriateness.


(in millions)	2025		2024
Funded status
Projected benefit obligation
Balance as of January 1	$	71.0	$	134.3
Change in benefit obligation:
Service cost	1.8		2.2
Interest cost	3.4		5.5

Actuarial (gain) loss	1.8		(8.4)
Benefits paid and transferred	(9.8)		(62.6)
Balance as of December 31	$	68.2	$	71.0
Fair value of plan assets
Balance as of January 1	$	58.2	$	114.8
Change in plan assets:
Actual gain on plan assets	4.8		3.9
Company contributions	1.5		2.1
Benefits paid and transferred	(9.8)		(62.6)
Balance as of December 31	$	54.7	$	58.2

Unfunded status as of December 31	$	(13.5)	$	(12.8)

Accumulated benefit obligation as of December 31	$	67.1	$	70.8

The Company’s projected benefit obligation includes approximately $17.3 million and $17.7 million related to the Company’s executive supplemental and director defined benefit pension plans as of December 31, 2025 and 2024, respectively. The Company’s accumulated benefit obligation includes approximately $16.3 million and $17.5 million related to the Company’s executive supplemental and director defined benefit pension plans as of December 31, 2025 and 2024, respectively. The executive supplemental and director defined benefit plans have no plan assets and the Company is not required to pre-fund the obligations.


(in millions)	December 31, 2025		December 31, 2024
Other long-term assets	$	3.8	$	4.9
Other current liabilities	(1.3)		(1.6)
Other long-term liabilities	(16.0)		(16.1)
Net pension liabilities	$	(13.5)	$	(12.8)


(in millions)	December 31, 2025		December 31, 2024
Unrecognized actuarial losses (gross)	$	20.5	$	22.9
Unrecognized actuarial losses (net of tax)	16.0		17.7
Unrecognized prior service costs (gross)	0.4		0.4
Unrecognized prior service costs (net of tax)	0.3		0.3


(in millions)	2025		2024		2023
Service cost	$	1.8	$	2.2	$	2.1
Interest cost	3.4		5.5		6.3
Expected return on plan assets	(4.3)		(7.0)		(8.2)
Amortization of unrecognized net loss	0.7		1.8		1.3
Amortization of unrecognized prior service cost	0.1		0.1		0.1
Settlement expense	3.0		21.1		—
Net periodic benefit cost	$	4.7	$	23.7	$	1.6

The Company employs a liability driven investment approach whereby plan assets are invested primarily in fixed income investments to match the changes in the projected benefit obligation of funded plans related to changes in interest rates. Risk tolerance is established through careful consideration of projected benefit obligations, plan funded status and the Company’s other obligations and strategic investments.

The established target allocation is 88.0% fixed income securities and 12.0% equity securities. Fixed income investments are diversified across U.S. treasury, long and intermediate duration and high yield bonds. Equity investments are diversified across large capitalization U.S. and international stocks. Investment risk is measured and monitored on an ongoing basis through investment portfolio reviews, annual projected benefit liability measurements and asset/liability studies.


	Quoted Prices in Active Markets for Identical Assets (Level 1)
(in millions)	December 31, 2025		December 31, 2024
Cash	$	3.5	$	4.7
U.S. treasury bonds	6.7		6.4
Mutual funds:
Equity mutual funds (1)	6.7		5.6
Fixed income mutual funds (2)	37.8		41.5
Total	$	54.7	$	58.2

(1)This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets.

(2)This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.

The Company made contributions of $1.5 million and $2.1 million during 2025 and 2024, respectively. Contributions of $1.5 million and $1.6 million in 2025 and 2024, respectively, pertain to the Company’s executive supplemental and director defined benefit pension plans. This contribution covers current participant benefits as these plans have no plan assets. No minimum contributions to the pension plans were required in 2025 and 2024. During 2026, the Company expects to pay approximately $1.3 million in participant benefits under the executive supplemental and director plans.

The Company recognizes a pension settlement gain or loss when the cost of all settlements in a year is greater than the sum of the service cost and interest cost components of net periodic benefit cost. Total settlements for the year ended December 31, 2025, exceeded the sum of service and interest costs, which resulted in the Company recognizing a non-cash pre-tax pension settlement charge of $3.0 million for the year.

On October 17, 2024, the Company entered into an agreement with an insurance company to purchase a nonparticipating single premium group annuity contract. In selecting the insurance company, the Company utilized guidance from the U.S. Department of Labor Interpretive Bulletin 95-1. Using plan assets, the Company transferred $55.0 million of certain defined benefit pension obligations to the insurance company. The contract covers approximately 1,300 Carlisle plan participants and beneficiaries (the "Transferred Participants"). Under this contract, the insurance company made an unconditional and irrevocable commitment to pay the pension benefits of each Transferred Participant that are due on or after January 1, 2025. The transaction did not change the amount of benefits payable to the Transferred Participants.

As a result of the transaction, the Company recognized non-cash pre-tax pension settlement charges of $21.1 million in the fourth quarter of 2024 related to the accelerated recognition of actuarial losses included within accumulated other comprehensive loss. The transaction also required the Company to remeasure the benefit obligations and plan assets as of the settlement date. The remeasurement reflected the use of an updated discount rate as of the remeasurement date of 5.0%, as compared to the discount rate of 4.8% that was used to determine benefit obligations as of December 31, 2023.

The Company maintains defined contribution savings plans covering a significant portion of its eligible employees. Participant contributions are matched by the Company up to a 4.0% maximum of eligible compensation, subject to compensation and contribution limits as defined by the Internal Revenue Service. Employer contributions for the savings plan were $17.4 million, $17.5 million, and $19.9 million in 2025, 2024 and 2023, respectively.