Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Employee Benefit Plans

(16) Employee Benefit Plans

The Company’s U.S. employees are eligible to participate in the Company’s 401(k) savings plan. The Company provides a base contribution of 2% of an employee’s salary, regardless of whether the employee elects to contribute to the plan. Further, the Company matches 100% of employee contributions of up to the first 4% of eligible compensation. The Company’s match contributions for the years ended December 31, 2025, 2024 and 2023, were $11.1 million, $8.5 million and $8.1 million, respectively. Charges for Europe pension plans approximated $4.3 million, $4.0 million and $3.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. These costs relate to plans administered by certain European subsidiaries, with benefits calculated according to government requirements and paid out to employees upon retirement or change of employment.

With the acquisition of Bradley on October 23, 2023, the Company acquired the defined benefit retirement plan (the “Pension Plan”) of Bradley. The Pension Plan was frozen effective September 30, 2011, and the Pension Plan pension benefit obligation (“PBO”) was close to fully funded prior to the acquisition date. The Company terminated the Pension Plan with a plan termination effective date of December 31, 2023. As a result of the plan termination the December 31, 2023 balance sheet liability of $73.5 million was calculated on a termination basis by valuing the PBO on a going concern basis. In September 2024, the Company settled its Pension Plan benefit obligations for $64.5 million through the purchase of a non-participating annuity contract and distribution of lump sum payments to participants that chose the lump sum payment option. Pension Plan assets exceeded the benefit obligations at the date of settlement, which resulted

in the Company recognizing a surplus asset and a non-cash settlement pre-tax gain of $7.8 million in the third quarter of 2024. The gain was included in selling, general and administrative expenses in the Company’s consolidated statement of operations. The surplus plan asset was recognized in prepaid expenses and other current assets as of the third quarter of 2024, and starting in 2025, after the requirement to distribute surplus assets were met, began monthly cash contributions through a qualified replacement plan and should be fully distributed by the end of 2026.