Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2025 and 2024:

	Pension Benefits												Other Post- Retirement Benefits
	2025						2024						2025		2024
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year	$	131,794	$	73,370	$	205,164	$	144,779	$	79,063	$	223,842	$	1,213	$	1,343
Service cost	436		—		436		417		—		417		—		—
Interest cost	5,902		3,571		9,473		5,817		3,672		9,489		61		61
Curtailment gain	—		—		—		(19)		—		(19)		—		—
Plan settlements	(689)		—		(689)		—		—		—		—		—
Benefits paid	(6,674)		(6,488)		(13,162)		(6,377)		(6,519)		(12,896)		(253)		(156)
Plan expenses and premiums paid	(62)		—		(62)		(36)		—		(36)		—		—
Actuarial (gain) loss	(6,716)		1,852		(4,864)		(6,589)		(2,845)		(9,434)		210		(61)
Translation differences and other	14,034		—		14,034		(6,198)		(1)		(6,199)		—		26
Gross benefit obligation at end of year	$	138,025	$	72,305	$	210,330	$	131,794	$	73,370	$	205,164	$	1,231	$	1,213

	Pension Benefits												Other Post- Retirement Benefits
	2025						2024						2025		2024
	Foreign		U.S.		Total		Foreign		U.S.		Total		U.S.		U.S.
Change in plan assets
Fair value of plan assets at beginning of year	$	122,963	$	59,548	$	182,511	$	135,387	$	60,967	$	196,354	$	—	$	—
Actual return on plan assets	(1,445)		5,263		3,818		(3,003)		1,349		(1,654)		—		—
Employer contributions	3,397		2,594		5,991		2,043		3,751		5,794		253		156
Plan settlements	(689)		—		(689)		—		—		—		—		—
Benefits paid	(6,674)		(6,488)		(13,162)		(6,377)		(6,519)		(12,896)		(253)		(156)
Plan expenses and premiums paid	(62)		—		(62)		(36)		—		(36)		—		—
Translation differences	12,759		—		12,759		(5,051)		—		(5,051)		—		—
Fair value of plan assets at end of year	$	130,249	$	60,917	$	191,166	$	122,963	$	59,548	$	182,511	$	—	$	—
Net benefit obligation recognized	$	(7,776)	$	(11,388)	$	(19,164)	$	(8,831)	$	(13,822)	$	(22,653)	$	(1,231)	$	(1,213)
Amounts recognized in the balance sheet consist of:
Non-current assets	$	2,209	$	137	$	2,346	$	2,245	$	—	$	2,245	$	—	$	—
Current liabilities	(405)		(1,542)		(1,947)		(400)		(1,758)		(2,158)		(179)		(170)
Non-current liabilities	(9,580)		(9,983)		(19,563)		(10,676)		(12,064)		(22,740)		(1,052)		(1,043)
Net benefit obligation recognized	$	(7,776)	$	(11,388)	$	(19,164)	$	(8,831)	$	(13,822)	$	(22,653)	$	(1,231)	$	(1,213)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service cost	(280)		—		(280)		(265)		—		(265)		—		—
Accumulated (loss) gain	(21,672)		4,629		(17,043)		(19,775)		3,905		(15,870)		896		1,199
AOCI	(21,952)		4,629		(17,323)		(20,040)		3,905		(16,135)		896		1,199
Cumulative employer contributions in excess of or (below) net periodic benefit cost	14,176		(16,017)		(1,841)		11,209		(17,727)		(6,518)		(2,127)		(2,412)
Net benefit obligation recognized	$	(7,776)	$	(11,388)	$	(19,164)	$	(8,831)	$	(13,822)	$	(22,653)	$	(1,231)	$	(1,213)

The accumulated benefit obligation for all defined benefit pension plans was $204.8 million ($72.3 million U.S. and $132.5 million Foreign) and $199.9 million ($73.4 million U.S. and $126.5 million Foreign) as of December 31, 2025 and 2024, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets:

	2025			2024
	Foreign	U.S.	Total	Foreign	U.S.	Total
Accumulated benefit obligation	7,207	11,355	18,562	72,836	73,370	146,206
Fair value of plan assets	2,536	—	2,536	66,838	59,548	126,386

Information for pension plans with a projected benefit obligation in excess of plan assets:

	2025						2024
	Foreign		U.S.		Total		Foreign		U.S.		Total
Projected benefit obligation	$	80,464	$	11,513	$	91,977	$	77,914	$	73,370	$	151,284
Fair value of plan assets	70,481		—		70,481		66,838		59,548		126,386

Components of net periodic benefit costs – pension plans:

	2025						2024
	Foreign		U.S.		Total		Foreign		U.S.		Total
Service cost	$	436	$	—	$	436	$	417	$	—	$	417
Interest cost	5,902		3,571		9,473		5,817		3,672		9,489
Expected return on plan assets	(5,537)		(2,710)		(8,247)		(5,571)		(2,562)		(8,133)
Settlement gain	(136)		—		(136)		—		—		—
Curtailment gain	—		—		—		(19)		—		(19)
Actuarial loss amortization	572		23		595		481		24		505
Prior service cost amortization	24		—		24		27		(1)		26
Net periodic benefit cost	$	1,261	$	884	$	2,145	$	1,152	$	1,133	$	2,285

	2023
	Foreign		U.S.		Total
Service cost	$	399	$	28	$	427
Interest cost	6,083		3,849		9,932
Expected return on plan assets	(5,271)		(2,799)		(8,070)
Curtailment (gain) loss	(213)		15		(198)
Actuarial loss amortization	388		22		410
Prior service cost amortization	28		6		34
Net periodic benefit costs	$	1,414	$	1,121	$	2,535

Other changes recognized in other comprehensive income – pension plans:

	2025						2024
	Foreign		U.S.		Total		Foreign		U.S.		Total
Net loss (gain) arising during the period	$	266	$	(701)	$	(435)	$	1,985	$	(1,631)	$	354
Settlement gain (loss)	130		—		130		—		(24)		(24)
Actuarial loss	(566)		(26)		(592)		(481)		—		(481)
Curtailment recognition	(24)		3		(21)		(27)		—		(27)
Effect of exchange rates on amounts included in AOCI	2,105		—		2,105		(908)		—		(908)
Total recognized in other comprehensive loss (income)	1,911		(724)		1,187		569		(1,655)		(1,086)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	3,172	$	160	$	3,332	$	1,721	$	(521)	$	1,200

	2023
	Foreign		U.S.		Total
Net loss arising during period	$	8,605	$	398	$	9,003
Settlement loss	—		(23)		(23)
Prior service cost	—		(15)		(15)
Actuarial loss	(388)		(92)		(480)
Curtailment recognition	(28)		—		(28)
Effect of exchange rates on amounts included in AOCI	560		—		560
Total recognized in other comprehensive loss	8,749		268		9,017
Total recognized in net periodic benefit cost and other comprehensive loss	$	10,163	$	1,389	$	11,552

Components of net periodic benefit costs – other postretirement plan:

	2025		2024		2023
Interest cost	61		61		69
Actuarial gain amortization	(94)		(102)		(128)
Prior service credit amortization	—		—		(16)
Net periodic benefit costs	$	(33)	$	(41)	$	(75)

Other changes recognized in other comprehensive income – other postretirement benefit plans:

	2025		2024		2023
Net (loss) gain arising during period	$	210	$	(61)	$	(150)
Recognition of amortizations in net periodic benefit cost	—		—		—
Prior service credit	—		—		16
Actuarial gain amortization	94		102		127
Total recognized in other comprehensive loss (income)	304		41		(7)
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	271	$	—	$	(82)

Weighted-average assumptions used to determine benefit obligations as of December 31, 2025 and 2024:

	Pension Benefits		Other Postretirement Benefits
	2025	2024	2025	2024
U.S. Plans
Discount rate	5.21%	5.49%	4.88%	5.34%
Rate of compensation increase	N/A	N/A	N/A	N/A
Foreign Plans
Discount rate	4.91%	4.64%	N/A	N/A
Rate of compensation increase	3.19%	3.33%	N/A	N/A

Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2025, 2024 and 2023:

	Pension Benefits						Other Postretirement Benefits
	2025		2024		2023		2025		2024		2023
U.S. Plans
Discount rate	5.49	%	4.94	%	5.21	%	5.32	%	4.87	%	5.15	%
Expected long-term return on plan assets	5.75	%	5.50	%	5.50	%	N/A		N/A		N/A
Rate of compensation increase	N/A		N/A		N/A		N/A		N/A		N/A
Foreign Plans
Discount rate	4.53	%	4.33	%	4.77	%	N/A		N/A		N/A
Expected long-term return on plan assets	4.28	%	4.20	%	4.03	%	N/A		N/A		N/A
Rate of compensation increase	3.30	%	3.26	%	3.38	%	N/A		N/A		N/A

The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1, Basis of Presentation and Significant Accounting Policies, for additional information.

Assumed health care cost trend rates as of December 31, 2025, 2024 and 2023:

	2025		2024		2023
Health care cost trend rate for next year	7.65	%	7.05	%	6.87	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00	%	4.00	%	4.00	%
Year that the rate reaches the ultimate trend rate	2050		2049		2048

Plan Assets and Fair Value

The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2025 and 2024 by asset category were as follows:

Asset Category	Target		2025		2024
U.S. Plans
Equity securities	20	%	21	%	27	%
Debt securities	80	%	79	%	71	%
Other	—	%	—	%	2	%
Total	100	%	100	%	100	%
Foreign Plans
Equity securities	17	%	21	%	18	%
Debt securities	68	%	61	%	62	%
Other	15	%	18	%	20	%
Total	100	%	100	%	100	%

As of December 31, 2025 and 2024, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds.

The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the fair value hierarchy, where applicable (refer to Note 1, Basis of Presentation and Significant Accounting Policies, for a definition of the levels of the fair value hierarchy):

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.

Commingled Funds

Investments in the U.S. pooled separate accounts consist primarily of mutual funds, each of which follows a separate investment strategy, and are valued based on the reported unit value at year end. Foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2025, the foreign pension plan commingled funds included approximately 37 percent of investments in equity securities, 48 percent of investments in fixed income securities, and 15 percent of other non-related investments, primarily real estate. As of December 31, 2024, the foreign pension plan commingled funds also included approximately 37 percent of investments in equity securities, 48 percent of investments in fixed income securities, and 15 percent of other non-related investments, primarily real estate.

Pooled Separate Accounts

Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2025, the U.S. pension plan pooled separate accounts included approximately 21 percent of investments in equity securities and 79 percent of investments in fixed income securities.

Fixed Income Government Securities

Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments.

Insurance Contract

The Company’s foreign pension plans invest in two separate insurance contracts. Investments in the first foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations.

Diversified Equity Securities - Registered Investment Companies

Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Fixed Income – Foreign Registered Investment Companies

Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.

Diversified Investment Fund - Registered Investment Companies

Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. There were no such investments as of December 31, 2025 and 2024.

Other – Alternative Investments

Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments.

Real Estate

The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as Level 3 investments.

As of December 31, 2025 and 2024, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:

			Fair Value Measurements at December 31, 2025
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	60,917	$	—	$	60,917	$	—
Real estate	—		—		—		—
Subtotal U.S. pension plan assets in fair value hierarchy	$	60,917	$	—	$	60,917	$	—
Total U.S. pension plan assets	$	60,917
Foreign Pension Assets
Cash and cash equivalents	$	1,417	$	1,417	$	—	$	—
Insurance contract	113,184		—		—		113,184
Diversified equity securities - registered investment companies	2,625		—		2,625		—
Fixed income – foreign registered investment companies	9,166		—		9,166		—
Real estate	—		—		—		—
Other - alternative investments	$	1,321	$	—	$	—	$	1,321
Subtotal foreign pension assets in fair value hierarchy	$	127,713	$	1,417	$	11,791	$	114,505
Commingled funds measured at NAV	2,536
Total foreign pension assets	$	130,249
Total pension assets in fair value hierarchy	$	188,630	$	1,417	$	72,708	$	114,505
Total pension assets measured at NAV	2,536
Total pension assets	$	191,166

			Fair Value Measurements at December 31, 2024
	Total Fair Value		Using Fair Value Hierarchy
U.S. Pension Assets			Level 1		Level 2		Level 3
Pooled separate accounts	$	58,454	$	—	$	58,454	$	—
Real estate	1,094		—		—		1,094
Subtotal U.S. pension plan assets in fair value hierarchy	$	59,548	$	—	$	58,454	$	1,094
Total U.S. pension plan assets	$	59,548
Foreign Pension Assets
Cash and cash equivalents	$	1,014	$	1,014	$	—	$	—
Insurance contract	107,797		—		—		107,797
Diversified equity securities - registered investment companies	2,045		—		2,045		—
Fixed income – foreign registered investment companies	8,355		—		8,355		—
Real estate	1,717		—		—		1,717
Subtotal foreign pension assets in fair value hierarchy	$	120,928	$	1,014	$	10,400	$	109,514
Commingled funds measured at NAV	2,035
Total foreign pension assets	$	122,963
Total pension assets in fair value hierarchy	$	180,476	$	1,014	$	68,854	$	110,608
Total pension assets measured at NAV	2,035
Total pension assets	$	182,511

Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits.

Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2025 and 2024 were as follows:

	Insurance Contract		Real Estate		Total
Balance as of December 31, 2023	$	118,393	$	5,918	$	124,311
Sales	(1,310)		(2,952)		(4,262)
Unrealized losses	(4,620)		(128)		(4,748)
Currency translation adjustment	(4,666)		(27)		(4,693)
Balance as of December 31, 2024	107,797		2,811		110,608
Sales	(1,023)		(1,098)		(2,121)
Unrealized losses	(4,968)		(507)		(5,475)
Currency translation adjustment	11,378		115		11,493
Balance as of December 31, 2025	$	113,184	$	1,321	$	114,505

The Company contributed to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). As of December 31, 2024, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $555 million. As of December 31, 2024, the multiemployer pension plan had total plan assets of approximately $350 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed $0.1 million during the year ended December 31, 2025.

The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. In connection with a site closure under the Company’s restructuring program and facility closure actions, the Company withdrew from the multiemployer pension plan during the third quarter of 2025, which resulted in a $0.9 million withdrawal charge recorded within Other (expense) income, net. See Note 9, Other (Expense) Income, net, for additional information.

The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable.

Cash Flows

Contributions

The Company expects to make cash contributions of approximately $4.9 million to its pension plans (approximately $3.0 million U.S. and $1.9 million Foreign) and approximately $0.2 million to its other postretirement benefit plan in 2026.

Estimated Future Benefit Payments

Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

	Pension Benefits						Other Post- Retirement Benefits
	Foreign		U.S.		Total
2026	$	7,246	$	7,882	$	15,128	$	179
2027	7,500		6,272		13,772		157
2028	7,707		6,202		13,909		145
2029	8,605		6,102		14,707		133
2030	9,309		5,956		15,265		122
2031 to 2035	48,766		27,742		76,508		468

The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $0.6 million each for the years ended December 31, 2025, 2024 and 2023, respectively, representing the annual accrued benefits under this plan.

Defined Contribution Plan

The Company sponsors various defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which eligible participants may defer a portion of their compensation up to the allowable amount as determined by the plan. All contributions and Company matches are invested at the direction of the participant. The most significant plan is the Company's primary U.S. 401(k) plan with an employer match covering a majority of its U.S. employees. Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shared of the Company’s common stock rather than cash. See Note 8, Equity, for additional information. Total Company contributions under this U.S. 401(k) plan were $6.4 million, $6.6 million and $6.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.