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Pension, Postretirement, and Other Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Plan Benefit Obligations
The following table sets forth the plan benefit obligations:
As of December 31, 2025As of December 31, 2024
(in thousands, except percentages)
Pension plans
Other
postretirement benefits
Pension plansOther postretirement benefits
Benefit obligation, beginning of year
$137,111 $26,715 $158,323 $28,684 
Service cost
1,156 40 1,812 46 
Interest cost
6,013 1,414 6,114 1,416 
Plan participants' contributions
266  530 — 
Actuarial (gain)/loss
3,533 1,235 (3,868)(709)
Benefits paid
(10,464)(2,566)(9,423)(2,651)
Acquisitions/Divestiture(374) —  
Settlements and curtailments
(15,043) (7,805)— 
Foreign currency changes
12,121 41 (8,572)(71)
Benefit obligation, end of year
$134,319 $26,879 $137,111 $26,715 
Accumulated benefit obligation
$129,003 $ $132,198 $— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
4.84 %5.21 %5.44 %5.61 %
Discount rate — non-U.S. plans
4.71 %4.95 %4.32 %4.70 %
Cash balance interest crediting rate - Switzerland pension plan1.20 % 1.15 %— 
Compensation increase — U.S. plan
N/AN/AN/AN/A
Compensation increase — non-U.S. plans
2.90 %2.75 %2.68 %2.75 %
Schedule of Plan Assets
The following sets forth information about plan assets:
As of December 31, 2025As of December 31, 2024
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets, beginning of year
$103,137 $ $112,688 $— 
Actual return on plan assets, net of expenses
668  (408)— 
Employer contributions
5,644 2,566 8,744 2,651 
Plan participants' contributions
266  530 — 
Benefits paid
(10,464)(2,566)(9,423)(2,651)
Acquisitions
  —  
Settlements
(14,767) (3,811)— 
Other
  —  
Foreign currency changes
7,127  (5,183)— 
Fair value of plan assets, end of year
$91,611 $ $103,137 $— 
Schedule of Funded Status of Plans
The funded status of the plans was as follows:
As of December 31, 2025As of December 31, 2024
(in thousands)
Pension plansOther postretirement benefitsPension plansOther postretirement benefits
Fair value of plan assets
$91,611 $ $103,137 $— 
Benefit obligation
134,319 26,879 137,111 26,715 
Funded status
$(42,708)$(26,879)$(33,974)$(26,715)
Accrued benefit cost, end of year$(42,708)$(26,879)$(33,974)$(26,715)
Amounts recognized in the consolidated balance sheets consist of the following:
Noncurrent asset$10,406 $ $16,982 $— 
Current liability(5,332)(2,727)(4,915)(2,772)
Noncurrent liability(47,782)(24,152)(46,041)(23,943)
Net amount recognized
$(42,708)$(26,879)$(33,974)$(26,715)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss$28,845 $2,597 $19,529 $1,345 
Prior service cost/(credit)(93)(237)(96)(360)
Net amount recognized
$28,752 $2,360 $19,433 $985 
Schedule of Composition of Accrued Pension Cost
The composition of the net pension plan funded status as of December 31, 2025 was as follows:
(in thousands)
U.S. planNon-U.S. plansTotal
Pension plans with pension assets
$ $10,406 $10,406 
Pension plans without pension assets
(3,636)(49,478)(53,114)
Total
$(3,636)$(39,072)$(42,708)
Schedule of Net Periodic Benefit Plan Cost
The composition of the net periodic benefit plan cost for the years ended December 31, 2025, 2024, and 2023, was as follows:
Pension plansOther postretirement benefits
(in thousands, except percentages)
202520242023202520242023
Components of net periodic benefit cost:
Service cost
$1,156 $1,812 $1,478 $40 $46 $60 
Interest cost
6,013 6,114 5,151 1,414 1,416 1,874 
Expected return on assets
(4,538)(5,430)(4,347) — — 
Amortization of prior service cost/(credit)
(28)(26)(32)(122)(124)(4,090)
Amortization of net actuarial loss
1,185 647 555 (34)(34)828 
Settlement
2,355 (33)—  — — 
Curtailment (gain)/loss
(4,356)(37)—  — — 
Net periodic benefit cost
$1,787 $3,047 $2,805 $1,298 $1,304 $(1,328)
Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan5.44 %5.15 %5.49 %5.61 %5.21 %5.55 %
Discount rate — non-U.S. plans4.32 %4.05 %5.15 %4.70 %4.70 %5.20 %
Cash balance interest crediting rate - Switzerland pension plan1.15 %1.30 %2.15 % — — 
Expected return on plan assets — U.S. planN/AN/AN/AN/AN/AN/A
Expected return on plan assets — non-U.S. plans4.82 %4.98 %5.21 %N/AN/AN/A
Rate of compensation increase — U.S. planN/AN/AN/AN/AN/AN/A
Rate of compensation increase — non-U.S. plans2.68 %2.89 %3.08 %2.75 %2.75 %2.75 %
Schedule of (Gains)/Losses Recognized in Other Comprehensive Income
Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2025, 2024, and 2023, was as follows:
Pension plansOther postretirement benefits
(in thousands)
202520242023202520242023
Settlements/curtailments
$2,002 $70 $— $ $— $— 
Asset/liability loss/(gain)
7,126 (2,023)4,365 1,235 (709)(6,131)
Amortization of actuarial gain/(loss)(1,185)(646)(554)34 34 (828)
Amortization of prior service cost/(credit)
28 26 32 122 124 4,090 
Currency impact
1,349 (748)757 (16)28 (8)
Cost/(benefit) in Other comprehensive income
$9,320 $(3,321)$4,600 $1,375 $(523)$(2,877)
Schedule of Fair Value of Plan Assets As of December 31, 2025 and 2024, there were no investments expected to be sold at a value materially different than NAV.
Assets at Fair Value as of December 31, 2025
(in thousands)Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant 
unobservable inputs Level 3
Total
Common Stocks and equity funds$ $ $ $ 
Debt securities283 43,281  43,564 
Insurance contracts  3,998 3,998 
Real Estate
    
Hedge Funds
    
Cash and short-term investments6,643   6,643 
Total investments in the fair value hierarchy$6,926 $43,281 $3,998 54,205 
Investments at net asset value:
Common Stocks and equity funds12,689 
Fixed income funds24,717 
Limited partnerships 
Total plan assets$91,611 
Assets at Fair Value as of December 31, 2024
(in thousands)
Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant unobservable inputs Level 3Total
Common Stocks and equity funds
$— $4,241 $— $4,241 
Debt securities
— 49,940 — 49,940 
Insurance contracts
— — 3,528 3,528 
Real Estate
— — 3,244 3,244 
Hedge Funds
— — 836 836 
Cash and short-term investments
5,323 — — 5,323 
Total investments in the fair value hierarchy
$5,323 $54,181 $7,608 67,112 
Investments at net asset value:
Common Stocks and equity funds
13,124 
Fixed income funds
22,901 
Limited partnerships
— 
Total plan assets
$103,137 
Schedule of Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2025 and 2024:
(in thousands)
December 31, 2024Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements
Net transfers (out of) Level 3December 31, 2025
Insurance contracts -
total level 3 assets
$7,608 $ $81 $(3,691)$ $3,998 
(in thousands)
December 31, 2023Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements
Net transfers (out of) Level 3December 31, 2024
Insurance contracts -
total level 3 assets
$7,597 $— $58 $(47)$— $7,608 
Schedule of Asset Allocation The asset allocation for the Company’s non-U.S. pension plans for 2025 and 2024, and the target allocation, by asset category, are as follows:
Non-U.S. Plans
Target
Allocation
Percentage of plan assets at plan measurement date
Asset category20252024
Equity securities
12 %12 %15 %
Debt securities
31 %31 %70 %
Real estate
1 %1 %%
Other(1)
56 %56 %12 %
100 %100 %100 %
(1)Other includes hedged equity and absolute return strategies, as well as private equity. The Company has procedures to monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets
At the end of 2025 and 2024, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
Plans with projected
benefit obligation in
excess of plan assets
(in thousands)
20252024
Projected benefit obligation
$58,331 $55,067 
Fair value of plan assets
5,217 4,111 

Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)20252024
Accumulated benefit obligation$55,260 $52,493 
Fair value of plan assets4,463 3,509 
Schedule of Expected Cash Flows
Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands)
Pension plansOther postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year
$5,931 $2,727 
Expected benefit payments
2026 10,324 2,727 
2027 9,640 2,626 
2028 9,707 2,525 
2029 9,589 2,423 
2030 9,810 2,324 
2031 to 2035 (expected, combined)46,753 10,126