Pensions and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

Pensions and Other Postretirement Benefit Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.

The composition of the net periodic benefit cost/(income) for the three months ended March 31, 2026 and 2025, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2026		2025		2026		2025
Components of net periodic benefit cost/(income):
Service cost	$	238	$	371	$	9	$	10
Interest cost	1,527		1,450		332		353
Expected return on assets	(705)		(1,232)		—		—
Curtailment cost/(income)	0		(3,770)		—		—
Settlement cost/(income)	0		2,170		—		—
Amortization of prior service cost/(income)	(8)		(6)		(31)		(31)
Amortization of net actuarial loss	364		295		4		(8)
Net periodic benefit cost/(credit)	$	1,416	$	(722)	$	314	$	324

The amount of net periodic benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no material curtailments or settlements during the three months ended March 31, 2026. In the first three months of 2025, we took action to settle certain pension plan liabilities related to an MC pension plan in Switzerland, resulting in a net gain totaling $1.6 million.

Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.