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RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS RETIREMENT BENEFITS
We sponsor a number of defined benefit and defined contribution pension plans which cover substantially all U.S. employees, other than union employees covered by multiemployer defined benefit pension plans under collective bargaining agreements. Pension benefits are provided based on either a career average, final pay or years of service formula. With respect to certain hourly employees, pension benefits are provided based on stated amounts for each year of service. Our U.S. salaried pension plans are closed to new employees.
We also sponsor other postretirement benefits plans, including unfunded defined benefit health care and life insurance plans, which provide postretirement benefits to certain employees. The plans are contributory, with retiree contributions adjusted annually, and contain cost sharing features including deductibles and coinsurance. Retiree health care benefits are paid as covered expenses are incurred.
The changes in benefit obligations and plan assets as well as the funded status of our retirement plans at December 31 were as follows:
 Pension BenefitsOther
Postretirement Benefits
 2025202420252024
 (Dollars in thousands)
Change in benefit obligation
Obligation at beginning of year$653,971 $698,726 $11,955 $13,373 
Service cost7,467 8,415 13 27 
Interest cost32,559 33,868 428 644 
Actuarial losses (gains)8,000 (18,748)(2,529)(65)
Special termination benefits— — — — 
Plan amendments36 — (38)(339)
Curtailment gain(1,346)(239)— — 
Benefits paid(49,494)(62,056)(1,247)(1,703)
Participants’ contributions— — 1 18 
Foreign currency exchange rate changes12,231 (5,995)— — 
Obligation at end of year663,424 653,971 8,583 11,955 
Change in plan assets
Fair value of plan assets at beginning of year769,630 807,016 — — 
Actual return on plan assets57,200 21,689 — — 
Employer contributions3,169 2,981 1,246 1,685 
Participants’ contributions— — 1 18 
Benefits paid(49,494)(62,056)(1,247)(1,703)
Fair value of plan assets at end of year780,505 769,630 — — 
Funded status$117,081 $115,659 $(8,583)$(11,955)
Actuarial losses (gains) related to pension benefits were primarily the result of changes in discount rates used to calculate projected benefit obligations.
 Pension BenefitsOther
Postretirement Benefits
 2025202420252024
 (Dollars in thousands)
Amounts recognized in the consolidated
balance sheets
Non-current assets$208,100 $206,800 $— $— 
Current liabilities(3,735)(3,009)(1,643)(1,299)
Non-current liabilities(87,284)(88,132)(6,940)(10,656)
Net amount recognized$117,081 $115,659 $(8,583)$(11,955)
Amounts recognized in accumulated
other comprehensive loss
Net actuarial loss (gain)$155,043 $170,649 $(6,192)$(4,443)
Prior service cost (credit)101 234 (318)(340)
Net amount recognized$155,144 $170,883 $(6,510)$(4,783)
The fair value of plan assets for our domestic pension plans was approximately 136 percent and 137 percent of their projected benefit obligations at December 31, 2025 and 2024, respectively. Pension plans with projected benefit obligations in excess of plan assets at December 31, 2025 and 2024 consisted entirely of our international pension benefit plans which are not funded. The projected benefit obligation for our international pension benefit plans was $91.0 million and $91.1 million at December 31, 2025 and 2024, respectively.
The accumulated benefit obligation for all pension benefit plans at December 31, 2025 and 2024 was $652.4 million and $639.7 million, respectively. Pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2025 and 2024 consisted entirely of our international pension benefit plans which are not funded. The accumulated benefit obligation for our international pension benefit plans was $88.8 million and $86.5 million at December 31, 2025 and 2024, respectively.
The benefits expected to be paid from our pension and other postretirement benefit plans, which reflect future years of service, are as follows (dollars in thousands):
Pension
Benefits		Other
Postretirement
Benefits
2026$48,749 $1,643 
202749,563 1,013 
202850,119 892 
202950,542 819 
203050,857 762 
2031-2035249,093 3,044 
$498,923 $8,173 
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine the benefit obligations at December 31:
20252024
Discount rate5.4 %5.7 %
Expected return on plan assets5.5 %5.5 %
Rate of compensation increase3.3 %2.4 %
Health care cost trend rate:
Assumed for next year6.8 %5.0 %
Ultimate rate4.0 %4.0 %
Year that the ultimate rate is reached20482043
Our expected return on plan assets is determined by current and expected asset allocation of plan assets, estimates of future long-term returns on those types of plan assets and historical long-term investment performance.
Our international pension benefit plans used a discount rate of 4.3 percent and 3.6 percent as of December 31, 2025 and 2024, respectively, and a rate of compensation increase of 4.1 percent to determine the benefit obligation as of each of December 31, 2025 and 2024.
The components of the net periodic benefit cost (credit) for each of the years ended December 31 were as follows:
 Pension BenefitsOther Postretirement Benefits
 202520242023202520242023
 (Dollars in thousands)
Service cost$7,467 $8,415 $8,573 $13 $27 $50 
Interest cost32,559 33,868 34,725 428 644 745 
Expected return on plan assets(41,047)(43,085)(40,781)— — — 
Amortization of prior service cost
(credit)
78 90 97 (59)(20)(948)
Amortization of actuarial losses
(gains)
7,336 7,917 11,638 (781)(361)(617)
Special termination benefits— — 577 — — — 
Curtailment gain(1,346)(244)— — — (1,103)
Net periodic benefit cost (credit)$5,047 $6,961 $14,829 $(399)$290 $(1,873)
Our principal domestic pension and other postretirement benefit plans used the following weighted average actuarial assumptions to determine net periodic benefit cost (credit) for the years ended December 31:
 
202520242023
Discount rate5.7 %5.3 %5.6 %
Expected return on plan assets5.5 %5.5 %5.5 %
Rate of compensation increase2.4 %2.4 %2.4 %
Health care cost trend rate5.0 %5.0 %5.0 %
Our international pension benefit plans used a discount rate of 3.6 percent, 3.6 percent and 4.2 percent for the years ended December 31, 2025, 2024 and 2023, respectively, and a rate of compensation increase of 4.1 percent, 4.1 percent and 3.9 percent to determine net periodic benefit cost (credit) for the years ended December 31, 2025, 2024 and 2023, respectively.

MULTIEMPLOYER PENSION PLANS
In 2025, we participated in two multiemployer pension plans which provide defined benefits to certain of our union employees. The aggregate amount contributed to these plans and charged to pension cost in 2025, 2024 and 2023 was $3.0 million, $3.2 million and $3.6 million, respectively.
The risks of participating in multiemployer plans are different from the risks of single-employer plans in the following respects: (i) assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (ii) if a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and (iii) if we cease to have an obligation to contribute to the multiemployer plan in which we had been a contributing employer, we may be required to pay to the plan an amount (referred to as a withdrawal liability) based on the underfunded status of the plan and on our historical participation in the plan prior to the cessation of our obligation to contribute.
Further information on the multiemployer plans we participated in during the years ended December 31, 2025, 2024 and 2023 is as follows:
Pension FundEIN/Pension Plan
Number		Pension
Protection
Act Zone
Status		FIP / RP
Status
Pending /
Implemented		ContributionsSurcharge
Imposed
20252024202520242023
     (Dollars in thousands) 
IAM National Pension Fund (1)
51-6031295/002RedRedImplemented2,538 2,624 2,626 No
Western Conference of Teamsters Pension Plan (2)
91-6145047/001GreenGreenN/A463 580 1,008 No
Total Contributions$3,001 $3,204 $3,634 
______________________
(1)    The applicable collective bargaining agreements related to this pension fund expire at various times through April 30, 2028. Although this pension fund was formally certified in the yellow zone in 2019, the trustees of this pension fund voluntarily elected to place this pension fund in the red zone to take advantage of certain provisions of the Pension Protection Act even though this pension fund had a funded status of 87 percent, 87 percent and 88 percent at the beginning of 2022, 2023 and 2024, respectively.
(2)    The applicable collective bargaining agreement related to this pension plan expires on September 30, 2028.
The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three digit plan number assigned to a plan by the Internal Revenue Service. The most recent Pension Protection Act Zone Status available for 2025 and 2024 is for plan years that ended in 2024 and 2023, respectively. The zone status is based on information provided to us and other participating employers by each plan and is certified by the plan’s actuary. A plan in the “red” zone has been determined to be in “critical” or “critical and declining” status, based on criteria established under the Internal Revenue Code of 1986, as amended (the “Code”), and is generally less than 65 percent funded. A plan in the "green zone" is at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates whether a rehabilitation plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the 2025 plan year. The “Surcharge Imposed” column indicates whether our contribution rate for 2025 included an amount in addition to the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical” or “critical and declining” status in accordance with the requirements of the Code.
Our contributions to the IAM National Pension Fund and the Western Conference of Teamsters Pension Plan were less than five percent of total contributions made by all employers to these plans, as reported by these plans for the year ended December 31, 2024, the most recent plan year available. We do not expect our contributions to the IAM National Pension Fund and the Western Conference of Teamsters Pension Plan for the year ended December 31, 2026 to be significantly different from our contributions for the year ended December 31, 2025.

DEFINED CONTRIBUTION PLANS
We also sponsor defined contribution plans covering certain employees. Our contributions to these plans are based upon employee contributions and operating profitability. Contributions charged to expense for these plans for the years ended December 31, 2025, 2024 and 2023 were $16.2 million, $14.9 million and $16.4 million, respectively.
PLAN ASSETS
INVESTMENT STRATEGY
In 2023, we changed our investment allocations to a liability driven investment strategy that more closely matches plan assets with plan liabilities primarily using long duration fixed income securities. As of December 31, 2025, approximately 83 percent of our plan assets were held in a designated liability-hedging oriented portfolio focused on holding fixed income securities (generally investment grade), and approximately 17 percent of our plan assets were held in a designated growth oriented portfolio focused on holding an allocation of mutual funds and exchange traded funds broadly characterized as a 60 percent/40 percent allocation between equity and fixed income securities.
We attempt to mitigate investment risk by reviewing our investment portfolio on at least a quarterly basis, with assets re-allocated as required to adhere to our target allocations.
The weighted average asset allocation for our pension plans at December 31, 2025 and 2024 and target allocation for 2025 were as follows:
 Target
Allocation		Actual Allocation
 20252024
Fixed income securities89 %88 %87 %
Equity securities—US6 %6 %7 %
Equity securities—International3 %3 %3 %
Cash and cash equivalents2 %3 %3 %
100 %100 %100 %
FAIR VALUE MEASUREMENTS
As of December 31, 2025 and 2024, (i) our plan assets classified as fixed income securities were primarily invested in individual corporate bonds and notes and in U.S. government issued securities; (ii) our plan assets classified as equity securities were primarily invested in mutual funds and exchange traded funds; and (iii) our plan assets classified as cash and cash equivalents were primarily invested in short term investment funds which included investments in cash, bank notes, corporate notes, government bills and various short-term fixed income instruments. As of December 31, 2025 and 2024, $255.0 million and $220.9 million, respectively, of our plan assets were classified within Level 1 of the fair value hierarchy (as described in Note 10) and $525.5 million and $548.7 million, respectively, were classified as Level 2 of the fair value hierarchy.
The fair value of our plan assets by asset category consisted of the following at December 31:
20252024
 (Dollars in thousands)
Fixed income securities$686,724 $669,645 
Equity securities—US43,757 51,603 
Equity securities—International26,504 24,127 
Cash and cash equivalents23,520 24,255 
$780,505 $769,630 
CONCENTRATIONS OF CREDIT RISK
As of December 31, 2025, our plan assets were under the management of four investment management companies. No individual investment exceeded ten percent of our total plan assets.
EXPECTED CONTRIBUTIONS
Based on current legislation, there are no significant minimum required contributions to our pension benefit plans in 2025. In addition, based on the current funded status of our domestic pension benefit plans we do not expect to make significant contributions to these plans in 2026. However, this estimate may change based on regulatory changes and actual plan asset returns.