XML 59 R43.htm IDEA: XBRL DOCUMENT v3.25.4
RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Changes in Benefit Obligations and Plan Assets as Well as Funded Status of Retirement Plans
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)
 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)
Schedule of Benefits Expected to be Paid from Pension and Other Postretirement Benefit Plans
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 
Schedule of Components of Net Periodic Benefit Cost
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)
Schedule of Multiemployer Pension Plans
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.
Schedule of Weighted Average Asset Allocation for Pension Plans and Target Allocation
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 %
Schedule of Fair Value of Plan Assets by Asset Category
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 
Benefit Obligation  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Weighted Average Actuarial Assumptions
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
Benefit Costs  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Weighted Average Actuarial Assumptions
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 %