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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension plans
The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company’s policy is to fund pension costs as required by law, which is consistent with the funding requirements of federal laws and regulations. Certain foreign subsidiaries maintain unfunded pension plans consistent with local practices and requirements.

The Company’s recorded liability for pensions is based on a number of assumptions, including discount rates, rates of return on investments, mortality rates, and other factors.  Certain of these assumptions are determined by the Company with the assistance of outside actuaries.  Assumptions are based on past experience and anticipated future trends.  These assumptions are reviewed on a regular basis and revised when appropriate.
The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheet of the defined benefit pension plans as of December 31, 2025 and 2024 (amounts in thousands):
Change in benefit obligation:20252024
Benefit obligation at beginning of year$69,652 $77,208 
Plan assumption changes1,095 (1,809)
Service cost606 340 
Interest cost3,772 3,752 
Actuarial gain(726)(412)
Benefits paid(7,866)(8,237)
Foreign currency translation387 (1,190)
Benefit obligation at end of year$66,920 $69,652 
Change in plan assets:  
Fair value of plan assets at beginning of year$86,023 $82,769 
Actual return on plan assets9,505 9,733 
Employer contributions922 936 
Benefits paid(6,765)(7,214)
Foreign currency translation106 (201)
Fair value of plan assets at end of year$89,791 $86,023 
Funded status at end of year$22,871 $16,371 
Amounts recognized in Consolidated Balance Sheet:  
Noncurrent assets$34,710 $28,352 
Current liabilities(1,202)(1,227)
Noncurrent liabilities(10,637)(10,754)
Net amount recognized in the Consolidated Balance Sheet$22,871 $16,371 

The pension benefit obligation included $54.8 million of pension benefit obligation for the three frozen plans in the U.S. and $12.1 million for plans at foreign subsidiaries at December 31, 2025. The fair value of plan assets included $89.0 million of plan assets for the three frozen plans in the U.S. and $0.8 million of plan assets for foreign plans at December 31, 2025.

Information for pension plans with accumulated benefit obligations and projected benefit obligations in excess of plan assets were (amounts in thousands):
 20252024
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31,
  Accumulated benefit obligation$11,728 $11,778 
  Fair value of plan assets$837 $619 
All Plans Accumulated Benefit Obligation at December 31$66,505 $69,225 
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31,
  Projected benefit obligation$12,140 $12,205 
  Fair value of plan assets$837 $619 
All Plans Projected Benefit Obligation at December 31$66,920 $69,652 
Amounts recognized in accumulated other comprehensive loss: 
 202520242023
Unrecognized prior service cost$441 $445 $634 
Unrecognized net income (loss)268 (3,779)(11,480)
Deferred tax effect of unrecognized items5,668 6,630 8,518 
Net amount recognized in accumulated other comprehensive income (loss)$6,377 $3,296 $(2,328)
The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows:202520242023
Discount rate5.5 %5.7 %5.2 %
Expected long-term return on plan assets6.5 %6.5 %6.5 %
 
The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2025, 2024, and 2023 (amounts in thousands):
Components of net periodic benefit cost and other
amounts recognized in other comprehensive income (loss)		   
Net periodic benefit cost:202520242023
Service cost$606 $340 $606 
Interest cost3,772 3,752 4,331 
Assumed return on assets(5,428)(5,198)(4,669)
Amortization of unrecognized prior service cost(64)(58)(114)
Amortization of net unrecognized loss70 279 1,004 
Net periodic pension cost (benefit)$(1,044)$(885)$1,158 

Service cost is recorded as cost of sales in the consolidated statement of operations while all other components are recorded in other income.

The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2025, 2024, and 2023 were as follows:
 202520242023
Discount rate4.4 %4.2 %5.8 %

The allocation of the fair value of plan assets was as follows:
 Percentage of Plan Assets
at December 31,		Target
Allocation
Asset Category202520242025
U.S. equities (a)40 %60 %
30% - 70%
Fixed income52 %20 %
30% - 60%
Cash and cash equivalents7 %8 %
0% - 20%
International equities (a)1 %12 %
0% - 15%
 100 %100 % 

(a) Total equities may not exceed 80% of total plan assets.

The majority of the Company's foreign plans do not have plan assets. The foreign plans which have plan assets holds these plan assets in an insurance or money market fund.
The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands):
 Fair Value Measurements as of December 31, 2025
 TotalLevel 1Level 2Level 3
Money market funds$6,699 $6,699 $— $— 
Common stock32,985 32,985 — — 
Bonds and securities41,667 4,007 37,660 — 
Mutual and insurance funds8,440 7,605 835 — 
Totals$89,791 $51,296 $38,495 $— 
 Fair Value Measurements as of December 31, 2024
 TotalLevel 1Level 2Level 3
Money market funds$6,774 $6,774 $— $— 
Common stock31,271 31,271 — — 
Bonds and securities10,018 10,018 — — 
Mutual and insurance funds37,960 37,101 859 — 
Totals$86,023 $85,164 $859 $— 
    
The Company invests in a diversified portfolio consisting of an array of asset classes in an attempt to maximize returns while minimizing risk.  These asset classes include U.S. equities, fixed income, cash and cash equivalents, international equities and REITs.  The investment objectives are to provide for the growth and preservation of plan assets on a long-term basis through investments in: investment grade securities that provide investment returns that meet or exceed the Standard & Poor’s 500 Index and investment grade fixed income securities that provide investment returns that meet or exceed the Barclays Capital Aggregate Bond Index.  The U.S. equities asset category included the Company’s common stock with a value of $0.6 million (approximately one percent of total plan assets) as of both December 31, 2025 and 2024.

The fair value of money market funds, stock, bonds, U.S. government securities and mutual funds is determined based on valuation for identical instruments in active markets.

The long-term rate of return for plan assets is determined using a weighted-average of long-term historical approximate returns on cash and cash equivalents, fixed income securities, and equity securities considering the anticipated investment allocation within the plans.  The expected return on plan assets is anticipated to be 6.8% over the long-term.  This rate assumes long-term historical returns of approximately 8.5% for equities and approximately 4.0% for fixed income securities using the plans’ target allocation percentages.  Professional investment firms, none of which are Titan employees, manage the plan assets.

Based on the 2025 minimum pension funding calculations, the Company does not anticipate any minimum funding requirements.

Projected benefit payments from the plans as of December 31, 2025, are estimated as follows (amounts in thousands):
2026$7,518 
20276,564 
20286,676 
20296,611 
20306,323 
2031-203525,959 

401(k)/Defined contribution plans
The Company sponsors three 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries.  
One U.S. plan is for the benefit of substantially all employees who are not covered by a collective bargaining arrangement.  Titan provides a 50% matching contribution in the form of the Company’s common stock on the first 6% of the employee’s contribution in this plan.  The Company issued 202,039 shares, 206,050 shares and 144,439 shares of common stock in connection with this 401(k) plan during 2025, 2024, and 2023, respectively.  Expenses to the Company related to this common stock matching contribution were $1.7 million, $1.7 million, and $1.8 million for 2025, 2024, and 2023, respectively.

The second U.S. plan is for the benefit of Titan Specialty employees. The Company matches employee contributions in an amount equal to 100% of the first 3% and 50% of the next 2% of the employee’s compensation. The Company incurred $1.9 million and $1.5 million related to matching contributions for the year ended December 31, 2025 and from the date of the acquisition through December 31, 2024, respectively.

The third U.S. 401(k) plan is for employees covered by collective bargaining agreements and does not include a Company matching contribution.

Expenses related to foreign defined contribution plans were $3.8 million, $3.5 million, and $3.7 million for 2025, 2024, and 2023, respectively.