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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Net periodic benefit income from our pension plans included the following components for our pension benefits:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 1,590 |  |  | $ | 1,718 |  |  | $ | 4,691 |  |  | $ | 5,156 |
Interest cost |  | 22,951 |  |  | 25,335 |  |  | 68,711 |  |  | 76,024 |
Expected return on plan assets |  | (29,245) |  |  | (44,352) |  |  | (87,550) |  |  | (133,095) |
Amortization of prior service cost |  | 285 |  |  | 281 |  |  | 855 |  |  | 843 |
Amortization of actuarial loss |  | 4,618 |  |  | 3,564 |  |  | 13,859 |  |  | 10,698 |
Net periodic loss (income) |  | $ | 199 |  |  | $ | (13,454) |  |  | $ | 566 |  |  | $ | (40,374) |
Service cost is recorded in selling, administrative and other expenses in the Condensed Consolidated Statements of Income while all other components are recorded within other non-operating expense (income). Pension benefits also include amounts related to supplemental retirement plans. On April 29, 2024, our Board of Directors approved the termination of the frozen U.S. qualified defined benefit pension plan, effective September 30, 2024. To support this transition, during 2024 we adjusted our investment strategy to fully hedge plan obligations, including the purchase of annuity contracts using existing plan assets to fund ongoing obligations prior to termination. As a result of these changes, income from our expected return on plan assets is significantly reduced in 2025, with the investment strategy focused on minimizing funded status volatility during the termination process. The final settlement process, including transferring the management of benefits to an insurance company, will occur by December 31, 2025.

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