v3.25.4
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Plans [Abstract]  
Retirement Plans
9. Retirement Plans

The Company provides benefits under defined contribution plans including a savings plan and an employee stock ownership plan (ESOP). The savings plan covers substantially all domestic salaried and certain non-union hourly employees and provides for matching contributions up to 4% of each employee’s salary. The ESOP covers substantially all domestic employees and provides for contributions based on a percentage of each employee’s compensation as determined by the Company’s Board of Directors. Total expense for the Company’s defined contribution plans was $9.1 million in 2025, $8.0 million in 2024, and $8.2 million in 2023.

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(In thousands)
  
2025
    
2024
  
Benefit obligation at beginning of year
  
$
30,887
    
$
36,413
  
Service cost
    
1,506
      
1,736
  
Interest cost
    
1,817
      
1,839
  
Foreign currency exchange rate changes
    
1,284
      
(979
)
Benefits paid
    
(1,854
)
    
(5,266
)
Actuarial loss (gain)
    
678
      
(2,856
)
Benefit obligation at end of year
    
34,318
      
30,887
  
Plan assets at beginning of year
    
18,972
      
21,270
  
Company contributions
    
801
      
4,192
  
Foreign currency exchange rate changes
    
1,137
      
(544
)
Benefits paid
    
(1,854
)
    
(5,266
)
Actual gain (loss) on plan assets
    
714
      
(680
)
Plan assets at end of year
    
19,770
      
18,972
  
Funded status
  
$
(14,548
)
  
$
(11,915
)
Accumulated benefit obligation
  
$
32,315
    
$
29,480
  

Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2025
    
2024
  
Accrued employee and retiree benefits
   $ (14,226 )  
$
(15,882
)
Other accrued expenses
    
(4,991
)
    
(693
)
Other assets
    
4,669
      
4,660
  
Net liability
  
$
(14,548
)
  
$
(11,915
)

Components of annual benefit cost:

(In thousands)
  
2025
    
2024
    
2023
  
Service cost
  
$
1,506
    
$
1,736
    
$
1,741
  
Interest cost
    
1,817
      
1,839
      
1,886
  
Expected return on plan assets
    
(1,093
)
    
(1,237
)
    
(1,007
)
Recognized actuarial gain
    
(305
)
    
(359
)
    
(656
)
Settlement income
    
-
      
(610
)
    
-
  
Defined benefit expense
  
$
1,925
    
$
1,369
    
$
1,964
  

The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense on the Company’s Consolidated Statements of Earnings. The Company’s service cost portion of defined benefit expense is recorded in Selling and Administrative Expenses on the Company’s Consolidated Statements of Earnings. The Company has elected to use the actual fair value of plan assets as the market-related value of plan assets in the determination of the expected return on plan assets. Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10% of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.

Weighted average liability assumptions as of December 31:

 
  
2025
    
2024
  
Discount rate
    
5.51
%
    
5.83
%
Expected return on plan assets
    
5.83
%
    
5.71
%
Rate of compensation increase
    
1.28
%
    
1.17
%

Weighted average cost assumptions for the year ended December 31:

 
  
2025
    
2024
    
2023
  
Discount rate
    
5.83
%
    
5.15
%
    
5.12
%
Expected return on plan assets
    
5.71
%
    
4.91
%
    
4.89
%
Rate of compensation increase
    
1.17
%
    
1.14
%
    
0.90
%
 
The aggregate amounts of benefits expected to be paid from defined benefit plans in each of the next five years subsequent to December 31, 2025, which include employees’ expected future service, are as follows: 2026, $6.6 million; 2027, $2.3 million; 2028, $2.3 million; 2029, $2.6 million; 2030, $2.5 million; and $26.3 million in total for the years 2031 through 2035.

The Company expects to contribute $5.1 million to defined benefit plans in 2026.

Amounts in Accumulated other comprehensive loss at December 31 were as follows:

(In thousands)
  
2025
    
2024
  
Unrecognized net actuarial loss
  
$
4,627
    
$
2,996
  
Prior service cost
    
151
      
146
  
Total before tax effects
  
$
4,778
    
$
3,142
  

The pension adjustments, net of tax, recognized in OCL, were as follows:

(In thousands)
  
2025
    
2024
    
2023
  
Net actuarial (loss) gain arising during the period
  
$
(818
)
  
$
665
    
$
192
  
Amortization of actuarial gain, included in defined benefit expense
    
(226
)
    
(934
)
    
(479
)
Pension adjustment, net of tax
  
$
(1,044
)
  
$
(269
)
  
$
(287
)

The investment objectives and target allocations for the Company’s pension plans related to the assets of the plans are reviewed on a regular basis. The investment objectives for the pension assets are to maximize the return on assets while maintaining an overall level of risk appropriate for a retirement fund and ensuring the availability of funds for the payment of retirement benefits. The levels of risk assumed by the pension plans are determined by market conditions, the rate of return expectations, and the liquidity requirements of each pension plan. The actual asset allocations of each pension plan are reviewed on a regular basis to ensure that they are in line with the target allocations.

The following table presents the Company’s pension plan assets by asset category as of December 31, 2025 and 2024:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2025
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2024
Using Fair Value Hierarchy
  
(In thousands)
  
2025
    
Level 1
    
Level 2
    
Level 3
    
2024
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
5,637
    
$
5,637
    
$
—
    
$
—
    
$
5,496
    
$
5,496
    
$
—
    
$
—
  
International
    
20
      
—
      
20
      
—
      
28
      
—
      
28
      
—
  
International Fixed Income Funds
    
13,868
      
2,137
      
11,731
      
—
      
13,116
      
1,655
      
11,461
      
—
  
Other investments
    
245
      
228
      
17
      
—
      
332
      
321
      
11
      
—
  
Total assets at fair value
  
$
19,770
    
$
8,002
    
$
11,768
    
$
—
    
$
18,972
    
$
7,472
    
$
11,500
    
$
—
  

The Company is required to categorize pension plan assets based on the following fair value hierarchy:


 Level 1:
Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2:
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.

Level 3:
Unobservable inputs that reflect the reporting entity’s own assumptions.