v3.25.4
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Plans [Abstract]  
Funded Status of Defined Benefit Plan
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 Consolidated Balance Sheets
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
)
Annual Benefit Cost
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
  
Weighted Average Assumptions
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
%
Amounts Recognized in Accumulated Other Comprehensive Loss
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
  
Pension Adjustments Recognized in Accumulated Other Comprehensive Loss
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
)
Pension Plan Assets by Asset Category
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
    
$
—