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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The Company has various pension and post-employment plans which provide for payment of benefits to certain eligible employees, mainly commencing between the ages of 50 and 65, and for payment of certain disability benefits. After meeting certain qualifications, eligible employees acquire a vested right to future benefits. The benefits payable under the plans are generally determined on the basis of an employee's length of service and/or earnings. Employer contributions to the plans are made, as necessary, to ensure legal funding requirements are satisfied. The Company may make contributions in excess of the legal funding requirements.
The Company also provides postretirement healthcare benefits to certain retirees. Many employees and retirees outside of the United States are covered by government sponsored healthcare programs.
The following table presents the change in benefit obligation, change in plan assets and funded status for the Company's defined benefit and postretirement benefit plans for the year ended December 31, 2025:
(in thousands)Pension
Benefits
(Underfunded)		Pension
Benefits
(Overfunded)		Postretirement
Benefits
Change in projected benefit obligation ("PBO")   
Benefit obligation at December 31, 2024
$211,984 $18,555 $11,298 
Service cost4,983 — 322 
Interest cost10,239 1,047 549 
Actuarial loss (gain)2,916 (338)(103)
Curtailments— (309)— 
Settlements(27,344)— — 
Participants’ contributions— — 741 
Benefit payments(4,472)(1,236)(1,295)
Deconsolidation of VIE gain(233)— — 
Foreign currency translation848 1,403 — 
Projected benefit obligation at December 31, 2025
198,921 19,122 11,512 
Accumulated benefit obligation at December 31, 2025
184,945 19,122 11,512 
Change in plan assets
Fair value of plan assets at December 31, 2024
140,288 22,848 — 
Return on plan assets11,280 103 — 
Employer contributions11,883 247 554 
Participants’ contributions— — 741 
Settlements(27,344)— — 
Benefit payments(4,472)(1,236)(1,295)
Deconsolidation of VIE gain(175)— — 
Foreign currency translation31 1,732 — 
Fair value of plan assets at December 31, 2025
131,491 23,694 — 
Funded status (fair value of plan assets less PBO)$(67,430)$4,572 $(11,512)
The following table presents the change in benefit obligation, change in plan assets and funded status for the Company's defined benefit and postretirement benefit plans for the year ended December 31, 2024:
(in thousands)Pension
Benefits
(Underfunded)		Pension
Benefits
(Overfunded)		Postretirement
Benefits
Change in projected benefit obligation   
Benefit obligation at December 31, 2023
$219,642 $20,559 $11,428 
Service cost5,321 — 333 
Interest cost9,761 953 519 
Actuarial gain(946)(1,678)(208)
Curtailments(176)— — 
Settlements(16,046)— — 
Participants’ contributions— — 745 
Benefit payments(4,404)(986)(1,519)
Foreign currency translation(1,168)(293)— 
Projected benefit obligation at December 31, 2024
211,984 18,555 11,298 
Accumulated benefit obligation at December 31, 2024
195,080 18,308 11,298 
Change in plan assets
Fair value of plan assets at December 31, 2023
154,216 26,557 — 
Return on plan assets(3,533)(2,367)— 
Employer contributions10,183 — 774 
Participants’ contributions— — 745 
Settlements(16,046)— — 
Benefit payments(4,404)(986)(1,519)
Foreign currency translation(128)(356)— 
Fair value of plan assets at December 31, 2024
140,288 22,848 — 
Funded status (fair value of plan assets less PBO)$(71,696)$4,293 $(11,298)
The above components of the change in the underfunded defined benefit PBO for the years ended December 31, 2025 and 2024 are primarily driven by the U.S. defined benefit plans. The actuarial loss related to the U.S. defined benefit plans for the year ended December 31, 2025 includes a $6.1 million actuarial loss attributable to plan experience being different than anticipated, primarily related to lump sums paid and other demographic status changes, as well as a $4.0 million actuarial loss attributable to the change in discount rates, partially offset by a $5.6 million actuarial gain attributable to the updated demographic assumptions and a $2.4 million actuarial gain attributable to the change in the lump sum conversion rates and the associated IRS mortality assumptions update. The actuarial gain related to the U.S. defined benefit plans for the year ended December 31, 2024 includes a $7.4 million actuarial gain attributable to the change in discount rates, a $4.1 million actuarial loss attributable to the change in the lump sum conversion rates and the associated IRS mortality assumptions update and a $2.5 million actuarial loss attributable to plan experience being different than anticipated, primarily related to differences in expected future salaries and actual amounts paid during 2024.
The Company had one overfunded defined benefit plan for the years ended December 31, 2025 and 2024. The actuarial gain for the year ended December 31, 2025 includes a $0.3 million actuarial gain primarily attributable to the change in discount rates, the change in inflation and census data updates. The actuarial gain for the year ended December 31, 2024 primarily includes a $1.9 million actuarial gain attributable to the change in discount rates.
The change in the postretirement benefit plan PBO for the year ended December 31, 2025 includes a $0.9 million actuarial gain attributable to the updated demographic assumptions and health care trend rates, a $0.5 million actuarial loss attributable to plan experience and a $0.3 million actuarial loss attributable to the change in the discount rate. The change in the postretirement benefit plan PBO for the year ended December 31, 2024 includes a $0.6 million actuarial gain due to the change in the discount rate, offset in part by a $0.3 million actuarial loss due to updated health care trend rates.
The amount of pension and postretirement assets and liabilities recognized on the consolidated balance sheets was as follows:
 Pension BenefitsPostretirement Benefits
December 31, December 31, 
(in thousands)2025202420252024
Other assets$4,572 $4,293 $— $— 
Accrued compensation and benefits(9,193)(7,596)(993)(988)
Accrued pension and other postretirement benefits(58,237)(64,100)(10,519)(10,310)
Net liability recognized$(62,858)$(67,403)$(11,512)$(11,298)
The amounts in accumulated other comprehensive loss, net of tax on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost (credit) were as follows:
 Pension BenefitsPostretirement Benefits
 Year ended December 31, Year ended December 31, 
(in thousands)202520242023202520242023
Net actuarial (loss) gain at beginning of year$(33,848)$(23,944)$(28,208)$7,593 $8,656 $7,283 
Actuarial gain (loss)700 (10,625)4,695 103 208 2,403 
Curtailment impact309 128 — — — — 
Settlement impact2,270 104 (39)— — — 
Amortization of actuarial loss (gain) 289 234 94 (1,032)(1,134)(893)
Amortization of prior service cost (credit)89 95 182 (4)(137)(137)
Deconsolidation of VIE gain(61)— — — — — 
Foreign currency translation(990)160 (668)— — — 
Net actuarial (loss) gain at end of year$(31,242)$(33,848)$(23,944)$6,660 $7,593 $8,656 
Components of net periodic benefit cost (credit) were as follows: 
 Pension BenefitsPostretirement Benefits
 Year ended December 31, Year ended December 31, 
(in thousands)202520242023202520242023
Components of net periodic benefit cost (credit)      
Service cost$4,983 $5,321 $5,679 $322 $333 $429 
Interest cost11,286 10,714 11,316 549 519 662 
Expected return on plan assets(8,105)(7,349)(7,858)— — — 
Curtailment income— (48)— — — — 
Settlements2,270 104 (39)— — — 
Amortization of net loss (gain) 289 234 94 (1,032)(1,134)(893)
Amortization of prior service cost (credit)89 95 182 (4)(137)(137)
Net periodic benefit cost (credit)$10,812 $9,071 $9,374 $(165)$(419)$61 
The non-service cost components of net periodic benefit cost (credit) are included in other (income) expense, net in the consolidated statements of operations (Note 19).  
The weighted average assumptions used to determine benefit obligations at December 31, 2025 and 2024 were as follows:
 Pension BenefitsPostretirement Benefits
 2025202420252024
Discount rate5.43 %5.57 %5.19 %5.54 %
Rate of compensation increase3.82 %3.81 %N/AN/A
The weighted average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2025, 2024 and 2023 were as follows:
 Pension BenefitsPostretirement Benefits
 202520242023202520242023
Discount rate5.57 %4.93 %5.16 %5.54 %4.92 %5.10 %
Expected long-term rate of return on plan assets4.52 %3.75 %3.91 %N/AN/AN/A
Rate of compensation increase3.81 %3.80 %3.81 %N/AN/AN/A
The assumed healthcare cost trend rates used to determine benefit obligations and net periodic benefit cost (credit) for postretirement benefits as of and for the years ended December 31, 2025, 2024 and 2023 were as follows:
 202520242023
Healthcare cost trend rate assumed for next year
6.75%/11.00%
7.00%/11.75%
7.00%/8.50%
Rate that the cost trend rate is assumed to decline
(the ultimate trend rate)		4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rate203620352033
Plan Assets
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2025 were as follows:
(in thousands)TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category    
Cash$132 $132 $— $— 
Fixed income securities24,239 — 24,239 — 
$24,371 $132 $24,239 $— 
Commingled funds
Measured at net asset value130,814 
 $155,185 
Pension assets by major category of plan assets and the type of fair value measurement as of December 31, 2024 were as follows:
(in thousands)TotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Asset category    
Cash$359 $359 $— $— 
Fixed income securities23,123 — 23,123 — 
$23,482 $359 $23,123 $— 
Commingled funds
Measured at net asset value139,654 
 $163,136 
Pension assets include fixed income securities and commingled funds. Fixed income securities are valued at daily closing prices or institutional mid-evaluation prices provided by independent industry-recognized pricing sources. Commingled funds are not traded in active markets with quoted prices and as a result, are valued using the net asset values provided by the administrator of the fund. The investments underlying the net asset values are based on quoted prices traded in active markets. In accordance with ASU 2015-7, Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), the Company has elected the practical expedient to exclude assets measured at net asset value from the fair value hierarchy.
The Company's investment strategy seeks to reduce asset-liability risk as the funded ratio of the plan improves. The mix of return seeking and liability hedging assets is determined by taking into account factors such as the funded status level of
the plan, the characteristics of the plan’s liabilities, asset volatility and local regulations. All retirement asset allocations are reviewed periodically to ensure the allocation meets the needs of the liability structure.
Master trusts were established to hold the assets of the Company's U.S. defined benefit plan. During the years ended December 31, 2025 and 2024, the U.S. defined benefit plan asset allocation of these trusts targeted a return-seeking investment allocation of 19% and a liability-hedging investment allocation of 81%. Return-seeking investments include equities, real estate, high yield bonds and other instruments. Liability-hedging investments include assets such as corporate and government fixed income securities.
The Company's future expected blended long-term rate of return on plan assets of 4.51% is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return.
Estimated Contributions
The Company expects to make pension contributions of approximately $14.0 million during 2026 based on current assumptions as of December 31, 2025.
Estimated Future Retirement Benefit Payments
The following retirement benefit payments, which reflect expected future service, are expected to be paid as follows:
(in thousands)Pension
Benefits		Postretirement
Benefits
Year ending December 31,  
2026$28,813 $993 
202718,398 1,097 
202819,733 1,109 
202919,426 1,093 
203020,314 1,152 
Thereafter98,869 5,714 
 $205,553 $11,158 
The estimated future retirement benefit payments noted above are estimates and could change significantly based on differences between actuarial assumptions and actual events and decisions related to lump sum distribution options that are available to participants in certain plans.
International Plans
Pension coverage for certain eligible employees of the Company's international subsidiaries is provided, to the extent deemed appropriate, through separate defined benefit pension plans. The international defined benefit pension plans are included in the tables above. As of December 31, 2025 and 2024, the international pension plans had total projected benefit obligations of $38.0 million and $35.3 million, respectively, and fair values of plan assets of $24.5 million and $24.0 million, respectively. The majority of the plan assets are invested in equity securities and insured pension assets. The net periodic benefit cost related to international plans was $2.9 million, $3.0 million and $2.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Defined Contribution Plans
The Company sponsors a number of defined contribution plans and company contributions related to these plans are determined under various formulas. Company contributions to defined contribution plans amounted to $23.0 million, $22.5 million and $21.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.