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NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS

Schedule of changes in projected benefit obligations, fair value of plan assets, and funded status of plan

​

A reconciliation of the changes in the benefit obligations and fair value of the assets of the defined benefit plans for the years ended December 31, 2025 and 2024, the funded status of the plans, and the amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	Year ended December 31,
​	​	2025		​	2024
Changes in projected benefit obligations:		​	​		​	​
Projected benefit obligation, beginning of year	​	$	22,137	​	$	20,769
Service cost	​		1,389	​		1,325
Interest cost	​		925	​		926
Net actuarial loss on obligation	​		1,862	​		343
Settlement	​		(1,197)	​		(945)
Benefits paid	​		(394)	​		(281)
Projected benefit obligation, end of year	​	$	24,722	​	$	22,137
​	​	​	​	​	​	​
Changes in plan assets:	​		​	​		​
Fair value of plan assets, beginning of year	​	$	14,486	​	$	13,609
Actual return on plan assets	​		2,874	​		1,367
Employer contributions	​		657	​		707
Participant contributions	​		36	​		29
Benefits paid	​		(1,444)	​		(1,226)
Fair value of plan assets, end of year	​	$	16,609	​	$	14,486
​	​	​	​	​	​	​
Funded status at end of year	​	$	(8,113)	​	$	(7,651)
​	​	​	​	​	​	​
Amounts recognized in accumulated other comprehensive income consist of:	​		​	​		​
Prior service (credit) cost	​	$	(2,521)	​	$	(2,841)
Net actuarial (gain) loss	​		(479)	​		(1,148)
​	​	$	(3,000)	​	$	(3,989)
​	​	​	​	​	​	​
Amounts recognized in the consolidated balance sheets consist of:	​		​	​		​
Other assets (non-current pension asset)	​	$	731	​	$	1,567
Accrued expenses and other (current pension liability)	​		(606)	​		(848)
Other long-term liabilities (non-current pension liability)	​		(8,238)	​		(8,370)
Net amount recognized	​	$	(8,113)	​	$	(7,651)

Schedule of accumulated benefit obligations

Plans with underfunded or non-funded accumulated benefit obligations at December 31, 2025 and 2024 were as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	December 31,
​	​	2025		​	2024
Aggregate projected benefit obligation	​	$	12,839	​	$	11,997
Aggregate accumulated benefit obligation	​	$	10,479	​	$	9,586
Aggregate fair value of plan assets	​	$	3,995	​	$	2,779

​

​

Plans with overfunded accumulated benefit obligations at December 31, 2025 and 2024 were as follows (in thousands):

​	​	​	​	​	​	​
​	​ ​ ​	December 31,
​	​	2025		​	2024
Aggregate projected benefit obligation	​	$	11,883	​	$	10,140
Aggregate accumulated benefit obligation	​	$	9,781	​	$	8,160
Aggregate fair value of plan assets	​	$	12,614	​	$	11,707

Schedule of net periodic benefit costs

Net periodic benefit costs for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Year ended December 31,
​	​	2025		​ ​ ​	2024		​ ​ ​	2023
Service cost	​	$	1,389	​	$	1,325	​	$	1,193
Interest cost	​		925	​		926	​		938
Expected return on plan assets	​		(590)	​		(592)	​		(607)
Settlement (credit) charge	​		(138)	​		(234)	​		(417)
Amortization of prior service cost	​		(320)	​		(320)	​		(320)
Amortization of net (gain) loss	​		(161)	​		(150)	​		(165)
Net periodic benefit costs	​	$	1,105	​	$	955	​	$	622

Schedule of expected benefit payments

Expected benefit payments for the next ten years are as follows (in thousands):

​	​	​	​
Years ending December 31,	​ ​ ​	​	​
2026	​	$	1,632
2027	​		1,943
2028	​		2,678
2029	​		2,466
2030	​		2,078
2031 to 2035	​		13,017
​	​	$	23,814

Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)

The changes in plan assets and benefit obligations recognized in other comprehensive income (loss) before tax for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	Year ended December 31,
​	​	2025		​ ​ ​	2024		​ ​ ​	2023
Net loss (gain)	​	$	370	​	$	(432)	​	$	22
Amortization of net gain	​		161	​		150	​		165
Amortization of prior service credit	​		320	​		320	​		320
Settlement credit	​		138	​		234	​		417
Total recognized in other comprehensive income (loss)	​	$	989	​	$	272	​	$	924

Schedule of assumptions used

The principal weighted average assumptions used to determine the benefit obligation at December 31, 2025 and 2024 were as follows:

​	​	​	​	​	​
​	​ ​ ​	December 31,
​	​	2025	​ ​ ​	2024
Discount rate		4.09	%	4.33	%
Rate of compensation increase		3.98	%	4.06	%
Interest crediting rate	​	1.25	%	1.25	%

​

The principal weighted average assumptions used to determine net period benefit cost for the years ended December 31, 2025, 2024 and 2023 were as follows:

​	​	​	​	​	​	​	​
​	​ ​ ​	Year ended December 31,
​	​	2025	​ ​ ​	2024	​ ​ ​	2023
Discount rate		4.33	%	4.65	%	4.74	%
Expected long-term return on plan assets		3.80	%	4.19	%	4.34	%
Rate of compensation increase		4.19	%	4.08	%	4.02	%
Interest crediting rate	​	1.25	%	1.25	%	1.25	%

X

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Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

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+ References

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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