XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.25.4

Fair value measurement | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair value measurement | NOTE 11 — Fair value measurement In accordance with ASC 820, "Fair Value Measurement," fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities, Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. As of December 31, 2025, and 2024, assets and liabilities recorded at fair value and measured on a recurring basis primarily consist of pension plan assets. As permitted by U.S. GAAP, we use net asset values ("NAV") as a practical expedient to determine the fair value of certain investments. These investments measured at NAV have not been classified in the fair value hierarchy. The Company's debt is recorded on the Consolidated balance sheets at carrying value. Refer to Note 9 — Debt for additional discussion regarding fair value of the Company's debt instruments. Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Assets held for sale (Level 3), which are recorded in Other current assets on the Consolidated financial statements, are measured on a nonrecurring basis and are evaluated using executed purchase agreements, letters of intent or third-party valuation analyses when certain circumstances arise. As of December 31, 2025 and 2024, the Company had assets held for sale of $3.7 million and $1.5 million, respectively. The Company performs its annual goodwill and indefinite-lived intangible impairment assessment during the fourth quarter of the year. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. Refer to Note 7 — Goodwill and intangible assets for additional discussion regarding the annual impairment assessment. The following table sets forth by level, within the fair value hierarchy, the fair values of assets and liabilities related to the following pension plans: the (i) GR Plan, (ii) Union Plan, (iii) U.K. Pension Plan, (iv) Detroit Plan (v) GWP Plan, and (vi) TPC Plan as of December 31, 2025:
In thousands | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $8,201 |  | $1,931 |  | $— |  | $10,132
Corporate common stock | 66,017 |  | — |  | — |  | 66,017
Corporate and government bonds | — |  | 166,200 |  | — |  | 166,200
Real estate | — |  | — |  | 106,365 |  | 106,365
Mutual funds | 48,698 |  | — |  | — |  | 48,698
Interest in common/collective trusts: |  |  |  |  |  |  |
Equities | — |  | 76,553 |  | — |  | 76,553
Fixed income | — |  | 831,730 |  | — |  | 831,730
Partnership/joint venture interests | — |  | — |  | 162,742 |  | 162,742
Total plan assets at fair value excluding those measured at NAV | $122,916 |  | $1,076,414 |  | $269,107 |  | $1,468,437
Instruments measured at NAV using the practical expedient:
Real estate funds |  |  |  |  |  |  | 9,011
Interest in common/collective trusts - fixed income |  |  |  |  |  |  | 16,961
Partnerships/joint ventures |  |  |  |  |  |  | 804
Total plan assets at fair value |  |  |  |  |  |  | $1,495,213
Liabilities: |  |  |  |  |  |  |
Other liabilities | $(1,525) |  | $— |  | $— |  | $(1,525)
Total plan liabilities at fair value | $(1,525) |  | $— |  | $— |  | $(1,525)
The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets for the year ended December 31, 2025:
|  |  | Actual return on plan assets |  |  |  |  |  |  |  |
In thousands | Balance at beginning of year |  | Relating to assets still held at report date |  | Relating to assets sold/ redeemed during the period |  | Purchases |  | Sales |  | Settlements |  | Balance at end of year
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $124,790 |  | $10,468 |  | $— |  | $— |  | $(28,893) |  | $— |  | $106,365
Partnership/joint venture interests | 171,476 |  | 5,841 |  | — |  | 27,480 |  | (32,879) |  | (9,176) |  | 162,742
Total assets | $296,266 |  | $16,309 |  | $— |  | $27,480 |  | $(61,772) |  | $(9,176) |  | $269,107
There were no transfers between Levels 1 and 2 for the year ended December 31, 2025. The following table sets forth by level, within the fair value hierarchy, the fair values of assets and liabilities related to the following pension plans: the (i) GR Plan, (ii) Union Plan, (iii) U.K. Pension Plan, (iv) Detroit Plan (v) GWP Plan, and (vi) TPC Plan as of December 31, 2024:
In thousands | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $10,989 |  | $1,695 |  | $— |  | $12,684
Corporate common stock | 66,725 |  | — |  | — |  | 66,725
Corporate and government bonds | — |  | 231,518 |  | — |  | 231,518
Real estate | — |  | — |  | 124,790 |  | 124,790
Mutual funds | 20,430 |  | — |  | — |  | 20,430
Exchange traded funds | 23,215 |  | — |  | — |  | 23,215
Interest in common/collective trusts: |  |  |  |  |  |  |
Equities | — |  | 255,382 |  | — |  | 255,382
Fixed income | — |  | 721,506 |  | — |  | 721,506
Partnership/joint venture interests | — |  | — |  | 171,476 |  | 171,476
Total plan assets at fair value, excluding those measured at NAV | $121,359 |  | $1,210,101 |  | $296,266 |  | $1,627,726
Assets measured at NAV using the practical expedient: |  |  |  |  |  |  |
Real estate funds |  |  |  |  |  |  | 8,814
Interest in common/collective trusts - fixed income |  |  |  |  |  |  | 23,163
Partnership/joint venture interests |  |  |  |  |  |  | 1,675
Total plan assets at fair value |  |  |  |  |  |  | $1,661,378
Liabilities: |  |  |  |  |  |  |
Other liabilities | $(1,676) |  | $— |  | $— |  | $(1,676)
Total plan liabilities at fair value | $(1,676) |  | $— |  | $— |  | $(1,676)
The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets and liabilities for the year ended December 31, 2024:
|  |  | Actual return on plan assets |  |  |  |  |  |  |  |
In thousands | Balance at beginning of year |  | Relating to assets still held at report date |  | Relating to assets sold during the period |  | Purchases |  | Sales |  | Settlements |  | Balance at end of year
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate | $133,503 |  | $(2,039) |  | $— |  | $— |  | $(6,674) |  | $— |  | $124,790
Partnership/joint venture interests | 169,932 |  | (10,044) |  | — |  | 39,243 |  | (23,899) |  | (3,756) |  | 171,476
Hedge funds | 48,695 |  | — |  | 7 |  | — |  | — |  | (48,702) |  | —
Total assets | $352,130 |  | $(12,083) |  | $7 |  | $39,243 |  | $(30,573) |  | $(52,458) |  | $296,266
There were no transfers between Levels 1 and 2 for the year ended December 31, 2024. Valuation methodologies used for pension plan assets and liabilities measured at fair value are as follows: •Corporate common stock is valued primarily at the closing price reported on the active market on which the individual securities are traded; •Corporate bonds are a type of debt security issued by a corporation and are primarily valued using trades or quotes in secondary markets for that specific issue or similar security; •Investments in direct real estate in the U.K. have been valued by an independent qualified valuation professional in the U.K. using a valuation approach that capitalizes any current or future income streams at an appropriate multiplier. Investments in real estate funds are mainly valued utilizing the net asset valuations provided by the underlying private investment companies or through proprietary models with varying degrees of complexity; •Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held are open ended funds that are registered with the SEC. These funds are required to publish their NAV and to transact at that price. The mutual funds held are deemed to be actively traded; •Exchange traded funds are valued at the closing price reported on the active market on which the individual securities are traded; •Interests in common/collective trusts are primarily equity and fixed income investments valued using the NAV provided by the administrator of the underlying fund available daily to the administrator of the respective plan. Where the daily NAV is not provided, interests in common/collective trusts are valued either through the use of a NAV as provided monthly by the fund family or fund company or through proprietary models with varying degrees of complexity. Shares in the common/collective trusts are generally redeemable upon request; •Investments in partnerships and joint venture interests classified in Level 3 are valued considering items such as expected cash flows, changes in market outlook and subsequent rounds of financing. These investments are included in Level 3 of the fair value hierarchy because exit prices tend to be unobservable and reliance is placed on the above methods. Most of the partnerships are general leveraged buyout funds, others include a venture capital fund, a fund formed to invest in special credit opportunities, an infrastructure fund and a real estate fund. Interest in partnership investments could be sold on the secondary market but cannot be redeemed. Instead, distributions are received as the underlying assets of the funds are liquidated. As of both December 31, 2025 and 2024, t here were $3.1 million in unfunded commitments related to partnership/joint venture interests. One of the investments in partnerships and joint venture interests represents a limited partnership commingled fund valued using the NAV as reported by the fund manager; and •Investments in hedge funds consist of hedge funds whose strategy is to produce a return uncorrelated with market movements. This fund is classified as a Level 3 because its valuation is derived from unobservable inputs. Shares in the hedge funds are generally redeemable twice a year or on the last business day of each quarter with at least 60 days written notice subject to a potential 5% holdback. We review appraised values, audited financial statements and additional information to evaluate fair value estimates from our investment managers and/or fund administrator.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration