v3.25.4
Pension Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Obligations and Funded Status
Obligations and Funded Status
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 2025202420252024
 (In thousands)
Change in benefit obligation:
Benefit obligation at beginning of period
$892,914 $954,369 $43,076 $43,316 
Service cost
13,156 7,523 1,990 384 
Interest cost
58,820 45,513 3,948 2,012 
Plan participants' contributions
5,340 156 473 396 
Amendments
4,642 1,307 — — 
Acquisitions453,635 — 61,915 — 
Settlements
— — (4,860)— 
Actuarial loss (gain)
36,707 (50,535)2,307 835 
Foreign currency exchange rate changes
2,028 (2,814)435 (1,054)
Benefits paid
(75,571)(62,605)(4,313)(2,813)
Benefit obligation at end of period
$1,391,671 $892,914 $104,971 $43,076 
Change in plan assets:
Fair value of plan assets at beginning of period
$818,153 $878,942 $47,506 $47,453 
Actual return on plan assets
96,974 271 2,498 1,661 
Plan participants' contributions
5,340 156 237 121 
Company contributions
32,878 4,611 5,617 1,048 
Settlements
— — (4,860)— 
Acquisitions421,730 — — — 
Foreign currency exchange rate changes
23,586 (3,222)(131)— 
Benefits paid
(75,571)(62,605)(4,399)(2,777)
Fair value of plan assets at the end of period
1,323,090 818,153 46,468 47,506 
Funded status
$(68,581)$(74,761)$(58,503)$4,430 
Amounts recognized in the balance sheet consist of:
Prepaid postretirement benefit obligation
$— $— $19,629 $22,880 
Prepaid pension
12,546 10,663 — — 
Prepaid (accrued) employee benefits(2,960)(2,822)328 (1,935)
Accumulated postretirement benefit obligation
— (78,460)(16,515)
Pension liability
(78,167)(82,602)— 
Accrued benefit liability, net
$(68,581)$(74,761)$(58,503)$4,430 
Amount recognized in accumulated comprehensive income (before taxes):
Prior service cost (credit)
$18,806 $17,301 $2,578 $2,666 
Supplemental information:
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
$1,370,088 $872,933 N/AN/A
Accumulated benefit obligation
$1,299,983 $871,892 $77,034 $16,658 
Fair value of plan assets
$1,290,027 $787,514 $— $107 
Plans with plan assets in excess of accumulated benefit obligation:
Projected benefit obligation
$21,584 $19,974 N/AN/A
Accumulated benefit obligation
$21,584 $19,974 $27,937 $26,418 
Fair value of plan assets
$33,063 $30,638 $46,468 $47,399 
Components of Net Periodic Benefit Cost Components of net periodic benefit cost included in net income are as follows:
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 202520242023202520242023
 (In thousands)
Components of net periodic benefit cost:
Service cost
$13,156 $7,523 $7,515 $1,990 $384 $338 
Interest cost
58,820 45,513 47,638 3,948 2,012 2,139 
Expected return on plan assets
(72,745)(60,291)(60,437)(1,945)(1,948)(2,536)
Amortization of prior service cost
3,152 3,280 3,238 88 45 40 
Recognized net actuarial loss (gain)
(8,362)9,485 31,755 1,811 1,122 (946)
Net periodic benefit cost (income)
$(5,979)$5,510 $29,709 $5,892 $1,615 $(965)
Summary of Additional Information
Additional Information
 Pension Benefits
Year Ended December 31,		Other Benefits
Year Ended December 31,
 2025202420252024
 (In thousands)
Decrease in accumulated other comprehensive income due to actuarial losses – before taxes
$(3,147)$(1,307)$(88)$— 
Weighted Average Assumptions
Assumptions
 Pension BenefitsOther Benefits
 2025202420252024
Weighted-average assumptions used to determine net periodic benefit obligations at December 31:
Discount rate
5.30 %5.62 %5.09 %5.33 %
 Pension BenefitsOther Benefits
 202520242023202520242023
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate to determine interest cost
5.27 %4.88 %5.26 %4.99 %4.84 %5.23 %
Expected return on plan assets
6.89 %7.13 %7.13 %4.23 %4.20 %5.67 %
Assumed Health-care Cost Trend Rates All of the assets for these postretirement benefit plans are contributed into a Voluntary Employees' Beneficiary Association trust.
20252024
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next year9.00 %7.50 %
Rates to which the cost trend rate is assumed to decline (ultimate trend rate)4.50 %4.50 %
Year that the rate reaches ultimate trend rate20382037
Plan Asset Allocations by Asset Category
The following is a summary of the asset allocations for the Master Trust at December 31, 2025 and 2024 by asset category:
December 31,
20252024
Asset Category:
U.S. Government Securities38 %33 %
Commingled and Mutual Funds4 %27 %
Real Estate14 %14 %
Diversified Credit13 %14 %
Fixed Income (excluding U.S. Government Securities)7 %6 %
Partnerships with Security Holdings1 %2 %
Cash and Accrued Items23 %4 %
Total100 %100 %
The following is a summary of the asset allocations of the foreign plans at December 31, 2025 and 2024 by asset category:
December 31,
20252024
Asset Category:
Fixed Income29 %60 %
Commingled and Mutual Funds49 %37 %
Cash and Other22 %3 %
Total100 %100 %
Target Allocation by Asset Class
The target allocation for 2026 for the domestic plans, by asset class, is as follows:
Asset Class:
Fixed Income56 %
Equities33 %
Other11 %
The target allocation for 2026 for the foreign plans, by asset class, is as follows:
Asset Class:
Fixed Income65 %
Equities35 %
Summary of Total Investments Measured at Fair Value The following is a summary of total assets for our plans measured at fair value at December 31, 2025:
12/31/2025Level 1Level 2Level 3Unclassified
 (In thousands)
Pension and Other Benefits:
U.S. Government Securities$187,854 $187,854 $— $— $— 
Commingled and Mutual Funds280,517 10,709 — — 269,808 
Real Estate125,031 — — — 125,031 
Diversified Credit105,421 — — — 105,421 
Fixed Income514,772 317,608 — — 197,164 
Partnerships with Security Holdings99,933 — — — 99,933 
Cash, Cash Equivalents and Accrued Items (1)
56,030 — — — 56,030 
Total Assets$1,369,558 $516,171 $— $— $853,387 
(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table.
The following is a summary of total assets for our plans measured at fair value at December 31, 2024:
12/31/2024Level 1Level 2Level 3Unclassified
 (In thousands)
Pension and Other Benefits:
U.S. Government Securities$261,008 $261,008 $— $— $— 
Commingled and Mutual Funds231,292 42,909 — — 188,383 
Fixed Income107,287 36,277 — — 71,010 
Diversified Credit111,003 — — — 111,003 
Real Estate110,223 — — — 110,223 
Partnerships with Security Holdings14,348 — — — 14,348 
Cash, Cash Equivalents and Accrued Items (1)
30,391 — — — 30,391 
Total Assets$865,552 $340,194 $— $— $525,358 
(1)Includes items that are not required to be categorized in the fair value hierarchy in order to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented in the Obligations and Funded Status table.
Cash Flows
Cash Flows
 Domestic PlansForeign Plans
 Pension
Benefits		Other
Benefits		Pension
Benefits		Other
Benefits
 (In thousands)
Expected employer contributions to trusts of defined benefit plans:
2026$2,700 $288 $10,842 $2,379 
Expected benefit payments:
2026$66,070 $2,241 $20,481 $2,379 
2027$66,960 $2,280 $21,555 $2,631 
2028$67,484 $2,311 $22,918 $2,836 
2029$67,623 $2,336 $24,044 $3,038 
2030$67,523 $2,380 $24,977 $3,200 
2031-2035$328,954 $11,597 $142,363 $19,466