v3.26.1
Employee Benefits
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Employee Benefits

3. Employee Benefits

Deferred Compensation Plan

Assets of our deferred compensation plan are included in Other assets. Such assets, representing diversified investment funds in registered investment companies, are classified within Level 1 of the fair value hierarchy and are measured and recorded at fair value based on their quoted market prices. These assets are accounted for as equity investments, with changes in fair value recorded within Other expense, net (see Note 8). Offsetting liabilities relating to the deferred compensation plan are included in Other accrued liabilities and Long-term liabilities.

Short-Term Incentive Plans

As of March 31, 2026, we had a liability of $11.8 million recorded within Accrued salaries, wages and related expenses for estimated probable future payments under the 2026 short-term incentive plans.

Postretirement and Postemployment Benefit Plans

The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):

 

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

Defined contribution plans1

 

$

6.0

 

 

$

6.0

 

 

Deferred compensation plan2

 

 

0.1

 

 

 

0.2

 

 

Multiemployer pension plans1

 

 

1.5

 

 

 

1.5

 

 

Net periodic postretirement and postemployment benefit cost relating to defined benefit plans3

 

 

2.1

 

 

 

2.3

 

 

Total

 

$

9.7

 

 

$

10.0

 

 

 

1.
Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) in our Statements of Consolidated Income.
2.
Deferred compensation plan expense is included within SG&A and R&D in our Statements of Consolidated Income.
3.
The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within COGS in our Statements of Consolidated Income for all periods presented. All other components are included within Other expense, net, in our Statements of Consolidated Income.

Components of Net Periodic Postretirement and Postemployment Benefit Cost. The following tables present the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):

 

 

 

Pension Plans

 

 

OPEB

 

 

Salaried VEBA

 

 

 

 

Quarter Ended March 31,

 

 

Quarter Ended March 31,

 

 

Quarter Ended March 31,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

Service cost

 

$

0.8

 

 

$

0.9

 

 

$

0.2

 

 

$

0.2

 

 

$

—

 

 

$

—

 

 

Interest cost

 

 

0.5

 

 

 

0.4

 

 

 

0.9

 

 

 

0.9

 

 

 

0.5

 

 

 

0.5

 

 

Expected return on plan assets

 

 

(0.5

)

 

 

(0.4

)

 

 

—

 

 

 

—

 

 

 

(0.6

)

 

 

(0.5

)

 

Amortization of prior service cost1

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

0.7

 

 

 

0.7

 

 

Amortization of net actuarial gain

 

 

—

 

 

 

—

 

 

 

(0.3

)

 

 

(0.5

)

 

 

(0.3

)

 

 

(0.1

)

 

Total net periodic postretirement and postemployment benefit cost

 

$

1.0

 

 

$

1.1

 

 

$

0.8

 

 

$

0.6

 

 

$

0.3

 

 

$

0.6

 

 

 

 

1.
We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.