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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
Note 9 — EMPLOYEE BENEFIT PLANS
All U.S. qualified defined benefit pension plans are frozen, no longer accrue benefits and are closed to new participants. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service.
The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension plans.
 Pension Benefits
(In millions)2025
2024
Change in benefit obligation:
Projected benefit obligation - beginning of year$391.7 $423.8 
Service cost2.8 2.7 
Interest cost18.4 18.2 
Actuarial loss / (gain)3.7 (9.1)
Benefits paid(38.2)(39.1)
Currency translation and other7.4 (4.8)
Projected benefit obligation - end of year385.8 391.7 
Projected salary increases(6.2)(5.5)
Accumulated benefit obligation$379.6 $386.2 
Change in plan assets:
Plan assets - beginning of year$386.5 $400.5 
Actual return on plan assets34.3 17.9 
Company contributions 6.9 7.0 
Benefits paid(38.2)(39.1)
Currency translation and other1.0 0.2 
Plan assets - end of year$390.5 $386.5 
Overfunded (unfunded) status at end of year$4.7 $(5.2)
Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows:
 Pension Benefits
(In millions)20252024
Non-current assets $69.0 $55.5 
Accrued expenses and other liabilities5.7 5.7 
Other non-current liabilities58.6 55.0 
As of December 31, 2025 and 2024, we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows:
 Pension Benefits
(In millions)20252024
Projected benefit obligation$76.0 $88.7 
Fair value of plan assets11.7 25.2 
Accumulated benefit obligation70.8 81.2 
Fair value of plan assets11.7 22.7 
Weighted-average assumptions used to determine benefit obligations at December 31:
 Pension Benefits
20252024
Discount rate4.7 %4.9 %
The following table summarizes the components of net periodic benefit cost (income) that was recognized during each of the years in the three-year period ended December 31, 2025.
 Pension Benefits
(In millions)202520242023
Components of net periodic benefit cost (income):
Service cost$2.8 $2.7 $3.1 
Interest cost18.4 18.2 19.6 
Expected return on plan assets(21.9)(24.1)(25.5)
Amortization of prior service cost(0.1)(0.1)(0.1)
Mark-to-market actuarial net gains(8.7)(2.9)(2.8)
Net periodic income$(9.5)$(6.2)$(5.7)

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
 Pension Benefits
202520242023
Discount rate*4.9 %4.5 %4.7 %
Expected long-term return on plan assets*5.9 %6.3 %6.7 %
*The mark-to-market component of net periodic costs is determined based on discount rates as of year-end and actual asset returns during the year.
The expected long-term rate of return on pension assets was determined after considering the forward looking long-term asset returns by asset category and the expected investment portfolio mix.
Our pension investment strategy is to diversify the portfolio among asset categories to enhance the portfolio’s risk-adjusted return as well as insulate it from exposure to changes in interest rates. Our asset mix considers the duration of plan liabilities, historical and expected returns of the investments, and the funded status of the plan. The pension asset allocation is reviewed and actively managed based on the funded status of the plan. Based on the current funded status of the plan, our pension asset investment allocation guidelines are weighted heavily to fixed income securities. The plan keeps a minimal amount of cash available to fund benefit payments. See the following table for the plans' asset allocation.
The fair values of pension plan assets at December 31, 2025 and 2024, by asset category, are as follows:
 
Fair Value of Plan Assets at December 31, 2025
(In millions)Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Investments (at Fair Value)
Asset category
Cash$3.1 $— $— $3.1 
Bonds and notes10.1 — — 10.1 
Global equity10.6 — — 10.6 
Other — 4.7 18.3 23.0 
Total$23.8 $4.7 $18.3 $46.8 
Investments measured at NAV:
Common collective funds:
United States equity32.7 
International equity19.8 
Fixed income291.2 
Total common collective funds$343.7 
Total investments at fair value$390.5 
 
Fair Value of Plan Assets at December 31, 2024
(In millions)Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Investments (at Fair Value)
Asset category
Cash$4.6 $— $— $4.6 
Bonds and notes46.9 — — 46.9 
Global equity8.5 — — 8.5 
Other — 4.1 16.2 20.3 
Total$60.0 $4.1 $16.2 $80.3 
Investments measured at NAV:
Common collective funds:
United States equity42.3 
International equity25.5 
Fixed income238.4 
Total common collective funds$306.2 
Total investments at fair value$386.5 
Pension Plan Assets
Other assets are primarily insurance contracts for international plans. The U.S. equity common collective funds are predominately invested in equity securities actively traded in public markets. The international and global equity common collective funds have broadly diversified investments across economic sectors and focus on low volatility, long-term investments. The fixed income common collective funds consist primarily of publicly traded United States fixed interest obligations (principally investment grade bonds and government securities).
Level 1 assets are valued based on quoted market prices. Level 2 investments are valued based on quoted market prices and/or other market data for the same or comparable instruments and transactions of the underlying fixed income investments. The insurance contracts included in the other asset category are valued at the transacted price. Common collective funds are valued at the net asset value of units held by the fund at year-end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned.
The estimated future benefit payments for our pension plans are as follows:
(In millions)Pension Benefits
2026$38.5 
202735.9 
202836.2 
202936.1 
203035.8 
2031 through 2035148.7 
We currently estimate that employer contributions will be $7.5 million to all qualified and non-qualified pension plans in 2026.
The Company sponsors various voluntary retirement savings plans (RSP). Under the provisions of the plans, eligible employees receive defined Company contributions and are eligible for Company matching contributions based on their eligible earnings contributed to the plan. In addition, we may make discretionary contributions to the plans for eligible employees based on a specific percentage of each employee’s compensation.
Following are our contributions to the RSP:
(In millions)202520242023
Retirement savings match$12.8 $11.8 $11.9