Retirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. The Company previously sponsored a frozen U.S. pension plan for certain salaried participants that was terminated in 2025. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements.

Net periodic benefit costs are primarily comprised of service and interest cost and the expected return on plan assets. The service cost component of net periodic benefit cost is presented within cost of sales and selling, general and administrative

expenses in the statements of operations while the other components of net periodic benefit cost are presented within other income (expense), net.

The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event). The corridor is 10% of the greater of the projected benefit obligation or the fair value of the plan assets. In connection with this accounting policy, the Company recognized non-cash actuarial gain of $0.5 million, $1.4 million, and $2.0 million within the consolidated statements of operations from continuing operations, during the years ended December 31, 2025, 2024, and 2023, respectively. These amounts are recorded within actuarial gain on pension and other postretirement benefit obligations in the consolidated statements of operations.

On January 30, 2025, the Company's Board of Directors approved a resolution to terminate the Company's U.S. defined benefit pension plan (the "Pension Plan") with the full freeze of benefit accruals under the Pension Plan effective March 31, 2025 and the termination of the Pension Plan effective April 1, 2025. The Pension Plan freeze resulted in a curtailment gain of $0.7 million in the first quarter of 2025. Pension Plan participants were provided the opportunity to receive their full accrued benefits from the Pension Plan assets by either electing immediate lump sum distributions or annuity contracts with a qualifying third-party annuity provider. During the year ended December 31, 2025, the Company entered into an agreement to purchase annuities from a third-party annuity provider and contributed $4.3 million to fund the liquidation of the Pension Plan. As a result, Pension Plan liabilities were settled and the Pension Plan was exited during the third quarter of 2025, resulting in a pre-tax settlement gain of $10.0 million from accumulated other comprehensive loss to other income (expense), net in the consolidated statements of operations.

The components of net periodic benefit (income) cost reported in the consolidated statements of operations are as follows (in millions):

	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Pension Benefits:
Service cost	$	0.1	$	0.1	$	0.1
Interest cost	8.6		11.2		12.1
Expected return on plan assets	(6.9)		(7.5)		(7.5)
Amortization of prior service cost	0.3		—		—
Settlement	(10.0)		—		—
Curtailment	(0.7)		—		—
Recognition of actuarial gains	(0.1)		(0.1)		—
Net periodic benefit (income) cost	$	(8.7)	$	3.7	$	4.7
Other Postretirement Benefits:
Interest cost	$	0.4	$	0.4	$	0.6
Recognition of actuarial gains	(0.4)		(1.3)		(2.0)
Net periodic benefit (income) cost	$	—	$	(0.9)	$	(1.4)

During the year ended December 31, 2025, the recognition of $0.5 million of net non-cash actuarial gains was primarily due to demographic and claims gains experienced during 2025 that were reflected in certain other post-retirement benefit plans. During the year ended December 31, 2024, the recognition of $1.4 million of net non-cash actuarial gains was primarily due to a combination of discount rate increases coupled with demographic and claims gains experienced during 2024 that were reflected in the other post-retirement benefit plans. These gains were partially offset by a increase in the medical cost growth assumption from the prior measurement. During the year ended December 31, 2023, the recognition of $2.0 million of net non-cash actuarial gains was primarily due to demographic gains experienced during 2023 that were reflected in the other post-retirement benefit plans.

The Company made contributions to the now terminated U.S. qualified pension plan trusts of $4.3 million, $20.0 million and $11.0 million during the years ended December 31, 2025, 2024, and 2023, respectively. The Company does not expect to make any further contributions to the U.S. qualified pension plan trusts given it was terminated in 2025.

The status of the plans is summarized as follows (in millions):

	Pension Benefits				Other Postretirement Benefits
	Year Ended December 31, 2025		Year Ended December 31, 2024		Year Ended December 31, 2025		Year Ended December 31, 2024
Benefit obligation at beginning of period	$	(210.6)	$	(224.0)	$	(7.2)	$	(8.7)
Service cost	(0.1)		(0.1)		—		—
Interest cost	(8.6)		(11.2)		(0.4)		(0.4)
Actuarial (losses) gains	(3.8)		5.4		(0.7)		1.1
Plan amendments	(0.3)		—		—		—
Benefits paid	15.9		19.1		1.0		1.0
Plan participant contributions	—		—		(0.1)		(0.2)
Curtailments	0.7		—		—		—
Settlements	201.1		0.2		—		—
Benefit obligation at end of period	$	(5.7)	$	(210.6)	$	(7.4)	$	(7.2)
Plan assets at the beginning of the period	$	203.0	$	195.2	$	—	$	—
Actual return on plan assets	12.4		6.6		—		—
Contributions	4.7		20.4		1.0		1.0
Benefits paid	(15.9)		(19.1)		(1.0)		(1.0)
Settlements	(201.1)		(0.1)		—		—
Plan assets at end of period	$	3.1	$	203.0	$	—	$	—
Funded status of plans	$	(2.6)	$	(7.6)	$	(7.4)	$	(7.2)
Net amount on consolidated balance sheets consists of:
Non-current assets	$	0.7	$	0.5	$	—	$	—
Current liabilities	$	(0.3)	$	(0.3)	$	(0.8)	$	(0.9)
Long-term liabilities	(3.0)		(7.8)		(6.6)		(6.3)
Total net funded status	$	(2.6)	$	(7.6)	$	(7.4)	$	(7.2)

As of December 31, 2025, the Company had pension plans with a combined projected benefit obligation of $5.7 million compared to plan assets of $3.1 million, resulting in an under-funded status of $2.6 million compared to an under-funded status of $7.6 million at December 31, 2024. The Company’s funded status improved during the year ended December 31, 2025 primarily due to the termination and settlement of the Company's U.S. defined benefit pension plan. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.

Amounts included in accumulated other comprehensive loss, net of tax, related to defined benefit plans at December 31, 2025 and December 31, 2024 consist of the following (in millions):

	As of December 31, 2025
	Pension Benefits		Other Postretirement Benefits		Total
Unrecognized actuarial (gain) loss	(0.3)		0.4		0.1
Accumulated other comprehensive (income) loss, gross	(0.3)		0.4		0.1
Deferred income tax provision	0.1		(0.1)		—
Accumulated other comprehensive (income) loss, net	$	(0.2)	$	0.3	$	0.1

	As of December 31, 2024
	Pension Benefits		Other Postretirement Benefits		Total
Unrecognized actuarial gain	(8.7)		(0.7)		(9.4)
Accumulated other comprehensive income, gross	(8.7)		(0.7)		(9.4)
Deferred income tax provision	2.1		0.2		2.3
Accumulated other comprehensive income, net	$	(6.6)	$	(0.5)	$	(7.1)

The following table presents significant assumptions used to determine benefit obligations and net periodic benefit (income) cost in weighted-average percentages:

	Pension Benefits						Other Postretirement Benefits
	December 31, 2025		December 31, 2024		December 31, 2023		December 31, 2025		December 31, 2024		December 31, 2023
Benefit Obligations:
Discount rate	6.1	%	5.7	%	5.2	%	5.4	%	5.6	%	5.2	%
Rate of compensation increase	3.4	%	3.0	%	3.0	%	n/a		n/a		n/a
Net Periodic Benefit (Income) Cost:
Discount rate	6.3	%	5.2	%	5.6	%	5.6	%	5.2	%	5.6	%
Rate of compensation increase	3.4	%	3.0	%	3.0	%	n/a		n/a		n/a
Expected return on plan assets	4.3	%	4.0	%	4.3	%	n/a		n/a		n/a

The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at December 31, 2025 and December 31, 2024, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 11, Fair Value Measurements.

	December 31, 2025
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets Measured at Net Asset Value (1)		Total
Investment funds
International equity funds (3)	—		—		—		0.5		0.5
Balanced funds (3)	—		—		—		2.6		2.6
Total	$	—	$	—	$	—	$	3.1	$	3.1

	December 31, 2024
	Quoted Prices in Active  Market (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Assets Measured at Net Asset Value (1)		Total
Cash and cash equivalents	$	4.2	$	—	$	—	$	—	$	4.2
Investment funds
Fixed income funds (2)	—		—		—		178.3		178.3
U.S. equity funds (3)	3.0		—		—		9.4		12.4
International equity funds (3)	—		—		—		5.7		5.7
Balanced funds (3)	—		—		—		2.4		2.4
Total	$	7.2	$	—	$	—	$	195.8	$	203.0

______________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

(2)The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.

(3)The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.

Expected benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in millions):

Years Ending December 31:	Pension Benefits		Other Postretirement Benefits
2026	$	0.4	$	0.8
2027	0.4		0.8
2028	0.5		0.8
2029	0.5		0.8
2030	0.5		0.8
2031 - 2035	3.0		2.8

Pension Plans That Are Not Fully Funded

At December 31, 2025, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $5.7 million, $5.4 million, and $3.1 million, respectively.

At December 31, 2024, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $210.6 million, $209.2 million and $203.0 million, respectively.

Other Postretirement Benefits

The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 7.5% in 2026 grading down to 5.0% in 2036 and thereafter. The discount rate and health care cost trend rate assumptions are determined as of the measurement date.

Defined Contribution Savings Plans

The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $6.1 million, $5.6 million and $4.5 million during the years ended December 31, 2025, 2024, and 2023, respectively, primarily related to the Company matching contributions. During the year ended December 31, 2025, the Company utilized 127,489 shares of its common stock with a weighted average fair value of $39.22 per share in funding the cost associated with the Company matching contributions. During the year ended December 31, 2024, the Company utilized 137,031 shares of its common stock with a weighted average fair value of $33.71 per share in funding the cost associated with the Company matching contributions.

Deferred Compensation Plan

The Company has a nonqualified deferred compensation plan for certain executives and other highly compensated employees. Assets are invested primarily in mutual funds and corporate-owned life insurance contracts held in a Rabbi trust and restricted for payments to participants of the plan. The assets are classified in other assets on the consolidated balance sheets. The short-term liabilities and long-term liabilities are classified in compensation and benefits and other liabilities, respectively, on the consolidated balance sheets. Changes in the values of the assets held by the rabbi trust and changes in the value of the deferred compensation liabilities are recorded in other income (expense), net in the consolidated statements of operations.

The fair values of the Company’s deferred compensation plan assets and liability are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 11, Fair Value Measurements.

	Fair Value as of December 31, 2025
	Quoted Prices in Active Market (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Deferred compensation plan assets:
Mutual funds (1)	$	2.3	$	—	$	—	$	2.3
Corporate-owned life insurance policies (2)	—		16.4		—		16.4
Total assets at fair value	$	2.3	$	16.4	$	—	$	18.7
Deferred compensation liability at fair value (3):	$	22.9	$	—	$	—	$	22.9
	Fair Value as of December 31, 2024
	Quoted Prices in Active Market (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Deferred compensation plan assets:
Mutual funds (1)	$	1.2	$	—	$	—	$	1.2
Corporate-owned life insurance policies (2)	—		15.1		—		15.1
Total assets at fair value	$	1.2	$	15.1	$	—	$	16.3
Deferred compensation liability at fair value (3):	$	18.9	$	—	$	—	$	18.9

______________________

(1)The Company has elected to use the fair value option for the mutual funds to better align the measurement of the assets with the measurement of the liability, which are measured using quoted prices of identical instruments in active markets and are categorized as Level 1.

(2)The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds, and are categorized as Level 2.

(3)The deferred compensation liability is measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants.