XML 62 R45.htm IDEA: XBRL DOCUMENT v3.25.4
Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit (Income) Costs
The components of net periodic benefit (income) cost reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2025December 31, 2024December 31, 2023
Pension Benefits:
Service cost$0.1 $0.1 $0.1 
Interest cost8.6 11.2 12.1 
Expected return on plan assets(6.9)(7.5)(7.5)
Amortization of prior service cost0.3 — — 
Settlement(10.0)— — 
Curtailment(0.7)— — 
Recognition of actuarial gains(0.1)(0.1)— 
Net periodic benefit (income) cost$(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)
Schedule of Plan's Status
The status of the plans is summarized as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2025Year 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 paid15.9 19.1 1.0 1.0 
Plan participant contributions— — (0.1)(0.2)
Curtailments0.7 — — — 
Settlements201.1 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 assets12.4 6.6 — — 
Contributions4.7 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)$(7.2)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive (Loss)
Amounts included in accumulated other comprehensive loss, net of tax, related to defined benefit plans at December 31, 2025 and December 31, 2024 consist of the following (in millions):
As of December 31, 2025
Pension
Benefits
Other Postretirement
Benefits
Total
Unrecognized actuarial (gain) loss(0.3)0.4 0.1 
Accumulated other comprehensive (income) loss, gross(0.3)0.4 0.1 
Deferred income tax provision0.1 (0.1)— 
Accumulated other comprehensive (income) loss, net$(0.2)$0.3 $0.1 
As of December 31, 2024
Pension
Benefits
Other Postretirement
Benefits
Total
Unrecognized actuarial gain(8.7)(0.7)(9.4)
Accumulated other comprehensive income, gross(8.7)(0.7)(9.4)
Deferred income tax provision2.1 0.2 2.3 
Accumulated other comprehensive income, net$(6.6)$(0.5)$(7.1)
Schedule of Significant Assumptions
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit (income) cost in weighted-average percentages:
 Pension BenefitsOther Postretirement Benefits
 December 31, 2025December 31, 2024December 31, 2023December 31, 2025December 31, 2024December 31, 2023
Benefit Obligations:
Discount rate6.1 %5.7 %5.2 %5.4 %5.6 %5.2 %
Rate of compensation increase3.4 %3.0 %3.0 %n/an/an/a
Net Periodic Benefit (Income) Cost:
Discount rate6.3 %5.2 %5.6 %5.6 %5.2 %5.6 %
Rate of compensation increase3.4 %3.0 %3.0 %n/an/an/a
Expected return on plan assets4.3 %4.0 %4.3 %n/an/an/a
Schedule of Fair Value of Pension Plan Assets
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.
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.
Schedule of Expected Benefit Payments
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 
20270.4 0.8 
20280.5 0.8 
20290.5 0.8 
20300.5 0.8 
2031 - 20353.0 2.8