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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations
Change in Projected Benefit ObligationDecember 31
20252024
(In millions)
Present value of projected benefit obligation at the beginning of the year$63.4 $65.4 
Actuarial (gain)/ loss(7.6)1.3 
Service cost0.3 0.3 
Interest cost2.7 2.6 
Benefits paid(2.2)(1.7)
Curtailments, settlements, special and contractual termination benefits— (0.4)
Currency translation7.7 (4.1)
Present value of projected benefit obligation at the end of the year$64.3 $63.4 
Schedule of Changes in Fair Value of Plan Assets
Change in Plan AssetsDecember 31
20252024
(In millions)
Fair value of plan assets at the beginning of the year$3.4 $3.6 
Actual return on plan assets0.2 0.2 
Employer contributions0.5 0.5 
Benefits paid(0.3)— 
Settlement— (0.4)
Currency translation0.1 (0.5)
Fair value of plan assets at the end of the year$3.9 $3.4 
Schedule of Net Funded Status
Net Unfunded Status December 31
20252024
(In millions)
Projected benefit obligation$64.3 $63.4 
Less: Fair value of plan assets
3.9 3.4 
Net unfunded status$60.4 $60.0 
Schedule of Amounts Recognized in Balance Sheet
Amount Recognized in the Consolidated Balance Sheets December 31
20252024
(In millions)
Non-current assets$— $— 
Current liabilities2.0 1.5 
Non-current liabilities58.4 58.5 
Net liability recognized - pension plans$60.4 $60.0 
Schedule of Assumptions Used
The assumptions used in the actuarial valuation of the underlying the obligations are as follows:
AssumptionsDecember 31
20252024
Discount rate4.4 %3.6 %
Expected long-term rate of return on plan assets3.5 %3.5 %
Rate of compensation/salary increase3.0 %3.0 %
Future pension increase2.0 %2.9 %
Mortality is based on Heubeck guidelines, the generally accepted biometric calculation bases for the balance sheet valuation of pension obligations in Germany.
A 0.5% increase or decrease in the discount rate or in the future pension increase would have impacted the projected benefit obligation as follows:
SensitivitiesDecember 31, 2025
Discount rateFuture pension increase
0.5% decrease0.5% increase0.5% decrease0.5% increase
(In millions)
Impact on projected benefit obligation$4.1 $(3.7)$(5.1)$5.6 
Schedule of Net Periodic Pension Cost (Benefit)
Net Periodic Pension Cost (Benefit)
Years Ended December 31,
202520242023
(In millions)
Service cost$0.3 $0.3 $0.3 
Interest cost2.7 2.6 2.6 
Expected return on plan assets(0.2)(0.2)(0.2)
Net periodic pension cost$2.8 $2.7 $2.7 
Schedule of Expected Benefit Payments
We expect the following benefit payments will be made to plan participants in the years from 2026 to 2035:
Benefit payments(In millions)
2026$2.3 
20272.6 
20282.8 
20293.4 
20303.3 
2031 — 203517.1 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in AOCI, at December 31, related to the Company's defined benefit pension plan are as follows:
202520242023
(In millions)
Net actuarial (gain) loss$(7.6)$1.3 $7.7 
Net prior service cost— — — 
Balance in accumulated other comprehensive (income) / loss
$(7.6)$1.3 $7.7 
Schedule of Allocation of Plan Assets
The fair value (all Level 2) of Orion's pension plan assets, at December 31, are as follows:
20252024
(In millions)
Government and corporate fixed income financial instruments
3.9 3.4 
Total pension plan assets
$3.9 $3.4