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Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
Madison Industries IAQ Solutions Corporation  
Defined Benefit Plan Disclosure [Line Items]  
Employee Benefit Plans Employee Benefit Plans
Defined Contribution Plans. The Company sponsors U.S. and international defined contribution plans. Contributions to the plans were $4.5 and $2.9 for the three months ended March 31, 2026 and 2025, respectively.
Pension and Postretirement Plans. The Company has defined benefit pension plans (“Pension Plans”) which cover certain U.S. full-time and part-time as well as certain international employees. The benefits in the Pension Plans are determined based on a fixed monthly payment per year of service or on a combination of years of service and earnings. The Company’s funding policy is to make the minimum annual contributions required by applicable regulations. Certain Pension Plans are not fully funded by pension assets, so benefits paid under the obligation will be greater than benefit payments relieved from pension assets. Most of the long-term pension liability is due to certain hourly and salaried
pension plans carried over from a business acquired in 2021. These plans are frozen and as a result, no new individuals, other than spouses of deceased participants, are eligible for participation in the Pension Plans. Discretionary contributions to the U.S. Plans and International Plans were $0.2 and $0.1 for the three months ended March 31, 2026, respectively. Discretionary contributions to the U.S. Plans and International Plans were $0.3 and $0.1 for the three months ended March 31, 2025, respectively.
The components of net periodic pension expense (benefit) for the defined benefit pension plans are presented in the table below. Net periodic pension expense (benefit) is recorded in other (income) expense on the condensed consolidated statements of income(loss).
U.S. PlansInternational Plans
Three months ended March 31,Three months ended March 31,
2026202520262025
Service cost$0.1 $0.1 $— $— 
Interest cost0.5 0.6 0.4 0.4 
Expected return on plan assets(0.5)(0.6)(0.4)(0.4)
Net periodic pension expense (benefit)$0.1 $0.1 $— $—