v3.25.4
Defined Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plan Amounts Included in Consolidated Balance Sheets
Defined benefit plan amounts included in our consolidated balance sheets are as follows:
December 31,
20252024
in millions
Other assets, net $27.5 $33.6 
Other long-term liabilities, net (a)(4.8)(5.6)
Net pension asset$22.7 $28.0 
(a)Amounts include an indemnification asset from The Bahamas government of $113 million and $115 million, respectively, and investments in U.K. Gilts of $24 million and $23 million, respectively.
Schedule of Defined Benefit Plans Disclosures
The table below provides summary information for our defined benefit plans:
December 31,
20252024
in millions
Projected benefit obligations (a) (b)$(1,407.8)$(1,361.4)
Fair value of plan assets (c)1,430.5 1,389.4 
Net pension asset$22.7 $28.0 
(a)Amounts include an indemnification asset from The Bahamas government of $113 million and $115 million, respectively, and investments in U.K. Gilts of $24 million and $23 million, respectively.
(b)The weighted average discount rate used in determining our benefit obligations was 6.1% for each of the years ended December 31, 2025 and 2024. A 1.0% increase or decrease in the weighted average discount rate would have a ($34 million) or $40 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below).
(c)Our plan assets primarily comprise investments in insurance contracts, debt securities and equity securities. The fair value of plan assets at December 31, 2025 includes $239 million, $132 million and $1,060 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 4). The fair value of plan assets at December 31, 2024 includes $233 million, $135 million and $1,021 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively.