v3.25.4
Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits Pension and Postretirement Benefits
Pension Plan
In the United States, we sponsor a defined benefit pension plan that covers approximately 10% of all U.S. employees. Effective January 1, 2013, pension eligible non-union employees no longer earn future benefits in the domestic defined benefit pension plan. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. Additionally, a number of our non-U.S. subsidiaries sponsor defined benefit pension plans cover approximately 10% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries.
Postretirement Plans
Postretirement health care and life insurance benefits are provided for certain employees hired before January 1, 1990, who meet minimum age and service requirements.
A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Change in benefit obligation:
Benefit obligation at beginning of year$693.4 $759.3 $2.5 $3.0 
Service cost3.5 3.6 — — 
Interest cost35.1 34.5 0.1 0.1 
Amendments0.7 0.2 — — 
Actuarial (gain) loss (1.4)(51.5)0.2 (0.2)
Settlements(0.1)(0.5)— — 
Benefits paid(47.5)(45.3)(0.4)(0.4)
Foreign currency exchange and other17.8 (6.3)— — 
Curtailment and settlement loss from discontinued operations— 0.3 — — 
Administrative expenses paid (0.6)(0.9)— — 
Benefit obligation at end of year$700.9 $693.4 $2.4 $2.5 
Change in plan assets:
Fair value of plan assets at beginning of year$675.4 $692.4 $— $— 
Actual return on plan assets69.6 18.1 — — 
Employer contributions16.5 16.6 0.4 0.4 
Settlements(0.1)(0.5)— — 
Benefits paid(47.5)(45.3)(0.4)(0.4)
Foreign currency exchange and other17.4 (5.0)— — 
Administrative expenses paid(0.6)(0.9)— — 
Fair value of plan assets at end of year$730.7 $675.4 $— $— 
Funded status$29.8 $(18.0)$(2.4)$(2.5)
In the U.S., 2025 actuarial losses in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined gains of less than 1% of expected year end obligations. In the Non-U.S. countries, 2025 actuarial gains in the projected benefit obligation were primarily the result of increases in discount rates and decreased UK inflation. Other sources of gains or losses such as plan experience combined for losses of approximately 1% of expected year end obligations.
In the U.S., 2024 actuarial gain in the projected benefit obligation were primarily the result of an increase in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2024 actuarial gains in the projected benefit obligation were primarily the result of increases in discount rates and updated UK mortality. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation, mortality table updates and minor adjustments to other actuarial assumptions generated combined losses of less than 1% of expected year end obligations.

Amounts recognized on our Consolidated Balance Sheets consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Other assets$71.3 $49.7 $— $— 
Current liabilities(1.8)(1.5)(0.3)(0.4)
Accrued pension and postretirement benefits(39.7)(66.2)(2.1)(2.1)
Funded status$29.8 $(18.0)$(2.4)$(2.5)
Amounts recognized in accumulated other comprehensive loss consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2025202420252024
Net actuarial loss (gain)$281.8 $315.6 $(1.8)$(2.4)
Prior service cost (credit)6.6 6.3 — — 
Total recognized in accumulated other comprehensive loss$288.4 $321.9 $(1.8)$(2.4)
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows:
 Pension Obligations/Assets
 U.S.Non-U.S.Total
(in millions) December 31,202520242025202420252024
Projected benefit obligation$477.7 $477.3 $223.2 $216.2 $700.9 $693.5 
Accumulated benefit obligation477.7 477.3 220.8 213.5 698.5 690.8 
Fair value of plan assets479.2 443.5 251.5 231.9 730.7 675.4 
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
(in millions) December 31,20252024
Accumulated benefit obligation$39.8 $509.0 
Fair value of plan assets$— $443.6 
Information for pension plans with a projected benefit obligation in excess of plan assets is as follows:

(in millions) December 31,20252024
Projected benefit obligation$44.0 $513.5 
Fair value of plan assets$2.5 $445.8 
Components of net periodic cost (benefit) are as follows:
Pension BenefitsPostretirement Benefits
(in millions) For the year ended December 31,202520242023202520242023
Net Periodic (Benefit) Cost:
Service cost$3.5 $3.6 $3.3 $— $— $— 
Interest cost35.1 34.5 35.9 0.1 0.1 0.2 
Expected return on plan assets(44.8)(49.9)(46.1)— — — 
Amortization of prior service cost0.7 0.7 0.7 — — — 
Amortization of net loss (gain)14.2 15.1 15.5 (0.4)(0.4)(0.2)
Curtailment and settlement loss from discontinued operations— 0.3 1.9 — — — 
Net periodic cost (benefit) (a)
$8.7 $4.3 $11.2 $(0.3)$(0.3)$— 
(a) Includes $0.8 million and $2.3 million of pension net periodic loss related to discontinued operations for the years ended December 31, 2024, and 2023, respectively.
The weighted average assumptions used to determine benefit obligations are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate5.40 %5.63 %5.07 %5.20 %5.50 %5.00 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.14 %4.39 %4.02 %N/AN/AN/A
Non-U.S. Plans:
Discount rate5.22 %5.07 %4.29 %N/AN/AN/A
Rate of compensation increase3.36 %3.28 %3.69 %N/AN/AN/A
Interest credit rateN/AN/AN/AN/AN/AN/A
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202520242023202520242023
U.S. Plans:
Discount rate5.63 %5.07 %5.43 %5.50 %5.00 %5.40 %
Expected rate of return on plan assets7.25 %8.25 %8.25 %N/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.39 %4.02 %3.62 %N/AN/AN/A
Non-U.S. Plans:
Discount rate5.07 %4.29 %4.61 %N/AN/AN/A
Expected rate of return on plan assets5.68 %6.21 %5.91 %N/AN/AN/A
Rate of compensation increase3.28 %3.69 %3.72 %N/AN/AN/A
Interest credit rateN/AN/AN/AN/AN/AN/A
 
The long-term expected rate of return on plan assets assumptions were determined with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by us for valuing pension liabilities are based on a review of high-quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations.
In the U.S. plan, the 7.25% expected rate of return on assets assumption for 2025 reflected a long-term target comprised of an asset allocation range of 46% in equity securities, 45% fixed income securities and 9% alternative assets. As of December 31, 2025, the actual asset allocation for the U.S. plan was 42.8% equity securities, 47.5% fixed income securities, 8.3% alternative assets and 1.5% cash and cash equivalents. However, in November 2025, the pension committee voted to reduce the funded
status risk by increasing the allocation to liability matching fixed income investments to 70% reflecting the improved funded status of the U.S. plan over the last year, and this asset reallocation was completed in January 2026.
For the non-U.S. plans, the 5.68% expected rate of return on assets assumption for 2025 reflected a weighted average of the long-term asset allocation targets for our various non-U.S. plans. As of December 31, 2025, the actual weighted average asset allocation for the non-U.S. plans was 7.3% equity securities, 67.3% fixed income securities, 19.7% alternative assets/other and 5.7% cash and cash equivalents.
The assumed health care cost trend rates are as follows:
December 31,20252024
Health care cost trend rate assumed for next year7.00 %7.25 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20352035
Assumed health care cost trend rates have a significant effect on the amounts reported for our health care plans.
Plan Assets
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows:
  Target AllocationActual Allocation
Asset Category December 31,20252024
Equity securities
15%-55%
31 %34 %
Fixed income securities
30%-75%
54 %49 %
Alternative assets/Other
0%-30% 
12 %14 %
Cash and money market
0%-10%
3 %3 %

Independent investment consultants are retained to assist in executing the plans’ investment strategies. A number of factors are evaluated in determining if an investment strategy will be implemented in our pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. We periodically review investment managers and their performance in relation to our plans’ investment objectives.

The primary investment objective of our various pension trusts is to maximize the value of plan assets, focusing on capital preservation, current income and long-term growth of capital and income. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, alternative assets and cash instruments.
Equity securities include investments in large, mid, and small-capitalization companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, mortgage-backed securities and other liability hedging assets. Alternative assets include investments in real estate and hedge funds employing a wide variety of strategies.
The fair value of our pension plan assets as of December 31, 2025, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$21.3 $— $— $— $21.3 
Common Stocks
Actively Managed U.S. Equities29.0 — — — 29.0 
Commingled and Mutual Funds
U.S. Equity Funds110.9 — — — 110.9 
Non-U.S. Equity Funds65.0 — — 18.3 83.3 
U.S. Fixed Income, Government and Corporate227.4 — — — 227.4 
Registered Investment Company25.2 — — — 25.2 
Non-U.S. Fixed Income, Government and Corporate— — — 169.4 169.4 
Property Funds14.6 — — — 14.6 
Alternative Investments
Insurance / Annuity Contract(s)— 2.5 — — 2.5 
Hedge Funds and LDI— — — 31.8 31.8 
International Property Funds— — — 15.3 15.3 
Total Fair Value$493.4 $2.5 $— $234.8 $730.7 
(a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
The fair value of our pension plan assets as of December 31, 2024, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$20.5 $— $— $— $20.5 
Common Stocks
Actively Managed U.S. Equities34.6 — — — 34.6 
Commingled and Mutual Funds
U.S. Equity Funds116.9 — — — 116.9 
Non-U.S. Equity Funds64.5 — — 16.7 81.2 
U.S. Fixed Income, Government and Corporate172.6 — — — 172.6 
Registered Investment Company22.9 — — — 22.9 
Non-U.S. Fixed Income, Government and Corporate— — — 156.9 156.9 
Property Funds18.4 — — — 18.4 
Alternative Investments
Insurance / Annuity Contract(s)— 2.1 — — 2.1 
Hedge Funds and LDI— — — 28.8 28.8 
International Property Funds— — — 20.5 20.5 
Total Fair Value$450.4 $2.1 $— $222.9 $675.4 
(a) Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
Cash Flows  
We expect, based on current actuarial calculations, to contribute cash of approximately $2.0 million to our defined benefit pension plans during 2026. Cash contributions in subsequent years will depend on a number of factors including the investment performance of plan assets.
Estimated Future Benefit Payments  
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions)Pension
Benefits		Postretirement Benefits
2026$53.6 $0.4 
202754.0 0.4 
202855.3 0.3 
202952.5 0.2 
203052.4 0.2 
2031 to 2035256.6 0.9 
Total payments$524.4 $2.4 
Defined Contribution Plans
We sponsor savings and investment plans that are available to our eligible employees including employees of our subsidiaries. We made matching contributions to the plans of $10.2 million, $9.1 million and $8.4 million in 2025, 2024 and 2023, respectively.
In addition to participant deferral contributions and company matching contributions on those deferrals, we provide a 3% non-matching contribution to eligible participants. We made non-matching contributions to these plans of $12.4 million, $10.8 million and $9.7 million in 2025, 2024 and 2023, respectively.