v3.25.4
PENSION AND NON-PENSION POST-EMPLOYMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Pension Plan and Other Benefit Plan Assets The table below presents the fair value of our defined benefit pension plan and other benefit plan assets, by asset class:
Fair Value at
December 31
Actual Asset Allocation (%) at December 31
2025202420252024
Quoted market prices (Level 1):
Debt investment funds
$8.3 $8.3 4 %4 %
Equity investment funds
5.7 5.8 3 %3 %
Other17.2 17.08 %9 %
Non-quoted market prices (Level 3):
Insurance annuities
171.7 160.085 %84 %
Total
$202.9 $191.1 100 %100 %
Schedule of Defined Benefit Pension and Other Post-Employment Benefit Plans The following tables provide a summary of the financial position of our defined benefit pension and other post-employment benefit plans:
Pension Plans
Year ended
December 31
Other Benefit Plans
Year ended
December 31
2025202420252024
Fair value of plan assets, beginning of year
$189.0 $211.2 $2.1 $2.3 
Actual return on plan assets
8.3 (7.7)0.1 0.1 
Administrative expenses paid from plan assets
(0.7)(0.3)— — 
Employer contributions to plan1.7 1.9 0.4 0.4 
Employer direct benefit payments0.5 0.6 4.4 4.7 
     Settlement payments
(0.6)(0.6)(2.0)(2.5)
Benefit payments from plan(10.1)(10.1)(0.2)(0.4)
Benefit payments from employer
(0.5)(0.6)(2.4)(2.2)
Foreign currency exchange rate changes and other
12.8 (5.4)0.1 (0.3)
Fair value of plan assets, end of year
$200.4 $189.0 $2.5 $2.1 

Pension Plans
Year ended
December 31
Other Benefit Plans
Year ended
December 31
2025202420252024
Benefit obligation, beginning of year
$196.6 $219.3 $72.3 $74.4 
Service costs
3.6 4.5 3.4 3.4 
Interest costs
10.3 9.6 3.1 3.1 
Administrative expenses paid
(0.7)(0.3)— — 
Actuarial losses (gains)
(1.2)(19.7)(1.8)1.8 
     Settlement/curtailment payments from plan
(0.6)(0.6)(2.0)(2.5)
Benefit payments from plan
(10.1)(10.1)(0.2)(0.4)
Benefit payments from employer
(0.5)(0.6)(2.4)(2.2)
Foreign currency exchange rate changes and other
13.0 (5.5)4.9 (5.3)
Benefit obligation, end of year
$210.4 $196.6 $77.3 $72.3 
Funded status at end of year
$(10.0)$(7.6)$(74.8)$(70.2)
Weighted average duration of benefit obligations (in years)
1212910
Schedule of Defined Benefit Pension Plan and Non-Pension Post-Employment Benefit Plans with an Accumulated Benefit Obligation
The following table outlines the information for our defined benefit pension plan and non-pension post-employment benefit plans with an accumulated benefit obligation in excess of plan assets:
Pension Plans
Year ended
December 31
Other Benefit Plans
Year ended
December 31
2025202420252024
Accumulated benefit obligations$30.4 $27.8 $27.0 $19.5 
Fair value of plan assets$10.8 $10.2 $— $— 
Schedule of Defined Benefit Pension Plan and Non-Pension Post-Employment Benefit Plans with an Projected Benefit Obligation
The following table outlines the information for our defined benefit pension plan and non-pension post-employment benefit plans with a projected benefit obligation in excess of plan assets:
Pension Plans
Year ended
December 31
Other Benefit Plans
Year ended
December 31
2025202420252024
Projected benefit obligations$30.4 $27.8 $74.9 $72.3 
Fair value of plan assets$10.8 $10.2 $— $2.1 
Schedule of Benefit Plan Balance
The following table outlines the plan balances as reported on our consolidated balance sheets:
December 31, 2025December 31, 2024
Pension
Plans
Other
Benefit Plans
Total
Pension
Plans
Other
Benefit Plans
Total
Pension and non-pension post-employment benefit obligations
$(19.6)$(69.9)$(89.5)$(17.6)$(66.2)$(83.8)
Current other post-employment benefit obligations
— (5.0)(5.0)— (4.0)(4.0)
Non-current net pension assets (note 9)
9.6 0.1 9.7 10.0 — 10.0 
$(10.0)$(74.8)$(84.8)$(7.6)$(70.2)$(77.8)
Schedule of Pension and Non-Pension Post-Employment Benefit Plans
The following table outlines the components of net periodic benefit cost recognized in our consolidated statements of operations for pension and non-pension post-employment benefit plans:
Pension Plans
Year ended December 31
Other Benefit Plans
Year ended December 31
202520242023202520242023
Service cost
$3.6 $4.5 $2.6 $3.4 $3.4 $3.1 
Interest cost
10.3 9.6 10.2 3.1 3.1 3.2 
Expected return on plan assets
(10.0)(9.1)(9.6)— (0.1)(0.1)
Amortization of net loss (gain)
(0.3)(0.2)(0.3)(2.0)(2.3)(3.4)
Settlement loss (gain)
(0.2)(0.1)(0.1)1.0 0.9 0.7 
Net periodic benefit cost (1)
3.4 4.7 2.8 5.5 5.0 3.5 
Defined contribution pension plan expense (see (c) below)
14.6 13.8 12.7 — — — 
Total expense for the year
$18.0 $18.5 $15.5 $5.5 $5.0 $3.5 
(1)    The components of net periodic benefit cost, other than the service cost component, are included in miscellaneous expense (income) in our consolidated statements of operations. See note 15. We generally record the service cost component in cost of sales and SG&A, depending on the nature of expenses.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following table outlines the gain and loss recognized in OCI:
Year ended December 31
202520242023
Net loss (gain), net of tax (see note 13)
$(2.3)$2.0 $8.9 
Schedule of Amount Recognized in OCI and AOCI
The following table outlines the amounts recognized in AOCI:
December 31, 2025December 31, 2024
Pension
Plans
Other
Benefit Plans
Total
Pension
Plans
Other
Benefit Plans
Total
Net gain, net of tax (see note 13)
$(9.7)$(18.5)$(28.2)$(9.7)$(16.2)$(25.9)
Schedule of Percentages and Assumptions The following percentages and assumptions were used in measuring the plans for the years indicated:
Pension Plans
Other Benefit Plans
202520242023202520242023
Benefit obligations:
Weighted average discount rate at December 31 (1)
5.55.44.64.14.34.5
Weighted average rate of compensation increase
3.03.02.94.74.64.6
Net benefit cost for the year ended:
Weighted average discount rate (1)
5.44.64.94.34.54.9
Weighted average rate of compensation increase3.02.91.14.64.64.6
Expected long-term return on plan assets (2)
5.24.44.62.93.23.7
Healthcare cost trend rates:
Immediate trend
— — — 5.76.55.1
Ultimate trend
— — — 4.04.04.0
Year the ultimate trend rate is expected to be achieved
— — — 204020402040
(1) The weighted average discount rate is determined using publicly available rates for highly-rated bonds by currency in countries where we have a pension or non-pension benefit plan. A higher discount rate would decrease the present value of the benefit obligation, and a lower discount rate would increase the present value of the benefit obligation.
(2)    The expected rate of return on plan assets is a management estimate reflecting the long-term average rate of earnings expected by asset class based on the plans' target asset allocation.
Schedule of Increase (Decrease) our Benefit Obligations A one percentage-point increase or decrease in one of the following actuarial assumptions, holding other assumptions constant in each case, would increase (decrease) our benefit obligations as follows:
Pension Plans
Other Benefit Plans
Year ended
December 31, 2025		Year ended
December 31, 2025
1% Increase
1% Decrease
1% Increase
1% Decrease
Discount rate
$(20.7)$25.1 $(6.4)$7.5 
Healthcare cost trend rate
$— $— $2.6 $(2.2)
Schedule of Plan Contributions We made the following plan contributions for the years indicated below and estimate our contribution for 2026 to be as follows:
Year ended December 31
Estimated Contribution*
2025202420232026
Defined contribution plan$14.6 $13.8 $12.7 $14.6 
Defined benefit plan2.2 2.5 1.6 1.8 
Total pension plans
$16.8 $16.3 $14.3 $16.4 
Non-pension post-employment benefit plans
$4.8 $5.1 $5.4 $5.4 
*    Our actual contributions could differ materially from these estimates.
Schedule of Estimated Future Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Pension PlansOther Benefit Plans
2026$10.7 $5.4 
202710.9 5.0 
202811.3 5.3 
202911.9 6.8 
203012.6 8.0 
Thereafter65.7 41.8 
Total future benefit payments
$123.1 $72.3