v3.26.1
Employee Benefit Plans (Notes)
 6 Months Ended
Jun. 30, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
9. EMPLOYEE BENEFIT PLANS

The components of net periodic benefit cost (credit) are as follows:
Pension Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(in millions)
Service cost$1.0 $— $1.6 $0.1 
Interest cost22.7 6.0 39.8 12.0 
Expected asset return(19.9)(6.4)(35.1)(12.8)
Amortized loss2.6 2.2 5.1 4.3 
Net periodic benefit cost$6.4 $1.8 $11.4 $3.6 
Other Postretirement Benefits
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(in millions)
Service cost$0.2 $— $0.4 $— 
Interest cost2.8 2.2 5.3 4.5 
Amortized gain(2.1)(2.4)(4.1)(4.7)
Amortized prior service credit(0.1)(0.1)(0.3)(0.3)
Net periodic benefit cost (credit)$0.8 $(0.3)$1.3 $(0.5)

In connection with the Business Combination, we assumed various pension and other postretirement benefit plans of Dowlais, primarily in the U.S., United Kingdom and Germany. At the date of the Business Combination, the total projected benefit obligation of all plans assumed was approximately $1.4 billion and related assets were approximately $1.0 billion, resulting in a net liability of approximately $400 million.

The noncurrent liabilities associated with our pension and other postretirement benefit plans are classified as Postretirement benefits and other long-term liabilities on our Condensed Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, we have a noncurrent pension liability of $490.6 million and $69.7 million, respectively. As of June 30, 2026 and December 31, 2025, we have a noncurrent other postretirement benefits liability of $310.8 million and $276.6 million, respectively.

In 2026, we expect pension funding requirements to be approximately $35.0 million and we expect cash payments for other postretirement benefit obligations, net of GM cost sharing, to be $16.1 million, including expected contributions to Dowlais plans assumed in the Business Combination.