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PENSION, HEALTH CARE AND OTHER POSTRETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
PENSION, HEALTH CARE AND OTHER POSTRETIREMENT BENEFITS PENSION, HEALTH CARE AND OTHER POSTRETIREMENT BENEFITS
The Company provides pension benefits to substantially all full-time domestic employees and certain foreign employees through primarily noncontributory defined contribution or defined benefit pension plans and health care and life insurance benefits to certain domestic and foreign active employees and eligible retirees.
Health Care Plans
The Company provides certain domestic health care plans that are contributory and contain cost-sharing features such as deductibles and coinsurance. There were 31,472, 32,283 and 31,327 active employees covered by the benefits under these plans at December 31, 2025, 2024 and 2023, respectively. The cost of these benefits for active employees, which includes claims incurred but not reported, amounted to $425.4 million, $382.6 million and $363.2 million for 2025, 2024 and 2023, respectively.
Defined Contribution Pension Plans
The Company’s annual contribution for its domestic defined contribution pension plan was $105.2 million, $103.5 million and $97.8 million for 2025, 2024 and 2023, respectively. The contribution percentage ranges from two percent to seven percent of compensation for covered employees based on an age and service formula. Assets in employee accounts of the domestic defined contribution pension plan are invested in various investment funds as directed by the participants. These investment funds did not own a significant number of shares of the Company’s common stock for any year presented.
The Company’s annual contributions for its foreign defined contribution pension plans, which are based on various percentages of compensation for covered employees up to certain limits, were $22.2 million, $20.6 million and $19.5 million for 2025, 2024 and 2023, respectively. Assets in employee accounts of the foreign defined contribution pension plans are invested in various investment funds. These investment funds did not own a significant number of shares of the Company’s common stock for any year presented.
Defined Benefit Pension Plans
At December 31, 2025, the domestic defined benefit pension plan was overfunded, with a projected benefit obligation of $101.7 million, fair value of plan assets of $166.7 million and excess plan assets of $65.0 million. The plan was funded in accordance with all applicable regulations at December 31, 2025.
The Company has thirty-eight foreign defined benefit pension plans. At December 31, 2025, thirty-two of the Company’s foreign defined benefit pension plans were unfunded or underfunded, with combined accumulated benefit obligations, projected benefit obligations, fair values of net assets and deficiencies of plan assets of $94.8 million, $116.1 million, $32.8 million and $83.3 million, respectively. At December 31, 2025, six of the Company’s foreign defined benefit pension plans were overfunded, with combined accumulated benefit obligations, projected benefit obligations, fair values of net assets and excess plan assets of $150.4 million, $155.8 million, $217.3 million and $61.5 million, respectively.
The Company expects to make the following benefit payments for all domestic and foreign defined benefit pension plans: $20.9 million in 2026; $20.4 million in 2027; $22.0 million in 2028; $23.0 million in 2029; $25.2 million in 2030; and $158.4 million in 2031 through 2035. The Company expects to contribute $7.0 million to the foreign defined benefit pension plans in 2026.
The estimated net actuarial gains and prior service costs for the defined benefit pension plans that are expected to be amortized from AOCI into net pension costs in 2026 are $3.9 million and $1.5 million, respectively.
The following table summarizes the components of the net pension costs and changes recognized in AOCI related to the defined benefit pension plans:
DomesticForeign
202520242023202520242023
Net periodic pension (credit) cost:
Service cost$2.4 $2.9 $3.0 $4.6 $4.6 $4.4 
Interest cost5.2 4.9 4.6 13.3 11.8 11.8 
Expected return on plan assets(9.5)(8.3)(7.3)(10.8)(11.1)(12.3)
Amortization of prior service cost (credit)2.2 1.9 1.3 (0.2)(0.1)(0.2)
Amortization of actuarial gains(2.1)(0.5)— (1.2)(1.3)(1.5)
Ongoing periodic pension (credit) cost(1.8)0.9 1.6 5.7 3.9 2.2 
  Settlement credits— — — — — (1.1)
Curtailment cost— — — — 7.1 — 
Net periodic pension (credit) cost(1.8)0.9 1.6 5.7 11.0 1.1 
Other changes in plan assets and projected benefit obligation recognized in AOCI (before taxes):
Net actuarial (gains) losses arising during the year(11.0)(20.9)(8.6)(1.1)(8.0)5.8 
Prior service cost arising during the year1.3 1.0 3.0 — 6.9 1.1 
Amortization of actuarial gains2.1 0.5 — 1.2 1.3 1.5 
Amortization of prior service (cost) credit(2.2)(1.9)(1.3)0.2 (7.0)0.2 
Loss recognized for settlement— — — — — 1.1 
Effect of foreign exchange— — — (2.9)1.6 (1.5)
Total recognized in AOCI(9.8)(21.3)(6.9)(2.6)(5.2)8.2 
Total recognized in net periodic pension (credit) cost and AOCI$(11.6)$(20.4)$(5.3)$3.1 $5.8 $9.3 
Service cost is recorded in Cost of goods sold and Selling, general and administrative expenses. All other components of Net pension costs are recorded in Other expense (income) - net.
In December 2024, the Company amended one of its foreign defined benefit plans to freeze future benefit accruals as of December 31, 2024. As a result of the amendment, the Company recognized a non-cash pre-tax curtailment charge of $7.1 million primarily related to the acceleration of amounts previously recorded within AOCI in the Statements of Consolidated Comprehensive Income for the year ended December 31, 2024.
The Company employs a total return investment approach for the domestic and foreign defined benefit pension plan assets. A mix of equities and fixed income investments are used to maximize the long-term return of assets for a prudent level of risk. In determining the expected long-term rate of return on defined benefit pension plan assets, management considers the historical rates of return, the nature of investments and an expectation of future investment strategies. The target allocations for the domestic defined benefit pension plan assets are 35% – 65% equity securities, 35% – 65% fixed income securities and 0% – 9% other (including alternative investments and cash). The target allocations for the foreign defined benefit pension plan assets vary by plan, but on an average basis are 0% – 10% equity securities, 80% – 100% fixed income securities and 0% – 10% other (including alternative investments and cash).
The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2025, 2024 and 2023. The presentation is in accordance with the Fair Value Topic of the ASC.
Fair Value at
December 31,
2025
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)		Significant 
Other
Observable 
Inputs
(Level 2)
Investments at fair value:
Cash and cash equivalents$7.6 $7.6 $— 
Equity investments (1)
104.3 99.4 4.9 
Fixed income investments (2)
248.9 43.6 205.3 
Other assets (3)
28.3 — 28.3 
Total investments in fair value hierarchy389.1 $150.6 $238.5 
Investments measured at NAV or its equivalent (4)
27.7 
Total investments$416.8 
Fair Value at
December 31,
2024
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant 
Other
Observable 
Inputs
(Level 2)
Investments at fair value:
Cash and cash equivalents$8.7 $8.7 $— 
Equity investments (1)
95.3 86.6 8.7 
Fixed income investments (2)
226.5 36.8 189.7 
Other assets (3)
24.2 — 24.2 
Total investments in fair value hierarchy354.7 $132.1 $222.6 
Investments measured at NAV or its equivalent (4)
25.3 
Total investments$380.0 
Fair Value at
December 31,
2023
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant 
Other
Observable 
Inputs
(Level 2)
Investments at fair value:
Equity investments (1)
$133.0 $72.9 $60.1 
Fixed income investments (2)
188.9 36.8 152.1 
Other assets (3)
34.6 — 34.6 
Total investments in fair value hierarchy356.5 $109.7 $246.8 
Investments measured at NAV or its equivalent (4)
25.3 
Total investments$381.8 
(1)    This category includes actively managed equity assets that track primarily to the S&P 500 or an international equity index.
(2)    This category includes government and corporate bonds that track primarily to a domestic or an international bond index.
(3)    This category primarily includes insurance contracts and real estate.
(4)    This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy.
The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31:
DomesticForeign
202520242023202520242023
Accumulated benefit obligations at end of year$100.6 $94.2 $100.5 $245.2 $221.7 $236.4 
Projected benefit obligations:
Balances at beginning of year$95.3 $102.1 $91.7 $243.0 $257.8 $230.4 
Service cost2.4 2.9 3.0 4.6 4.6 4.4 
Interest cost5.2 4.9 4.6 13.3 11.8 11.8 
Actuarial losses (gains)1.1 (11.1)2.8 (4.3)(19.8)8.8 
Plan amendments and other1.3 1.0 3.0 4.8 13.5 2.0 
Settlements— — — (2.3)(2.2)(3.7)
Effect of foreign exchange— — — 24.1 (12.2)14.1 
Benefits paid(3.6)(4.5)(3.0)(11.3)(10.5)(10.0)
Balances at end of year101.7 95.3 102.1 271.9 243.0 257.8 
Plan assets:
Balances at beginning of year148.7 135.1 119.4 231.3 246.7 223.6 
Actual returns on plan assets21.6 18.1 18.7 7.7 (2.6)15.4 
Contributions and other— — — 5.4 5.7 8.6 
Settlements— — — (2.3)(2.2)(3.7)
Effect of foreign exchange— — — 19.3 (7.1)12.8 
Benefits paid(3.6)(4.5)(3.0)(11.3)(10.5)(10.0)
Balances at end of year166.7 148.7 135.1 250.1 231.3 246.7 
Excess (deficient) plan assets over projected benefit obligations$65.0 $53.4 $33.0 $(21.8)$(11.7)$(11.1)
Assets and liabilities recognized in the Consolidated Balance Sheets:
Noncurrent pension assets$65.0 $53.4 $33.0 $61.5 $56.1 $57.9 
Other accruals— — — (6.7)(6.0)(3.4)
Other long-term liabilities— — — (76.6)(61.8)(65.6)
$65.0 $53.4 $33.0 $(21.8)$(11.7)$(11.1)
Amounts recognized in AOCI:
Net actuarial gains$45.9 $36.9 $16.6 $32.6 $29.9 $24.8 
Prior service (costs) credits(7.0)(7.8)(8.8)0.3 0.4 0.3 
$38.9 $29.1 $7.8 $32.9 $30.3 $25.1 
Weighted-average assumptions used to determine projected benefit obligations:
Discount rate5.70 %5.78 %5.09 %5.50 %5.49 %4.81 %
Rate of compensation increase3.00 %3.00 %3.00 %3.18 %3.29 %3.33 %
Weighted-average assumptions used to determine net pension cost:
Discount rate5.78 %5.09 %5.27 %5.49 %4.81 %5.06 %
Expected long-term rate of return on assets6.50 %6.25 %6.25 %4.78 %4.78 %5.48 %
Rate of compensation increase3.00 %3.00 %3.00 %3.29 %3.33 %3.39 %
Other Postretirement Benefits
Employees of the Company hired in the United States prior to January 1, 1993 who are not members of a collective bargaining unit, and certain groups of employees added through acquisitions, are eligible for health care and life insurance benefits upon retirement, subject to the terms of the unfunded plans. There were 3,325, 3,354 and 3,367 retired employees covered by these postretirement benefits at December 31, 2025, 2024 and 2023, respectively.
The following table summarizes the obligation and the assumptions used for domestic other postretirement benefits:
202520242023
Benefit obligation:
Balances at beginning of year - unfunded$135.1 $147.2 $153.8 
Service cost0.2 0.5 0.6 
Interest cost6.7 6.8 7.4 
Actuarial gains(2.3)(8.6)(8.0)
Benefits paid(14.1)(10.8)(6.6)
Balances at end of year - unfunded$125.6 $135.1 $147.2 
Liabilities recognized in the Consolidated Balance Sheets:
Other accruals$(14.1)$(14.4)$(14.0)
Postretirement benefits other than pensions(111.5)(120.7)(133.2)
$(125.6)$(135.1) $(147.2)
Amounts recognized in AOCI:
Net actuarial gains$20.9 $21.0 $12.9 
Prior service credits1.9 16.2 40.0 
$22.8 $37.2 $52.9 
Weighted-average assumptions used to determine benefit obligations:
Discount rate5.35 %5.61 %4.97 %
Health care cost trend rate - pre-657.00 %7.50 %7.00 %
Health care cost trend rate - post-656.00 %6.50 %6.00 %
Prescription drug cost increases11.00 %11.75 %9.00 %
Weighted-average assumptions used to determine net benefit cost:
Discount rate5.61 %4.97 %5.16 %
Health care cost trend rate - pre-657.50 %7.00 %6.25 %
Health care cost trend rate - post-656.50 %6.00 %5.50 %
Prescription drug cost increases11.75 %9.00 %8.25 %
The following table summarizes the components of the net periodic benefit credit and changes recognized in AOCI related to domestic other postretirement benefits:
202520242023
Net periodic benefit credit:
Service cost$0.2 $0.5 $0.6 
Interest cost6.7 6.8 7.4 
Amortization of actuarial (gains) losses(2.4)(0.4)0.1 
Amortization of prior service credit(14.3)(23.9)(23.9)
Net periodic benefit credit(9.8)(17.0)(15.8)
Other changes in benefit obligation recognized in AOCI (before taxes):
Net actuarial gain arising during the year(2.3)(8.6)(8.0)
Amortization of actuarial gains (losses)2.4 0.4 (0.1)
Amortization of prior service credit14.3 23.9 23.9 
Total recognized in AOCI14.4 15.7 15.8 
Total recognized in net periodic benefit cost (credit) and AOCI$4.6 $(1.3)$— 
The estimated net actuarial gains and prior service credits for domestic other postretirement benefits that are expected to be amortized from AOCI into net periodic benefit cost in 2026 are $3.0 million and $0.1 million, respectively.
The assumed health care cost trend rate and prescription drug cost increases used to determine the net periodic benefit cost for domestic postretirement health care benefits for 2026 both decrease in each successive year until reaching 4.50% in 2034.
The Company expects to make retiree health care benefit cash payments for domestic other postretirement benefits as follows:
2026$14.1 
202714.4 
202814.0 
202913.1 
203011.8 
2031 through 203541.9 
Total expected benefit cash payments$109.3 
Employees and their eligible dependents in certain consolidated foreign subsidiaries of the Company are eligible for health care benefits upon retirement, subject to the terms of the plans, and are recorded as other postretirement benefits. The associated benefit obligation and net periodic benefit cost did not have a material impact on the Company’s consolidated financial statements.