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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Reconciliation of Projected Benefit Obligations, Plan Assets and Funded Status of Plans | A reconciliation of the projected benefit obligations, plan assets and funded status of the plans is as follows:
| Pension Benefits |  | Other Benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Change in projected benefit obligation |  |  |  |  |  |  |
Benefit obligation at January 1, | $ | 441.8 |  |  | $ | 466.1 |  |  | $ | 9.7 |  |  | $ | 11.1 |
Service cost | 0.6 |  |  | 0.8 |  |  | 0.1 |  |  | 0.1 |
Interest cost | 24.4 |  |  | 24.2 |  |  | 0.5 |  |  | 0.6 |
Actuarial loss (gain) | 8.7 |  |  | (9.5) |  |  | 0.4 |  |  | (0.7) |
Foreign currency exchange rate changes | — |  |  | — |  |  | 0.1 |  |  | (0.1) |
Benefits paid | (39.6) |  |  | (39.8) |  |  | (1.3) |  |  | (1.3) |
Projected benefit obligation at December 31, | 435.9 |  |  | 441.8 |  |  | 9.5 |  |  | 9.7 |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1, | 331.9 |  |  | 363.5 |  |  | 10.7 |  |  | 10.7 |
Actual return on plan assets | 29.9 |  |  | 1.3 |  |  | 0.9 |  |  | — |
Employer contributions | 7.3 |  |  | 6.9 |  |  | 0.2 |  |  | 0.2 |
Other disbursements | — |  |  | — |  |  | (0.9) |  |  | — |
Benefits paid | (39.6) |  |  | (39.8) |  |  | (1.1) |  |  | (0.2) |
Fair value of plan assets at December 31, | 329.5 |  |  | 331.9 |  |  | 9.8 |  |  | 10.7 |
Funded status of plan | $ | (106.4) |  |  | $ | (109.9) |  |  | $ | 0.3 |  |  | $ | 1.0 |
Net Amount Recognized, or Funded Status of Pension and Other Postretirement Benefit Plans | The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2025 and 2024:
|  | Pension Benefits |  | Other Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Amounts recognized in the statements of financial position consist of: |  | (In millions)
Noncurrent assets |  | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 2.2 |
Current liabilities |  | (6.7) |  |  | (7.1) |  |  | (0.1) |  |  | (0.1) |
Long-term liabilities |  | (99.7) |  |  | (102.8) |  |  | (0.7) |  |  | (1.1) |
Net amount recognized |  | $ | (106.4) |  |  | $ | (109.9) |  |  | $ | 0.3 |  |  | $ | 1.0 |
Components of Net Periodic Benefit Cost |
| Pension Benefits |  | Other Benefits
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
| (In millions)
Service cost | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 1.2 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 24.4 |  |  | 24.2 |  |  | 27.4 |  |  | 0.5 |  |  | 0.6 |  |  | 0.7 |
Expected return on plan assets | (20.4) |  |  | (22.5) |  |  | (22.8) |  |  | (0.6) |  |  | (0.7) |  |  | (0.6) |
Amortization of prior service cost | 0.5 |  |  | 0.6 |  |  | 0.4 |  |  | (0.4) |  |  | (0.5) |  |  | (0.5) |
Recognized actuarial (gain) loss - mark to market | (0.8) |  |  | 11.7 |  |  | 1.9 |  |  | 0.2 |  |  | (0.1) |  |  | (1.8) |
Total net periodic benefit cost (income) | $ | 4.3 |  |  | $ | 14.8 |  |  | $ | 8.1 |  |  | $ | (0.2) |  |  | $ | (0.6) |  |  | $ | (2.1) |
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost |
Weighted-average assumptions used to determine benefit obligations at December 31, |  | Pension Benefits |  | Other Benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
Discount rate |  | 5.57 | % |  | 5.79 | % |  | 5.19 | % |  | 5.57 | %
Rate of compensation increase |  | 6.00 | % |  | 6.00 | % |  | N/A |  | N/A
Weighted-average assumptions used to determine net periodic benefit cost at December 31, |  | Pension Benefits |  | Other Benefits
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Discount rate |  | 5.79 | % |  | 5.44 | % |  | 5.71 | % |  | 5.57 | % |  | 5.37 | % |  | 5.65 | %
Expected return on plan assets |  | 6.50 | % |  | 6.50 | % |  | 6.00 | % |  | 6.50 | % |  | 6.50 | % |  | 6.00 | %
Rate of compensation increase |  | 6.00 | % |  | 6.00 | % |  | 6.00 | % |  | N/A |  | N/A |  | N/A
Estimated Future Benefits Payable for Retirement and Postretirement Plans | We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2025:
Years ending December 31, |  | U.S. Defined Benefit Plans |  |  | Other Benefit Plans
|  | (In millions)
2026 |  | $ | 39.7 |  |  |  | $ | 1.1 |
2027 |  | $ | 39.3 |  |  |  | $ | 1.1 |
2028 |  | $ | 38.9 |  |  |  | $ | 1.1 |
2029 |  | $ | 38.0 |  |  |  | $ | 1.0 |
2030 |  | $ | 37.1 |  |  |  | $ | 1.0 |
Next five fiscal years to December 31, 2035 |  | $ | 169.1 |  |  |  | $ | 3.9 |
Fair Value of Plan Assets | The fair value of the pension assets at December 31, 2025 and 2024 are as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using:
Description |  | Fair Value at December 31, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  |  | (In millions)
U.S. Equity | (2) |  | $ | 40.1 |  |  | $ | — |  |  | $ | 40.1 |  |  | $ | — |
International Equity | (2) |  | 19.1 |  |  | — |  |  | 19.1 |  |  | — |
Fixed Income | (2) |  | 169.7 |  |  | — |  |  | 169.7 |  |  | — |
Private Equity | (3) |  | 12.5 |  |  | — |  |  | — |  |  | 12.5 |
Real Assets | (4) |  | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
Cash | (1) |  | 10.2 |  |  | 10.2 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy |  |  | $ | 255.0 |  |  | $ | 10.2 |  |  | $ | 228.9 |  |  | $ | 15.9 |
Investments measured at net asset value | (5) |  | 74.5 |  |  |  |  |  |  |
Total plan assets |  |  | $ | 329.5 |  |  |  |  |  |  |
|  |  |  |  | Fair Value Measurements at Reporting Date Using:
Description |  | Fair Value at December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  |  | (In millions)
U.S. Equity | (2) |  | $ | 34.2 |  |  | $ | — |  |  | $ | 34.2 |  |  | $ | — |
International Equity | (2) |  | 14.3 |  |  | — |  |  | 14.3 |  |  | — |
Fixed Income | (2) |  | 193.0 |  |  | — |  |  | 193.0 |  |  | — |
Private Equity | (3) |  | 13.3 |  |  | — |  |  | — |  |  | 13.3 |
Real Assets | (4) |  | 4.5 |  |  | — |  |  | — |  |  | 4.5 |
Cash | (1) |  | 3.8 |  |  | 3.8 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy |  |  | $ | 263.1 |  |  | $ | 3.8 |  |  | $ | 241.5 |  |  | $ | 17.8 |
Investments measured at net asset value | (5) |  | 68.8 |  |  |  |  |  |
Total plan assets |  |  | $ | 331.9 |  |  |  |  |  |  |
(1)Fair value is based on observable market prices for the assets. (2)For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3)Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. As of December 31, 2025 and 2024, we had $7.7 million and $10.0 million of remaining commitments related to these private equity investments, respectively. (4)The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales. As of both December 31, 2025 and 2024, we had $0.2 million of remaining commitments related to the real asset investments. (5)In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation. Investments measured at net asset value include Diversified Credit and Real Assets. The fair value of the postretirement assets at December 31, 2025 and 2024 are as follows:
|  |  |  |  | Fair Value Measurements at Reporting Date Using:
Description |  | Fair Value at December 31, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  |  | (In millions)
U.S. Equity | (2) |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |
International Equity | (2) |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Fixed Income | (2) |  | 5.0 |  |  | — |  |  | 5.0 |  |  | — |
Private Equity | (3) |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Real Assets | (4) |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Cash | (1) |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy |  |  | $ | 7.6 |  |  | $ | 0.3 |  |  | $ | 6.8 |  |  | $ | 0.5 |
Investments measured at net asset value | (5) |  | 2.2 |  |  |  |  |  |  |
Total plan assets |  |  | $ | 9.8 |  |  |  |  |  |  |
|  |  |  |  | Fair Value Measurements at Reporting Date Using:
Description |  | Fair Value at December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
|  |  | (In millions)
U.S. Equity | (2) |  | $ | 1.1 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | — |
International Equity | (2) |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
Fixed Income | (2) |  | 6.2 |  |  | — |  |  | 6.2 |  |  | — |
Private Equity | (3) |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Real Assets | (4) |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Cash | (1) |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy |  |  | $ | 8.5 |  |  | $ | 0.1 |  |  | $ | 7.8 |  |  | $ | 0.6 |
Investments measured at net asset value | (5) |  | 2.2 |  |  |  |  |  |
Total plan assets |  |  | $ | 10.7 |  |  |  |  |  |  |
(1)Fair value is based on observable market prices for the assets. (2)For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3)Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. (4)The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales. (5)In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation. Investments measured at net asset value include Diversified Credit and Real Assets.
Reconciliation of Beginning and Ending Balances for Plan Assets Valued using Significant Unobservable Inputs | The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs for the years ended December 31, 2025 and 2024:
| Private Equity |  |  | Real Assets
| (In millions)
Balance at December 31, 2023 | $ | 13.8 |  |  |  | $ | 4.8 |
Return on plan assets: |  |  |  |
Unrealized | — |  |  |  | (0.1) |
Realized | 0.4 |  |  |  | 0.1 |
Purchases | 0.5 |  |  |  | — |
Sales | (1.4) |  |  |  | (0.3) |
Balance at December 31, 2024 | $ | 13.3 |  |  |  | $ | 4.5 |
Return on plan assets: |  |  |  |
Unrealized | $ | — |  |  |  | $ | (0.6) |
Realized | 1.1 |  |  |  | (0.4) |
Purchases | 0.1 |  |  |  | 0.1 |
Sales | (2.0) |  |  |  | (0.2) |
Balance at December 31, 2025 | $ | 12.5 |  |  |  | $ | 3.4 |
Asset Allocation Ranges and Actual Allocations | The following asset allocation ranges and actual allocations were in effect as of December 31, 2025 and 2024:
| Range |  | Actual
USRIP | 2025 |  | 2024 |  | 2025 |  | 2024
U.S. Equity | 0% - 20% |  | 0% - 20% |  | 12.2 | % |  | 10.3 | %
International Equity | 0% - 10% |  | 0% - 10% |  | 5.8 | % |  | 4.3 | %
Private Equity | 0% - 10% |  | 0% - 10% |  | 3.8 | % |  | 4.0 | %
Hedge Funds | 0% - 10% |  | 0% - 10% |  | — | % |  | — | %
Real Assets | 5% - 20% |  | 5% - 20% |  | 12.3 | % |  | 11.7 | %
Diversified Credit | 5% - 20% |  | 5% - 20% |  | 11.4 | % |  | 10.4 | %
Fixed Income | 45% - 90% |  | 45% - 90% |  | 51.5 | % |  | 58.1 | %
Cash | 0% - 15% |  | 0% - 15% |  | 3.0 | % |  | 1.2 | %

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