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PENSION AND POSTRETIREMENT PLANS
 12 Months Ended
Dec. 31, 2025
Postemployment Benefits [Abstract]  
PENSION AND POSTRETIREMENT PLANS PENSION AND POSTRETIREMENT PLANS
Defined Contribution Retirement Plans
The Company has various U.S. defined contribution retirement plans (401K Plans). Under these 401K Plans, employees can contribute a portion of their salary to the plan and the Company makes minimum non-elective contributions, discretionary contributions, and matching contributions, depending on the terms of the specific plan. On January 1, 2021, all of the 401K Plans were modified to provide for 100% match of employee contributions up to 5% of their salary. Total expense relating to the 401K Plans for the years ended December 31, 2025, 2024, and 2023 was $166.1, $153.5, and $167.6, respectively.
Defined Benefit Pension Plans
The Company sponsors both funded and unfunded defined benefit pension plans which provide benefits based on various criteria such as years of service and salary. The Company maintained two plans in the U.S., two plans in the U.K., and one in Germany.
The two plans in the U.S. (U.S. Plans) were closed to new entrants and the accrual of service credits at the end of 2009. The U.K. pension plan was closed to new entrants and the accrual of service credits for one plan as of December 31, 2002, and the accrual of service credits for the other plan as of December 31, 2019. The German plan was closed to new entrants on December 31, 2009, but participants continue to accrue service credits. The U.K. and German plans are aggregated for disclosure as the Non-U.S. Plans.
Net Periodic Benefit Costs
The components of the net periodic benefit costs for the defined benefit pension plans are as follows:
U. S. PlansNon-U.S. Plans
 Year Ended December 31,
 202520242023202520242023
Service cost
$2.6 $3.7 $3.9 $1.5 $1.5 $1.4 
Interest cost
11.2 11.1 12.3 15.9 14.7 15.2 
Expected return on plan assets(11.0)(11.0)(11.6)(17.8)(16.0)(16.7)
Net amortization and deferral2.2 3.3 4.5 0.2 0.5 0.1 
Settlements11.1 — 10.9 — — — 
Defined-benefit plan costs (benefits)
$16.1 $7.1 $20.0 $(0.2)$0.7 $— 
Service costs are the only component of net periodic benefit costs recorded within Operating income in the Company’s Consolidated Statements of Operations. For the year ended December 31, 2025, and 2023, the Company recognized a partial plan settlement charge of $11.1 and $10.9, respectively, as a component of Other, net in the Company’s Consolidated Statements of Operations.
The amounts recognized in Accumulated other comprehensive loss in the Company’s Consolidated Balance Sheets are as follows:
U. S. PlansNon-U.S. Plans
 December 31,
 2025202420252024
Net actuarial loss in accumulated other comprehensive earnings
$26.0 $30.7 $13.7 $12.8 
Change in Projected Benefit Obligation
The change in the projected benefit obligation is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,
 2025202420252024
Beginning balance$213.4 $231.9 $298.0 $345.7 
Service cost2.6 3.7 1.5 1.5 
Interest cost11.2 11.1 15.9 14.7 
Actuarial loss (gain)
13.0 (10.6)(9.0)(43.1)
Benefits and administrative expenses paid(9.9)(22.7)(17.1)(14.4)
Settlements
(56.1)— — — 
Foreign currency exchange rate changes— — 24.3 (6.4)
Ending balance$174.2 $213.4 $313.6 $298.0 
Change in Fair Value of Plan Assets    
The change in plan assets is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,
 2025202420252024
Beginning balance$199.0 $195.3 $303.7 $335.9 
Company contributions — 10.2 5.3 7.6 
Actual return on plan assets15.3 13.7 7.9 (20.9)
Benefits and administrative expenses paid(7.2)(20.2)(16.3)(13.7)
Foreign currency exchange rate changes— — 23.3 (5.2)
  Settlements
(56.1)— — — 
Ending balance$151.0 $199.0 $323.9 $303.7 
Change in Funded Status and Reconciliation of Amounts Recorded in the Consolidated Balance Sheets
The change in the funded status of the plan and a reconciliation of such funded status to the amounts reported in the Company’s Consolidated Balance Sheets is as follows:
U.S. PlansNon-U.S. Plans
December 31,
2025202420252024
Funded status — (deficit) surplus
$(23.2)$(14.4)$10.3 $5.7 
Recorded as:
Other assets$9.8 $18.9 $39.6 $33.9 
Accrued expenses and other$2.7 $2.6 $0.8 $0.7 
Other liabilities$30.3 $30.7 $28.5 $27.5 
Assumptions
Weighted-average assumptions used to determine net periodic benefit costs are as follows:
U. S. PlansNon-U.S. Plans
Year Ended December 31,
 202520242023202520242023
Discount rate5.6 %5.1 %5.5 %4.5 %3.7 %4.0 %
Salary increasesN/AN/AN/A2.0 %2.0 %2.0 %
Expected long term rate of return 6.0 %6.0 %6.0 %5.7 %4.1 %5.3 %
Cash balance interest credit rate4.0 %4.0 %4.0 %N/AN/AN/A
A one percentage point decrease or increase in the discount rate would have resulted in a respective increase or decrease in 2025 retirement plan expense of $0.3 for the U.S. Plans. A one percentage point decrease or increase in the discount rate would have resulted in a respective increase or decrease in 2025 retirement plan expense of $0.6 for the Non-U.S. Plans.
Weighted-average assumptions used to determine net periodic benefit obligations are as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,
 2025202420252024
Discount rate5.2 %5.6 %5.3 %5.2 %
Salary increasesN/AN/A2.0 %2.0 %
The discount rate is determined using the weighted-average yields on high-quality fixed income securities that have maturities consistent with the timing of benefit payments. Lower discount rates increase the size of the benefit obligation and generally increase pension expense in the following year; higher discount rates reduce the size of the benefit obligation and generally reduce subsequent-year pension expense.
The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, the Company considers the composition of plan investments, historical returns earned, and expectations about the future. Actual asset over/under performance compared to expected returns will respectively decrease/increase unrecognized loss. The change in the unrecognized loss will change amortization cost in upcoming periods. A one percentage point increase or decrease in the expected return on plan assets would have resulted in a corresponding change in 2025 pension expense of $1.8 for the U.S. Plans. A one percentage point increase or decrease in the expected return on plan assets would have resulted in a corresponding change in 2025 pension expense of $3.1 for the Non-U.S. Plans.
The salary increase assumptions are used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in Accumulated other comprehensive loss in the Company’s Consolidated Balance Sheets and amortized into earnings in subsequent periods.
The Company evaluates other assumptions periodically, such as retirement age, mortality, and turnover, and updates them as necessary to reflect the Company’s actual experience and expectations for the future. Differences between actual results and assumptions utilized are recorded in Accumulated other comprehensive income each period. These differences are amortized
into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable.
Plan Assets
The fair values of the assets by asset category are as follows:
December 31, 2025
Asset CategoryLevel of Valuation InputFair ValueInvestments valued using NAV per shareTotal
U.S Plans:
Cash and cash equivalentsLevel 1$2.8 $— $2.8 
U.S. equity index funds— 20.4 20.4 
International equity index funds— 8.9 8.9 
Real estate index fund
— 2.8 2.8 
General bond index funds— 116.1 116.1 
  Total fair value$2.8 $148.2 $151.0 
Non-U.S. Plans:
Cash and cash equivalentsLevel 1$32.5 $— $32.5 
AnnuitiesLevel 348.1 — 48.1 
Pooled investment funds— 243.3 243.3 
  Total fair value$80.6 $243.3 $323.9 
December 31, 2024
Asset CategoryLevel of Valuation InputFair ValueInvestments valued using NAV per shareTotal
U.S Plans:
Cash and cash equivalentsLevel 1$4.9 $— $4.9 
U.S. equity index funds — 25.925.9
International equity index funds— 10.6 10.6 
Real estate index fund— 3.8 3.8 
General bond index funds— 153.8 153.8 
  Total fair value$4.9 $194.1 $199.0 
Non-U.S. Plans:
Cash and cash equivalentsLevel 1$4.1 $— $4.1 
AnnuitiesLevel 345.8 — 45.8 
Pooled investment funds— 253.8 253.8 
  Total fair value$49.9 $253.8 $303.7 
The fair market value of index funds and pooled investment funds are valued using the NAV unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. The fair value of annuity investments are based on discounted cash flow techniques using unobservable valuation inputs such as discount rates and actuarial mortality tables.
Fair Value Measurement of Level 3 Pension AssetsAnnuities
Balance at December 31, 2023
$52.8 
Actual return on plan assets(7.0)
Balance at December 31, 202445.8 
Actual return on plan assets2.3 
Balance at December 31, 2025$48.1 
Investment Policies
Plan fiduciaries of various plans set investment policies and strategies, based on consultation with professional advisors, and oversee investment allocation, which includes selecting investment managers and setting long-term strategic targets. The
primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range.
The allocation of the plan assets by asset category is as follows:
December 31, 2025
U.S. PlansNon-U.S. Plans
Equity securities19.4 %9.8 %
Debt securities76.8 %64.4 %
Annuities— %14.9 %
Real estate1.9 %0.9 %
Other1.9 %10.0 %
The target allocation of the plan assets by asset category is as follows:
December 31, 2025
U.S. PlansNon-U.S. Plans
Equity securities13.0 %to25.5%— %to20.0%
Debt securities67.0 %to87.0%45.0 %to80.0%
Annuities— %to—%— %to30.0%
Real estate0.5 %to4.3%— %to5.0%
Other— %to5.0%— %to20.0%
Pension Funding and Cash Flows
The Company expects to make approximately $8.4 required contributions to its defined benefit pension plans during 2026. The Company targets funding the minimum required contributions but may make additional contributions into the pension plans in 2026, depending upon factors such as how the funded status of those plans change or to reduce the administrative costs of the plan.
At December 31, 2025, the estimated benefit payments, which were used in the calculation of projected benefit obligations, are expected to be paid as follows:
December 31, 2025
U.S. PlansNon-U.S. Plans
2026$20.4 $18.0 
2027$16.4 $19.0 
2028$17.9 $19.0 
2029$18.4 $20.0 
2030$18.7 $20.0 
Years 2031 to 2035$68.0 $103.0 
Post-employment Retiree Health and Welfare Plan
The Company sponsors a post-employment retiree health and welfare plan for the benefit of eligible employees at certain U.S. subsidiaries who retire after satisfying service and age requirements. This plan is funded on a pay-as-you-go basis and the cost of providing these benefits is shared with the retirees.
Post-retirement Medical Plan
The Company assumed obligations under a subsidiary’s post-retirement medical plan. Coverage under this plan is restricted to a limited number of existing employees of the subsidiary. This plan is unfunded and the Company’s policy is to fund benefits as claims are incurred. The effect on operations of the post-retirement medical plan is shown in the following table:
 Year Ended December 31,
 202520242023
Interest cost on benefit obligation$0.2 $0.2 $0.2 
Net amortization and deferral(0.3)(0.2)— 
Post-retirement medical plan (benefits) costs
$(0.1)$— $0.2 
For the year ended December 31, 2025, and 2024, amounts included in Accumulated other comprehensive loss in the Company’s Consolidated Balance Sheets consist of unamortized net income of $0.5 and $0.8, respectively.
A summary of the changes in the accumulated post-retirement benefit obligation follows:
Year Ended December 31,
 20252024
Beginning balance$3.2 $3.6 
Interest cost on benefit obligation0.2 0.2 
Actuarial loss (gain)
0.1 (0.2)
Benefits paid(0.6)(0.4)
Ending balance$2.9 $3.2 
Recorded as:
   Accrued expenses and other$0.4 $0.5 
   Other liabilities2.5 2.7 
$2.9 $3.2 
The weighted-average discount rates used in the calculation of the accumulated post-retirement benefit obligation were 5.4% and 5.6% at December 31, 2025, and 2024, respectively. The healthcare cost trend rate was removed due to the expectation of future funding to be at the same level as the previous year’s funding.
The following assumed benefit payments under the Company’s post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows:
December 31, 2025
2026$0.4 
2027$0.3 
2028$0.3 
2029$0.3 
2030$0.2 
Years 2031 to 2035$1.0 
Deferred Compensation Plan
The Company has a DCP under which certain of its executives may elect to defer up to 100.0% of their annual cash incentive pay and/or up to 50.0% of their annual base salary and/or eligible commissions subject to annual limits established by the U.S. government. The DCP provides executives a tax efficient strategy for retirement savings and capital accumulation without significant cost to the Company. The Company makes no contributions to the DCP. Amounts deferred by a participant are credited to a bookkeeping account maintained on behalf of each participant, which is used for measurement and determination of amounts to be paid to a participant, or his or her designated beneficiary, pursuant to the terms of the DCP. The amounts accrued under these plans were $150.5 and $132.5 at December 31, 2025, and 2024, respectively. Deferred amounts are the Company’s general unsecured obligations and are subject to claims by the Company’s creditors. The Company’s general assets may be used to fund obligations and pay DCP benefits.