XML 118 R46.htm IDEA: XBRL DOCUMENT
v3.25.4

PENSIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Disclosure of defined benefit plans [abstract] |
Schedule of net liabilities and net assets recognized and movements in the net defined benefit pension liabilities/(assets) | The net liabilities and net assets recognized in the statement of financial position relating to defined benefit pension plans were as follows:
In millions |  | December 31, 2025 |  | December 31, 2024
Present value of funded obligations |  | $ | 178.2 |  |  | $ | 171.0 |
Fair value of plan assets |  | (165.1) |  |  | (153.2) |
Effect of asset ceiling |  | — |  |  | 0.5 |
Net defined benefit obligations |  | $ | 13.1 |  |  | $ | 18.3 |
Thereof: Net liabilities of underfunded plans |  | $ | 33.9 |  |  | $ | 30.0 |
Thereof: Net assets of overfunded plans |  | (20.8) |  |  | (11.7) |
The movements in the net defined benefit pension liabilities/(assets) for the year ended December 31, 2025 were as follows:
In millions |  | Present value of defined benefit obligation |  | Fair value of plan assets |  | Net defined benefit liability/(asset)
At January 1, 2025 |  | $ | 171.0 |  |  | $ | (152.7) |  |  | $ | 18.3 |
Current service cost |  | 3.5 |  |  | — |  |  | 3.5 |
Past service cost and (gain) on settlements |  | (0.5) |  |  | — |  |  | (0.5) |
Administration cost paid from plan assets |  | (0.2) |  |  | 0.4 |  |  | 0.2 |
Interest expense/(income) |  | 8.2 |  |  | (7.9) |  |  | 0.3 |
Cost recognized in the consolidated statement of income and loss |  | 11.0 |  |  | (7.5) |  |  | 3.5 |
Remeasurements: |  |  |  |  |  |
Return on plan assets, excluding amounts included in interest expenses/(income) |  | — |  |  | (7.6) |  |  | (7.6) |
Loss from change in demographic assumptions |  | 0.2 |  |  | — |  |  | 0.2 |
Loss from change in financial assumptions |  | 1.2 |  |  | — |  |  | 1.2 |
Experience gains |  | (1.1) |  |  | — |  |  | (1.1) |
Change in the effect of the asset ceiling |  | — |  |  | (0.5) |  |  | (0.5) |
Remeasurements effects recognized in OCI |  | 0.2 |  |  | (8.1) |  |  | (7.8) |
Contributions: |  |  |  |  |  |
Employers |  | (1.2) |  |  | (1.9) |  |  | (3.1) |
Employees |  | 0.3 |  |  | (0.4) |  |  | (0.1) |
Benefits paid from plan assets |  | (9.3) |  |  | 8.2 |  |  | (1.2) |
Exchange rate differences |  | 6.1 |  |  | (2.8) |  |  | 3.3 |
At December 31, 2025 |  | $ | 178.2 |  |  | $ | (165.1) |  |  | $ | 13.1 |
The movements in the net defined benefit pension liabilities/(assets) for the year ended December 31, 2024 were as follows:
In millions |  | Present value of defined benefit obligation |  | Fair value of plan assets |  | Net defined benefit liability/(asset)
At January 1, 2024 |  | $ | 181.2 |  |  | $ | (157.3) |  |  | $ | 23.9 |
Current service cost |  | 3.1 |  |  | — |  |  | 3.1 |
Past service cost and gains and losses on settlements |  | (0.5) |  |  | — |  |  | (0.5) |
Administration cost paid from plan assets |  | (0.3) |  |  | 0.4 |  |  | 0.1 |
Interest expense/(income) |  | 7.7 |  |  | (7.2) |  |  | 0.5 |
Cost recognized in the consolidated statement of income and loss |  | 10.1 |  |  | (6.8) |  |  | 3.3 |
Remeasurements: |  |  |  |  |  |
Return on plan assets, excluding amounts included in interest expenses/(income) |  | — |  |  | 3.6 |  |  | 3.6 |
Gain from change in demographic assumptions |  | (0.3) |  |  | — |  |  | (0.3) |
Loss from change in financial assumptions |  | (6.8) |  |  | — |  |  | (6.8) |
Experience losses |  | 1.1 |  |  | — |  |  | 1.1 |
Change in the effect of the asset ceiling |  | — |  |  | 0.5 |  |  | 0.5 |
Remeasurements effects recognized in OCI |  | (6.0) |  |  | 4.1 |  |  | (1.9) |
Contributions: |  |  |  |  |  |
Employers |  | (0.1) |  |  | (2.4) |  |  | (2.4) |
Employees |  | 0.4 |  |  | (0.4) |  |  | — |
Benefits paid from plan assets |  | (10.0) |  |  | 8.3 |  |  | (1.7) |
Exchange rate differences |  | (4.5) |  |  | 1.7 |  |  | (2.8) |
At December 31, 2024 |  | $ | 171.0 |  |  | $ | (152.7) |  |  | $ | 18.3 |
The movements in the net defined benefit pension liabilities/(assets) for the year ended December 31, 2023 were as follows:
In millions |  | Present value of defined benefit obligation |  | Fair value of plan assets |  | Net defined benefit liability/(asset)
At January 1, 2023 |  | $ | 168.4 |  |  | $ | (136.6) |  |  | $ | 31.8 |
Current service cost |  | 3.0 |  |  | — |  |  | 3.0 |
Past service cost and gains and losses on settlements |  | (0.2) |  |  | — |  |  | (0.2) |
Administration cost paid from plan assets |  | (0.3) |  |  | 0.3 |  |  | — |
Interest expense/(income) |  | 7.8 |  |  | (6.9) |  |  | 0.9 |
Cost recognized in the consolidated statement of income and loss |  | 10.3 |  |  | (6.6) |  |  | 3.6 |
Remeasurements: |  |  |  |  |  |
Return on plan assets, excluding amounts included in interest expenses/(income) |  | — |  |  | (11.3) |  |  | (11.3) |
Gain from change in demographic assumptions |  | (0.2) |  |  | — |  |  | (0.2) |
Loss from change in financial assumptions |  | 5.1 |  |  | — |  |  | 5.1 |
Experience losses/(gains) |  | 3.9 |  |  | (1.1) |  |  | 2.8 |
Remeasurements effects recognized in OCI |  | 8.8 |  |  | (12.4) |  |  | (3.6) |
Contributions: |  |  |  |  |  |
Employers |  | (0.3) |  |  | (6.1) |  |  | (6.4) |
Employees |  | 0.4 |  |  | (0.4) |  |  | — |
Benefits paid from plan assets |  | (10.0) |  |  | 7.5 |  |  | (2.5) |
Other changes |  | 2.0 |  |  | (0.8) |  |  | 1.2 |
Exchange rate differences |  | 1.7 |  |  | (1.9) |  |  | (0.2) |
At December 31, 2023 |  | $ | 181.2 |  |  | $ | (157.3) |  |  | $ | 23.9 |
Schedule of Principal actuarial assumptions and sensitivity analysis |
|  | December 31, 2025
% |  | USA |  | UK |  | France |  | Switzerland |  | Austria |  | Japan
Discount rate |  | 5.30 |  |  | 5.10 |  |  | 3.70 |  |  | 1.25 |  |  | 4.03 |  |  | 2.70 |
Inflation |  | 2.25 |  |  | 2.50 / 3.00 |  | 2.00 |  |  | 1.00 |  |  | 2.75 |  |  | 0.00 |
Future salary increases |  | 2.50 |  |  | 2.50 |  |  | 3.50 |  |  | 1.00 |  |  | 2.75 |  |  | 2.00 |
Future pension increases |  | 0.00 |  |  | 2.10 |  |  | 2.00 |  |  | 0.00 |  |  | 0.00 |  |  | 0.00 |
|  | December 31, 2024
% |  | USA |  | UK |  | France |  | Switzerland |  | Austria |  | Japan
Discount rate |  | 5.55 |  |  | 5.30 |  |  | 3.30 |  |  | 0.90 |  |  | 3.43 |  |  | 1.70 |
Inflation |  | 2.25 |  |  | 2.70 / 3.30 |  | 3.30 |  |  | 1.00 |  |  | 3.25 |  |  | 0.00 |
Future salary increases |  | 2.50 |  |  | 2.70 |  |  | 3.20 |  |  | 1.00 |  |  | 3.25 |  |  | 2.00 |
Future pension increases |  | 0.00 |  |  | 2.20 |  |  | 2.00 |  |  | 0.00 |  |  | 0.00 |  |  | 0.00 |
|  | December 31, 2023
% |  | USA |  | UK |  | France |  | Switzerland |  | Austria |  | Japan
Discount rate |  | 5.35 |  |  | 4.40 |  |  | 3.15 |  |  | 1.50 |  |  | 4.05 |  |  | 1.30 |
Inflation |  | 2.50 |  |  | 2.60 / 3.20 |  | 3.15 |  |  | 1.00 |  |  | 4.36 |  |  | 0.00 |
Future salary increases |  | 2.50 |  |  | 2.60 |  |  | 3.00 |  |  | 1.00 |  |  | 4.36 |  |  | 2.00 |
Future pension increases |  | 0.00 |  |  | 2.20 |  |  | 2.10 |  |  | 0.00 |  |  | 0.00 |  |  | 0.00 |
|  |  |  | Impact on defined benefit obligation
In millions |  | Change in assumption |  | 2025 |  | 2024 |  | 2023
Discount rate |  | 0.25% decrease |  | $ | 4.5 |  |  | $ | 4.4 |  |  | $ | 4.8 |
Inflation rate |  | 0.25% increase |  | 0.8 |  |  | 0.8 |  |  | 1.1 |
Mortality rate |  | 1 year increase in life expectancy |  | 4.0 |  |  | 3.8 |  |  | 4.0 |
Schedule of major categories of plan assets | The major categories of plan assets are listed below:
In millions |  | December 31, 2025 |  | December 31, 2024
Corporate bonds |  | $ | 74.5 |  |  | $ | 66.0 |
US equities |  | 29.3 |  |  | 30.0 |
Government bonds |  | 32.7 |  |  | 29.8 |
Other equities |  | 22.1 |  |  | 22.3 |
Other including cash |  | 6.5 |  |  | 5.1 |
Total |  | $ | 165.1 |  |  | $ | 153.2 |

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfDefinedBenefitPlansAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2025-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2025-en-r&anchor=para_142&doctype=Standard -URIDate 2025-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 208 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_208&doctype=Standard -URIDate 2025-03-27 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 208 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_208&doctype=Standard -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2025-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2025-en-r&anchor=para_140_a&doctype=Standard -URIDate 2025-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 206 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_206_a&doctype=Standard -URIDate 2025-03-27 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2027-01-01 -Name IFRS -Number 19 -IssueDate 2025-01-01 -Paragraph 206 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_206_a&doctype=Standard -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [domain]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2025-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2025-en-r&anchor=para_145&doctype=Standard -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration