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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 millionsDecember 31, 2025December 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 millionsPresent value of defined benefit obligationFair value of plan assetsNet defined benefit liability/(asset)
At January 1, 2025$171.0 $(152.7)$18.3 
Current service cost3.5 — 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 loss11.0 (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 assumptions0.2 — 0.2 
Loss from change in financial assumptions1.2 — 1.2 
Experience gains(1.1)— (1.1)
Change in the effect of the asset ceiling— (0.5)(0.5)
Remeasurements effects recognized in OCI0.2 (8.1)(7.8)
Contributions:
Employers(1.2)(1.9)(3.1)
Employees0.3 (0.4)(0.1)
Benefits paid from plan assets(9.3)8.2 (1.2)
Exchange rate differences6.1 (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 millionsPresent value of defined benefit obligationFair value of plan assetsNet defined benefit liability/(asset)
At January 1, 2024$181.2 $(157.3)$23.9 
Current service cost3.1 — 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 loss10.1 (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 losses1.1 — 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)
Employees0.4 (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 millionsPresent value of defined benefit obligationFair value of plan assetsNet defined benefit liability/(asset)
At January 1, 2023$168.4 $(136.6)$31.8 
Current service cost3.0 — 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 loss10.3 (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 assumptions5.1 — 5.1 
Experience losses/(gains)3.9 (1.1)2.8 
Remeasurements effects recognized in OCI8.8 (12.4)(3.6)
Contributions:   
Employers(0.3)(6.1)(6.4)
Employees0.4 (0.4)— 
Benefits paid from plan assets(10.0)7.5 (2.5)
Other changes2.0 (0.8)1.2 
Exchange rate differences1.7 (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
% USAUKFranceSwitzerlandAustriaJapan
Discount rate5.30 5.10 3.70 1.25 4.03 2.70 
Inflation2.25 
2.50 / 3.00
2.00 1.00 2.75 0.00 
Future salary increases2.50 2.50 3.50 1.00 2.75 2.00 
Future pension increases0.00 2.10 2.00 0.00 0.00 0.00 
December 31, 2024
% USAUKFranceSwitzerlandAustriaJapan
Discount rate5.55 5.30 3.30 0.90 3.43 1.70 
Inflation2.25 
2.70 / 3.30
3.30 1.00 3.25 0.00 
Future salary increases2.50 2.70 3.20 1.00 3.25 2.00 
Future pension increases0.00 2.20 2.00 0.00 0.00 0.00 
December 31, 2023
% USAUKFranceSwitzerlandAustriaJapan
Discount rate5.35 4.40 3.15 1.50 4.05 1.30 
Inflation2.50 
2.60 / 3.20
3.15 1.00 4.36 0.00 
Future salary increases2.50 2.60 3.00 1.00 4.36 2.00 
Future pension increases0.00 2.20 2.10 0.00 0.00 0.00 
Impact on defined benefit obligation
In millionsChange in assumption202520242023
Discount rate
0.25% decrease
$4.5 $4.4 $4.8 
Inflation rate
0.25% increase
0.8 0.8 1.1 
Mortality rate1 year increase in life expectancy4.0 3.8 4.0 
Schedule of major categories of plan assets
The major categories of plan assets are listed below:
In millionsDecember 31, 2025December 31, 2024
Corporate bonds$74.5 $66.0 
US equities29.3 30.0 
Government bonds32.7 29.8 
Other equities22.1 22.3 
Other including cash6.5 5.1 
Total$165.1 $153.2