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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | 10. Employee Benefit Plans: Many of our defined benefit pension and profit sharing plans have been frozen and replaced with defined contribution plans. We have a liability for the benefits earned under these inactive plans prior to the date the benefits were frozen. We also have several active defined benefit plans that provide benefits based on years of service. Our defined contribution plans generally include both company and employee contributions which are based on predetermined percentages of compensation earned by the employee. In addition to freezing the benefits of our defined benefit pension plans, we have also eliminated nearly all of our post-retirement medical benefits. Defined Contribution Plans We recorded the following contributions to our defined contribution plans (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Contributions to defined contribution plans | $ | 25.8 |  |  | $ | 26.9 |  |  | $ | 22.5 |
Pension and Post-retirement Benefit Plans Benefit Obligations, Fair Value of Plan Assets, Funded Status, and Balance Sheet Position The following tables set forth amounts recognized in our financial statements and the plans’ funded status for our pension and post-retirement benefit plans (dollars in millions):
| Pension Benefits |  |
| 2025 |  | 2024 |  |  |  |
Accumulated benefit obligation | $ | 162.0 |  |  | $ | 161.4 |  |  |  |  |
Changes in projected benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 162.1 |  |  | $ | 179.1 |  |  |  |  |
Service cost | 1.1 |  |  | 1.5 |  |  |  |  |
Interest cost | 8.4 |  |  | 8.5 |  |  |  |  |
Actuarial loss (gain) | 4.4 |  |  | (9.9) |  |  |  |  |
Effect of exchange rates | 1.2 |  |  | (0.9) |  |  |  |  |
Adjustment upon sale of businesses | — |  |  | (1.2) |  |  |  |  |
Settlements | (7.5) |  |  | (9.5) |  |  |  |  |
Benefits paid | (7.6) |  |  | (5.5) |  |  |  |  |
Benefit obligation at end of year | $ | 162.1 |  |  | $ | 162.1 |  |  |  |  |
Changes in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 145.0 |  |  | $ | 156.5 |  |  |  |  |
Actual return on plan assets | 8.5 |  |  | (4.9) |  |  |  |  |
Employer contributions | 7.5 |  |  | 9.3 |  |  |  |  |
Effect of exchange rates | 1.4 |  |  | (0.9) |  |  |  |  |
Plan settlements | (7.5) |  |  | (9.5) |  |  |  |  |
Benefits paid | (7.6) |  |  | (5.5) |  |  |  |  |
Fair value of plan assets at end of year | 147.3 |  |  | 145.0 |  |  |  |  |
Funded status / net amount recognized | $ | (14.8) |  |  | $ | (17.1) |  |  |  |  |
Net amount recognized consists of: |  |  |  |  |  |  |
Non-current assets | $ | 4.5 |  |  | $ | 8.2 |  |  |  |  |
Current liability | (1.4) |  |  | (6.4) |  |  |  |  |
Non-current liability(1) | (17.9) |  |  | (18.9) |  |  |  |  |
Net amount recognized | $ | (14.8) |  |  | $ | (17.1) |  |  |  |  |
(1) This amount does not include the $0.8 million in non-current pension liability assumed as part of the Duro Dyne acquisition. Plans with Benefit Obligations in Excess of Plan Assets
| For the Years Ended December 31,
| 2025 |  | 2024
Pension plans with a benefit obligation in excess of plan assets: |  |  |
Projected benefit obligation | $ | 19.3 |  |  | $ | 25.3 |
Accumulated benefit obligation | 19.2 |  |  | 24.6 |
Fair value of plan assets | — |  |  | — |
Net Periodic Benefit Cost Our U.S.-based pension plans comprised approximately 88% of the projected benefit obligation and 85% of plan assets as of December 31, 2025.
| Pension Benefits |  |
| 2025 |  | 2024 |  | 2023 |  |  |  |  |  |
Components of net periodic benefit cost as of December 31: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1.1 |  |  | $ | 1.5 |  |  | $ | 2.1 |  |  |  |  |  |  |
Interest cost | 8.4 |  |  | 8.5 |  |  | 8.9 |  |  |  |  |  |  |
Expected return on plan assets | (7.2) |  |  | (7.6) |  |  | (9.4) |  |  |  |  |  |  |
Amortization of prior service costs | — |  |  | 0.1 |  |  | 0.1 |  |  |  |  |  |  |
Recognized actuarial loss | 1.4 |  |  | 1.1 |  |  | 1.1 |  |  |  |  |  |  |
Settlements | 0.4 |  |  | 0.4 |  |  | 0.8 |  |  |  |  |  |  |
Other | — |  |  | — |  |  | (0.4) |  |  |  |  |  |  |
Net periodic benefit cost | $ | 4.1 |  |  | $ | 4.0 |  |  | $ | 3.2 |  |  |  |  |  |  |
Amounts recognized in AOCL and Other Comprehensive Income (Loss) The following table sets forth amounts recognized in AOCL and Other comprehensive income (loss) in our financial statements for 2025 and 2024 (in millions):
| Pension Benefits |  |
| 2025 |  | 2024 |  |  |  |
Amounts recognized in AOCL: |  |  |  |  |  |  |
Prior service costs | $ | (0.1) |  |  | $ | (0.2) |  |  |  |  |
Actuarial loss | (56.2) |  |  | (54.7) |  |  |  |  |
Subtotal | (56.3) |  |  | (54.9) |  |  |  |  |
Deferred taxes | 13.7 |  |  | 13.5 |  |  |  |  |
Net amount recognized | $ | (42.6) |  |  | $ | (41.4) |  |  |  |  |
Changes recognized in other comprehensive income (loss): |  |  |  |  |  |  |
Current year actuarial gain | 3.1 |  |  | 2.5 |  |  |  |  |
Effect of exchange rates | 0.6 |  |  | (0.5) |  |  |  |  |
Amortization of prior service costs | (0.1) |  |  | (0.1) |  |  |  |  |
Amortization of actuarial loss, including settlements and other | (2.0) |  |  | (1.5) |  |  |  |  |
Total recognized in other comprehensive income (loss) | $ | 1.6 |  |  | $ | 0.4 |  |  |  |  |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 5.7 |  |  | $ | 4.4 |  |  |  |  |
The estimated actuarial losses for pension benefits that will be amortized from AOCL in 2026 are $1.7 million. Estimated prior service costs that will be amortized from AOCL in 2026 are expected to be nominal. Assumptions The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the U.S.-based plans in 2025 and 2024:
|  | Pension Benefits |  |
|  | 2025 |  | 2024 |  |  |  |
Weighted-average assumptions used to determine benefit obligations as of December 31: |  |  |  |  |  |  |  |
Discount rate |  | 5.47 | % |  | 5.68 | % |  |  |  |
Rate of compensation increase |  | 4.00 | % |  | 3.95 | % |  |  |  |
| Pension Benefits |  |
| 2025 |  | 2024 |  | 2023 |  |  |  |  |  |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost | 5.64 | % |  | 5.23 | % |  | 5.39 | % |  |  |  |  |  |
Discount rate - interest cost | 5.43 | % |  | 5.15 | % |  | 5.38 | % |  |  |  |  |  |
Expected long-term return on plan assets | 4.50 | % |  | 4.50 | % |  | 6.50 | % |  |  |  |  |  |
Rate of compensation increase | 3.95 | % |  | 4.02 | % |  | 4.02 | % |  |  |  |  |  |
The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the non-U.S.-based plans in 2025 and 2024:
| Pension Benefits
| 2025 |  | 2024
Weighted-average assumptions used to determine benefit obligations as of December 31: |  |  |
Discount rate | 5.30 | % |  | 5.16 | %
Rate of compensation increase | 3.75 | % |  | 3.75 | %
| Pension Benefits
| 2025 |  | 2024 |  | 2023
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |
Discount rate - service cost | — | % |  | — | % |  | 3.75 | %
Discount rate - interest cost | 5.11 | % |  | 4.62 | % |  | 4.79 | %
Expected long-term return on plan assets | 5.04 | % |  | 4.53 | % |  | 4.94 | %
Rate of compensation increase | 3.75 | % |  | 3.07 | % |  | 3.11 | %
To develop the expected long-term rate of return on assets assumption for the U.S. plans, we considered the historical returns for each asset category, as well as the target asset allocation of the pension portfolio and the effect of periodic balancing. These results were adjusted for the payment of reasonable expenses of the plan from plan assets. This resulted in the selection of the 4.50% long-term rate of return on assets assumption. A similar process was followed for the non-U.S.-based plans. To select a discount rate for the purpose of valuing the plan obligations for the U.S. plans, we performed an analysis in which the projected cash flows from defined benefit and retiree healthcare plans were matched with a yield curve based on the appropriate universe of high-quality corporate bonds that were available. We used the results of the yield curve analysis to select the discount rate for each plan. The analysis was completed separately for each U.S. pension and other post-employment benefits (“OPEB”) plan. A similar process was followed for the non-U.S.-based plans with sufficient corporate bond information. In other countries, the discount rate was selected based on the approximate duration of plan obligations. Assumed health care cost trend rates have an effect on the amounts reported for our healthcare plan. The following table sets forth the healthcare trend rate assumptions used:
| 2025 |  | 2024
Assumed health care cost trend rates as of December 31: |  |  |
Health care cost trend rate assumed for next year | 8.00 | % |  | 7.50 | %
Rate to which the cost rate is assumed to decline (the ultimate trend rate) | 4.50 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate | 2040 |  | 2037
Expected future benefit payments are shown in the table below (in millions):
| For the Years Ended December 31,
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035
Pension benefits | $ | 8.2 |  |  | $ | 15.0 |  |  | $ | 11.2 |  |  | $ | 13.2 |  |  | $ | 9.8 |  |  | $ | 54.0 |
Composition of Pension Plan Assets In the fourth quarter of 2023, based on the strong funded status of our U.S. pension plan, we opted to make a $12.2 million voluntary contribution to the plan to increase the funded status and fully fund the plan. With the U.S. pension plan fully funded, the asset allocation was changed from a blend of 50% equities and 50% fixed income to 100% fixed income in order to align changes in asset values with changes in liabilities, therefore reducing funded status volatility, which effectively placed the plan in hibernation status. As a result, we reduced the expected long-term rate of return for our U.S. pension plan assets to 4.5%. Our U.S. pension plan represents 85%, our Canadian pension plan 6%, and our United Kingdom (“U.K.”) pension plan 9% of the total fair value of our plan assets as of December 31, 2025. Our U.S. pension plans’ weighted-average asset allocation by asset category as of December 31, 2025 and 2024 were almost entirely comprised of fixed income. Our U.S. pension plans’ assets were invested according to our target of 100% in fixed income assets. Similarly, in 2023, based on the strong funded status of our Canadian pension plans, the asset allocation was adjusted as well, with the Salaried plan moving from 75% fixed income and 25% equity to 100% fixed income, and the Hourly plan moving from 75% fixed income and 25% equity to 87% fixed income and 13% equity. As with the U.S. pension plan, this change in asset allocation has greatly reduced funded status volatility. Our U.K. pension plan was invested in fixed income securities, including corporate and government bonds. The fair values of our pension plan assets, by asset category, were as follows (in millions):
| Fair Value Measurements as of December 31, 2025 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |
Commingled pools / Collective trusts: |  |  |  |  |  |  |  |
Fixed income (1) | — |  |  | 125.5 |  |  | — |  |  | 125.5 |  |
Balanced pension trust: (2) |  |  |  |  |  |  |  |
International equity | — |  |  | 0.5 |  |  | — |  |  | 0.5 |  |
Fixed income | — |  |  | 8.3 |  |  | — |  |  | 8.3 |  |
Pension fund: |  |  |  |  |  |  |  |
Fixed income (3) | — |  |  | 12.9 |  |  | — |  |  | 12.9 |  |
Total | $ | 0.1 |  |  | $ | 147.2 |  |  | $ | — |  |  | $ | 147.3 |  |
| Fair Value Measurements as of December 31, 2024 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |
Commingled pools / Collective trusts: |  |  |  |  |  |  |  |
Fixed income (1) | — |  |  | 122.7 |  |  | — |  |  | 122.7 |  |
Balanced pension trust: (2) |  |  |  |  |  |  |  |
International equity | — |  |  | 4.7 |  |  | — |  |  | 4.7 |  |
Fixed income | — |  |  | 5.0 |  |  | — |  |  | 5.0 |  |
Pension fund: |  |  |  |  |  |  |  |
Fixed income (3) | — |  |  | 12.5 |  |  | — |  |  | 12.5 |  |
Total | $ | 0.1 |  |  | $ | 144.9 |  |  | $ | — |  |  | $ | 145.0 |  |
(1) | This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
(2) | The investment objectives of the plan are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The plan also holds a portion of its assets in international equities, a portion of which may be invested in U.S. securities.
(3) | This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer with a derivatives overlay and investment grade corporate bonds denominated in sterling. The plan also holds a portion of its assets in international instruments, a portion of which may be invested in U.S. securities.
Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):
| As of December 31, 2025
| Fair Value |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Asset Category: |  |  |  |  |
Commingled pools / Collective trusts: |  |  |  |  |
Fixed income (1) | 125.5 |  |  | Daily |  | 5 days
Balanced pension trust: (2) |  |  |  |  |
International equity | 0.5 |  |  | Daily |  | 3-5 days
Fixed income | 8.3 |  |  | Daily |  | 3-5 days
Pension fund: |  |  |  |  |
Fixed income (3) | 12.9 |  |  | Daily |  | 1-3 days
Total | $ | 147.2 |  |  |  |  |
| As of December 31, 2024
| Fair Value |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Asset Category: |  |  |  |  |
Commingled pools / Collective trusts: |  |  |  |  |
Fixed income (1) | 122.7 |  |  | Daily |  | 5 days
Balanced pension trust: (2) |  |  |  |  |
International equity | 4.7 |  |  | Daily |  | 3-5 days
Fixed income | 5.0 |  |  | Daily |  | 3-5 days
Pension fund: |  |  |  |  |
Fixed income (3) | 12.5 |  |  | Daily |  | 1-3 days
Total | $ | 144.9 |  |  |  |  |
(1) | This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
(2) | The investment objectives of the plan are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The plan also holds a portion of its assets in international equities, a portion of which may be invested in U.S. securities.
(3) | This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer with a derivatives overlay and investment grade corporate bonds denominated in sterling. The plan also holds a portion of its assets in international instruments, a portion of which may be invested in U.S. securities.
The majority of our commingled pool/collective trusts, mutual funds, balanced pension trusts and pension funds are managed by professional investment advisors. The NAVs per share are furnished in monthly and/or quarterly statements received from the investment advisors and reflect valuations based upon their pricing policies. We assessed the fair value classification of these investments as Level 2 for commingled pool/collective trusts, balanced pension trusts and pension funds based on an examination of their pricing policies and the related controls and procedures. The fair values we report are based on the pool, trust or fund’s NAV per share. The NAVs per share are calculated periodically (daily or no less than one time per month) as the aggregate value of each pool or trust’s underlying assets divided by the number of units owned. See Note 16 for information about our fair value hierarchies and valuation techniques.

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