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Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $24.1 million for 2025, $23.2 million for 2024 and $22.7 million for 2023. Pension and Other Retirement Benefits The components of net periodic benefit cost and other amounts recognized in OCI were as follows:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1.3 |  |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 2.4 |  |  | 2.1 |  |  | 2.4 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |
Expected return on plan assets | (1.2) |  |  | (1.3) |  |  | (1.2) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss (gain) | 0.9 |  |  | 0.6 |  |  | 0.6 |  |  | (1.3) |  |  | (1.6) |  |  | (2.0) |
Settlement loss | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 1.0 |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.4 |
Net periodic benefit cost | $ | 3.4 |  |  | $ | 3.6 |  |  | $ | 3.3 |  |  | $ | (1.1) |  |  | $ | (1.4) |  |  | $ | (1.4) |
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax: |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss arising during period | $ | (3.4) |  |  | $ | (0.7) |  |  | $ | (1.4) |  |  | $ | (0.3) |  |  | $ | (0.5) |  |  | $ | (0.5) |
Amortization of actuarial (loss) gain | (0.9) |  |  | (0.6) |  |  | (0.3) |  |  | 1.3 |  |  | 1.6 |  |  | 2.0 |
Settlement loss | — |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |
Foreign currency translation | 0.7 |  |  | (0.2) |  |  | 0.7 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Total recognized in OCI | $ | (3.6) |  |  | $ | (1.5) |  |  | $ | (0.7) |  |  | $ | 1.0 |  |  | $ | 1.1 |  |  | $ | 1.5 |
Total recognized in net periodic benefit cost and OCI | $ | (0.2) |  |  | $ | 2.1 |  |  | $ | 2.6 |  |  | $ | (0.1) |  |  | $ | (0.3) |  |  | $ | 0.1 |
Net periodic benefit cost by geographic location is as follows:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
U.S. plans | $ | 0.4 |  |  | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | (1.1) |  |  | $ | (1.4) |  |  | $ | (1.4) |
International plans | 3.0 |  |  | 2.5 |  |  | 2.5 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 3.4 |  |  | $ | 3.6 |  |  | $ | 3.3 |  |  | $ | (1.1) |  |  | $ | (1.4) |  |  | $ | (1.4) |
The service cost component included within net periodic benefit cost is considered employee compensation and is therefore presented within the selling, general, and administrative and costs of goods and services sold financial statement line items of our consolidated statements of income. The remaining components of net periodic benefit cost are reported separately and are therefore presented within the other nonoperating expense (income) financial statement line item of our consolidated statements of income. The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, January 1 | $ | (53.2) |  |  | $ | (57.5) |  |  | $ | (3.2) |  |  | $ | (3.7) |
Service cost | (1.3) |  |  | (1.2) |  |  | — |  |  | — |
Interest cost | (2.4) |  |  | (2.1) |  |  | (0.2) |  |  | (0.2) |
Participants’ contributions | — |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Actuarial gain | 1.8 |  |  | 2.2 |  |  | 0.3 |  |  | 0.6 |
Benefits paid | 4.1 |  |  | 3.4 |  |  | 0.3 |  |  | 0.3 |
Foreign currency translation | (5.1) |  |  | 2.1 |  |  | — |  |  | — |
Benefit obligation, December 31 | $ | (56.1) |  |  | $ | (53.2) |  |  | $ | (3.0) |  |  | $ | (3.2) |
Change in plan assets: |  |  |  |  |  |  |
Fair value of assets, January 1 | $ | 29.2 |  |  | $ | 32.3 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 1.6 |  |  | (0.6) |  |  | — |  |  | — |
Employer contribution | 1.2 |  |  | 0.7 |  |  | 0.1 |  |  | 0.1 |
Participants’ contributions | — |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Benefits paid | (2.3) |  |  | (2.5) |  |  | (0.3) |  |  | (0.3) |
Foreign currency translation | 2.6 |  |  | (0.8) |  |  | — |  |  | — |
Fair value of assets, December 31 | $ | 32.3 |  |  | $ | 29.2 |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (23.8) |  |  | $ | (24.0) |  |  | $ | (3.0) |  |  | $ | (3.2) |
International pension plan assets, at fair value, included in the preceding table were $32.3 million and $29.2 million at December 31, 2025 and 2024, respectively. Amounts recognized in the balance sheet were as follows:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Noncurrent assets | $ | 4.0 |  |  | $ | 2.9 |  |  | $ | — |  |  | $ | — |
Current liabilities | (1.4) |  |  | (1.4) |  |  | (0.4) |  |  | (0.5) |
Noncurrent liabilities | (26.4) |  |  | (25.5) |  |  | (2.6) |  |  | (2.7) |
| $ | (23.8) |  |  | $ | (24.0) |  |  | $ | (3.0) |  |  | $ | (3.2) |
The amounts in accumulated other comprehensive loss, pre-tax, consisted of:
| Pension benefits |  | Other retirement benefits
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net actuarial loss (gain) | $ | 10.8 |  |  | $ | 14.4 |  |  | $ | (1.6) |  |  | $ | (2.6) |
Prior service credit | (1.2) |  |  | (1.2) |  |  | — |  |  | — |
Total | $ | 9.6 |  |  | $ | 13.2 |  |  | $ | (1.6) |  |  | $ | (2.6) |
The accumulated benefit obligation for all defined benefit pension plans was $52.5 million and $49.5 million at December 31, 2025 and 2024, respectively, including $47.0 million and $44.0 million, respectively, for international pension plans. As of December 31, 2025 and December 31, 2024, our United Kingdom qualified defined benefit pension plan had plan assets in excess of its obligations. As of December 31, 2025 and December 31, 2024, our other defined benefit pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments expected to be made by the plans during future years.
($ in millions) | Domestic |  | International |  | Total
2026 | $ | 1.0 |  |  | $ | 3.1 |  |  | $ | 4.1 |
2027 | 0.9 |  |  | 3.4 |  |  | 4.3 |
2028 | 0.9 |  |  | 3.3 |  |  | 4.2 |
2029 | 0.9 |  |  | 4.3 |  |  | 5.2 |
2030 | 0.8 |  |  | 3.0 |  |  | 3.8 |
2031 to 2035 | 3.5 |  |  | 21.1 |  |  | 24.6 |
| $ | 8.0 |  |  | $ | 38.2 |  |  | $ | 46.2 |
In 2026, we expect to contribute $0.6 million to pension plans, all of which is in the U.S. In addition, we expect to contribute $0.4 million for other retirement benefits in 2026. We periodically consider additional, voluntary contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation projections and other factors. Weighted average assumptions used to determine net periodic benefit cost were as follows:
| Pension benefits |  | Other retirement benefits
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Discount rate | 4.38 | % |  | 3.95 | % |  | 4.35 | % |  | 5.60 | % |  | 5.20 | % |  | 5.55 | %
Rate of compensation increase | 3.07 | % |  | 3.08 | % |  | 3.09 | % |  | — |  |  | — |  |  | — |
Expected long-term rate of return on assets | 3.77 | % |  | 4.01 | % |  | 4.22 | % |  | — |  |  | — |  |  | — |
Weighted average assumptions used to determine the benefit obligations were as follows:
| Pension benefits |  | Other retirement benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
Discount rate | 4.58 | % |  | 4.38 | % |  | 5.30 | % |  | 5.60 | %
Rate of compensation increase | 2.97 | % |  | 3.07 | % |  | — |  |  | — |
The discount rate used to determine the benefit obligations for U.S. pension plans was 5.25% and 5.60% as of December 31, 2025 and 2024, respectively. The weighted average discount rate used to determine the benefit obligations for all international plans was 4.51% and 4.24% as of December 31, 2025 and 2024, respectively. The weighted average rate of compensation increase for all international plans was 2.97% for 2025 and 3.07% for 2024, while there was no rate increase for the U.S. plans since they are frozen. Other retirement benefits were only available to U.S. employees. The assumed healthcare cost trend rate used to determine benefit obligations was 6.50% for all participants in 2025, decreasing to 5.00% by 2032. The assumed healthcare cost trend rate used to determine net periodic benefit cost was 6.50% for all participants in 2025, decreasing to 5.00% by 2031. The defined benefit pension plan benefit obligation increased for the year ended December 31, 2025, due primarily to foreign currency translation. The plan benefit obligation will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience, and certain other factors. The other retirement plan benefit obligation decreased due to actuarial gains and benefit payments during the period. The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions. The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows:
| 2025 |  | 2024 |  | 2023
U.S. plans | 4.00 | % |  | 4.00 | % |  | 4.00 | %
International plans | 2.34 | % |  | 1.13 | % |  | 1.13 | %
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
| 2025 |  | 2024
Equity securities | 22 | % |  | 21 | %
Debt securities | 74 | % |  | 75 | %
Other | 4 | % |  | 4 | %
| 100 | % |  | 100 | %
Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on margin or derivative securities. The following are the target asset allocations and acceptable allocation ranges across:
| Target allocation |  | Allocation range
Equity securities | 19% |  | 15% - 20%
Debt securities | 79% |  | 75% - 85%
Other | 2% |  | 2% - 5%
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements. In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy.
| Balance at |  |
| December 31, |  | Basis of Fair Value Measurements
($ in millions) | 2025 |  | Level 1 |  | Level 2 |  | Level 3
Cash | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
International mutual funds | 7.1 |  |  | — |  |  | 7.1 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
International mutual funds | 24.0 |  |  | — |  |  | 24.0 |  |  | — |
Other mutual funds | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
Pension plan assets in the fair value hierarchy | $ | 32.3 |  |  | $ | 0.7 |  |  | $ | 31.6 |  |  | $ | — |
Pension plan assets measured at NAV | — |  |  |  |  |  |  |
Pension plan assets at fair value | $ | 32.3 |  |  |  |  |  |  |
| Balance at |  |
| December 31, |  | Basis of Fair Value Measurements
($ in millions) | 2024 |  | Level 1 |  | Level 2 |  | Level 3
Cash | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
International mutual funds | 6.2 |  |  | — |  |  | 6.2 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
International mutual funds | 21.8 |  |  | — |  |  | 21.8 |  |  | — |
Other mutual funds | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Pension plan assets in the fair value hierarchy | $ | 29.2 |  |  | $ | 0.6 |  |  | $ | 28.6 |  |  | $ | — |
Pension plan assets measured at NAV | — |  |  |  |  |  |  |
Pension plan assets at fair value | $ | 29.2 |  |  |  |  |  |  |

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