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Retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post-retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end.
The following table provides a reconciliation of the changes in the benefit obligation and fair value of plan assets over the periods described below:

 Pension BenefitsOther Benefits
 2025202420252024
 U.S.Non-U.S.U.S.Non-U.S.  
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1$8.3 $84.6 $8.9 $88.5 $16.8 $17.2 
Service cost0.1 1.5 0.1 1.5 0.4 0.5 
Interest cost0.4 2.5 0.4 2.6 0.8 0.8 
Benefits paid(0.6)(2.9)(0.8)(2.2)(0.8)(0.8)
Actuarial (gain) loss
0.3 (5.4)(0.3)0.3 0.3 (0.7)
Currency translation— 10.4 — (5.3)0.2 (0.2)
Settlements— (4.8)— (2.5)— — 
Curtailments— (0.4)— — — — 
Acquisition/Divestiture— — — 0.9 — — 
Participant contributions
— 0.9 — 0.9 — — 
Other— — — (0.1)(0.1)— 
Obligation at December 31$8.5 $86.4 $8.3 $84.6 $17.6 $16.8 
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1$4.1 $45.1 $4.3 $41.7 $— $— 
Actual return on plan assets(0.1)0.9 0.2 6.2 — — 
Employer contributions0.6 3.8 0.4 3.4 0.8 0.8 
Benefits paid(0.6)(2.9)(0.8)(2.2)(0.8)(0.8)
Currency translation— 5.3 — (2.3)— — 
Settlements— (4.8)— (2.5)— — 
Participant contributions
— 0.9 — 0.9 — — 
Other— 0.1 — (0.1)— — 
Fair value of plan assets at December 31$4.0 $48.4 $4.1 $45.1 $— $— 
Funded status at December 31$(4.5)$(38.0)$(4.2)$(39.5)$(17.6)$(16.8)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets$— $3.8 $— $2.1 $— $— 
Accrued expenses
(0.8)(2.1)(0.7)(1.8)(1.0)(1.1)
Other noncurrent liabilities(3.7)(39.7)(3.5)(39.8)(16.6)(15.7)
Net asset (liability) at December 31$(4.5)$(38.0)$(4.2)$(39.5)$(17.6)$(16.8)

The pension benefits actuarial gain in 2025 was primarily driven by the increase in discount rates from 2024 to 2025 for the non-U.S. pension schemes, partially offset by lower than expected asset returns.

The other benefits actuarial loss in 2025 was primarily driven by the decrease in discount rates from 2024 to 2025 and losses from the updated health care trend and claim cost assumptions, partially offset by gains from updated participant data for the U.S. plans.

The accumulated benefit obligation for all defined benefit pension plans was $91.6 million and $89.4 million at December 31, 2025 and 2024, respectively.
The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2025 and 2024 were as follows:
 U.S. PlansNon-U.S. PlansOther Benefits
 202520242025202420252024
Discount rate5.09%5.41%3.38%2.91%5.16%5.40%
Rate of compensation increase
N/AN/A2.33%2.38%N/AN/A
Cash balance interest credit rateN/AN/A1.31%1.25%N/AN/A

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2025 and 2024 were as follows:
 Pension BenefitsOther Benefits
 2025202420252024
 U.S.Non-U.S.U.S.Non-U.S.  
Prior service cost (credit)$0.1 $(0.2)$0.1 $(0.3)$(0.3)$(0.2)
Net loss (gain)2.6 (6.6)2.3 (1.8)(7.3)(8.4)
Total$2.7 $(6.8)$2.4 $(2.1)$(7.6)$(8.6)

The components of the net periodic cost (benefit) for the plans in 2025, 2024 and 2023 are as follows:
 Pension Benefits
 202520242023
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Service cost$0.1 $1.5 $0.1 $1.5 $0.1 $1.2 
Interest cost0.4 2.5 0.4 2.6 0.4 2.8 
Expected return on plan assets(0.2)(1.9)(0.3)(1.8)(0.2)(1.6)
Settlement gain recognized
— (0.1)— (0.3)— (0.1)
Curtailment gain recognized
— (0.4)— — — — 
Net amortization0.3 (0.3)0.3 (0.1)0.1 (0.6)
Net periodic cost $0.6 $1.3 $0.5 $1.9 $0.4 $1.7 
 
 Other Benefits
 202520242023
Service cost$0.4 $0.5 $0.4 
Interest cost0.8 0.8 0.8 
Net amortization(0.8)(0.9)(0.9)
Net periodic cost
$0.4 $0.4 $0.3 

The Company recognizes the service cost component in both Cost of sales and Selling, general and administrative expenses in the Consolidated Statements of Income depending on the functional area of the underlying employees. All other components of net periodic cost (benefit) are recorded in Other expense (income) – net in the Consolidated Statements of Income.

The assumptions used in determining the net periodic cost (benefit) were as follows:

 U.S. PlansNon-U.S. Plans
 202520242023202520242023
Discount rate5.41%4.93%5.17%2.91%3.01%3.75%
Expected return on plan assets4.15%5.40%4.65%4.13%4.37%4.17%
Rate of compensation increaseN/AN/AN/A2.38%2.55%2.44%
 Other Benefits
 202520242023
Discount rate5.40%4.90%5.21%
Expected return on plan assetsN/AN/AN/A
Rate of compensation increaseN/AN/AN/A

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2025 is as follows:
 Pension BenefitsOther
Benefits
 U.S.Non-U.S.
Net gain in current year
$(0.6)$4.4 $(0.3)
Prior service credit
— — 0.1 
Amortization of prior service credit— (0.1)— 
Amortization of net loss (gain) 0.3 (0.2)(0.8)
Settlement gain recognized
— (0.1)— 
Exchange rate effect on amounts in other comprehensive income— 0.7 — 
Total$(0.3)$4.7 $(1.0)

The discount rates for the Company’s plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows.

In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions.

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants.

A 7.87% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for measurement of the pension obligation as of December 31, 2025 and measurement of the following year’s expense. The rate was assumed to decrease gradually each year to a rate of 4.00% for 2050 and remain at that level thereafter.

Costs of defined contribution plans were $17.8 million, $17.4 million and $16.8 million for 2025, 2024 and 2023, respectively.

The Company, through its subsidiaries, participates in a multi-employer pension plan covering approximately 216 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.0 million, $1.0 million, and $0.9 million for 2025, 2024 and 2023, respectively.


 
Plan Assets

The Company’s pension plan weighted average asset allocations at December 31, 2025 and 2024, by asset category, were as follows:
U.S. PlansNon-U.S. Plans
2025202420252024
Equity securities9%9%1%1%
Fixed income securities83%79%29%25%
Cash/Commingled Funds/Other(1)
8%12%70%74%
Total100%100%100%100%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2025 and 2024 is summarized as follows:
 Basis of Fair Value Measurement
 Outstanding
Balances		Level 1Level 2Level 3
As of December 31, 2025
Equity
U.S. Large Cap$0.2 $0.2 $— $— 
U.S. Small / Mid Cap— — — — 
International0.8 0.8 — — 
Fixed Income
U.S. Intermediate2.2 — 2.2 — 
U.S. Long Term3.1 — 3.1 — 
U.S. High Yield1.0 — 1.0 — 
International10.8 0.2 10.6 — 
Other Commingled Funds(1)
31.5 — — 31.5 
Cash and Equivalents0.8 0.8 — — 
Other2.0 — 2.0 — 
$52.4 $2.0 $18.9 $31.5 
 
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.
 Basis of Fair Value Measurement
 Outstanding
Balances		Level 1Level 2Level 3
As of December 31, 2024
Equity
U.S. Large Cap$0.2 $0.2 $— $— 
U.S. Small / Mid Cap— — — — 
International0.8 0.8 — — 
Fixed Income
U.S. Intermediate2.5 — 2.5 — 
U.S. Long Term3.1 — 3.1 — 
U.S. High Yield0.7 — 0.7 — 
International8.2 0.2 8.0 — 
Other Commingled Funds(1)
30.0 — — 30.0 
Cash and Equivalents2.1 2.1 — — 
Other1.7 — 1.7 — 
$49.3 $3.3 $16.0 $30.0 

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors.

Investment Policies and Strategies

The investment objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute 90% of the market value of total fund assets.

The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of a reasonable margin above UK Gilts. The general asset allocation guidelines for plan assets are that “fixed income” obligations, including cash, will constitute 100% of the market value of total fund assets.

The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2025, there were no shares of the Company’s stock held in plan assets.

Cash Flows

The Company expects to contribute approximately $4.6 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2026. The Company also expects to contribute approximately $19.1 million to its defined contribution plan in 2026 using cash on hand.
Estimated Future Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:
Estimated Future Benefits
2026$7.7 
20277.4 
20287.1 
20297.6 
20307.1 
2031 to 203537.5