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Pension And Other Benefit Programs (Tables)
12 Months Ended
Dec. 31, 2025
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Amounts Recognized In Assets And Liabilities

Amounts recognized in assets (liabilities) on the Consolidated Balance Sheets at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

Retiree Health and Life
Insurance Benefits

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Prepaid pension costs

 

$

99.7

 

 

$

88.3

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Accounts payable and accrued expenses

 

 

(2.7

)

 

 

(2.9

)

 

 

(0.1

)

 

 

(0.2

)

 

 

(3.5

)

 

 

(4.1

)

Postretirement benefit liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(32.7

)

 

 

(35.3

)

Pension benefit liabilities

 

 

(22.4

)

 

 

(22.7

)

 

 

(1.9

)

 

 

(1.9

)

 

 

-

 

 

 

-

 

Net amount recognized

 

$

74.6

 

 

$

62.7

 

 

$

(2.0

)

 

$

(2.1

)

 

$

(36.2

)

 

$

(39.4

)

Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End

Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Retiree Health and Life
Insurance Benefits

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net actuarial (loss) gain

 

$

(158.0

)

 

$

(168.7

)

 

$

24.0

 

 

$

25.4

 

Prior service credit

 

 

-

 

 

 

-

 

 

 

0.6

 

 

 

0.7

 

Accumulated other comprehensive (loss) income

 

$

(158.0

)

 

$

(168.7

)

 

$

24.6

 

 

$

26.1

 

Schedule Of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years:

 

 

 

U.S. Pension
Benefits
 (1)

 

 

Retiree Health
and Life
Insurance
Benefits, Net

 

2026

 

$

21.2

 

 

$

3.5

 

2027

 

 

21.8

 

 

 

3.4

 

2028

 

 

22.8

 

 

 

3.3

 

2029

 

 

23.2

 

 

 

3.0

 

2030

 

 

23.8

 

 

 

3.1

 

2031 - 2035

 

 

122.4

 

 

 

12.5

 

(1)
We were not required and did not make contributions to the RIP during 2025, 2024 or 2023 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are funded by the Company.
Defined Benefit Pension Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

2025

 

 

2024

 

Change in benefit obligations:

 

 

 

 

 

 

Benefit obligations as of beginning of period

 

$

319.2

 

 

$

356.5

 

Service cost

 

 

2.3

 

 

 

2.5

 

Interest cost

 

 

16.6

 

 

 

16.9

 

Actuarial loss (gain)

 

 

2.8

 

 

 

(25.1

)

Benefits paid

 

 

(16.9

)

 

 

(31.6

)

Benefit obligations as of end of period

 

$

324.0

 

 

$

319.2

 

 

 

 

2025

 

 

2024

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

381.9

 

 

$

413.4

 

Actual return on plan assets

 

 

30.6

 

 

 

(2.4

)

Employer contributions

 

 

3.0

 

 

 

2.5

 

Benefits paid

 

 

(16.9

)

 

 

(31.6

)

Fair value of plan assets as of end of period

 

$

398.6

 

 

$

381.9

 

Funded status

 

$

74.6

 

 

$

62.7

 

Schedule Of Assumptions Used

 

 

2025

 

 

2024

 

Weighted-average assumptions used to determine benefit obligations at end of period:

 

 

 

 

 

 

Discount rate

 

 

5.47

%

 

 

5.68

%

Rate of compensation increase

 

 

3.33

%

 

 

3.33

%

Weighted-average assumptions used to determine net periodic benefit cost for the period:

 

 

 

 

 

 

Discount rate

 

 

5.67

%

 

 

5.01

%

Expected return on plan assets

 

 

6.00

%

 

 

6.00

%

Rate of compensation increase

 

 

3.33

%

 

 

3.33

%

Schedule Of Benefit Obligations In Excess Of Assets

 

 

2025

 

 

2024

 

U.S. pension plans with benefit obligations in excess of assets

 

 

 

 

 

 

RBEP Projected benefit obligation, December 31

 

$

25.1

 

 

$

25.6

 

RBEP Accumulated benefit obligation, December 31

 

 

25.1

 

 

 

25.6

 

 

Schedule Of Periodic Benefit Costs (Credit)

The following table presents the components of the pension cost (credit) for the U.S. defined benefit pension plans for the years ended December 31, 2025, 2024 and 2023:

 

 

 

2025

 

 

2024

 

 

2023

 

Service cost of benefits earned during the period

 

$

2.3

 

 

$

2.5

 

 

$

2.6

 

Interest cost on projected benefit obligation

 

 

16.6

 

 

 

16.9

 

 

 

16.9

 

Expected return on plan assets

 

 

(22.4

)

 

 

(24.3

)

 

 

(25.0

)

Amortization of net actuarial loss

 

 

5.4

 

 

 

5.2

 

 

 

5.4

 

Net periodic pension cost (credit)

 

$

1.9

 

 

$

0.3

 

 

$

(0.1

)

Schedule Of Defined Asset Allocation

Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2025 and 2024 positions for each asset class:

 

 

 

Target

 

 

Position as of December 31,

 

Asset Class

 

Weight

 

 

2025

 

 

2024

 

Long duration bonds

 

 

90.0

%

 

 

90.0

%

 

 

90.0

%

Equities, real estate and private equity

 

 

10.0

%

 

 

9.0

%

 

 

10.0

%

Cash equivalents, other short-term investments, receivables and payables, net

 

 

-

 

 

 

1.0

%

 

 

-

 

Summary Of Fair Value Of Assets Plan

The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis:

 

 

 

Fair Value as of December 31, 2025

 

Description

 

Level 1

 

 

Level 2

 

 

Total

 

Collective trust funds - bonds

 

$

-

 

 

$

357.6

 

 

$

357.6

 

Collective trust funds - equities

 

 

-

 

 

 

33.2

 

 

 

33.2

 

Cash equivalents, other short-term investments, receivables and payables, net

 

 

(0.5

)

 

 

5.1

 

 

 

4.6

 

Net assets measured at fair value

 

$

(0.5

)

 

$

395.9

 

 

$

395.4

 

Investments measured at net asset value per share as a practical expedient

 

3.2

 

Net assets

 

 

 

 

 

 

 

$

398.6

 

 

 

 

Fair Value as of December 31, 2024

 

Description

 

Level 1

 

 

Level 2

 

 

Total

 

Collective trust funds - bonds

 

$

-

 

 

$

342.3

 

 

$

342.3

 

Collective trust funds - equities

 

 

-

 

 

 

32.0

 

 

 

32.0

 

Cash equivalents, other short-term investments, receivables and payables, net

 

 

(0.5

)

 

 

4.7

 

 

 

4.2

 

Net assets measured at fair value

 

$

(0.5

)

 

$

379.0

 

 

$

378.5

 

Investments measured at net asset value per share as a practical expedient

 

3.4

 

Net assets

 

 

 

 

 

 

 

$

381.9

 

Summary Of Assets Measured At NAV

The following table sets forth a summary of the RIP’s investments measured at NAV:

 

 

 

Fair Value as of December 31, 2025

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice
Period

Real estate

 

$

3.2

 

 

$

2.2

 

 

Quarterly

 

60 days

 

 

 

Fair Value as of December 31, 2024

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice
Period

Real estate

 

$

3.4

 

 

$

2.2

 

 

Quarterly

 

60 days

U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

2025

 

 

2024

 

Change in benefit obligations:

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

39.4

 

 

$

47.6

 

Interest cost

 

 

2.0

 

 

 

2.2

 

Plan participant contributions

 

 

1.4

 

 

 

1.5

 

Actuarial gain

 

 

(0.3

)

 

 

(5.0

)

Benefits paid

 

 

(6.3

)

 

 

(6.9

)

Benefit obligations as of end of period

 

$

36.2

 

 

$

39.4

 

 

 

 

2025

 

 

2024

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

-

 

 

$

-

 

Employer contributions

 

 

4.9

 

 

 

5.4

 

Plan participant contributions

 

 

1.4

 

 

 

1.5

 

Benefits paid

 

 

(6.3

)

 

 

(6.9

)

Fair value of plan assets as of end of period

 

$

-

 

 

$

-

 

Funded status

 

$

(36.2

)

 

$

(39.4

)

Schedule Of Assumptions Used

 

 

2025

 

 

2024

 

Weighted-average discount rate used to determine benefit obligations at end of period

 

 

5.35

%

 

 

5.59

%

Weighted-average discount rate used to determine net periodic benefit cost for the period

 

 

5.59

%

 

 

4.96

%

Schedule Of Periodic Benefit Costs (Credit)

The following table presents the components of postretirement benefit cost (credit) for the years ended December 31, 2025, 2024 and 2023:

 

 

 

2025

 

 

2024

 

 

2023

 

 

Interest cost on accumulated postretirement benefit obligation

 

$

2.0

 

 

$

2.2

 

 

$

2.9

 

 

Amortization of prior service credit

 

 

(0.1

)

 

 

(0.2

)

 

 

(0.3

)

 

Amortization of net actuarial gain

 

 

(1.7

)

 

 

(8.6

)

 

 

(5.9

)

 

Net periodic postretirement benefit cost (credit)

 

$

0.2

 

 

$

(6.6

)

 

$

(3.3

)