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v3.25.4

Other Post-Employment Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Funded Status for Pension Plans | The following table presents our funded status for 2025 and 2024 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.
|  | December 31, 2025 |  | December 31, 2024
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 126.7 |  |  | $ | 476.5 |  |  | $ | 603.2 |  |  | $ | 135.5 |  |  | $ | 538.6 |  |  | $ | 674.1 |
Service cost |  | 0.1 |  |  | 3.6 |  |  | 3.7 |  |  | 0.1 |  |  | 3.6 |  |  | 3.7 |
Interest cost |  | 6.3 |  |  | 19.9 |  |  | 26.2 |  |  | 6.6 |  |  | 20.1 |  |  | 26.7 |
Actuarial loss (gain) |  | 4.0 |  |  | (10.8) |  |  | (6.8) |  |  | (3.7) |  |  | (25.5) |  |  | (29.2) |
Settlement |  | — |  |  | (5.0) |  |  | (5.0) |  |  | — |  |  | (4.6) |  |  | (4.6) |
Benefits paid |  | (11.4) |  |  | (28.4) |  |  | (39.8) |  |  | (11.8) |  |  | (26.3) |  |  | (38.1) |
Employee contributions |  | — |  |  | 0.9 |  |  | 0.9 |  |  | — |  |  | 0.9 |  |  | 0.9 |
Other |  | — |  |  | (0.5) |  |  | (0.5) |  |  | — |  |  | (0.4) |  |  | (0.4) |
Foreign exchange impact |  | — |  |  | 46.1 |  |  | 46.1 |  |  | — |  |  | (29.9) |  |  | (29.9) |
Projected benefit obligation at end of period |  | $ | 125.7 |  |  | $ | 502.3 |  |  | $ | 628.0 |  |  | $ | 126.7 |  |  | $ | 476.5 |  |  | $ | 603.2 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 105.0 |  |  | $ | 442.6 |  |  | $ | 547.6 |  |  | $ | 106.6 |  |  | $ | 489.5 |  |  | $ | 596.1 |
Actual return on plan assets |  | 9.7 |  |  | 16.9 |  |  | 26.6 |  |  | 3.5 |  |  | (0.8) |  |  | 2.7 |
Employer contributions |  | 4.4 |  |  | 7.9 |  |  | 12.3 |  |  | 6.7 |  |  | 8.7 |  |  | 15.4 |
Employee contributions |  | — |  |  | 0.9 |  |  | 0.9 |  |  | — |  |  | 0.9 |  |  | 0.9 |
Benefits paid |  | (11.4) |  |  | (28.4) |  |  | (39.8) |  |  | (11.8) |  |  | (26.3) |  |  | (38.1) |
Settlement |  | — |  |  | (5.0) |  |  | (5.0) |  |  | — |  |  | (4.6) |  |  | (4.6) |
Other |  | — |  |  | (0.5) |  |  | (0.5) |  |  | — |  |  | (0.4) |  |  | (0.4) |
Foreign exchange impact |  | — |  |  | 40.6 |  |  | 40.6 |  |  | — |  |  | (24.4) |  |  | (24.4) |
Fair value of plan assets at end of period |  | $ | 107.7 |  |  | $ | 475.0 |  |  | $ | 582.7 |  |  | $ | 105.0 |  |  | $ | 442.6 |  |  | $ | 547.6 |
Underfunded status at end of year |  | $ | (18.0) |  |  | $ | (27.3) |  |  | $ | (45.3) |  |  | $ | (21.7) |  |  | $ | (33.9) |  |  | $ | (55.6) |
Accumulated benefit obligation at end of year |  | $ | 125.7 |  |  | $ | 492.4 |  |  | $ | 618.1 |  |  | $ | 126.7 |  |  | $ | 468.2 |  |  | $ | 594.9 |
The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
|  | December 31,
(In millions) |  | 2025 |  | 2024
Change in benefit obligations: |  |  |  |
Benefit obligation at beginning of period |  | $ | 28.5 |  |  | $ | 30.4 |
Interest cost |  | 1.3 |  |  | 1.4 |
Actuarial gain |  | (1.6) |  |  | (1.1) |
Benefits paid, net |  | (2.5) |  |  | (2.2) |
Benefit obligation at end of period |  | $ | 25.7 |  |  | $ | 28.5 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of period |  | $ | — |  |  | $ | — |
Employer contribution |  | 2.5 |  |  | 2.2 |
Benefits paid, net |  | (2.5) |  |  | (2.2) |
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Net amount recognized: |  |  |  |
Underfunded status |  | $ | (25.7) |  |  | $ | (28.5) |
Accumulated benefit obligation at end of year |  | $ | 25.7 |  |  | $ | 28.5 |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Current liability |  | $ | (3.9) |  |  | $ | (4.0) |
Non-current liability |  | (21.8) |  |  | (24.5) |
Net amount recognized |  | $ | (25.7) |  |  | $ | (28.5) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net actuarial gain |  | $ | (7.6) |  |  | $ | (6.2) |
Net prior service credit |  | (0.6) |  |  | (1.0) |
Total |  | $ | (8.2) |  |  | $ | (7.2) |
Schedule of Components of Net Periodic Benefit Cost | The following table shows total benefit cost related to our pension plans and the classification on our Consolidated Statements of Operations for the three years ended December 31:
|  | Year Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
U.S. and international net periodic benefit cost included in cost of sales(1) |  | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 1.0 |
U.S. and international net periodic benefit cost included in selling, general and administrative expenses |  | 2.5 |  |  | 2.5 |  |  | 2.4 |
U.S. and international net periodic benefit cost and cost of special events included in other expense, net |  | 0.3 |  |  | 2.1 |  |  | 4.8 |
Total benefit cost |  | $ | 4.0 |  |  | $ | 5.8 |  |  | $ | 8.2 |
(1)The amount recorded in inventory for the years ended December 31, 2025, 2024, and 2023 was not material. The following table shows the components of our net periodic benefit cost for the years ended December 31, for our pension plans:
|  | December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.1 |  |  | $ | 3.6 |  |  | $ | 3.7 |  |  | $ | 0.1 |  |  | $ | 3.6 |  |  | $ | 3.7 |  |  | $ | 0.1 |  |  | $ | 3.3 |  |  | $ | 3.4 |
Interest cost |  | 6.3 |  |  | 19.9 |  |  | 26.2 |  |  | 6.6 |  |  | 20.1 |  |  | 26.7 |  |  | 7.2 |  |  | 21.4 |  |  | 28.6 |
Expected return on plan assets |  | (7.4) |  |  | (24.3) |  |  | (31.7) |  |  | (7.0) |  |  | (22.6) |  |  | (29.6) |  |  | (7.2) |  |  | (21.8) |  |  | (29.0) |
Amortization of net prior service cost |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 0.2 |  |  | 0.2 |
Amortization of net actuarial loss |  | 1.7 |  |  | 3.7 |  |  | 5.4 |  |  | 1.7 |  |  | 3.9 |  |  | 5.6 |  |  | 1.5 |  |  | 3.3 |  |  | 4.8 |
Net periodic benefit cost |  | 0.7 |  |  | 3.1 |  |  | 3.8 |  |  | 1.4 |  |  | 5.3 |  |  | 6.7 |  |  | 1.6 |  |  | 6.4 |  |  | 8.0 |
Settlement cost (income) |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | (0.9) |  |  | (0.9) |  |  | — |  |  | 0.2 |  |  | 0.2 |
Total benefit cost |  | $ | 0.7 |  |  | $ | 3.3 |  |  | $ | 4.0 |  |  | $ | 1.4 |  |  | $ | 4.4 |  |  | $ | 5.8 |  |  | $ | 1.6 |  |  | $ | 6.6 |  |  | $ | 8.2 |
The components of net periodic benefit cost were as follows:
|  | Year Ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Components of net periodic benefit cost: |  |  |  |  |  |
Interest cost |  | $ | 1.3 |  |  | $ | 1.4 |  |  | $ | 1.6 |
Amortization of net actuarial gain |  | (0.3) |  |  | (0.2) |  |  | (0.1) |
Amortization of net prior service credit |  | (0.3) |  |  | (0.3) |  |  | (0.3) |
Net periodic benefit cost |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 1.2 |
Impact of settlement/curtailment |  | — |  |  | — |  |  | — |
Total benefit cost for fiscal year |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 1.2 |
Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) | Changes in plan assets and benefit obligations reflected in AOCL for the years ended December 31, 2025 and 2024 were as follows:
|  | December 31, 2025 |  | December 31, 2024
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial loss (gain) |  | $ | 1.7 |  |  | $ | (3.4) |  |  | $ | (1.7) |  |  | $ | (0.2) |  |  | $ | (2.0) |  |  | $ | (2.2) |
Prior service cost occurring during the year |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss |  | (1.7) |  |  | (3.6) |  |  | (5.3) |  |  | (1.7) |  |  | (3.9) |  |  | (5.6) |
Amortization of net prior service cost |  | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | (0.2) |  |  | (0.2) |
Settlement |  | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | 0.9 |  |  | 0.9 |
Total |  | $ | 0.1 |  |  | $ | (7.4) |  |  | $ | (7.3) |  |  | $ | (1.9) |  |  | $ | (5.2) |  |  | $ | (7.1) |
Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2025 and December 31, 2024 were as follows:
|  | December 31, 2025 |  | December 31, 2024
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial gain |  | $ | (1.6) |  |  | $ | — |  |  | $ | (1.6) |  |  | $ | (1.1) |  |  | $ | — |  |  | $ | (1.1) |
Amortization of actuarial gain |  | 0.2 |  |  | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |
Amortization of prior service credit |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total |  | $ | (1.1) |  |  | $ | 0.1 |  |  | $ | (1.0) |  |  | $ | (0.7) |  |  | $ | 0.1 |  |  | $ | (0.6) |
Schedule of Expected Post-retirement Benefits | We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:
|  | Amount (In millions)
Year |  | U.S. |  | International |  | Total
2026 |  | $ | 11.4 |  |  | $ | 31.2 |  |  | $ | 42.6 |
2027 |  | 11.1 |  |  | 29.7 |  |  | 40.8 |
2028 |  | 10.8 |  |  | 31.1 |  |  | 41.9 |
2029 |  | 10.9 |  |  | 33.8 |  |  | 44.7 |
2030 |  | 10.6 |  |  | 33.6 |  |  | 44.2 |
2031 to 2035 (combined) |  | 49.6 |  |  | 179.5 |  |  | 229.1 |
Total |  | $ | 104.4 |  |  | $ | 338.9 |  |  | $ | 443.3 |
Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year |  | Amount (In millions)
2026 |  | $ | 3.9 |
2027 |  | 3.4 |
2028 |  | 2.9 |
2029 |  | 2.5 |
2030 |  | 2.3 |
2031 to 2035 (combined) |  | 8.4 |
Total |  | $ | 23.4 |

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