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Pension and Other Post-retirement Benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Pension and Other Post-retirement Benefits PENSION AND OTHER POST-RETIREMENT BENEFITS
We have defined-benefit pension plans and post-retirement health and life insurance plans that provide benefits upon retirement for certain full-time employees. The defined-benefit pension plans include: (1) a pension plan which was amended in 2018 to freeze any future benefit accrual whereby eligible employees no longer receive pay credits in the plan and newly hired employees are not eligible to participate; and (2) supplemental executive retirement plans, which are also frozen, that provided eligible employees an opportunity to defer a portion of their compensation for use after retirement. Additionally, we have frozen retiree life and medical supplemental plans which provide post-retirement health and life insurance benefits.
The following table presents the changes in benefit obligations and plan assets for the years ended December 31, 2025 and 2024 and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):

Years Ended December 31,
20252024
Pension BenefitsOther BenefitsTotalPension BenefitsOther BenefitsTotal
Projected benefit obligation:
BALANCE at the beginning of the period$571.3 $10.2 $581.5 $606.5 $11.0 $617.5 
Interest cost30.5 0.5 31.0 29.3 0.5 29.8 
Actuarial loss (gain)5.3 — 5.3 (22.1)(0.7)(22.8)
Benefits paid(42.1)(0.6)(42.7)(42.4)(0.6)(43.0)
BALANCE at the end of the period$565.0 $10.1 $575.1 $571.3 $10.2 $581.5 
Plan assets
Fair value, at the beginning of the period$469.9 $— $469.9 $471.2 $— $471.2 
Actual return60.1 — 60.1 20.2 — 20.2 
Employer contributions16.0 — 16.0 20.9 — 20.9 
Benefits paid(42.1)— (42.1)(42.4)— (42.4)
Fair value, at the end of the period$503.9 $— $503.9 $469.9 $— $469.9 
Net benefit liabilities$61.1 $10.1 $71.2 $101.4 $10.2 $111.6 
Amounts recognized in Consolidated Balance Sheet:
 Accrued liabilities$(2.0)$(0.9)$(2.9)$(4.1)$(1.0)$(5.1)
Other liabilities (long-term)(59.1)(9.2)(68.3)(97.3)(9.2)(106.5)
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Accumulated contributions less than net periodic benefit cost$(114.1)$(18.0)$(132.1)$(129.5)$(18.5)$(148.0)
Amounts not yet reflected in net periodic benefit cost:
Actuarial gain53.2 7.9 61.1 28.3 8.3 36.6 
Prior service cost(0.2)— (0.2)(0.2)— (0.2)
Total accumulated other comprehensive income$53.0 $7.9 $60.9 $28.1 $8.3 $36.4 
Net benefit liabilities$(61.1)$(10.1)$(71.2)$(101.4)$(10.2)$(111.6)
Weighted-average assumptions:
Discount rate5.34 %5.28 %5.54 %5.52 %
Cash balance interest credit rate3.72 %N/A3.26 %N/A

The projected benefit obligations for pension benefits in the preceding table reflect the actuarial present value of benefits accrued based on services rendered to date assuming the actual or assumed expected date of separation for retirement.

The accumulated benefit obligation is equal to the projected benefit obligation at December 31, 2025 and 2024 as the pension and other post-retirement benefit plans were frozen in prior years.
The components of net periodic pension, retiree medical (income) loss and the weighted-average assumptions used to determine such amounts were as follows (dollars in millions):
Years Ended December 31,
202520242023
Interest cost
$31.0 $29.8 $31.2 
Expected return on plan assets
(29.4)(31.6)(31.4)
Amortization of net gain(0.7)(0.6)(0.7)
Net periodic pension and retiree medical (income) loss (1)
$0.9 $(2.4)$(0.9)
Discount rate5.54 %4.97 %5.21 %
Expected return on assets6.44 %6.88 %7.10 %
Cash balance interest credit rate3.26 %3.26 %3.23 %

(1)All components of Net periodic pension and retiree medical (income) loss are included in Other, net, in our Consolidated Statements of Operations.

We currently expect to contribute approximately $19.2 million to our pension plans and to directly pay other post-retirement benefits of approximately $0.9 million in 2026. These amounts represent the minimum contributions we are required to make under relevant statutes. We do not expect to make contributions in excess of the minimum required amounts.

The pension plans' investment objectives for fund assets are to: achieve a rate of return such that contributions are minimized and future assets are available to fund liabilities, maintain liquidity sufficient to pay benefits when due, diversify among asset classes so that assets earn a reasonable return with an acceptable level of risk and gradually de-risk the plan by increasing the allocation of investments which track the overall liabilities of the plan as the ratio of assets to liabilities improves and economic conditions warrant. The plans employ several active managers with proven long-term records in their specific investment discipline.
Target allocations among asset categories as of December 31, 2025, and the fair value of each category of plan assets as of December 31, 2025 and 2024, are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):
December 31,
20252024
Target range (1)
Amount
Amount
Equities:
Global equity fund (2)
41% to 47%
$217.3 $— 
U.S. equity:
   U.S. large cap— 93.3 
   U.S. small/mid cap— 24.6 
Global Low Volatility Equity— 34.1 
Non-U.S. equity:
International all cap— 42.7 
International small cap— 18.9 
Emerging markets— 34.1 
Real estate equities
4% to 8%
36.5 36.5 
Fixed income:
45% to 55%
Long-term corporate bonds160.2 102.8 
Long-term government bonds
32.0 — 
U.S. Treasury STRIPS52.9 76.7 
Cash and equivalents
$0 - $5.0
5.0 6.2 
Total$503.9 $469.9 

(1)Our investment policy only sets allocation target ranges for general asset classes and not specific investment types.
(2)During 2025, the assets in the various equity asset categories were consolidated into a single Global equity fund.

All of our investments, other than cash and cash equivalents, are measured at fair value using the net asset value per share (or its equivalent) practical expedient and therefore are not categorized in the fair value hierarchy. Cash and cash equivalents are considered Level 1 as they were valued at cost, which approximates fair value.

Assets in the Global equity fund include a broad range of global equity securities for which the portfolio may be a full replication or a sampling of the Morgan Stanley Capital International All Country World Index and may be held through a commingled or institutional mutual fund. Assets in the U.S. equities category include investments in common and preferred stocks (and equivalents such as American Depository Receipts and convertible bonds) and may be held through separate accounts, commingled funds or an institutional mutual fund. Assets in the global low volatility equities include investments in a broad range of developed market global equity securities and may be held through a commingled or institutional mutual fund. Assets in the international equities category include investments in a broad range of international equity securities, including both developed and emerging markets, and may be held through a commingled or institutional mutual fund. The real estate category includes investments in pooled and commingled funds whose objectives are diversified equity investments in income-producing properties. Each real estate fund is intended to provide broad exposure to the real estate market by property type, geographic location and size and may invest internationally. Additionally, this category includes real estate investment trusts, which are represented in the Dow Jones US Select REIT Index. Securities in the fixed income categories include U.S. government, corporate, mortgage- and asset-backed securities and Yankee bonds and should be rated investment grade or above. Investments in this category should have an average investment rating of “A” or better.
To develop the expected long-term rate of return on assets assumption, we considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the plan's other asset classes and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based upon the current asset allocation to develop the expected long-term rate of return on assets assumption for the plan, which increased to 6.62% at December 31, 2025 from 6.44% at December 31, 2024.
    
Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):
Pension BenefitsOther Post-Retirement Benefits
Years ending December 31,
2026$41.0 $0.9 
202740.7 0.9 
202840.4 0.9 
202940.2 0.8 
203039.7 0.8 
2031 through 2035189.9 3.6 
Savings Plans
We have savings plans, (the "Savings Plan", the "Limited Retirement Plan", the "Multinational Savings Plan"), which cover eligible employees as defined within each plan. The Savings Plan includes a 401(k) savings plan feature, which allows eligible employees to make tax-deferred contributions to the plans. The Limited Retirement Plan allows eligible employees in the United Kingdom (the "U.K.") to make tax-deferred contributions to the plan. Contributions made to the Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements.
 
Employee contributions have been matched up to a maximum of 6% since the beginning of 2025 and were matched up to a maximum of 5% in 2024 and 2023. These matching contributions totaled $19.2 million, $15.6 million and $13.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.