The Company has certain non-contributory defined benefit pension plans for salaried and hourly employees in the United States, Germany, the Netherlands and the United Kingdom. The Company uses a measurement date of September 30 beginning with fiscal 2025 and used October 31 for fiscal 2024 or any prior fiscal years for its pension plans. The salaried employees plans’ benefits are based primarily on years of service and earnings. The hourly employees plans’ benefits are based primarily upon years of service, and certain benefit provisions are subject to collective bargaining. The Company contributes an amount that is not less than the minimum funding and not more than the maximum tax-deductible amount to these plans. Salaried employees in the United States who commence service on or after November 1, 2007 are not eligible to participate in the U.S. defined benefit pension plan, but are eligible to participate in a defined contribution retirement program. Salaried employees outside the U.S. also have various dates in which they are not eligible to participate in the respective defined benefit pension plans, but are eligible to participate in a defined contribution retirement program. The category “International” represents the non-contributory defined benefit pension plans in Germany, the Netherlands and the United Kingdom for September 30, 2025 (11-month) and October 31, 2024.

Pension plan contributions by the Company totaled $4.8 million during 2025 (11-month), which consisted of $1.0 million of employer contributions and $3.8 million of benefits paid directly by the Company. Pension plan contributions, including benefits paid directly by the Company, totaled $7.9 million and $27.5 million during 2024 and 2023, respectively. Contributions, including benefits paid directly by the Company, during 2026 are expected to be approximately $6.0 million.


September 30, 2025	Consolidated	United States	International
Active participants	922	842	80
Vested former employees and deferred members	3,274	2,809	465
Retirees and beneficiaries	3,657	2,351	1,306

October 31, 2024	Consolidated	United States	International
Active participants	1,323	1,239	84
Vested former employees and deferred members	3,129	2,672	457
Retirees and beneficiaries	3,446	2,240	1,206

The discount rate is determined by developing a hypothetical portfolio of individual high-quality corporate bonds available at the measurement date, the coupon and principal payments of which would be sufficient to satisfy the plans’ expected future benefit payments as defined for the projected benefit obligation. The discount rate by country is equivalent to the average yield on that hypothetical portfolio of bonds and is a reflection of current market settlement rates on such high quality bonds, government treasuries and annuity purchase rates. To determine the expected long-term rate of return on pension plan assets, the Company considers current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for the defined benefit pension plans’ assets, the Company formulates views on the future economic environment, both in the U.S. and globally. The Company evaluates general market trends and historical relationships among a number of key variables that impact asset class returns, such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. The Company takes into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and expected allocations. The Company uses published mortality tables for determining the expected lives of plan participants and believes that the tables selected are most-closely associated with the expected lives of plan participants as the tables are based on the country in which the participant is employed.

Based on the Company’s analysis of future expectations of asset performance, past return results and its current and expected asset allocations, the Company has assumed a 5.58% long-term expected return on those assets for cost recognition in 2025. For the defined benefit pension plans, the Company applies its expected rate of return to a market-related value of assets, which stabilizes variability in the amounts to which the Company applies that expected return.

During the year ended September 30, 2025 (11 months), the Company sold the Containerboard Business and decided to freeze benefit accruals for certain union and non-union participants in the United States pension plan effective December 31 2025. The curtailment item described above resulted in a reduction to the projected benefit obligation, as well as accumulated other comprehensive loss by $11.2 million.

During the year ended October 31, 2023, plan assets of $7.7 million were used to purchase $5.9 million in annuity contracts and pay $1.8 million in lump sums to retirees to settle the pension obligation and close the Canada pension plans. The settlement items described above resulted in non-cash pension settlement charges of $3.5 million of unrecognized net actuarial loss included in accumulated other comprehensive loss for the year ended October 31, 2023.


For the year ended September 30, 2025 (11-month)
(in millions)	Consolidated		United States		International
Service cost	$	5.0	$	3.8	$	1.2
Interest cost	28.4		21.8		6.6
Expected return on plan assets	(35.1)		(27.1)		(8.0)
Amortization of prior service benefit	(0.1)		—		(0.1)
Recognized net actuarial loss	0.5		—		0.5



Net periodic pension (income) cost	$	(1.3)	$	(1.5)	$	0.2
For the year ended October 31, 2024
(in millions)	Consolidated		United States		International
Service cost	$	5.7	$	4.2	$	1.5
Interest cost	34.9		26.7		8.2
Expected return on plan assets	(43.5)		(33.4)		(10.1)
Amortization of prior service benefit	(0.3)		(0.2)		(0.1)
Recognized net actuarial gain	(0.9)		(0.9)		—



Net periodic pension (income) cost	$	(4.1)	$	(3.6)	$	(0.5)
For the year ended October 31, 2023
(in millions)	Consolidated		United States		International
Service cost	$	6.8	$	5.3	$	1.5
Interest cost	35.0		26.8		8.2
Expected return on plan assets	(39.0)		(30.6)		(8.4)
Amortization of prior service benefit	(0.4)		(0.3)		(0.1)
Recognized net actuarial (gain) loss	(2.1)		(2.2)		0.1

Special Events
Settlement	3.5		—		3.5
Net periodic pension (income) cost	$	3.8	$	(1.0)	$	4.8

Benefit obligations are described in the following tables. Accumulated and projected benefit obligations (“ABO” and “PBO”) represent the obligations of a pension plan for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current compensation levels. PBO is ABO increased to reflect expected future compensation.


For the year ended September 30, 2025 (11-month)
(in millions)	Consolidated		United States		International
Change in benefit obligation:
Benefit obligation at beginning of year	$	654.1	$	469.9	$	184.2
Service cost	5.0		3.8		1.2
Interest cost	28.4		21.8		6.6
Plan participant contributions	0.2		—		0.2
Expenses paid from assets	(2.9)		(1.9)		(1.0)

Actuarial (gain) loss	(0.6)		10.2		(10.8)
Foreign currency impact	9.1		—		9.1
Benefits paid	(48.8)		(38.4)		(10.4)

Curtailments	(11.2)		(11.2)		—

Discontinued operations	1.1		1.1		—

Benefit obligation at end of year	$	634.4	$	455.3	$	179.1
For the year ended October 31, 2024
(in millions)	Consolidated		United States		International
Change in benefit obligation:
Benefit obligation at beginning of year	$	604.1	$	437.5	$	166.6
Service cost	5.7		4.2		1.5
Interest cost	34.9		26.7		8.2
Plan participant contributions	0.2		—		0.2
Expenses paid from assets	(3.2)		(1.5)		(1.7)

Actuarial loss	52.8		40.8		12.0
Foreign currency impact	8.5		—		8.5
Benefits paid	(49.9)		(38.9)		(11.0)



Discontinued operations	1.1		1.1		—
Other	(0.1)		—		(0.1)
Benefit obligation at end of year	$	654.1	$	469.9	$	184.2


(in millions)	Consolidated		United States		International
Actuarial value of benefit obligations and plan assets
September 30, 2025
Projected benefit obligation	$	634.4	$	455.3	$	179.1
Accumulated benefit obligation	632.0		454.0		178.0
Plan assets	639.3		486.4		152.9
October 31, 2024
Projected benefit obligation	$	654.1	$	469.9	$	184.2
Accumulated benefit obligation	640.1		457.4		182.7
Plan assets	640.9		482.8		158.1
Plans with ABO in excess of Plan assets
September 30, 2025
Accumulated benefit obligation	$	110.8	$	28.5	$	82.3
Plan assets	52.8		—		52.8
October 31, 2024
Accumulated benefit obligation	$	109.4	$	28.8	$	80.6
Plan assets	51.7		—		51.7

The investment policy reflects the long-term nature of the plans’ funding obligations. The assets are invested to provide the opportunity for both income and growth of principal. This objective is pursued as a long-term goal designed to provide required benefits for participants without undue risk. It is expected that this objective can be achieved through a well-diversified asset portfolio. All equity investments are made within the guidelines of quality, marketability and diversification mandated by the Employee Retirement Income Security Act and/or other relevant statutes and laws. Investment managers are directed to maintain equity portfolios at a risk level approximately equivalent to that of the specific benchmark established for that portfolio.


For the year ended September 30, 2025 (11-month)
(in millions)	Consolidated		United States		International
Change in plan assets:
Fair value of plan assets at beginning of year	$	640.9	$	482.8	$	158.1
Actual return on plan assets	38.1		41.6		(3.5)
Expenses paid	(2.9)		(1.9)		(1.0)
Plan participant contributions	0.2		—		0.2
Foreign currency impact	7.0		—		7.0
Employer contributions	1.0		—		1.0
Benefits paid out of plan	(45.0)		(36.1)		(8.9)


Fair value of plan assets at end of year	$	639.3	$	486.4	$	152.9
For the year ended October 31, 2024
(in millions)	Consolidated		United States		International
Change in plan assets:
Fair value of plan assets at beginning of year	$	584.0	$	431.6	$	152.4
Actual return on plan assets	96.9		88.5		8.4
Expenses paid	(3.2)		(1.5)		(1.7)
Plan participant contributions	0.2		—		0.2
Foreign currency impact	8.7		—		8.7
Employer contributions	3.4		—		3.4
Benefits paid out of plan	(45.3)		(35.8)		(9.5)

Other	(3.8)		—		(3.8)
Fair value of plan assets at end of year	$	640.9	$	482.8	$	158.1


	Fair Value Measurement
As of September 30, 2025 (in millions)	Level 1		Level 2		Level 3		Total
Asset Category
Mutual funds	$	34.4	$	0.1	$	—	$	34.5

Cash	4.7		—		—		4.7

Corporate bonds	—		174.0		—		174.0
Government bonds	—		103.1		—		103.1
Other assets	—		4.8		—		4.8
Total Assets in the Fair Value Hierarchy	39.1		282.0		—		321.1
Investments Measured at Net Asset Value

Insurance contracts							148.3
Common stock funds							81.7
Corporate bond funds							123.7

Investments at Fair Value*	$	39.1	$	282.0	$	—	$	674.8

	Fair Value Measurement
As of October 31, 2024 (in millions)	Level 1		Level 2		Level 3		Total
Asset Category
Mutual funds	$	40.0	$	0.1	$	—	$	40.1

Cash	6.9		—		—		6.9

Corporate bonds	—		164.5		—		164.5
Government bonds	—		80.1		—		80.1
Other assets	—		4.2		—		4.2
Total Assets in the Fair Value Hierarchy	46.9		248.9		—		295.8
Investments Measured at Net Asset Value

Insurance contracts							153.6
Common stock funds							97.1
Corporate bond funds							116.9

Investments at Fair Value*	$	46.9	$	248.9	$	—	$	663.4


As of September 30, 2025
(in millions)	Consolidated		United States		International
Unrecognized net actuarial loss	$	102.3	$	21.8	$	80.5
Unrecognized prior service benefit	(0.7)		—		(0.7)

Accumulated other comprehensive loss - pre-tax	$	101.6	$	21.8	$	79.8
Amounts recognized in the consolidated balance sheets consist of:
Prepaid benefit cost	$	64.1	$	59.6	$	4.5
Accrued benefit liability	(59.2)		(28.5)		(30.7)
Accumulated other comprehensive loss - pre-tax	101.6		21.8		79.8
Net amount recognized	$	106.5	$	52.9	$	53.6
As of October 31, 2024
(in millions)	Consolidated		United States		International
Unrecognized net actuarial loss	$	115.1	$	37.4	$	77.7
Unrecognized prior service benefit	(0.8)		—		(0.8)

Accumulated other comprehensive loss - pre-tax	$	114.3	$	37.4	$	76.9
Amounts recognized in the consolidated balance sheets consist of:
Prepaid benefit cost	$	46.0	$	41.7	$	4.3
Accrued benefit liability	(59.2)		(28.8)		(30.4)
Accumulated other comprehensive loss - pre-tax	114.3		37.4		76.9
Net amount recognized	$	101.1	$	50.3	$	50.8


	11 Months		12 Months
(in millions)	September 30, 2025		October 31, 2024
Accumulated other comprehensive loss at beginning of year	$	114.3	$	109.2
Increase or (decrease) in accumulated other comprehensive loss

Net prior service cost amortized	0.1		0.3
Net (gain) loss amortized	(0.5)		0.9





Liability (gain) loss	(11.8)		52.8
Asset gain	(3.1)		(53.5)
Other adjustments	—		0.3
(Decrease) increase in accumulated other comprehensive loss	(15.3)		0.8
Foreign currency impact	2.6		4.3
Accumulated other comprehensive loss at year end	$	101.6	$	114.3

The Company has a supplemental employee retirement plan that is an unfunded plan providing supplementary retirement benefits primarily to certain executives and longer-service employees who participate or have participated in the U.S. defined benefit pension plan. The present benefit obligation of the supplemental employee retirement plan is included in the United States defined benefit pension plans above.