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v3.25.4

Pension and Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2025
Plan Net Pension Credit |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost/(credit) |  | $ | 1.5 |  |  | $ | (4.9 | ) |  | $ | 3.4 |
Interest cost on PBO |  |  | — |  |  |  | 18.6 |  |  |  | 19.6 |
Expected return on plan assets |  |  | — |  |  |  | (25.9 | ) |  |  | (25.2 | )
Amortization of prior service cost |  |  | — |  |  |  | 16.8 |  |  |  | 0.5 |
Amortization of actuarial net losses |  |  | — |  |  |  | — |  |  |  | (1.6 | )
Recycling of residual reserves |  |  | — |  |  |  | 138.8 |  |  |  | — |
Net periodic cost/(benefit) |  | $ | 1.5 |  |  | $ | 143.4 |  |  | $ | (3.3 | )
The income statement captions are shown here:
Selling, general and administrative |  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost/(credit) |  | $ | 1.5 |  |  | $ | (4.9 | ) |  | $ | 3.4 |
Other expense/(income), net |  | 2025 |  |  | 2024 |  |  | 2023 |
Interest cost on PBO |  | $ | — |  |  |  | 18.6 |  |  |  | 19.6 |
Expected return on plan assets |  |  | — |  |  |  | (25.9 | ) |  |  | (25.2 | )
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | 0.5 |
Amortization of actuarial net losses |  |  | — |  |  |  | — |  |  |  | (1.6 | )
|  | $ | — |  |  | $ | (7.3 | ) |  | $ | (6.7 | )
Pension scheme settlement charge |  | 2025 |  |  | 2024 |  |  | 2023 |
Amortization of prior service cost |  | $ | — |  |  |  | 16.8 |  |  |  | — |
Recycling of residual reserves |  |  | — |  |  |  | 138.8 |  |  |  | — |
|  |  | — |  |  |  | 155.6 |  |  |  | — |
Tax relating to the amortization of prior service cost |  |  | — |  |  |  | (4.2 | ) |  |  | — |
Tax relating to the recycling of residual reserves |  |  | — |  |  |  | (34.7 | ) |  |  | — |
|  | $ | — |  |  | $ | 116.7 |  |  | $ | — |
The other financial statement captions relating to the buy-out settlement are shown here:
Recognized in Other Comprehensive Income |  | 2025 |  |  | 2024 |  |  | 2023 |
Recycling of residual reserves |  | $ | — |  |  |  | 138.8 |  |  |  | — |
Release of historic cumulative translation adjustments |  |  | — |  |  |  | (0.7 | ) |  |  | — |
|  |  | — |  |  |  | 138.1 |  |  |  | — |
Tax relating to the recycling of residual reserves |  |  | — |  |  |  | (34.7 | ) |  |  | — |
Tax relating to historic cumulative translation adjustments |  |  | — |  |  |  | (11.0 | ) |  |  | — |
|  | $ | — |  |  | $ | 92.4 |  |  | $ | — |
Recognized in Reclassifications out of Accumulated Other Comprehensive Loss |  | 2025 |  |  | 2024 |  |  | 2023 |
Recycling of residual reserves |  | $ | — |  |  |  | 138.8 |  |  |  | — |
Release of historic cumulative translation adjustments |  |  | — |  |  |  | (0.7 | ) |  |  | — |
|  |  | — |  |  |  | 138.1 |  |  |  | — |
Tax relating to the recycling of residual reserves |  |  | — |  |  |  | (34.7 | ) |  |  | — |
Tax relating to historic cumulative translation adjustments |  |  | — |  |  |  | (11.0 | ) |  |  | — |
|  | $ | — |  |  | $ | 92.4 |  |  | $ | — |
Plan assumptions at December 31, (%): |  | 2025 |  | 2024 |  |  | 2023 |
Discount rate |  | n/a |  |  | 5.18 |  |  |  | 4.59 |
Inflation rate |  | n/a |  |  | 2.85 |  |  |  | 2.70 |
Rate of return on plan assets – overall on bid-value |  | n/a |  |  | 4.20 |  |  |  | 4.25 |
Plan asset allocation by category (%): |  | 2025 |  | 2024 |  |  | 2023 |
Debt securities and insurance contracts |  | n/a |  |  | — |  |  |  | 96 |
Cash |  | n/a |  |  | 100 |  |  |  | 4 |
|  | n/a |  |  | 100 |  |  |  | 100 |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO and fair value of UK Plan assets are as follows:
(in millions) |  | 2025 |  |  | 2024 |
Change in PBO: |  |  |  |  |  |
Opening balance |  | $ | 0.1 |  |  | $ | 424.1 |
Interest cost |  |  | — |  |  |  | 18.6 |
Service cost/(credit) |  |  | 1.5 |  |  |  | (4.9 | )
Benefits paid |  |  | — |  |  |  | (32.9 | )
Plan amendments |  |  | — |  |  |  | 8.4 |
Scheme closure expenses |  |  | (1.6 | ) |  |  | — |
Actuarial losses/(gains) |  |  | — |  |  |  | 3.7 |
Settlements |  |  | — |  |  |  | (419.2 | )
Exchange effect |  |  | — |  |  |  | 2.3 |
Closing balance |  | $ | — |  |  | $ | 0.1 |
Fair value of plan assets: |  |  |  |  |  |
Opening balance |  | $ | 2.5 |  |  | $ | 459.2 |
Return of funds to cover historic expenses |  |  | (0.9 | ) |  |  | (8.4 | )
Scheme closure expenses |  |  | (1.6 | ) |  |  | — |
Benefits paid |  |  | — |  |  |  | (32.9 | )
Actual return on assets |  |  | — |  |  |  | 1.5 |
Settlements |  |  | — |  |  |  | (419.2 | )
Exchange effect |  |  | — |  |  |  | 2.3 |
Closing balance |  | $ | — |  |  | $ | 2.5 |
Net pension asset |  | $ | — |  |  | $ | 2.4 |
Fair Value of Pension Assets | The fair values of pension assets by level of input were as follows:
(in millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 2.5 |  |  |  |  |  |  |  |  |  | 2.5 |
Total plan assets |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.5 |
Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs | The reconciliation of the fair value of the UK Plan assets measured using significant unobservable inputs was as follows:
(in millions) |  | Other Assets |
Balance at December 31, 2023 |  | $ | 438.7 |
Realized/unrealized gains/(losses): |  |  |
Relating to assets still held at the reporting date |  |  | (2.2 | )
Purchases, issuances and settlements |  |  | (438.8 | )
Exchange effect |  |  | 2.3 |
Balance at December 31, 2024 |  | $ | — |
German Plan [Member] |
Plan Net Pension Credit | The service cost shown in the table below has been recognized in selling, general and administrative expenses within Corporate costs and the other items recognized within other income, net.
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Interest cost on PBO |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Amortization of actuarial net loss/(gain) |  |  | — |  |  |  | (0.2 | ) |  |  | (0.5 | )
Net periodic cost/(benefit) |  | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | (0.1 | )
Plan assumptions at December 31, (%):
Discount rate |  |  | 3.80 |  |  |  | 3.20 |  |  |  | 3.70 |
Inflation rate |  |  | 2.25 |  |  |  | 2.25 |  |  |  | 2.25 |
Rate of increase in compensation levels |  |  | 2.75 |  |  |  | 2.75 |  |  |  | 2.75 |
Movements in PBO and Fair Value of Plan Assets | Movements in PBO of the German plan are as follows:
(in millions) |  | 2025 |  |  | 2024 |
Change in PBO: |  |  |  |  |  |
Opening balance |  | $ | 9.0 |  |  | $ | 9.1 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 0.3 |  |  |  | 0.3 |
Benefits paid |  |  | (0.5 | ) |  |  | (0.4 | )
Actuarial losses/(gains) |  |  | (0.6 | ) |  |  | 0.5 |
Exchange effect |  |  | 1.2 |  |  |  | (0.5 | )
Closing balance |  | $ | 9.4 |  |  | $ | 9.0 |

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