v3.25.4

Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Components of Net Pension Plan Expense (Income) | The components of net pension plan expense (income) for the years ended December 31, 2025, 2024 and 2023 are included in investment and other loss (income), net on the audited Consolidated Statements of Operations and were as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Interest cost |  | $ | 8.0 |  |  | $ | 11.1 |  |  | $ | 11.7 |
Expected return on assets |  |  | (6.8 | ) |  |  | (13.5 | ) |  |  | (13.2 | )
Amortization, net |  |  | 1.2 |  |  |  | 1.3 |  |  |  | 1.0 |
Net pension plan expense (income) |  |  | 2.4 |  |  |  | (1.1 | ) |  |  | (0.5 | )
Pension plan settlement charge |  |  | 82.8 |  |  |  | — |  |  |  | — |
Total pension plan expense (income) |  | $ | 85.2 |  |  | $ | (1.1 | ) |  | $ | (0.5 | )
Weighted-average assumptions used to calculate total pension plan expense (income): |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.3 | % |  |  | 5.0 | % |  |  | 5.2 | %
Expected return on plan assets |  |  | 5.3 | % |  |  | 6.0 | % |  |  | 5.8 | %
Reconciliation of Funded Status | Reconciliation of Funded Status
|  | 2025 |  |  | 2024 |
Benefit obligation at beginning of year |  | $ | 225.6 |  |  | $ | 234.8 |
Interest cost |  |  | 7.9 |  |  |  | 11.0 |
Actuarial loss (gain) |  |  | 1.6 |  |  |  | (3.5 | )
Benefits paid |  |  | (72.6 | ) |  |  | (16.7 | )
Pension plan settlement |  |  | (137.8 | ) |  |  | — |
Benefit obligation at end of year (a) |  | $ | 24.7 |  |  | $ | 225.6 |
Fair value of plan assets at beginning of year |  | $ | 189.5 |  |  | $ | 199.5 |
Actual return on assets |  |  | 8.4 |  |  |  | 4.9 |
Employer contributions |  |  | 13.0 |  |  |  | 1.8 |
Benefits paid |  |  | (72.6 | ) |  |  | (16.7 | )
Pension plan settlement |  |  | (137.8 | ) |  |  | — |
Other |  |  | (0.5 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | 189.5 |
Under funded status at end of year |  | $ | (24.7 | ) |  | $ | (36.1 | )
(a) As the Company’s defined benefit plans are frozen and participants do not earn additional service benefits, the projected benefit obligation and accumulated benefit obligation are the same.
Amount Recognized on Consolidated and Combined Balance Sheets | The underfunded pension plans liabilities are presented on the Company’s audited Consolidated Balance Sheets as follows:
|  | December 31, |
|  | 2025 |  |  | 2024 |
Accrued liabilities |  | $ | (2.0 | ) |  | $ | (13.9 | )
Pension and other postretirement benefits plans liabilities |  |  | (22.7 | ) |  |  | (22.2 | )
Net liabilities |  | $ | (24.7 | ) |  | $ | (36.1 | )
Amounts in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss on the audited Consolidated Balance Sheets, excluding tax effects, that have not been recognized as components of net periodic benefit cost at December 31, 2025 and 2024 were as follows:
|  | December 31, |
|  | 2025 |  |  | 2024 |
Accumulated other comprehensive loss: |  |  |  |  |  |
Net actuarial loss |  | $ | (6.3 | ) |  | $ | (90.3 | )
Amounts Recognized in Other Comprehensive Income (Loss) | The pre-tax amounts recognized in other comprehensive income (loss) during the years ended December 31, 2025, 2024 and 2023 were as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Pension plan settlement charge |  | $ | 82.8 |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain |  |  | — |  |  |  | (4.9 | ) |  |  | 5.1 |
Amortization of net actuarial loss |  |  | 1.2 |  |  |  | 1.2 |  |  |  | 1.0 |
Total recognized in other comprehensive income (loss) |  | $ | 84.0 |  |  | $ | (3.7 | ) |  | $ | 6.1 |
Weighted Average Assumptions Used to Determine Benefit Obligation | The weighted average assumptions used to determine the benefit obligati on at December 31, 2025 and 2024 were as follows:
|  | December 31, |
|  | 2025 |  |  | 2024 |
Discount rate |  |  | 5.4 | % |  |  | 5.3 | %
Interest crediting rate |  |  | 4.8 | % |  |  | 3.0 | %
Expected Benefit Payments | Benefit payments are expected to be paid as follows:
2026 |  | $ | 2.1 |
2027 |  |  | 2.0 |
2028 |  |  | 2.0 |
2029 |  |  | 2.2 |
2030 |  |  | 1.9 |
2031-2035 |  |  | 9.0 |
Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2024, by asset category, were as follows:
|  | December 31, 2024 |
|  | Total |  |  | Level 1 |  |  | Level 2 |
Asset category: |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 62.6 |  |  | $ | — |  |  | $ | 62.6 |
Fixed income |  |  | 64.4 |  |  |  | — |  |  |  | 64.4 |
Assets measured at NAV |  |  | 62.5 |  |  |  | — |  |  |  | — |
Total |  | $ | 189.5 |  |  | $ | — |  |  | $ | 127.0 |

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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (j) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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