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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans Termination and Liquidation of the Frozen Plan Our Frozen Plan (consisting of two domestic defined benefit plans that were merged and terminated effective December 31, 2024) was liquidated in November 2025 through the distribution of plan assets and transfer of benefit obligations to an unrelated third-party insurance company. In connection, non-cash settlement charges of $22.0 and $.7 were recorded for the years ended December 31, 2025 and 2024, respectively, and an employer contribution of $6.0 was made in the fourth quarter of 2025. At December 31, 2025, the remaining net liability for the Frozen Plan was $.7 and is expected to be fully settled by mid-2026. The Frozen Plan's net liability was $4.2 at December 31, 2024. Remaining Defined Benefit Pension Plan Activity Our remaining domestic plan represents approximately 59% of our pension benefit obligation at December 31, 2025. At December 31, 2024 and 2023, our domestic plans consisted of two and three significant plans, respectively, and represented approximately 85% of our pension benefit obligation for both years. A summary of our pension obligations and funded status as of December 31 is as follows:
| 2025 |  | 2024 |  | 2023
Change in benefit obligation |  |  |  |  |
Benefit obligation, beginning of period | $ | 178.5 |  |  | $ | 194.6 |  |  | $ | 191.2 |
Service cost | 2.7 |  |  | 2.8 |  |  | 3.4 |
Interest cost | 8.7 |  |  | 9.1 |  |  | 9.2 |
Plan participants’ contributions | .5 |  | .4 |  | .4
Actuarial loss (gain) 1 | .9 |  |  | (10.3) |  |  | 4.8 |
Benefits paid | (13.6) |  |  | (16.0) |  |  | (15.8) |
Plan amendments | — |  |  | .1 |  |  | — |
Curtailments and settlements | (110.7) |  |  | (.7) |  |  | — |
Foreign currency exchange rate changes | 1.9 |  |  | (1.3) |  |  | 1.4 |
Other | (.3) |  |  | (.2) |  |  | — |
Benefit obligation, end of period | $ | 68.6 |  |  | $ | 178.5 |  |  | $ | 194.6 |
Change in plan assets |  |  |  |  |
Fair value of plan assets, beginning of period | $ | 178.9 |  |  | $ | 187.8 |  |  | $ | 175.8 |
Actual return on plan assets | 13.4 |  |  | 7.3 |  |  | 20.9 |
Employer contributions | 6.5 |  |  | 1.0 |  |  | 5.0 |
Plan participants’ contributions | .5 |  |  | .4 |  |  | .4 |
Benefits paid | (13.6) |  |  | (16.0) |  |  | (15.8) |
Settlements | (110.6) |  |  | (.2) |  |  | — |
Foreign currency exchange rate changes | 2.0 |  |  | (1.2) |  |  | 1.5 |
Other | (.4) |  |  | (.2) |  |  | — |
Fair value of plan assets, end of period | $ | 76.7 |  |  | $ | 178.9 |  |  | $ | 187.8 |
Net funded status | $ | 8.1 |  |  | $ | .4 |  |  | $ | (6.8) |
Funded status recognized in the Consolidated Balance Sheets |  |  |  |  |
Other noncurrent assets | $ | 11.6 |  |  | $ | 7.3 |  |  | $ | 4.7 |
Other current liabilities | (1.0) |  |  | (.3) |  |  | (.3) |
Other long-term liabilities | (2.5) |  |  | (6.6) |  |  | (11.2) |
Net funded status | $ | 8.1 |  |  | $ | .4 |  |  | $ | (6.8) |
1 Year-over-year fluctuations in "Actuarial loss (gain)" are primarily driven by changes in the weighted average discount rate assumptions. Our accumulated benefit obligation was not materially different from our projected benefit obligation for the periods presented.
Comprehensive Income (Loss) Amounts and activity included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets associated with pensions are reflected below:
| December 31, 2024 |  | 2025 Amortization |  | Net Actuarial Loss |  | Foreign Currency Exchange Rates Change |  | Income Tax Change |  |  |  | December 31, 2025
Gross accumulated other comprehensive income (loss) 1 | $ | (12.0) |  |  | $ | 22.2 |  |  | $ | 3.6 |  |  | $ | (.2) |  |  | $ | (5.8) |  |  |  |  | $ | 7.8 |
Deferred income taxes | 4.8 |  |  | — |  |  | — |  |  | — |  |  | (6.3) |  |  |  |  | (1.5) |
Accumulated other comprehensive income (loss) (net of tax) | $ | (7.2) |  |  | $ | 22.2 |  |  | $ | 3.6 |  |  | $ | (.2) |  |  | $ | (12.1) |  |  |  |  | $ | 6.3 |
1 The amortization includes a $22.0 pension settlement. See Note O for the associated income tax impact. Net Pension Expense (Income) Components of net pension expense (income) for the years ended December 31 were as follows:
| 2025 |  | 2024 |  | 2023
Service cost | $ | 2.7 |  |  | $ | 2.8 |  |  | $ | 3.4 |
Interest cost | 8.7 |  |  | 9.1 |  |  | 9.2 |
Expected return on plan assets | (8.9) |  |  | (11.5) |  |  | (10.9) |
Recognized net actuarial loss | .2 |  |  | 1.1 |  |  | 1.3 |
Curtailments and settlements | 22.0 |  |  | .7 |  |  | — |
Net pension expense | $ | 24.7 |  |  | $ | 2.2 |  |  | $ | 3.0 |
Weighted average assumptions for pension costs: |  |  |  |  |
Discount rate | 5.3 | % |  | 4.8 | % |  | 5.0 | %
Rate of compensation increase | 3.1 | % |  | 3.4 | % |  | 3.4 | %
Expected return on plan assets | 5.5 | % |  | 6.4 | % |  | 6.4 | %
Weighted average assumptions for benefit obligation: |  |  |  |  |
Discount rate | 5.2 | % |  | 5.3 | % |  | 4.8 | %
Rate of compensation increase | 3.1 | % |  | 3.1 | % |  | 3.4 | %
Assumptions used for domestic and international plans were not significantly different. The components of net pension expense other than the service cost are included in the line item "Other (income) expense, net" in the Consolidated Statements of Operations. We use the Pension Liability Index rate to determine the discount rate used for our significant pension plans. The Pension Liability Index rate is a calculated rate using yearly spot rates matched against expected future benefit payments. The discount rates used for our other, primarily foreign, plans are based on rates appropriate for the respective country and the plan obligations. The overall expected long-term rate of return is based on each plan’s historical experience and our expectations of future returns based upon each plan’s investment holdings, as discussed below. Pension Plan Assets The areas in which we utilize fair value measures of pension plan investments are presented in the table below:
| Year Ended December 31, 2025 |  | Year Ended December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 1 |  | Assets Measured at NAV 2 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 1 |  | Assets Measured at NAV 2 |  | Total
Mutual and pooled funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | $ | 15.4 |  |  | $ | 12.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 27.8 |  |  | $ | 102.9 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 114.5 |
Equities | 39.2 |  |  | 1.4 |  |  | — |  |  | — |  |  | 40.6 |  |  | 35.9 |  |  | 1.5 |  |  | — |  |  | — |  |  | 37.4 |
Money market funds, cash and other | — |  |  | — |  |  | 6.3 |  |  | 2.0 |  |  | 8.3 |  |  | — |  |  | — |  |  | 6.3 |  |  | 20.7 |  |  | 27.0 |
Total investments at fair value | $ | 54.6 |  |  | $ | 13.8 |  |  | $ | 6.3 |  |  | $ | 2.0 |  |  | $ | 76.7 |  |  | $ | 138.8 |  |  | $ | 13.1 |  |  | $ | 6.3 |  |  | $ | 20.7 |  |  | $ | 178.9 |
1 We entered into a buy-in arrangement during 2023 for one of our frozen international plans. The bulk purchase annuity policy assets from this transaction are classified as level 3 in the fair value hierarchy. 2 Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Our investment policy and strategies are established with a long-term view in mind. We strive for a sufficiently diversified asset mix to minimize the risk of a material loss to the portfolio value due to the devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls that might result from poor investment performance are considered. The remaining significant plan has a target allocation of 75% equities and 25% fixed income, as historical equity returns have tended to exceed bond returns over the long term. Future Contributions and Benefit Payments We expect to contribute approximately $2.0 to our defined benefit pension plans in 2026. Estimated benefit payments expected over the next 10 years are as follows:
2026 | $ | 5.3 |
2027 | 4.9 |
2028 | 5.0 |
2029 | 5.2 |
2030 | 5.2 |
2031-2035 | 25.8 |
Defined Contribution Plans Total expense for our defined contribution plans was $14.9, $15.4, and $14.2 for the years ended December 31, 2025, 2024, and 2023, respectively.
Multi-employer Pension Plan We previously had limited participation in one union-sponsored multi-employer defined benefit pension plan that covered selected employees at one of the domestic locations in the Aerospace Products Group. In the third quarter of 2025, we sold the Aerospace Products Group (see Note S), and we have no obligations related to this plan.

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