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v3.25.3

Pension and Postretirement Benefits | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Pension and Postretirement Benefits | Pension and Postretirement Benefits Net periodic pension expense (income) is presented below:
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Interest cost |  | 47.8 |  |  | 28.6 |  |  | 19.2 |  |  | 44.8 |  |  | 27.6 |  |  | 17.2 |
Expected return on plan assets |  | (57.2) |  |  | (34.6) |  |  | (22.6) |  |  | (51.6) |  |  | (29.4) |  |  | (22.2) |
Amortization of prior service benefit |  | (1.1) |  |  | (0.6) |  |  | (0.5) |  |  | (1.2) |  |  | (0.7) |  |  | (0.5) |
Recognized net actuarial loss |  | 25.1 |  |  | 18.7 |  |  | 6.4 |  |  | 19.8 |  |  | 14.6 |  |  | 5.2 |
Settlement losses (ii) |  | 227.7 |  |  | 227.7 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension expense |  | $ | 242.7 |  |  | $ | 239.8 |  |  | $ | 2.9 |  |  | $ | 12.2 |  |  | $ | 12.1 |  |  | $ | 0.1 |
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 1.1 |  |  | $ | — |  |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |
Interest cost |  | 140.2 |  |  | 84.4 |  |  | 55.8 |  |  | 137.7 |  |  | 86.9 |  |  | 50.8 |
Expected return on plan assets |  | (152.8) |  |  | (87.2) |  |  | (65.6) |  |  | (159.8) |  |  | (94.0) |  |  | (65.8) |
Amortization of prior service benefit |  | (3.4) |  |  | (1.9) |  |  | (1.5) |  |  | (3.5) |  |  | (1.9) |  |  | (1.6) |
Recognized net actuarial loss |  | 73.6 |  |  | 54.8 |  |  | 18.8 |  |  | 63.8 |  |  | 48.2 |  |  | 15.6 |
Settlement losses (ii)(iii) |  | 227.7 |  |  | 227.7 |  |  | — |  |  | 132.3 |  |  | 132.3 |  |  | — |
Net periodic pension expense |  | $ | 286.4 |  |  | $ | 277.8 |  |  | $ | 8.6 |  |  | $ | 171.5 |  |  | $ | 171.5 |  |  | $ | — |
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).
(ii) In September 2025, the company purchased a group annuity contract, with plan assets, for approximately $316 million to transfer projected benefit obligations related to approximately 3,150 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $227.7 million for both the three and nine months ended September 30, 2025.
(iii) In March 2024, the company purchased a group annuity contract, with plan assets, for approximately $195 million to transfer projected benefit obligations related to approximately 3,800 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $132.3 million for the nine months ended September 30, 2024.
During the nine months ended September 30, 2025, the company made cash contributions of $317.2 million to its global defined benefit pension plans including a discretionary contribution of $250 million to its U.S. defined benefit pension plans. The discretionary contribution was funded in the second quarter of 2025 with approximately $200 million from the net proceeds of the 10.625% Senior Secured Notes due 2031, and $50 million from cash on hand. See Note 11 for additional details on the issuance and use of the net proceeds of the 10.625% Senior Secured Notes due 2031. For the remainder of 2025, the company expects to make cash contributions of approximately $24 million primarily to its U.S. defined benefit pension plans. This will result in total expected cash contributions for 2025 of approximately $342 million to the company’s global defined benefit pension plans, including approximately $309 million to the company’s U.S. defined benefit pension plans and approximately $33 million primarily to the company’s international defined benefit pension plans. During the nine months ended September 30, 2024, the company made cash contributions of $17.6 million primarily to its international defined benefit pension plans. In 2024, the company made cash contributions of $21.9 million primarily to its international defined benefit pension plans. At the end of each year, the company estimates its future cash contributions to its global defined benefit pension plans based on year-end pension data, assumptions and agreements. Any material deterioration in the value of the company’s global defined benefit pension plan assets, as well as changes in pension legislation, volatility in the capital markets, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions in different amounts and on a different schedule than previously estimated. Net periodic postretirement benefit expense (income) is presented below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost(i) |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 0.6 |  |  | 0.6 |  |  | 1.8 |  |  | 1.8 |
Expected return on assets |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Recognized net actuarial gain |  | (0.5) |  |  | (0.8) |  |  | (1.6) |  |  | (2.3) |
Amortization of prior service benefit |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.1 |
Net periodic postretirement benefit expense (income) |  | $ | 0.2 |  |  | $ | (0.1) |  |  | $ | 0.4 |  |  | $ | (0.4) |
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).
The company expects to make cash contributions of $3 million to its postretirement benefit plan in 2025. In 2024, the company made cash contributions of $5.2 million to its postretirement benefit plan. For the nine months ended September 30, 2025 and 2024, the company made cash contributions of $1.0 million and $3.4 million, respectively.

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