v3.25.4
Employee benefit plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee benefit plans Employee benefit plans
We sponsor many defined benefit plans across the globe. Those plans have resulted in significant obligations to pay benefits to current and former employees, many of which are at least partially funded with plan assets. Unless required otherwise, we typically seek to close the defined benefit plans to new participants. Defined benefit plans do not materially impact our earnings, and as a result, certain disclosures have been omitted.
We approved the termination of one of our two U.S. pension plans during 2024. The pension liability was partially settled in December 2024 due to lump sum distribution payments of $54.2 million to plan participants. We recorded $9.3 million of pension termination costs for the year ended December 31, 2024, which are included in other income or expenses as discussed in note 19.
The remaining pension liability was settled in 2025, primarily through the purchase of annuity contracts totaling $97.7 million. As a result of the settlement, we recorded $16.3 million of pension termination costs in 2025, which were primarily recognized in other income or expense.
The remaining pension surplus from the plan was used by the Company, as prescribed by applicable regulations, to fund a Qualified Replacement Plan, which will primarily fund future non-elective contributions to the Avantor U.S. 401(k) defined contribution plan.
The following table presents changes in benefit obligations and plan assets and the funded status of our plans:    
(in millions)
U.S. pension plans
Year ended December 31,
Non-U.S. pension plans
Year ended December 31,
U.S. medical plan
Year ended December 31,
202520242025202420252024
Benefit obligation:
Beginning balance$119.7 $164.6 $179.0 $200.7 $9.8 $10.6 
Service cost0.8 1.9 3.4 3.2 0.1 0.1 
Interest cost0.9 8.1 6.8 6.8 0.6 0.5 
Employee contributions— — 1.3 1.1 — — 
Actuarial (gain) loss
(2.2)8.5 (11.4)(7.9)0.9 (1.0)
Benefits paid(0.7)(9.2)(7.6)(7.7)(0.4)(0.4)
Settlements and curtailments(110.9)(54.2)(8.2)(9.0)— — 
Currency translation— — 20.1 (9.5)— — 
Other(0.1)— 1.9 1.3 — — 
Ending balance7.5 119.7 185.3 179.0 11.0 9.8 
Fair value of plan assets:
Beginning balance153.7 214.7 109.0 124.8 — — 
Return (loss) on plan assets
0.6 1.7 5.5 (3.5)— — 
Employer contributions0.7 0.7 6.5 6.3 0.4 0.4 
Employee contributions— — 1.3 1.1 — — 
Benefits paid(0.7)(9.2)(7.6)(7.7)(0.4)(0.4)
Settlements and curtailments(110.9)(54.2)(7.4)(9.0)— — 
Currency translation— — 10.8 (4.4)— — 
Other1
(43.4)— 2.1 1.4 — — 
Ending balance— 153.7 120.2 109.0 — — 
Funded status at end of year$(7.5)$34.0 $(65.1)$(70.0)$(11.0)$(9.8)
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1.The amount reported for the year ended December 31, 2025, primarily reflects the transfer of the remaining pension surplus from the terminated U.S. Pension Plan to fund a Qualified Replacement Plan.
The following table presents other balance sheet information for defined benefit plans:
(in millions)
U.S. pension plans
December 31,
Non-U.S. pension plans
December 31,
U.S. medical plan
December 31,
202520242025202420252024
Accumulated benefit obligation$7.5 $119.6 $182.9 $176.4 $10.9 $9.8 
Amounts recorded in balance sheet:
Other assets$— $41.6 $10.6 $4.5 $— $— 
Other current liabilities(0.7)(0.7)(3.2)(2.8)(0.9)(0.7)
Other liabilities(6.8)(6.9)(72.5)(71.7)(10.1)(9.1)
Funded status$(7.5)$34.0 $(65.1)$(70.0)$(11.0)$(9.8)
Components of AOCI, excluding tax effects:
Actuarial gain (loss)
$0.4 $(19.1)$16.1 $3.1 $7.5 $9.3 
Prior service gain
— — 0.6 1.0 — — 
The following table presents the assumptions used to determine the benefit obligation:
U.S. pension plans
December 31,
Non-U.S. pension plans
December 31,		U.S. medical plan
December 31,
202520242025202420252024
Discount rate5.2 %5.5 %4.1 %3.7 %5.3 %5.2 %
Annual rate of salary increase— %3.5 %2.1 %2.2 %— — 
Health care cost trends:
Initial rate
n/a
n/an/an/a7.5 %6.9 %
Ultimate raten/an/an/an/a4.0 %4.0 %
Year ultimate rate is reachedn/an/an/an/a20502048
    
Actuarial gains for the year ended December 31, 2025 were primarily attributable to higher discount rates (excluding the terminated U.S. plan) and increases in lump‑sum conversion rates for the U.S. plans. Additional gains resulted from lower inflation assumptions. These favorable impacts were partially offset by experience losses in the non‑U.S. plans during the year. For 2024, increases in discount rates in both the U.S. and U.K. generated most of the actuarial gains in the U.S. and non‑U.S. pension plan obligations. These gains were partially offset by experience losses in the U.S. related to annuity purchases completed as part of the plan termination process. Non‑U.S. plans also recorded experience gains in 2024 due to involuntary terminations. Actuarial losses in the U.S. postretirement medical plan in 2025 were driven primarily by unfavorable experience and a decrease in the discount rate, compared to 2024, when actuarial gains were mainly attributable to favorable experience.
The following table presents future benefits expected to be paid:
(in millions)
December 31, 2025
U.S. pension plansNon-U.S. pension plansU.S. medical plan
2026$0.7 $10.1 $0.9 
20270.7 10.3 0.9 
20280.7 11.4 0.9 
20290.7 13.2 1.0 
20300.7 12.7 1.0 
2031 – 20353.0 63.8 4.6 
We do not expect to make any material contributions to our defined benefit plans in 2026.
The following table presents the allocation of plan assets:
(in millions)December 31, 2025December 31, 2024
TotalLevel 1Level 2Level 3
NAV1
TotalLevel 1Level 2Level 3
NAV1
U.S. plans:
Cash$— $— $— $— $— $25.4 $25.4 $— $— $— 
Fixed income— — — — — 122.8 23.3 99.5 — — 
Equity— — — — — 5.5 5.5 — — — 
Total$— $— $— $— $— $153.7 $54.2 $99.5 $— $— 
Non-U.S. plans:
Cash$1.0 $1.0 $— $— $— $1.2 $1.2 $— $— $— 
Fixed income56.7 — 44.7 — 12.0 46.5 — 42.3 — 4.2 
Equity17.8 — 12.9 — 4.9 20.0 — 11.8 — 8.2 
Other2.0 — 1.5 — 0.5 2.9 — 1.3 — 1.6 
Insurance contracts42.7 — — 42.7 — 38.4 — — 38.4 — 
Total$120.2 $1.0 $59.1 $42.7 $17.4 $109.0 $1.2 $55.4 $38.4 $14.0 
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1.Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
For periods prior to the plan’s termination, the U.S. pension plan’s investment strategy focused on aligning the duration of plan assets with the duration of benefit obligations. This strategy utilized diversified fixed‑income funds to hedge movements in the discount rate, with investments primarily in long‑duration, investment‑grade corporate bonds across industrial, financial, and utility sectors. Surplus assets were invested in equity funds. The plan was fully settled and terminated in 2025, and therefore no U.S. pension plan assets remained invested as of December 31, 2025.
For the non-U.S. plans, in many cases we enter into insurance contracts to guarantee payment of benefits for an annual fee. Otherwise, our primary investment strategy is to seek a return on plan assets sufficient to achieve our long-term funding objectives. To seek this return, we invest significantly in global equity funds and secondarily in fixed income funds to mitigate inflation and interest rate risk. These funds primarily invest in inflation-linked and other types of government bonds. We estimate the expected long-term rate of return on plan assets in a similar manner to the U.S. plans.
The following table presents changes to plan assets of non-U.S. plans that were measured using unobservable inputs:
(in millions)
Year ended December 31,
20252024
Beginning balance$38.4 $45.7 
Purchases6.3 5.0 
Actual returns0.4 0.4 
Settlements(7.8)(9.7)
Currency translation5.4 (3.0)
Ending balance$42.7 $38.4