v3.25.4
Employee benefit plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of changes in benefit obligations and plan assets and funded status
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.
Schedule of other balance sheet information
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 — — 
Schedule of assumptions used
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
Schedule of future benefits expected to be paid
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 $0.9 
20270.7 10.3 0.9 
20280.7 11.4 0.9 
20290.7 13.2 1.0 
20300.7 12.7 1.0 
2031 – 20353.0 63.8 4.6 
Schedule of allocation of plan assets
The following table presents the allocation of plan assets:
(in millions)December 31, 2025December 31, 2024
TotalLevel 1Level 2Level 3
NAV1
TotalLevel 1Level 2Level 3
NAV1
U.S. plans:
Cash$— $— $— $— $— $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.
Schedule of changes to plan assets measured using unobservable inputs
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