Schedule of reconciliation of the changes in the plans' benefit obligations and the fair value of plan assets

The following tables show a reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets for the years ended December 31, 2025 and 2024:


		Pension and postretirement benefits
		2025		2024
Change in benefit obligations¹
Benefit obligations at the beginning of the year		$	560.8	$	538.1
Service costs			14.1		14.6
Interest costs			24.1		25.5
Plan participants’ contributions			4.7		5.1
Actuarial (gain) loss arising from:
Financial assumptions			(19.9)		(5.0)
Demographic assumptions			(2.9)		—
Participant experience			(3.6)		1.0
Benefits and settlements paid			(18.1)		(18.3)
Plan amendments and other			—		(0.2)
Benefit obligations at the end of the year		$	559.2	$	560.8

¹	The postretirement benefits obligation which relates mainly to health, life and dental insurance plans and other benefits offered to some of its retired employees, was $16.8 million as of December 31, 2025 ($19.3 million in 2024 and $19.0 million in 2023).


		Pension and postretirement benefits
		2025		2024
Change in plan assets
Fair value of plan assets at the beginning of the year		$	607.0	$	572.0
Actual return on plan assets			24.0		54.2
Employer contributions			0.6		0.5
Plan participants’ contributions			4.7		5.1
Benefits and settlements paid			(18.1)		(18.3)
Administrative fees			(1.2)		(1.0)
Transfer			(5.2)		(5.5)
Fair value of plan assets at the end of the year		$	611.8	$	607.0

Schedule of reconciliation of funded status to the net amount recognized

The reconciliation of funded status to the net amount recognized on the consolidated balance sheets is as follows:


		Pension and postretirement benefits
		2025		2024
Benefit obligations		$	(559.2)	$	(560.8)
Fair value of plan assets			611.8		607.0
Plan surplus			52.6		46.2
Asset limit and minimum funding adjustment			(67.8)		(63.7)
Net amount recognized¹		$	(15.2)	$	(17.5)

1	The net liability recognized for 2025 is $15.2 million ($17.5 million in 2024), of which an amount of 16.8 million ($19.3 million in 2024) is included in “Other liabilities” and $1.6 million ($1.8 million in 2024) is included in “Other assets”.

Schedule of components of net benefit costs

Components of the net benefit costs are as follows:


		Pension and postretirement benefits
		2025		2024		2023
Employee costs:
Service costs		$	14.1	$	14.6	$	10.6
Plan amendments, administrative fees and other			1.2		0.8		0.7
Interest on net defined benefit liability			1.7		1.7		1.0
Net benefit costs		$	17.0	$	17.1	$	12.3