Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were as follows (in millions):


	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets:
Rabbi trust(a)	$	10.0	$	—	$	—	$	10.0
Investments in equity securities(b)		3.8		—		—		3.8
Foreign currency exchange derivatives(c)		—		0.6		—		0.6
Liabilities:
Foreign currency exchange derivatives(c)	$	—	$	1.5	$	—	$	1.5

December 31, 2025
Assets:
Rabbi trust(a)	$	11.0	$	—	$	—	$	11.0
Investments in equity securities(b)		7.0		—		—		7.0
Foreign currency exchange derivatives(c)		—		0.4		—		0.4
Liabilities:
Foreign currency exchange derivatives(c)	$	—	$	0.6	$	—	$	0.6

Represents investments held in a rabbi trust for the Company’s non-qualified supplemental executive retirement plan. The fair values of these investments are determined using a market approach. Investments include money markets and mutual funds for which quoted prices in active markets are available. Rabbi trust assets are subject to claims of the Company's creditors. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

Represents investments in equity securities for which quoted prices in active markets are available. The Company records changes in the fair value of investments in “Miscellaneous, net” in the Condensed Consolidated Statements of Income.

Based on observable market transactions of forward currency prices.