v3.26.1
Defined Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits, Description [Abstract]  
Defined Benefit Plans DEFINED BENEFIT PLANS
The Company sponsors several U.S. and non-U.S. defined benefit pension plans for eligible employees and retirees and also maintains other supplemental plans for officers and other key employees.
On May 31, 2026, the Company transferred obligations of $19.7 million from a U.S. defined benefit pension plan to a third-party insurance company by purchasing a group annuity contract using an equivalent amount of plan assets. The transaction did not have a material impact on the funded status of the pension plan. As a result of the transaction, the Company recorded a $3.7 million settlement charge during the three months ended June 30, 2026, which was reflected as a component of Other income, net. The plan’s assets and liabilities were remeasured as of the settlement date, resulting in a remaining projected benefit obligation of $195.9 million, and fair value of plan assets of $207.1 million. The discount rate used to determine the projected benefit obligation at the settlement date was 5.55%, compared to 5.37% as of December 31, 2025. The expected long-term return on plan assets remained 6.50%.
The components of the Company’s Net periodic pension benefit cost (income) for the three and six months ended June 30 were as follows:
U.S.
Three months endedSix months ended
In millions2026202520262025
Service cost$0.2 $0.2 $0.4 $0.4 
Interest cost2.6 2.9 5.3 5.7 
Expected return on plan assets(3.5)(3.8)(7.0)(7.6)
Settlement charge3.7 — 3.7 — 
Administrative costs and other0.4 0.3 0.7 0.6 
Net amortization of:
Prior service costs— — — 0.1 
Plan net actuarial losses0.3 0.3 0.6 0.6 
Net periodic pension benefit cost (income)$3.7 $(0.1)$3.7 $(0.2)
Non-U.S.
Three months endedSix months ended
In millions2026202520262025
Service cost$0.5 $0.5 $1.1 $1.0 
Interest cost3.1 3.0 6.2 6.1 
Expected return on plan assets(4.2)(4.1)(8.4)(8.2)
Administrative costs and other0.7 0.5 1.3 1.0 
Net amortization of:
Plan net actuarial losses0.8 0.9 1.7 1.8 
Net periodic pension benefit cost$0.9 $0.8 $1.9 $1.7 
Service cost is recorded in Cost of goods sold and Selling and administrative expenses, while the remaining components of Net periodic pension benefit cost (income) are recorded in Other expense (income), net within the Condensed and Consolidated Statements of Comprehensive Income. Employer contributions to the plans were not material during the six months ended June 30, 2026 or 2025. Employer contributions totaling approximately $3.9 million are expected to be made during the remainder of 2026.