v3.26.1
Retirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
On January 30, 2025, the Company's Board of Directors approved a resolution to terminate the Company's U.S. defined benefit pension plan (the "Pension Plan") with the full freeze of benefit accruals under the Pension Plan effective March 31, 2025 and the termination of the Pension Plan effective April 1, 2025. The Pension Plan freeze resulted in a curtailment gain of $0.7 million in the first quarter of 2025. During the year ended December 31, 2025, the Company entered into an agreement to purchase annuities from a third-party annuity provider and contributed $4.3 million to fund the liquidation of the Pension Plan. As a result, Pension Plan liabilities were settled and the Pension Plan was exited during the third quarter of 2025, resulting in a pre-tax settlement gain of $10.0 million from accumulated other comprehensive loss to other income (expense), net in the condensed consolidated statements of operations.
The components of net periodic benefit cost are as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Pension Benefits:
Service cost$0.1 $— $0.1 $— 
Interest cost0.1 2.9 0.2 5.7 
Expected return on plan assets(0.1)(2.3)(0.1)(4.6)
Curtailment— — — (0.7)
Net periodic benefit cost$0.1 $0.6 $0.2 $0.4 
Other Postretirement Benefits:
Interest cost$0.1 $0.1 $0.2 $0.2 
Net periodic benefit cost$0.1 $0.1 $0.2 $0.2 
The service cost component of net periodic benefit cost is presented within cost of sales and selling, general and administrative expenses in the condensed consolidated statements of operations, while the other components of net periodic benefit cost are presented within other income (expense), net. The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event).
See Note 14, Retirement Benefits, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further information regarding retirement benefits.