v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Postemployment Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Contribution Plans. The Company sponsors U.S. and international defined contribution plans. Contributions to the plans were $5.3 and $4.5 for the three months ended June 30, 2026 and 2025, respectively, and $9.8 and $7.4 for the six months ended June 30, 2026 and 2025, respectively.
Pension and Postretirement Plans. The Company has defined benefit pension plans (“Pension Plans”) which cover certain U.S. full-time and part-time as well as certain international employees. The benefits under the Pension Plans are determined based on a fixed monthly payment per year of service or on a combination of years of service and earnings. The Company’s funding policy is to make the minimum annual contributions required by applicable regulations. Certain Pension Plans are not fully funded by pension assets, so benefits paid under the obligation will be greater than benefit payments relieved from pension assets. Most of the long-term pension liability is due to certain hourly and salaried pension plans carried over from a business acquired in 2021. These plans are frozen and as a result, no new individuals, other than spouses of deceased participants, are eligible for participation in the Pension Plans.
In June 2026, the Company agreed to terms to resolve a significant portion of its U.S. Plans through a combination of lump-sum distributions and the purchase of annuity contracts that we expect to settle later in 2026. The U.S. Plans' projected benefit obligation as of June 30, 2026 is $39.0. Upon settlement, the Company will reclassify previously
unrecognized actuarial gains from accumulated other comprehensive income into earnings. In connection with this anticipated transaction, approximately $36.7 of plan assets were converted to cash in June 2026.
Discretionary contributions to the U.S. Plans and International Plans were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
U.S Plans$0.1 $0.2 $0.3 $0.4 
International Plans 0.1 0.1 0.2 0.2 
Total$0.2 $0.3 $0.5 $0.6 
The components of net periodic pension expense (benefit) for the defined benefit pension plans are presented in the table below. Net periodic pension expense (benefit) is recorded in other (income) expense in the condensed consolidated statements of income(loss).
U.S. PlansInternational Plans
Three months ended June 30,Three months ended June 30,
2026202520262025
Service cost$0.2 $0.1 $— $— 
Interest cost0.5 0.7 0.4 0.3 
Expected return on plan assets(0.6)(0.5)(0.4)(0.4)
Net periodic pension expense (benefit)$0.1 $0.3 $— $(0.1)
U.S. PlansInternational Plans
Six months ended June 30,Six months ended June 30,
2026202520262025
Service cost$0.3 $0.2 $— $— 
Interest cost1.0 1.3 0.8 0.7 
Expected return on plan assets(1.1)(1.1)(0.8)(0.8)
Net periodic pension expense (benefit)$0.2 $0.4 $— $(0.1)