Retirement Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Components of Net Pension Expense |
The components of net pension expense for our defined benefit retirement plans were as follows (in millions):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Service cost |
|
$ |
0.2 |
|
|
$ |
0.3 |
|
|
$ |
0.4 |
|
|
$ |
20.9 |
|
|
$ |
18.1 |
|
|
$ |
15.5 |
|
Interest cost |
|
|
18.1 |
|
|
|
18.3 |
|
|
|
18.7 |
|
|
|
12.4 |
|
|
|
14.2 |
|
|
|
15.7 |
|
Expected return on plan assets |
|
|
(30.7 |
) |
|
|
(30.7 |
) |
|
|
(30.1 |
) |
|
|
(24.2 |
) |
|
|
(24.4 |
) |
|
|
(22.5 |
) |
Settlements |
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
(2.4 |
) |
|
|
(2.2 |
) |
|
|
(2.6 |
) |
Amortization of prior service cost |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.9 |
|
|
|
(3.1 |
) |
|
|
(4.4 |
) |
Amortization of unrecognized actuarial loss |
|
|
2.8 |
|
|
|
3.5 |
|
|
|
2.8 |
|
|
|
0.4 |
|
|
|
0.6 |
|
|
|
(2.2 |
) |
Net periodic (income) benefit expense |
|
$ |
(9.4 |
) |
|
$ |
(8.5 |
) |
|
$ |
(7.9 |
) |
|
$ |
8.0 |
|
|
$ |
3.2 |
|
|
$ |
(0.5 |
) |
|
| Weighted Average Actuarial Assumptions Used to Determine Net Pension Expense for Our Defined Benefit Retirement Plans |
The weighted average actuarial assumptions used to determine net pension expense for our defined benefit retirement plans were as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Discount rate |
|
|
5.27 |
% |
|
|
4.97 |
% |
|
|
5.25 |
% |
|
|
1.71 |
% |
|
|
2.18 |
% |
|
|
2.60 |
% |
Rate of compensation increase |
|
- |
|
|
- |
|
|
- |
|
|
|
2.46 |
% |
|
|
2.49 |
% |
|
|
2.33 |
% |
Expected long-term rate of return on
plan assets |
|
|
6.75 |
% |
|
|
6.75 |
% |
|
|
6.75 |
% |
|
|
3.02 |
% |
|
|
3.30 |
% |
|
|
3.17 |
% |
|
| Changes in Projected Benefit Obligations |
Changes in projected benefit obligations and plan assets were (in millions):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Projected benefit obligation - beginning of year |
|
$ |
356.2 |
|
|
$ |
380.6 |
|
|
$ |
656.4 |
|
|
$ |
654.4 |
|
Service cost |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
20.9 |
|
|
|
18.1 |
|
Interest cost |
|
|
18.1 |
|
|
|
18.3 |
|
|
|
12.4 |
|
|
|
14.2 |
|
Plan Amendments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7.6 |
|
Employee contributions |
|
|
- |
|
|
|
- |
|
|
|
26.8 |
|
|
|
21.7 |
|
Benefits paid |
|
|
(20.6 |
) |
|
|
(22.0 |
) |
|
|
(77.2 |
) |
|
|
(67.3 |
) |
Actuarial loss (gain) |
|
|
14.6 |
|
|
|
(21.0 |
) |
|
|
(8.6 |
) |
|
|
53.2 |
|
Settlements |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.3 |
) |
Translation loss (gain) |
|
|
- |
|
|
|
- |
|
|
|
82.1 |
|
|
|
(43.2 |
) |
Projected benefit obligation - end of year |
|
$ |
368.5 |
|
|
$ |
356.2 |
|
|
$ |
712.8 |
|
|
$ |
656.4 |
|
|
| Changes in Fair Value of Plan Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Plan assets at fair market value - beginning of year |
|
$ |
444.0 |
|
|
$ |
433.8 |
|
|
$ |
718.4 |
|
|
$ |
751.7 |
|
Actual return on plan assets |
|
|
60.6 |
|
|
|
32.0 |
|
|
|
50.3 |
|
|
|
46.0 |
|
Employer contributions |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
18.1 |
|
|
|
17.5 |
|
Employee contributions |
|
|
- |
|
|
|
- |
|
|
|
26.8 |
|
|
|
21.7 |
|
Settlements |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.3 |
) |
Benefits paid |
|
|
(20.6 |
) |
|
|
(22.0 |
) |
|
|
(77.2 |
) |
|
|
(67.3 |
) |
Translation gain (loss) |
|
|
- |
|
|
|
- |
|
|
|
90.7 |
|
|
|
(48.9 |
) |
Plan assets at fair market value - end of year |
|
$ |
484.1 |
|
|
$ |
444.0 |
|
|
$ |
827.1 |
|
|
$ |
718.4 |
|
Funded status |
|
$ |
115.6 |
|
|
$ |
87.8 |
|
|
$ |
114.3 |
|
|
$ |
62.0 |
|
|
| Summary of Amounts Recognized in Balance Sheet |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Amounts recognized in consolidated balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid pension |
|
$ |
116.8 |
|
|
$ |
89.0 |
|
|
$ |
133.6 |
|
|
$ |
82.5 |
|
Short-term accrued benefit liability |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
|
(1.3 |
) |
Long-term accrued benefit liability |
|
|
(1.1 |
) |
|
|
(1.1 |
) |
|
|
(18.9 |
) |
|
|
(19.2 |
) |
Net amount recognized |
|
$ |
115.6 |
|
|
$ |
87.8 |
|
|
$ |
114.3 |
|
|
$ |
62.0 |
|
|
| Weighted Average Actuarial Assumptions Used to Determine Projected Benefit Obligation for Defined Benefit Retirement Plans |
The weighted average actuarial assumptions used to determine the projected benefit obligation for our defined benefit retirement plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Discount rate |
|
|
5.58 |
% |
|
|
5.05 |
% |
|
|
5.38 |
% |
|
|
2.10 |
% |
|
|
1.76 |
% |
|
|
2.21 |
% |
Rate of compensation increase |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2.45 |
% |
|
|
2.50 |
% |
|
|
2.34 |
% |
|
| Plans with Benefit Obligations in Excess of Plan Assets |
Plans with projected benefit obligations in excess of plan assets were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Projected benefit obligation |
|
$ |
1.2 |
|
|
$ |
1.2 |
|
|
$ |
28.1 |
|
|
$ |
26.9 |
|
Plan assets at fair market value |
|
|
- |
|
|
|
- |
|
|
|
9.3 |
|
|
|
8.0 |
|
|
| Total Accumulated Benefit Obligations and Plans with Accumulated Benefit Obligations in Excess of Plan Assets |
Total accumulated benefit obligations and plans with accumulated benefit obligations in excess of plan assets were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
U.S. and Puerto Rico |
|
|
Foreign |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Total accumulated benefit obligations |
|
$ |
368.5 |
|
|
$ |
356.2 |
|
|
$ |
697.0 |
|
|
$ |
641.0 |
|
Plans with accumulated benefit obligations in excess
of plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated benefit obligation |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
26.1 |
|
|
|
24.8 |
|
Plan assets at fair market value |
|
|
- |
|
|
|
- |
|
|
|
9.3 |
|
|
|
8.0 |
|
|
| Summary of Benefits Expected to be Paid Out |
The benefits expected to be paid out in each of the next five years and for the five years combined thereafter are as follows (in millions):
|
|
|
|
|
|
|
|
|
For the Years Ending December 31, |
|
U.S. and
Puerto Rico |
|
|
Foreign |
|
2026 |
|
$ |
26.5 |
|
|
$ |
43.5 |
|
2027 |
|
|
27.0 |
|
|
|
40.5 |
|
2028 |
|
|
27.1 |
|
|
|
40.6 |
|
2029 |
|
|
28.5 |
|
|
|
39.7 |
|
2030 |
|
|
27.0 |
|
|
|
39.3 |
|
2031-2035 |
|
|
133.7 |
|
|
|
193.6 |
|
|
| Reconciliation of Beginning and Ending Balances of Foreign Pension Plan Assets Measured at Fair Value |
The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions):
|
|
|
|
|
|
|
December 31, 2025 |
|
Beginning Balance |
|
$ |
183.0 |
|
Change in fair value of assets |
|
|
16.8 |
|
Net purchases and sales |
|
|
(5.6 |
) |
Translation gain |
|
|
26.8 |
|
Ending Balance |
|
$ |
221.0 |
|
|
| U.S. and Puerto Rico [Member] |
|
| Fair Value of Pension Plan Assets |
The fair value of our U.S. and Puerto Rico pension plan assets by asset category was as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
Fair Value Measurements at
Reporting Date Using: |
|
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Cash and cash equivalents |
|
$ |
7.0 |
|
|
$ |
7.0 |
|
|
$ |
- |
|
|
$ |
- |
|
Equity securities |
|
|
209.6 |
|
|
|
- |
|
|
|
209.6 |
|
|
|
- |
|
Fixed income securities |
|
|
267.5 |
|
|
|
- |
|
|
|
267.5 |
|
|
|
- |
|
Total |
|
$ |
484.1 |
|
|
$ |
7.0 |
|
|
$ |
477.1 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
|
Fair Value Measurements at
Reporting Date Using: |
|
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Cash and cash equivalents |
|
$ |
7.8 |
|
|
$ |
7.8 |
|
|
$ |
- |
|
|
$ |
- |
|
Equity securities |
|
|
225.8 |
|
|
|
- |
|
|
|
225.8 |
|
|
|
- |
|
Fixed income securities |
|
|
210.4 |
|
|
|
- |
|
|
|
210.4 |
|
|
|
- |
|
Total |
|
$ |
444.0 |
|
|
$ |
7.8 |
|
|
$ |
436.2 |
|
|
$ |
- |
|
|
| Foreign [Member] |
|
| Fair Value of Pension Plan Assets |
The fair value of our foreign pension plan assets was as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
Fair Value Measurements at
Reporting Date Using: |
|
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
39.6 |
|
|
$ |
39.6 |
|
|
$ |
- |
|
|
$ |
- |
|
Equity securities |
|
|
188.5 |
|
|
|
172.5 |
|
|
|
16.0 |
|
|
|
- |
|
Fixed income securities |
|
|
193.4 |
|
|
|
- |
|
|
|
193.4 |
|
|
|
- |
|
Other types of investments |
|
|
184.6 |
|
|
|
- |
|
|
|
184.6 |
|
|
|
- |
|
Real estate |
|
|
221.0 |
|
|
|
- |
|
|
|
- |
|
|
|
221.0 |
|
Total |
|
$ |
827.1 |
|
|
$ |
212.1 |
|
|
$ |
394.0 |
|
|
$ |
221.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
|
|
|
Fair Value Measurements at
Reporting Date Using: |
|
Asset Category |
|
Total |
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29.3 |
|
|
$ |
29.3 |
|
|
$ |
- |
|
|
$ |
- |
|
Equity securities |
|
|
165.7 |
|
|
|
150.6 |
|
|
|
15.1 |
|
|
|
- |
|
Fixed income securities |
|
|
177.6 |
|
|
|
- |
|
|
|
177.6 |
|
|
|
- |
|
Other types of investments |
|
|
162.8 |
|
|
|
- |
|
|
|
162.8 |
|
|
|
- |
|
Real estate |
|
|
183.0 |
|
|
|
- |
|
|
|
- |
|
|
|
183.0 |
|
Total |
|
$ |
718.4 |
|
|
$ |
179.9 |
|
|
$ |
355.5 |
|
|
$ |
183.0 |
|
|