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Pensions and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure Pensions and Other Postretirement Benefits
Defined Benefit Plans
The Company sponsors various defined benefit pension plans in several countries. Benefits provided generally depend on length of service, pay grade and remuneration levels. Employees in the U.S., Puerto Rico and certain international locations are also provided retirement benefits through defined contribution plans.
The Company also sponsors other postretirement benefit plans including plans that provide for postretirement supplemental medical coverage. Benefits from these plans are provided to employees and their spouses and dependents who meet various minimum age and service requirements. In addition, the Company sponsors other plans that provide for life insurance benefits and postretirement medical coverage for certain officers and management employees.
Net Periodic Benefit Cost
Components of net periodic benefit cost for the three and six months ended June 30, 2026 and 2025 were as follows:
Pension and Other Postretirement Benefits
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2026202520262025
Service cost$8.6 $7.4 $17.3 $14.9 
Interest cost16.0 16.3 32.0 32.5 
Expected return on plan assets(17.5)(16.8)(35.1)(33.6)
Amortization of prior service costs0.7 — 1.3 — 
Recognized net actuarial gains(2.3)(2.9)(4.5)(5.8)
Net periodic benefit cost$5.5 $4.0 $11.0 $8.0 
The Company is making the minimum mandatory contributions to its defined benefit pension plans in the U.S. and Puerto Rico for the 2026 plan year. The Company expects to make total benefit payments of approximately $170.0 million from pension and other postretirement benefit plans in 2026. The Company anticipates making contributions to pension and other postretirement benefit plans of approximately $60.9 million in 2026.

On July 17, 2025, the Company approved an amendment to terminate one of its defined benefit plans in the United States (the “U.S. Plan”). The distribution of the U.S. Plan assets pursuant to the termination will not be made until the plan termination satisfies all regulatory requirements, which is expected to be completed by the end of 2026. U.S. Plan participants will receive their full accrued benefits from plan assets by electing either lump sum distributions or annuity contracts with a qualifying third-party annuity provider. The resulting settlement effect of the U.S. Plan termination will be determined based on prevailing market conditions, the lump sum offer participation rate of eligible participants, the actual lump sum distributions, and annuity purchase rates at the date of distribution. As a result, the Company is currently unable to reasonably estimate either the timing or the final amount of such settlement charges. Based on the valuation performed as of January 1, 2026, the U.S. Plan had an overfunded status of approximately $0.2 million.