v3.26.3
Pension and Postretirement Benefits
 9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits Pension and Postretirement Benefits
Net periodic pension expense is presented below:
Three Months Ended
September 30, 2026		Three Months Ended
September 30, 2025
TotalU.S.
Plans		International
Plans		TotalU.S.
Plans		International
Plans
Service cost(i)
$0.5 $— $0.5 $0.4 $— $0.4 
Interest cost40.4 22.2 18.2 47.8 28.6 19.2 
Expected return on plan assets(35.7)(15.8)(19.9)(57.2)(34.6)(22.6)
Amortization of prior service benefit(1.2)(0.6)(0.6)(1.1)(0.6)(0.5)
Recognized net actuarial loss27.7 18.6 9.1 25.1 18.7 6.4 
Settlement losses (ii)(iii)
151.2 151.2 — 227.7 227.7 — 
Net periodic pension expense
$182.9 $175.6 $7.3 $242.7 $239.8 $2.9 
Nine Months Ended
September 30, 2026		Nine Months Ended
September 30, 2025
TotalU.S.
Plans		International
Plans		TotalU.S.
Plans		International
Plans
Service cost(i)
$1.3 $— $1.3 $1.1 $— $1.1 
Interest cost120.5 65.1 55.4 140.2 84.4 55.8 
Expected return on plan assets(107.5)(47.1)(60.4)(152.8)(87.2)(65.6)
Amortization of prior service benefit(3.6)(1.9)(1.7)(3.4)(1.9)(1.5)
Recognized net actuarial loss80.8 53.6 27.2 73.6 54.8 18.8 
Settlement losses (ii)(iii)
151.2 151.2 — 227.7 227.7 — 
Net periodic pension expense
$242.7 $220.9 $21.8 $286.4 $277.8 $8.6 
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).
(ii) In September 2026, the company purchased a group annuity contract, with plan assets, to transfer to a third-party issuer approximately $200 million of projected U.S. defined benefit pension liabilities. This action resulted in a pre-tax settlement loss of $151.2 million for both the three and nine months ended September 30, 2026.
(iii) In September 2025, the company purchased a group annuity contract, with plan assets, to transfer to a third-party issuer approximately $320 million of projected U.S. defined benefit pension liabilities. This action resulted in a pre-tax settlement loss of $227.7 million for both the three and nine months ended September 30, 2025.
During the nine months ended September 30, 2026, the company made cash contributions of $87.7 million to its global defined benefit pension plans. For the remainder of 2026, the company expects to make cash contributions of approximately $9 million, resulting in total expected cash contributions for 2026 of approximately $97 million to the company’s global defined benefit pension plans. These contributions are expected to include approximately $47 million to the company’s U.S. qualified defined benefit pension plans and approximately $50 million, primarily to the company’s international defined benefit pension plans.
During the nine months ended September 30, 2025, the company made cash contributions of $317.2 million to its global defined benefit pension plans, including a discretionary contribution of $250 million to its U.S. defined benefit pension plans. In 2025, the company made cash contributions of $343.7 million to its global defined benefit pension plans.
At the end of each year, the company estimates its future cash contributions to its global defined benefit pension plans based on year-end pension data, assumptions and agreements. Any material deterioration in the value of the company’s global defined benefit pension plan assets, as well as changes in pension legislation, volatility in the capital markets, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions in different amounts and on a different schedule than previously estimated.
Net periodic postretirement benefit expense is presented below:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Service cost(i)
$— $— $— $0.1 
Interest cost0.7 0.6 1.9 1.8 
Expected return on assets(0.1)— (0.1)(0.1)
Recognized net actuarial gain(0.3)(0.5)(0.7)(1.6)
Amortization of prior service benefit0.2 0.1 0.5 0.2 
Net periodic postretirement benefit expense$0.5 $0.2 $1.6 $0.4 
(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense are reported in other (expense), net in the consolidated statements of income (loss).
The company expects to make cash contributions of $3 million to its postretirement benefit plan in 2026. In 2025, the company made cash contributions of $1.6 million to its postretirement benefit plan. For the nine months ended September 30, 2026 and 2025, the company made cash contributions of $1.3 million and $1.0 million, respectively.