Defined contribution and defined benefit retirement plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

Funded Status of Defined Benefit Plan

The funded status of our non-U.S. defined benefit pension plans is presented in the table below.

	December 31,
	2022		2023
	(In millions)
Change in projected benefit obligations (PBO):
Benefit obligations at beginning of the year	$	748.1	$	502.8
Service cost		11.3		6.3
Interest cost		10.5		19.7
Participant contributions		1.7		1.8
Actuarial (gains) losses		(195.8)		44.7
Settlements		(1.2)		(3.1)
Change in currency exchange rates		(50.3)		14.0
Benefits paid		(21.5)		(22.5)
Benefit obligations at end of the year		502.8		563.7
Change in plan assets:
Fair value of plan assets at beginning of the year		470.1		383.6
Actual return on plan assets		(49.5)		37.9
Employer contributions		15.0		15.6
Participant contributions		1.7		1.8
Settlements		(1.2)		(3.1)
Change in currency exchange rates		(31.0)		9.3
Benefits paid		(21.5)		(22.5)
Fair value of plan assets at end of year		383.6		422.6
Funded status	$	(119.2)	$	(141.1)
Amounts recognized in the balance sheet:
Noncurrent pension asset	$	8.2	$	8.1
Noncurrent accrued pension costs		(127.4)		(149.2)
Total	$	(119.2)	$	(141.1)
Amounts recognized in accumulated other comprehensive loss:
Actuarial losses	$	85.4	$	106.8
Prior service cost		.4		.3
Total	$	85.8	$	107.1
Accumulated benefit obligations (ABO)	$	488.0	$	549.8

The funded status of our U.S. defined benefit pension plan is presented in the table below.

	December 31,
	2022		2023
	(In millions)
Change in PBO:
Benefit obligations at beginning of the year	$	17.7	$	13.2
Interest cost		.4		.7
Actuarial (gains) losses		(3.9)		.5
Benefits paid		(1.0)		(1.1)
Benefit obligations at end of the year		13.2		13.3
Change in plan assets:
Fair value of plan assets at beginning of the year		15.9		12.0
Actual return on plan assets		(3.2)		1.1
Employer contributions		.3		.5
Benefits paid		(1.0)		(1.1)
Fair value of plan assets at end of year		12.0		12.5
Funded status	$	(1.2)	$	(.8)
Amounts recognized in the balance sheet:
Accrued pension costs:
Current	$	-	$	-
Noncurrent		(1.2)		(.8)
Total	$	(1.2)	$	(.8)
Amounts recognized in accumulated other comprehensive loss - actuarial losses	$	9.2	$	8.5
ABO	$	13.2	$	13.3

Components of Net Periodic Benefit Cost

The components of our net periodic defined benefit pension cost for our non-U.S. defined benefit pension plans are presented in the table below. The amounts shown below for the amortization of prior service cost and recognized actuarial losses for 2021, 2022 and 2023 were recognized as components of our accumulated other comprehensive loss at December 31, 2020, 2021 and 2022, respectively, net of deferred income taxes.

	Years ended December 31,
	2021		2022		2023
	(In millions)
Net periodic pension cost (income):
Service cost	$	14.7	$	11.3	$	6.3
Interest cost		8.2		10.5		19.7
Expected return on plan assets		(11.2)		(11.0)		(18.2)
Amortization of prior service cost		.2		.1		.1
Recognized actuarial losses		19.4		12.5		1.8
Settlements		-		.3		1.6
Total	$	31.3	$	23.7	$	11.3

The components of our net periodic defined benefit pension cost for our U.S. defined benefit pension plan is presented in the table below. The amounts shown below for recognized actuarial losses for 2021, 2022 and 2023 were recognized as components of our accumulated other comprehensive loss at December 31, 2020, 2021 and 2022 respectively, net of deferred income taxes.

	Years ended December 31,
	2021		2022		2023
	(In millions)
Net periodic pension cost (income):
Interest cost	$	.5	$	.4	$	.7
Expected return on plan assets		(.6)		(.6)		(.6)
Recognized actuarial losses		.6		.6		.6
Settlements		(.5)		-		-
Total	$	-	$	.4	$	.7

Schedule of Defined Benefit Pension Plans Balances (for which Accumulated Benefit Obligation Exceeds Fair Value of Plan Assets)

Information concerning certain of our non-U.S. defined benefit pension plans (for which the ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2022		2023
	(In millions)
Plans for which the ABO exceeds plan assets:
PBO	$	403.5	$	463.1
ABO		392.4		452.9
Fair value of plan assets		276.0		313.8

Key Actuarial Assumptions Used

The weighted-average rate assumptions used in determining the actuarial present value of benefit obligations for our non-U.S. defined benefit pension plans as of December 31, 2022 and 2023 are presented in the table below.

	December 31,
Rate	2022	2023
Discount rate	3.9%	3.4%
Increase in future compensation levels	2.7%	2.7%

The weighted-average rate assumptions used in determining the net periodic pension cost for our non-U.S. defined benefit pension plans for 2021, 2022 and 2023 are presented in the table below.

	Years ended December 31,
Rate	2021	2022	2023
Discount rate	1.0%	1.5%	3.9%
Increase in future compensation levels	2.6%	2.6%	2.7%
Long-term return on plan assets	2.4%	2.5%	4.6%

The weighted-average rate assumptions used in determining the net periodic pension cost for our U.S. defined benefit pension plan for 2021, 2022 and 2023 are presented in the table below. The impact of assumed increases in future compensation levels also does not have an effect on the periodic pension cost as the plan is frozen with regards to compensation.

	Years ended December 31,
Rate	2021	2022	2023
Discount rate	2.2%	2.6%	5.3%
Long-term return on plan assets	4.0%	4.0%	5.0%

Defined benefit pension plans

Defined Benefit Plan Disclosure [Line Items]

Benefit Payments

Years ending December 31,	Amount
	(In millions)
2024	$	25.4
2025		25.3
2026		25.9
2027		28.8
2028		33.0
Next 5 years		157.8

Changes in Benefit Obligations Recognized in Accumulated Other Comprehensive Income (Loss)

The table below details the changes in our consolidated other comprehensive income (loss) during 2021, 2022 and 2023.

	Years ended December 31,
	2021		2022		2023
	(In millions)
Changes in plan assets and benefit obligations recognized in    other comprehensive income (loss):
Current year:
Net actuarial (losses) gains	$	52.5	$	135.1	$	(25.0)
Amortization of unrecognized:
Net actuarial losses		20.0		13.0		2.4
Prior service cost		.2		.1		.1
Settlement loss		-		.3		1.6
Total	$	72.7	$	148.5	$	(20.9)

Composition of Pension Plan Assets

The composition of our pension plan assets by asset category and fair value level at December 31, 2022 and 2023 is shown in the tables below.

	Fair Value Measurements at December 31, 2022
			Quoted		Significant
			prices		other		Significant
			in active		observable		unobservable		Assets
			markets		inputs		inputs		measured at
	Total		(Level 1)		(Level 2)		(Level 3)		NAV
	(In millions)
Germany	$	234.0	$	-	$	-	$	234.0	$	-
Canada:
Local currency equities		.1		.1		-		-		-
Non local currency equities		11.0		11.0		-		-		-
Local currency fixed income		72.9		72.9		-		-		-
Cash and other		.6		.6		-		-		-
Norway:
Local currency equities		2.3		2.3		-		-		-
Non local currency equities		4.7		4.7		-		-		-
Local currency fixed income		21.8		7.0		14.8		-		-
Non local currency fixed income		8.4		8.4		-		-		-
Real estate		7.8		-		-		7.8		-
Cash and other		2.7		2.4		-		.3		-
U.S.:
Equities		3.8		.3		-		-		3.5
Fixed income		7.0		.1		-		-		6.9
Cash and other		1.2		.9		-		-		.3
Other		17.3		.4		-		16.9		-
Total	$	395.6	$	111.1	$	14.8	$	259.0	$	10.7

	Fair Value Measurements at December 31, 2023
			Quoted		Significant
			prices		other		Significant
			in active		observable		unobservable		Assets
			markets		inputs		inputs		measured at
	Total		(Level 1)		(Level 2)		(Level 3)		NAV
	(In millions)
Germany	$	269.4	$	-	$	-	$	269.4	$	-
Canada:
Non local currency equities		2.7		2.7		-		-		-
Local currency fixed income		86.2		86.2		-		-		-
Cash and other		1.1		1.1		-		-		-
Norway:
Local currency equities		2.4		2.4		-		-		-
Non local currency equities		7.2		7.2		-		-		-
Local currency fixed income		23.9		4.4		19.5		-		-
Non local currency fixed income		4.2		4.2		-		-		-
Real estate		6.6		-		-		6.6		-
Cash and other		3.0		2.8		-		.2		-
U.S.:
Equities		3.5		-		-		-		3.5
Fixed income		8.4		-		-		-		8.4
Cash and other		.6		.2		-		-		.4
Other		15.9		-		-		15.9		-
Total	$	435.1	$	111.2	$	19.5	$	292.1	$	12.3

Roll forward of Change in Fair Value of Level 3 Assets

A rollforward of the change in fair value of Level 3 assets follows.

	December 31,
	2022		2023
	(In millions)
Fair value at beginning of year	$	310.3	$	259.0
Gain (loss) on assets held at end of year		(31.0)		11.1
Gain (loss) on assets sold during the year		(.7)		14.4
Assets purchased		13.8		1.7
Assets sold		(14.9)		(3.5)
Currency exchange rate fluctuations		(18.5)		9.4
Fair value at end of year	$	259.0	$	292.1