Defined Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. The table below provides summary information on our defined benefit plans:

	December 31,
	2023		2022		2021
	in millions
Fair value of plan assets (a)	$	1,202.6	$	1,066.1	$	1,269.9
Projected benefit obligation	$	1,214.2	$	1,016.0	$	1,280.5
Net asset (liability)	$	(11.6)	$	50.1	$	(10.6)

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(a)The fair value of plan assets at December 31, 2023 includes $969.5 million and $233.1 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets.

Our net periodic pension cost was $25.6 million, $1.8 million and $10.9 million during 2023, 2022 and 2021, respectively, including $38.6 million, $39.6 million and $57.4 million, respectively, representing the service cost component. These amounts exclude aggregate curtailment gains of nil, $4.0 million and $7.5 million, respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

During 2023, our subsidiaries’ contributions to their respective defined benefit plans aggregated $49.2 million. Based on December 31, 2023 exchange rates and information available as of that date, we expect this amount to be $49.7 million in 2024.