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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Accumulated Other Comprehensive Income (Loss) Pretax Amounts Not Yet Reclassified in Net Periodic Benefit Cost
Included in accumulated other comprehensive loss as of December 31, 2023 and 2022 are:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)2023202220232022
Unrecognized actuarial net gain$(268.1)$(293.6)$(43.4)$(22.0)
Unrecognized prior service cost (credit)19.7 4.0 (3.0)(3.7)
Total$(248.4)$(289.6)$(46.4)$(25.7)
Change in Accumulated Income (Loss) Relating to Defined Benefit Pension and Other Postretirement Benefits
The change in accumulated other comprehensive loss in 2023 relating to pension benefits and other postretirement benefits consists of:
(In millions)Pension BenefitsOther Postretirement Benefits
Unrecognized actuarial loss (gain)$8.3 $(22.8)
Amortization of actuarial gain20.5 1.4 
Unrecognized prior service cost16.3 — 
Amortization of prior service (credit) cost(1.0)0.7 
Impact of foreign currency translation(2.9)— 
Net change$41.2 $(20.7)
Net Periodic Benefit Cost
Components of net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)202320222021202320222021
Service cost$26.6 $32.6 $38.6 $2.1 $3.4 $3.4 
Interest cost63.6 36.8 31.6 6.9 3.7 2.6 
Expected return on plan assets(62.6)(64.6)(66.1)— — — 
Plan curtailment, settlement and termination(3.8)2.3 (16.5)— (3.9)— 
Amortization of prior service cost (credit)2.1 0.9 0.9 (0.7)(0.6)— 
Recognized net actuarial (gains) losses (18.3)(0.2)1.3 (1.4)0.3 0.2 
Net periodic benefit cost$7.6 $7.8 $(10.2)$6.9 $2.9 $6.2 
During the year ended December 31, 2021, the Company recognized a settlement gain as a result of cash payments from lump sum elections related to the U.S. and Puerto Rico pension plans.
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The table below presents components of the change in projected benefit obligation, change in plan assets and funded status at December 31, 2023 and 2022.
Pension BenefitsOther Postretirement Benefits
(In millions)2023202220232022
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year$1,379.0 $1,946.6 $137.5 $188.4 
Service cost26.6 32.6 2.1 3.4 
Interest cost63.6 36.8 6.9 3.7 
Participant contributions0.5 3.3 4.1 4.5 
(Divestitures) acquisitions(8.8)2.8 — — 
Plan settlements and terminations8.6 (82.0)— (4.5)
Actuarial losses (gains) 40.8 (439.4)(22.8)(43.3)
Benefits paid(74.0)(54.1)(15.2)(14.7)
Impact of foreign currency translation7.3 (67.6)— — 
Projected benefit obligation, end of year$1,443.6 $1,379.0 $112.6 $137.5 
Change in Plan Assets
Fair value of plan assets, beginning of year$1,067.1 $1,366.4 $— $— 
Actual return on plan assets95.2 (138.1)— — 
Company contributions41.7 25.6 11.1 10.2 
Participant contributions0.5 3.3 4.1 4.5 
Divestitures(12.1)— — — 
Plan settlements(7.1)(85.9)— — 
Benefits paid(74.0)(54.1)(15.2)(14.7)
Impact of foreign currency translation(1.9)(50.1)— — 
Fair value of plan assets, end of year1,109.4 1,067.1 — — 
Funded status of plans$(334.2)$(311.9)$(112.6)$(137.5)
Net Accrued Benefit Costs Classification on Balance Sheet
Net accrued benefit costs for pension plans and other postretirement benefits are reported in the following components of the Company’s consolidated balance sheets at December 31, 2023 and 2022:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)2023202220232022
Noncurrent assets$89.3 $118.3 $— $— 
Current liabilities(20.0)(14.6)(13.8)(15.4)
Noncurrent liabilities(403.5)(415.6)(98.8)(122.1)
Net accrued benefit costs$(334.2)$(311.9)$(112.6)$(137.5)
Plans with Accumulated Benefit Obligation in Excess of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of the fair value of plan assets at December 31, 2023 and 2022 were as follows:
December 31,
(In millions)20232022
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$1,058.1 $1,026.5 
Accumulated benefit obligation1,023.5 999.3 
Fair value of plan assets642.4 604.9 
Schedule of Allocation of Plan Assets The table below presents total plan assets by investment category as of December 31, 2023 and 2022 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:
December 31, 2023
(In millions)Level 1Level 2Level 3Total
Cash and cash equivalents$17.4 $— $— $17.4 
Equity securities401.6 30.3 — 431.9 
Fixed income securities175.9 281.6 — 457.5 
Assets held by insurance companies and other181.4 17.2 4.0 202.6 
Total$776.3 $329.1 $4.0 $1,109.4 
December 31, 2022
(In millions)Level 1Level 2Level 3Total
Cash and cash equivalents$34.2 $0.9 $— $35.1 
Equity securities42.9 353.4 — 396.3 
Fixed income securities181.6 271.5 — 453.1 
Assets held by insurance companies and other76.9 97.9 7.8 182.6 
Total$335.6 $723.7 $7.8 $1,067.1 
Schedule of Assumptions Used
The following weighted average assumptions were used to determine the benefit obligations for the Company’s defined benefit pension and other postretirement plans as of December 31, 2023 and 2022:
Pension BenefitsOther Postretirement Benefits
2023202220232022
Discount rate4.5 %4.8 %5.0 %5.4 %
Expected return on plan assets6.1 %5.0 %— %— %
Rate of compensation increase3.7 %3.7 %— %— %
The following weighted average assumptions were used to determine the net periodic benefit cost for the Company’s defined benefit pension and other postretirement benefit plans for the three years in the period ended December 31, 2023:
Pension BenefitsOther Postretirement Benefits
202320222021202320222021
Discount rate4.8 %2.3 %1.9 %5.4 %2.5 %1.9 %
Expected return on plan assets6.1 %5.0 %5.1 %— %— %— %
Rate of compensation increase3.7 %3.1 %2.9 %— %— %— %
Schedule of Expected Benefit Payments
Estimated benefit payments over the next ten years for the Company’s pension plans and retiree health plan are as follows:
(In millions)Pension BenefitsOther Postretirement Benefits
2024$100.6 $13.8 
202599.1 13.8 
202697.5 13.7 
2027105.2 13.1 
2028100.8 12.4 
Thereafter521.4 50.5 
Total$1,024.6 $117.3