Employee Retirement Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Net Periodic Pension and OPEB (Benefit) Cost


	For the years ended
	December 31, 2023						December 31, 2022						December 31, 2021
	Pension		OPEB		Consolidated		Pension		OPEB		Consolidated		Pension		OPEB		Consolidated
	(In millions)
Service cost
Service cost	$	0.9	$	3.3	$	4.2	$	1.3	$	5.5	$	6.8	$	2.7	$	6.0	$	8.7
Other pension and postretirement (benefit) cost, net
Interest cost	140.4		22.5		162.9		103.9		16.1		120.0		93.9		14.6		108.5
Expected return on plan assets, net of expenses	(157.8)		—		(157.8)		(154.2)		—		(154.2)		(161.6)		—		(161.6)
Amortization of prior service (benefit) cost	0.3		(0.7)		(0.4)		0.3		(0.7)		(0.4)		0.4		(0.7)		(0.3)
Amortization of net actuarial (gain) loss	17.1		(31.7)		(14.6)		5.6		(10.2)		(4.6)		8.7		(6.7)		2.0
Curtailment, settlement or special termination benefit (gain) loss(1)	—		—		—		2.9		—		2.9		5.4		—		5.4
Expected participant contributions	(0.3)		—		(0.3)		(0.3)		—		(0.3)		(0.4)		—		(0.4)
Total other pension and postretirement (benefit) cost, net	(0.3)		(9.9)		(10.2)		(41.8)		5.2		(36.6)		(53.6)		7.2		(46.4)

Net periodic pension and OPEB (benefit) cost	$	0.6	$	(6.6)	$	(6.0)	$	(40.5)	$	10.7	$	(29.8)	$	(50.9)	$	13.2	$	(37.7)

(1)The pension settlement charge recognized for the year ended December 31, 2022 primarily consisted of a settlement loss of $8.0 million that was recorded as a result of the annuity purchase for a certain Canadian pension plan, partially offset by a settlement gain of $5.3 million that was recorded as a result of the annuity purchase for a portion of our U.S. qualified pension plan.

The pension settlement charge recognized for the year ended December 31, 2021 was due to lump sum distributions allowed for under the U.K. pension plan being in excess of interest cost for the year ended December 31, 2021. Lower interest cost for the year ended December 31, 2021 was primarily a result of lower interest rates as of December 31, 2020, which were used to establish the 2021 periodic pension cost.

Schedule of Changes in Projected Benefit Obligation Plan, Assets and Funded Status of Pension Plans

Obligations and Changes in Funded Status


	For the year ended December 31, 2023						For the year ended December 31, 2022
	Pension		OPEB		Total		Pension		OPEB		Total
	(In millions)
Change in benefit obligation
Prior year benefit obligation	$	2,978.0	$	478.3	$	3,456.3	$	5,095.8	$	648.7	$	5,744.5
Service cost, net of expected employee contributions	0.6		3.3		3.9		1.0		5.5		6.5
Interest cost	140.4		22.5		162.9		103.9		16.1		120.0
Actual employee contributions	0.3		—		0.3		0.3		—		0.3
Actuarial (gain) loss	38.0		1.3		39.3		(1,181.0)		(144.6)		(1,325.6)
Plan amendments	—		—		—		—		(0.1)		(0.1)
Benefits paid	(226.2)		(37.0)		(263.2)		(263.8)		(38.7)		(302.5)
Curtailment, settlement and special termination	—		—		—		(460.6)		0.2		(460.4)
Foreign currency exchange rate change	87.0		2.2		89.2		(317.6)		(8.8)		(326.4)
Benefit obligation at end of year	$	3,018.1	$	470.6	$	3,488.7	$	2,978.0	$	478.3	$	3,456.3
Change in plan assets
Prior year fair value of assets	$	3,336.8	$	—	$	3,336.8	$	5,667.5	$	—	$	5,667.5
Actual return on plan assets	188.7		—		188.7		(1,272.9)		—		(1,272.9)
Employer contributions	(1.7)		37.0		35.3		(0.5)		38.7		38.2
Actual employee contributions	0.3		—		0.3		0.3		—		0.3
Curtailment, settlement and special termination	—		—		—		(460.6)		—		(460.6)
Benefits and plan expenses paid	(226.2)		(37.0)		(263.2)		(263.8)		(38.7)		(302.5)
Foreign currency exchange rate change	99.0		—		99.0		(333.2)		—		(333.2)
Fair value of plan assets at end of year	$	3,396.9	$	—	$	3,396.9	$	3,336.8	$	—	$	3,336.8
Funded status	$	378.8	$	(470.6)	$	(91.8)	$	358.8	$	(478.3)	$	(119.5)
Amounts recognized in the Consolidated Balance Sheets
Other non-current assets	$	416.9	$	—	$	416.9	$	397.2	$	—	$	397.2
Accounts payable and other current liabilities	(3.6)		(39.3)		(42.9)		(3.9)		(39.5)		(43.4)
Pension and postretirement benefits	(34.5)		(431.3)		(465.8)		(34.5)		(438.8)		(473.3)
Net amounts recognized	$	378.8	$	(470.6)	$	(91.8)	$	358.8	$	(478.3)	$	(119.5)

Information for our defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets was as follows:


	As of
	December 31, 2023		December 31, 2022
	(In millions)
Accumulated benefit obligation	$	38.1	$	38.4
Projected benefit obligation	$	38.1	$	38.4
Fair value of plan assets	$	—	$	—

Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts recognized in AOCI not yet recognized as components of net periodic pension and OPEB cost, pretax, were as follows:


	As of December 31, 2023						As of December 31, 2022
	Pension		OPEB		Total		Pension		OPEB		Total
	(In millions)
Net actuarial (gain) loss	$	773.3	$	(260.4)	$	512.9	$	766.4	$	(278.2)	$	488.2
Net prior service (benefit) cost	9.4		(1.7)		7.7		9.7		(0.8)		8.9
Total not yet recognized	$	782.7	$	(262.1)	$	520.6	$	776.1	$	(279.0)	$	497.1

Schedule of Assumptions Used

The weighted-average rates used in determining the periodic pension and OPEB cost for the years ended December 31, 2023, 2022 and 2021 were as follows:

For the years ended

December 31, 2023

December 31, 2022

December 31, 2021

Pension

OPEB

Pension

OPEB

Pension

OPEB

Weighted-average assumptions:

Discount rate

5.01%

4.90%

2.27%

2.59%

1.84%

2.10%

Rate of compensation increase

2.00%

N/A

2.00%

N/A

2.00%

N/A

Expected return on plan assets

4.91%

N/A

3.11%

N/A

3.03%

N/A

Health care cost trend rate

N/A

Ranging ratably from 6.50% in 2023 to 3.57% in 2040

N/A

Ranging ratably from 6.00% in 2022 to 3.57% in 2040

N/A

Ranging ratably from 6.00% in 2021 to 3.57% in 2040

The weighted-average rates used in determining the projected benefit obligation for defined pension plans and the accumulated postretirement benefit obligation for OPEB plans, as of December 31, 2023 and December 31, 2022, were as follows:

As of December 31, 2023

As of December 31, 2022

Pension

OPEB

Pension

OPEB

Weighted-average assumptions

Discount rate

4.74%

4.64%

5.01%

4.90%

Rate of compensation increase

2.00%

N/A

2.00%

N/A

Health care cost trend rate

N/A

Ranging ratably from 6.75% in 2024 to 3.57% in 2040

N/A

Ranging ratably from 6.50% in 2023 to 3.57% in 2040

Schedule of Defined Benefit Plan, Assets Target and Actual Allocations

The following compares target asset allocation percentages with actual asset allocations on a weighted-average asset basis as of December 31, 2023.


	Target allocations	Actual allocations
Equities	7.2%	7.8%
Fixed income	74.2%	72.2%

Real estate	4.7%	4.8%
Annuities and longevity swap	13.4%	13.4%
Other	0.5%	1.8%

Schedule of Fair Value of Plan Assets by Measurement

The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):


			Fair value measurements as of December 31, 2023
	Total as of December 31, 2023		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents
Cash	$	39.5	$	39.5	$	—	$	—
Trades awaiting settlement	—		—		—		—
Bank deposits, short-term bills and notes	26.4		—		26.4		—
Debt
Government debt securities	452.3		—		452.3		—
Corporate debt securities	119.3		—		119.3		—
Interest and inflation linked assets	629.9		—		616.0		13.9
Collateralized debt securities	0.3		—		—		0.3




Annuities and longevity swap
Buy-in annuities and longevity swap	449.8		—		—		449.8
Other

Repurchase agreements	(285.8)		(285.8)		—		—
Recoverable taxes	0.2		0.2		—		—

Private equity	10.6		—		—		10.6
Total fair value of investments excluding NAV per share practical expedient	$	1,442.5	$	(246.1)	$	1,214.0	$	474.6

The following presents our total fair value of plan assets including the NAV per share practical expedient for our defined benefit pension plan assets:


	Total as of December 31, 2023
	(In millions)
Fair value of investments excluding NAV per share practical expedient	$	1,442.5
Fair value of investments using NAV per share practical expedient
Debt funds	1,263.9
Equity funds	260.7
Real estate funds	126.3

Private equity funds	37.8
Hedge funds	265.7
Total fair value of plan assets	$	3,396.9

The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):


			Fair value measurements as of December 31, 2022
	Total as of December 31, 2022		Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash and cash equivalents
Cash	$	99.3	$	99.3	$	—	$	—
Trades awaiting settlement	32.7		32.7		—		—
Bank deposits, short-term bills and notes	7.0		—		7.0		—
Debt
Government debt securities	422.6		—		422.6		—
Corporate debt securities	89.1		—		89.1		—
Interest and inflation linked assets	420.6		—		408.0		12.6
Collateralized debt securities	0.2		—		—		0.2
Annuities and longevity swap
Buy-in annuities and longevity swap	461.8		—		—		461.8
Other

Repurchase agreements	(281.2)		(281.2)		—		—
Recoverable taxes	0.1		0.1		—		—
Private equity	12.4		—		—		12.4

Total fair value of investments excluding NAV per share practical expedient	$	1,264.6	$	(149.1)	$	926.7	$	487.0

The following presents our fair value hierarchy including the NAV per share practical expedient for our defined benefit pension plan assets:


	Total as of December 31, 2022
	(In millions)
Fair value of investments excluding NAV per share practical expedient	$	1,264.6
Fair value of investments using NAV per share practical expedient
Debt funds	1,355.7
Equity funds	417.4
Real estate funds	130.9
Private equity funds	44.7
Hedge funds	123.5
Total fair value of plan assets	$	3,336.8

Schedule of Effect of Significant Unobservable Inputs Changes in Defined Benefit Pension Plan Assets

The following presents our Level 3 Rollforward for our defined pension plan assets excluding investments using the NAV per share practical expedient:


	Amount
	(In millions)
Balance as of December 31, 2021	$	754.5
Total gain or loss (realized/unrealized)
Realized gain (loss)	(1.9)
Unrealized gain (loss) included in AOCI	(183.5)
Purchases, issuances, settlements	(6.6)
Foreign exchange translation (loss) gain	(75.5)
Balance as of December 31, 2022	$	487.0
Total gain or loss (realized/unrealized)
Realized gain (loss)	—
Unrealized gain (loss) included in AOCI	(34.2)
Purchases, issuances, settlements	(2.7)

Foreign exchange translation (loss) gain	24.5
Balance as of December 31, 2023	$	474.6

Schedule of Expected Benefit Payments

Expected future benefit payments for defined benefit pension and OPEB plans for the next ten years, based on foreign exchange rates as of December 31, 2023, are as follows:


Expected benefit payments	Pension		OPEB
	(In millions)
2024	$	233.1	$	39.3
2025	$	227.9	$	39.1
2026	$	229.0	$	38.8
2027	$	229.9	$	38.6
2028	$	231.0	$	38.5
2029-2033	$	1,170.0	$	186.4