XML 64 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Retirement Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Net Periodic Pension and OPEB (Benefit) Cost
For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 PensionOPEBConsolidatedPensionOPEBConsolidatedPensionOPEBConsolidated
 (In millions)
Service cost   
Service cost$0.1 $3.6 $3.7 $0.9 $3.3 $4.2 $1.3 $5.5 $6.8 
Other pension and postretirement (benefit) cost, net
Interest cost129.7 20.8 150.5 140.4 22.5 162.9 103.9 16.1 120.0 
Expected return on plan assets, net of expenses(169.8)— (169.8)(157.8)— (157.8)(154.2)— (154.2)
Amortization of prior service (benefit) cost0.3 (0.7)(0.4)0.3 (0.7)(0.4)0.3 (0.7)(0.4)
Amortization of net actuarial (gain) loss18.1 (27.4)(9.3)17.1 (31.7)(14.6)5.6 (10.2)(4.6)
Curtailment, settlement or special termination benefit (gain) loss(1)
34.0 — 34.0 — — — 2.9 — 2.9 
Expected participant contributions— — — (0.3)— (0.3)(0.3)— (0.3)
Total other pension and postretirement (benefit) cost, net12.3 (7.3)5.0 (0.3)(9.9)(10.2)(41.8)5.2 (36.6)
Net periodic pension and OPEB (benefit) cost$12.4 $(3.7)$8.7 $0.6 $(6.6)$(6.0)$(40.5)$10.7 $(29.8)
(1)The pension settlement loss recognized for the year ended December 31, 2024, was $34.0 million which was recorded as a result of the purchase of annuity contracts for two of our Canadian pension plans.
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.
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, 2024For the year ended December 31, 2023
PensionOPEBTotalPensionOPEBTotal
(In millions)
Change in benefit obligation
Prior year benefit obligation$3,018.1 $470.6 $3,488.7 $2,978.0 $478.3 $3,456.3 
Service cost, net of expected employee contributions0.1 3.6 3.7 0.6 3.3 3.9 
Interest cost129.7 20.8 150.5 140.4 22.5 162.9 
Actual employee contributions— — — 0.3 — 0.3 
Actuarial (gain) loss(182.5)(18.0)(200.5)38.0 1.3 39.3 
Plan amendments— (10.1)(10.1)— — — 
Benefits paid(215.8)(36.9)(252.7)(226.2)(37.0)(263.2)
Curtailment, settlement and special termination(344.0)— (344.0)— — — 
Foreign currency exchange rate change(45.1)(7.0)(52.1)87.0 2.2 89.2 
Benefit obligation at end of year$2,360.5 $423.0 $2,783.5 $3,018.1 $470.6 $3,488.7 
Change in plan assets
Prior year fair value of assets$3,396.9 $— $3,396.9 $3,336.8 $— $3,336.8 
Actual return on plan assets(54.4)— (54.4)188.7 — 188.7 
Employer contributions(4.8)36.9 32.1 (1.7)37.0 35.3 
Actual employee contributions— — — 0.3 — 0.3 
Curtailment, settlement and special termination(344.0)— (344.0)— — — 
Benefits and plan expenses paid(215.8)(36.9)(252.7)(226.2)(37.0)(263.2)
Foreign currency exchange rate change(50.5)— (50.5)99.0 — 99.0 
Fair value of plan assets at end of year$2,727.4 $— $2,727.4 $3,396.9 $— $3,396.9 
Funded status$366.9 $(423.0)$(56.1)$378.8 $(470.6)$(91.8)
Amounts recognized in the Consolidated Balance Sheets
Other non-current assets$401.8 $— $401.8 $416.9 $— $416.9 
Accounts payable and other current liabilities(3.7)(37.5)(41.2)(3.6)(39.3)(42.9)
Pension and postretirement benefits(31.2)(385.5)(416.7)(34.5)(431.3)(465.8)
Net amounts recognized$366.9 $(423.0)$(56.1)$378.8 $(470.6)$(91.8)
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, 2024December 31, 2023
(In millions)
Accumulated benefit obligation$34.9 $38.1 
Projected benefit obligation$34.9 $38.1 
Fair value of plan assets$— $— 
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, 2024As of December 31, 2023
PensionOPEBTotalPensionOPEBTotal
(In millions)
Net actuarial (gain) loss$771.9 $(263.5)$508.4 $773.3 $(260.4)$512.9 
Net prior service (benefit) cost9.1 (11.1)(2.0)9.4 (1.7)7.7 
Total not yet recognized$781.0 $(274.6)$506.4 $782.7 $(262.1)$520.6 
Schedule of Assumptions Used The weighted-average rates used in determining the periodic pension and OPEB cost for the years ended December 31, 2024, 2023 and 2022 were as follows:
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 PensionOPEBPensionOPEBPensionOPEB
Weighted-average assumptions:    
Discount rate4.74%4.64%5.01%4.90%2.27%2.59%
Rate of compensation increase2.00%N/A2.00%N/A2.00%N/A
Expected return on plan assets5.47%N/A4.91%N/A3.11%N/A
Health care cost trend rateN/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
N/A
Ranging ratably from 6.00% in 2022 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, 2024 and December 31, 2023, were as follows:
As of December 31, 2024As of December 31, 2023
PensionOPEBPensionOPEB
Weighted-average assumptions
Discount rate5.41%5.15%4.74%4.64%
Rate of compensation increase2.00%N/A2.00%N/A
Health care cost trend rateN/A
Ranging ratably from 7.00% in 2025 to 3.57% in 2040
N/A
Ranging ratably from 6.75% in 2024 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, 2024.
 Target
allocations		Actual
allocations
Equities6.1%6.4%
Fixed income75.4%72.7%
Real estate4.1%4.1%
Annuities and longevity swap13.7%13.7%
Other0.7%3.1%
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, 2024
 
Total as of
December 31, 2024
Quoted prices
in active
markets
(Level 1)		Significant
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents    
Cash$42.6 $42.6 $— $— 
Bank deposits, short-term bills and notes40.5 — 40.5 — 
Debt
Government debt securities290.6 — 290.6 — 
Interest and inflation linked assets415.0 — 402.7 12.3 
Annuities and longevity swap
Buy-in annuities and longevity swap373.6 — — 373.6 
Other
Repurchase agreements(244.2)(244.2)— — 
Recoverable taxes0.1 0.1 — — 
Private equity5.7 — — 5.7 
Total fair value of investments excluding NAV per share practical expedient$923.9 $(201.5)$733.8 $391.6 
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, 2024
(In millions)
Fair value of investments excluding NAV per share practical expedient$923.9 
Fair value of investments using NAV per share practical expedient
Debt funds1,266.2 
Equity funds175.7 
Real estate funds82.3 
Private equity funds28.8 
Hedge funds250.5 
Total fair value of plan assets$2,727.4 
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 $— $— 
Bank deposits, short-term bills and notes26.4 — 26.4 — 
Debt
Government debt securities452.3 — 452.3 — 
Corporate debt securities119.3 — 119.3 — 
Interest and inflation linked assets629.9 — 616.0 13.9 
Collateralized debt securities0.3 — — 0.3 
Annuities and longevity swap
Buy-in annuities and longevity swap449.8 — — 449.8 
Other
Repurchase agreements(285.8)(285.8)— — 
Recoverable taxes0.2 0.2 — — 
Private equity10.6 — — 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 fair value hierarchy 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 funds1,263.9 
Equity funds260.7 
Real estate funds126.3 
Private equity funds37.8 
Hedge funds265.7 
Total fair value of plan assets$3,396.9 
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, 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) gain24.5 
Balance as of December 31, 2023$474.6 
Total gain or loss (realized/unrealized) 
Realized gain (loss)1.2 
Unrealized gain (loss) included in AOCI(70.8)
Purchases, issuances, settlements(5.4)
Foreign exchange translation (loss) gain(8.0)
Balance as of December 31, 2024$391.6 
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, 2024, are as follows:
Expected benefit paymentsPensionOPEB
 (In millions)
2025$206.9 $37.6 
2026194.6 37.4 
2027194.8 37.3 
2028196.0 37.2 
2029197.6 36.8 
2030-20341,008.2 178.5