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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Reconciliation of Projected Benefit Obligations, Plan Assets and Funded Status of Plans A reconciliation of the projected benefit obligations, plan assets and funded status of the plans is as follows:
 Pension BenefitsOther Benefits
 2024202320242023
 (In millions)
Change in projected benefit obligation    
Benefit obligation at January 1,$466.1 $501.1 $11.1 $12.8 
Service cost0.8 1.2 0.1 0.1 
Interest cost24.2 27.4 0.6 0.7 
Amendments— — — 0.3 
Actuarial (gain) loss (9.5)11.3 (0.7)(1.5)
Foreign currency exchange rate changes— — (0.1)— 
Settlements— (34.5)— — 
Benefits paid(39.8)(40.4)(1.3)(1.3)
Projected benefit obligation at December 31,441.8 466.1 9.7 11.1 
Change in plan assets  
Fair value of plan assets at January 1,363.5 399.0 10.7 10.7 
Actual return on plan assets1.3 30.6 — 1.0 
Employer contributions6.9 7.0 0.2 0.2 
Other disbursements— (0.9)— — 
Settlements— (31.8)— — 
Benefits paid(39.8)(40.4)(0.2)(1.2)
Fair value of plan assets at December 31,331.9 363.5 10.7 10.7 
Funded status of plan$(109.9)$(102.6)$1.0 $(0.4)
Net Amount Recognized, or Funded Status of Pension and Other Postretirement Benefit Plans
The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2024 and 2023:
 Pension BenefitsOther Benefits
2024202320242023
Amounts recognized in the statements of financial position consist of:(In millions)
Noncurrent assets$— $— $2.2 $0.9 
Current liabilities(7.1)(6.7)(0.1)(0.1)
Long-term liabilities(102.8)(95.9)(1.1)(1.2)
Net amount recognized$(109.9)$(102.6)$1.0 $(0.4)
Components of Net Periodic Benefit Cost
 Pension BenefitsOther Benefits
 202420232022202420232022
 (In millions)
Service cost$0.8 $1.2 $1.5 $0.1 $0.1 $0.2 
Interest cost24.2 27.4 20.1 0.6 0.7 0.5 
Expected return on plan assets(22.5)(22.8)(24.8)(0.7)(0.6)(0.7)
Amortization of prior service cost0.6 0.4 (1.7)(0.5)(0.5)(0.5)
Recognized actuarial loss (gain) - mark to market11.7 1.9 (2.7)(0.1)(1.8)0.5 
Settlements— — (1.0)— — — 
Total net periodic benefit cost (income)$14.8 $8.1 $(8.6)$(0.6)$(2.1)$— 
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted-average assumptions used to determine benefit obligations at December 31,Pension BenefitsOther Benefits
2024202320242023
Discount rate5.79 %5.44 %5.57 %5.37 %
Rate of compensation increase6.00 %6.00 %N/AN/A
 
Weighted-average assumptions used to determine net periodic benefit cost at December 31,Pension BenefitsOther Benefits
202420232022202420232022
Discount rate5.44 %5.71 %2.85 %5.37 %5.65 %2.86 %
Expected return on plan assets6.50 %6.00 %4.27 %6.50 %6.00 %4.60 %
Rate of compensation increase6.00 %6.00 %6.00 %N/AN/AN/A
Estimated Future Benefits Payable for Retirement and Postretirement Plans
We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2024:
Years ending December 31,U.S. Defined Benefit PlansOther Benefit Plans
 (In millions)
2025$40.8 $1.2 
2026$40.4 $1.2 
2027$39.9 $1.1 
2028$39.0 $1.1 
2029$38.0 $1.0 
Next five fiscal years to December 31, 2034$173.1 $4.3 
Fair Value of Plan Assets The fair value of the pension assets at December 31, 2024 and 2023 are as follows:
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
  (In millions)
U.S. Equity
(2)
$34.2 $— $34.2 $— 
International Equity
(2)
14.3 — 14.3 — 
Fixed Income
(2)
193.0 — 193.0 — 
Private Equity
(3)
13.3 — — 13.3 
Real Assets
(4)
4.5 — — 4.5 
Cash
(1)
3.8 3.8 — — 
Total plan assets in the fair value hierarchy $263.1 $3.8 $241.5 $17.8 
Investments measured at net asset value
(5)
68.8 
Total plan assets$331.9 
 
   Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2023Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
  (In millions)
U.S. Equity
(2)
$40.9 $— $40.9 $— 
International Equity
(2)
35.6 — 35.6 — 
Fixed Income
(2)
243.3 — 243.3 — 
Private Equity
(3)
13.8 — — 13.8 
Real Assets
(4)
4.8 — — 4.8 
Cash
(1)
25.1 25.1 — — 
Total plan assets
 $363.5 $25.1 $319.8 $18.6 

(1)Fair value is based on observable market prices for the assets.

(2)For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

(3)Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. As of both December 31, 2024 and 2023, we had $10.0 million of remaining commitments related to these private equity investments.

(4)The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales. As of both December 31, 2024 and 2023, we had $0.2 million of remaining commitments related to the real asset investments.

(5)In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this
table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation. Investments measured at net asset value include Diversified Credit and Real Assets.
The fair value of the postretirement assets at December 31, 2024 and 2023 are as follows:
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2024Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
  (In millions)
U.S. Equity
(2)
$1.1 $— $1.1 $— 
International Equity
(2)
0.5 — 0.5 — 
Fixed Income
(2)
6.2 — 6.2 — 
Private Equity
(3)
0.4 — — 0.4 
Real Assets
(4)
0.2 — — 0.2 
Cash
(1)
0.1 0.1 — — 
Total plan assets in the fair value hierarchy $8.5 $0.1 $7.8 $0.6 
Investments measured at net asset value
(5)
2.2 
Total plan assets$10.7 
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2023Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
  (In millions)
U.S. Equity
(2)
$1.2 $— $1.2 $— 
International Equity
(2)
1.0 — 1.0 — 
Fixed Income
(2)
7.2 — 7.2 — 
Private Equity
(3)
0.4 — — 0.4 
Real Assets
(4)
0.1 — — 0.1 
Cash
(1)
0.8 0.8 — — 
Total plan assets
 $10.7 $0.8 $9.4 $0.5 

(1)Fair value is based on observable market prices for the assets.

(2)For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

(3)Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period.

(4)The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales.
(5)In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation. Investments measured at net asset value include Diversified Credit and Real Assets.
Reconciliation of Beginning and Ending Balances for Plan Assets Valued using Significant Unobservable Inputs
The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs for the years ended December 31, 2024 and 2023:
 Private EquityReal Assets
 (In millions)
Balance at December 31, 2022$13.1 $4.8 
Return on plan assets:
Unrealized0.7 — 
Realized(0.3)— 
Purchases1.7 — 
Sales(1.4)— 
Balance at December 31, 2023$13.8 $4.8 
Return on plan assets:
Unrealized$— $(0.1)
Realized0.4 0.1 
Purchases0.5 — 
Sales(1.4)(0.3)
Balance at December 31, 2024$13.3 $4.5 
Asset Allocation Ranges and Actual Allocations
The following asset allocation ranges and actual allocations were in effect as of December 31, 2024 and 2023: 
 RangeActual
USRIP2024202320242023
U.S. Equity
0% - 20%
0% - 20%
10.3 %11.3 %
International Equity
0% - 10%
0% - 10%
4.3 %9.8 %
Private Equity
0% - 10%
0% - 10%
4.0 %3.8 %
Hedge Funds
0% - 10%
0% - 10%
— %— %
Real Assets
5% - 20%
0% - 10%
11.7 %1.3 %
Diversified Credit
5% - 20%
0% - 0%
10.4 %— %
Fixed Income
45% - 90%
65% - 100%
58.1 %67.0 %
Cash
0% - 15%
0% - 15%
1.2 %6.8 %