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Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Pension and other post-retirement plans
We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. Pension benefits are based principally on an employee’s years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees.
Obligations and funded status
The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2024 and 2023:
 Pension plansOther post-retirement plans
In millions2024202320242023
Change in benefit obligations
Benefit obligation beginning of year
$97.5 $90.5 $7.6 $9.0 
Service cost1.7 1.7 — — 
Interest cost3.9 4.1 0.4 0.5 
Settlement (1)
(6.8)— — — 
Curtailment (1)
(2.0)— — — 
Actuarial (gain) loss (2)
(2.7)7.4 (0.6)(0.8)
Foreign currency translation(1.1)1.1 — — 
Benefits paid(7.2)(7.3)(0.8)(1.1)
Benefit obligation end of year$83.3 $97.5 $6.6 $7.6 
Change in plan assets
Fair value of plan assets beginning of year
$30.5 $28.4 $— $— 
Actual return on plan assets0.6 0.8 — — 
Company contributions11.2 7.6 0.8 1.1 
Settlement
(6.8)— — — 
Foreign currency translation(0.9)1.0 — — 
Benefits paid(7.2)(7.3)(0.8)(1.1)
Fair value of plan assets end of year
$27.4 $30.5 $— $— 
Funded status
Benefit obligations in excess of the fair value of plan assets
$(55.9)$(67.0)$(6.6)$(7.6)
(1) The settlement and curtailment in 2024 related to a reduction in headcount in one of our pension plans as a result of ongoing transformation initiatives.
(2) The actuarial gain in 2024 was primarily due to increases in discount rates to reflect economic conditions at December 31, 2024. The actuarial loss in 2023 was primarily due to declines in discount rates to reflect economic conditions at December 31, 2023.
Amounts recorded in the Consolidated Balance Sheets were as follows:
 Pension plansOther post-retirement plans
In millions2024202320242023
Current liabilities$(6.2)$(6.5)$(1.0)$(1.1)
Non-current liabilities(49.7)(60.5)(5.6)(6.5)
Benefit obligations in excess of the fair value of plan assets
$(55.9)$(67.0)$(6.6)$(7.6)
The accumulated benefit obligation for our pension plans was $82.6 million and $93.4 million at December 31, 2024 and 2023, respectively.
Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
 Projected benefit obligation
exceeds the fair value
of plan assets		Accumulated benefit  obligation
exceeds the fair value of
plan assets
In millions2024202320242023
Projected benefit obligation$83.3 $97.5 $83.3 $83.5 
Fair value of plan assets27.4 30.5 27.4 18.8 
Accumulated benefit obligationN/AN/A82.6 81.9 
Components of net periodic benefit expense for our pension plans for the years ended December 31 were as follows:
In millions202420232022
Service cost$1.7 $1.7 $2.4 
Interest cost3.9 4.1 2.5 
Expected return on plan assets(0.6)(0.8)(0.7)
Curtailment
(2.0)— — 
Net actuarial (gain) loss
(2.9)7.1 (16.4)
Net periodic benefit expense (income)
$0.1 $12.1 $(12.2)
Components of net periodic benefit expense and income for our other post-retirement plans for the years ended December 31, 2024, 2023 and 2022, were not material.
Assumptions
The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost as they pertain to our pension and other post-retirement plans.
 Pension plansOther post-retirement plans
Percentages202420232022202420232022
Benefit obligation assumptions
Discount rate4.83 %4.26 %4.77 %5.31 %4.84 %5.11 %
Rate of compensation increase
3.78 %3.70 %3.80 %N/AN/AN/A
Net periodic benefit expense assumptions
Discount rate4.26 %4.77 %2.21 %4.84 %5.11 %2.34 %
Expected long-term return on plan assets
4.36 %4.76 %2.89 %N/AN/AN/A
Rate of compensation increase
3.70 %3.80 %3.61 %N/AN/AN/A
Discount rates
The discount rate reflects the current rate at which the pension liabilities could be effectively settled. The discount rate was determined by matching our expected benefit payments to payments from a stream of bonds rated AA or higher available in the marketplace. There are no known or anticipated changes in our discount rate assumptions that will impact our pension expense in 2025.
Expected rates of return
The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader long-term market indices. Pension plan assets yielded gains of 1.97% and 2.82% in 2024 and 2023, respectively, and a loss of 16.86% in 2022.
Healthcare cost trend rates
The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:
20242023
Healthcare cost trend rate assumed for following year7.0 %6.1 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.0 %4.0 %
Year the cost trend rate reaches the ultimate trend rate20352046
Pension plans assets
Objective
The primary objective of our investment strategy is to meet the pension obligation to our employees at a reasonable cost to us. This is primarily accomplished through growth of capital and safety of the funds invested.
Asset allocation
Our actual overall asset allocation for our pension plans as compared to our investment policy goals as of December 31 was as follows:
 ActualTarget
Percentages2024202320242023
Fixed income70 %53 %71 %53 %
Alternative29 %47 %29 %47 %
Cash1 %— %— %— %
Fair value measurement
The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2024 and December 31, 2023 were as follows:
 December 31, 2024
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$0.3 $— $— $0.3 
Other investments— — 8.0 8.0 
Total investments at fair value$0.3 $— $8.0 $8.3 
Investments measured at NAV19.1 
Total$27.4 

 December 31, 2023
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$0.2 $— $— $0.2 
Other investments— — 14.2 14.2 
Total investments at fair value$0.2 $— $14.2 $14.4 
Investments measured at NAV16.1 
Total$30.5 
Valuation methodologies used for investments measured at fair value were as follows:
•Cash and cash equivalents — Cash consists of cash held in bank accounts and is considered a Level 1 investment.
•Other investments — Other investments include investments in commingled funds with diversified investment strategies. Investments in commingled funds that were valued based on unobservable inputs due to liquidation restrictions were classified as Level 3.
Activity for our Level 3 pension plan assets held during the year ended December 31, 2024 was as follows:
In millionsDecember 31, 2024
Beginning balance$14.2 
Actual return on plan assets0.5 
Company contributions0.7 
Benefits received0.3 
Settlement(6.8)
Foreign currency translation(0.9)
Ending balance$8.0 
Activity for our Level 3 pension plan assets held during the year ended December 31, 2023 was not material.
Cash flows
Contributions
Pension contributions totaled $11.2 million and $7.6 million in 2024 and 2023, respectively. We anticipate our 2025 pension contributions to be approximately $6.8 million. The 2025 expected contributions will equal or exceed our minimum funding requirements.
Estimated future benefit payments
The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
In millionsPension plansOther post-retirement plans
2025$8.0 $1.0 
20268.3 0.9 
20278.5 0.8 
20288.3 0.8 
20297.9 0.7 
2030 - 2034
34.0 2.5 
Savings plan
We have a 401(k) plan (the “401(k) plan”) with an employee share ownership (“ESOP”) bonus component, which covers certain union and all non-union U.S. employees who meet certain age requirements. Under the 401(k) plan, eligible U.S. employees may voluntarily contribute a percentage of their eligible compensation. We match contributions made by employees who meet certain eligibility and service requirements. The 401(k) company match contribution is a dollar-for-dollar (100%) matching contribution on up to 5% of employee eligible earnings, contributed as before-tax contributions.
Our expense for the 401(k) plan, including the ESOP, was $19.7 million, $19.5 million and $21.4 million in 2024, 2023 and 2022, respectively.
Other retirement compensation
Total other accrued retirement compensation, primarily related to deferred compensation and supplemental retirement plans, was $35.7 million and $32.7 million as of December 31, 2024 and 2023, respectively, and is included in Pension and other post-retirement compensation and benefits and Other non-current liabilities in the Consolidated Balance Sheets.