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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Summary of Weighted-Average Assumptions for Benefit Obligations Weighted-average assumptions for the projected benefit obligation follows:
 December 31,
2024
December 31,
2023
Discount rate5.5 %4.8 %
Rate of compensation increase3.8 %3.8 %
Summary of Weighted-Average Assumptions for Net Periodic Benefit Cost
Weighted-average assumptions for net periodic benefit cost follows:
 202420232022
Discount rate4.8 %5.1 %2.6 %
Rate of compensation increase3.8 %3.8 %3.8 %
Expected long-term return on plan assets6.0 %6.0 %6.6 %
Summary of Reconciliation of the Change in the Projected Benefit Obligation, Plan Assets and the Funded
A reconciliation of the change in the projected benefit obligation, plan assets and the funded status follows: 
(in millions)20242023
Funded status  
Projected benefit obligation  
Balance as of January 1$134.3 $136.0 
Change in benefit obligation:  
Service cost2.2 2.1 
Interest cost5.5 6.3 
Actuarial (gain) loss(8.4)3.5 
Benefits paid and transferred(62.6)(13.6)
Balance as of December 31$71.0 $134.3 
Fair value of plan assets  
Balance as of January 1$114.8 $114.9 
Change in plan assets:  
Actual gain on plan assets3.9 8.4 
Company contributions2.1 5.1 
Benefits paid and transferred(62.6)(13.6)
Balance as of December 31$58.2 $114.8 
Unfunded status as of December 31$(12.8)$(19.5)
Accumulated benefit obligation as of December 31$70.8 $133.1 
Summary of Net Asset (Liability)
(in millions)December 31,
2024
December 31,
2023
Other long-term assets$4.9 $0.4 
Accrued and other current liabilities(1.6)(1.5)
Other long-term liabilities(16.1)(18.4)
Net pension liabilities$(12.8)$(19.5)
Summary of Amounts Included in Accumulated Other Comprehensive Loss
The amounts included in accumulated other comprehensive loss that have not been recognized in net periodic pension cost follows:
(in millions)December 31,
2024
December 31,
2023
Unrecognized actuarial losses (gross)$22.9 $51.3 
Unrecognized actuarial losses (net of tax)17.7 39.6 
Unrecognized prior service costs (gross)0.4 0.5 
Unrecognized prior service costs (net of tax)0.3 0.4 
Summary of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost follows:
(in millions)202420232022
Service cost$2.2 $2.1 $2.3 
Interest cost5.5 6.3 3.3 
Expected return on plan assets(7.0)(8.2)(9.5)
Amortization of unrecognized net loss1.8 1.3 5.0 
Amortization of unrecognized prior service credit0.1 0.1 — 
Settlement expense 21.1 — — 
Net periodic benefit cost$23.7 $1.6 $1.1 
Summary of Fair Value of the Plans Assets by Asset Category
The fair value measurement of the plans’ assets by asset category follows:
 Quoted Prices in Active Markets for Identical Assets (Level 1)
(in millions)December 31,
2024
December 31,
2023
Cash$4.7 $0.5 
U.S. treasury bonds6.4 21.8 
Mutual funds:  
Equity mutual funds (1)
5.6 13.1 
Fixed income mutual funds (2)
41.5 79.4 
Total$58.2 $114.8 
(1)This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets.
(2)This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.
Summary of Estimated Future Benefits to Be Paid for the Company's Defined Benefit Pension Plans and Post-Retirement Medical Plan
A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2024, follows:
(in millions)202520262027202820292029-2033
Estimated benefit payments$11.6 $7.7 $7.6 $7.2 $7.5 $30.1 
Summary of Receivable and Liability Related to Workers' Compensation Claims A summary of the receivable and liability related to workers' compensation claims follows:
(in millions)December 31,
2024
December 31,
2023
Other current assets$0.6 $0.3 
Other long-term assets1.7 2.2 
Total recovery receivable$2.3 $2.5 
Accrued and other current liabilities$0.9 $1.1 
Other long-term liabilities11.1 13.4 
Total workers' compensation liability$12.0 $14.5