Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Fair Value of Plan Assets

The following table presents the fair value of these assets (in millions of dollars):

	As of September 30, 2024		As of December 31, 2023
Deferred compensation program - Diversified investment funds in registered investment companies	$	11.8	$	11.1

Schedule of Total Expense Related to Benefit Plans

The following table presents the total expense related to all postretirement benefit plans (in millions of dollars):

	Quarter Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Defined contribution plans1	$	4.4	$	4.3	$	14.4	$	14.4
Deferred compensation plan2		0.5		—		1.2		0.6
Multiemployer pension plans1		1.6		1.4		4.6		4.2
Net periodic postretirement benefit cost relating to defined benefit plans2,3		2.5		3.3		6.8		9.7
Total	$	9.0	$	9.0	$	27.0	$	28.9

1.Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income. For the nine months ended September 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4).

2.Deferred compensation plan expense and the current service cost component of Net periodic postretirement benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement benefit cost relating to Salaried VEBA are included within Other income (expense), net, on our Statements of Consolidated Income.

3.The current service cost component of Net periodic postretirement benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement benefit cost relating to both the pension plans and the OPEB plan are included within Other income (expense), net, on our Statements of Consolidated Income.

Schedule of Net Benefit Costs

The following table presents the components of Net periodic postretirement benefit cost relating to the defined benefit plans (in millions of dollars):

	Pension Plans						OPEB						Salaried VEBA
	Quarter Ended						Quarter Ended						Quarter Ended
	September 30,						September 30,						September 30,
	2024			2023			2024			2023			2024			2023
Service cost	$	0.7		$	1.0		$	0.3		$	0.3		$	—		$	—
Interest cost		0.4			0.3			0.8			0.8			0.5			0.7
Expected return on plan assets		(0.3	)		(0.3	)		—			—			(0.6	)		(0.6	)
Amortization of prior service cost1		0.2			0.2			—			—			0.8			1.2
Amortization of net actuarial gain		—			—			(0.3	)		(0.3	)		—			—
Total net periodic postretirement benefit cost	$	1.0		$	1.2		$	0.8		$	0.8		$	0.7		$	1.3

	Pension Plans						OPEB						Salaried VEBA
	Nine Months Ended September 30,						Nine Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023			2024			2023
Service cost	$	2.7		$	2.8		$	0.8		$	0.8		$	—		$	—
Interest cost		1.2			0.9			2.5			2.5			1.6			2.1
Expected return on plan assets		(1.0	)		(0.8	)		—			—			(1.7	)		(1.7	)
Amortization of prior service cost1		0.5			0.3			—			—			1.0			3.7
Amortization of net actuarial gain		—			—			(0.8	)		(0.9	)		—			—
Total net periodic postretirement benefit cost	$	3.4		$	3.2		$	2.5		$	2.4		$	0.9		$	4.1

1.We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.