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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Benefit Plans [Abstract]  
Pension Obligation and Funded Status

The following table sets forth the Company’s pension obligation and funded status at December 31:

 
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2024
    
2023
    
2024
    
2023
  
Change in benefit obligations:
                        
Beginning projected benefit obligation
  
$
368.9
    
$
348.9
    
$
2.0
    
$
1.8
  
Service cost
    
4.2
      
4.5
      
—
      
—
  
Interest cost
    
16.0
      
16.0
      
0.1
      
0.1
  
Actuarial loss (gain)
    
(25.4
)
    
11.4
      
(0.1
)
    
0.1
  
Benefits paid
    
(18.7
)
    
(15.0
)
    
(0.1
)
    
—
  
Settlements
    
—
      
(0.5
)
    
—
      
—
  
Foreign exchange impact
    
(3.1
)
    
3.3
      
(0.1
)
    
—
  
Other
    
0.4
      
0.3
      
—
      
—
  
Ending projected benefit obligation
    
342.3
      
368.9
      
1.8
      
2.0
  
                                 
Change in plan assets:
                                
Beginning fair value
    
317.4
      
285.4
      
—
      
—
  
Actual return on plan assets
    
33.5
      
34.4
      
—
      
—
  
Employer contributions
    
11.6
      
9.9
      
0.1
      
—
  
Plan participants’ contributions
    
0.4
      
0.3
      
—
      
—
  
Benefits paid
    
(18.7
)
    
(15.0
)
    
(0.1
)
    
—
  
Settlements
    
—
      
(0.5
)
    
—
      
—
  
Foreign exchange impact
    
(2.9
)
    
2.9
      
—
      
—
  
Ending fair value
    
341.3
      
317.4
      
—
      
—
  
                                 
Funded status
  
$
(1.0
)
  
$
(51.5
)
  
$
(1.8
)
  
$
(2.0
)
Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the consolidated balance sheet consist of:

 
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2024
    
2023
    
2024
    
2023
  
Non-current asset
  
$
19.5
    
$
—
    
$
—
    
$
—
  
Current liability
    
(1.6
)
    
(1.8
)
    
(0.1
)
    
(0.1
)
Non-current liability
    
(18.9
)
    
(49.7
)
    
(1.7
)
    
(1.9
)
Net liability recognized
  
$
(1.0
)
  
$
(51.5
)
  
$
(1.8
)
  
$
(2.0
)
Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss, net of related tax effects, consist of:

Pension Benefits
  
Post-Retirement Benefits
  
(millions of dollars)
2024
  
2023
  
2024
  
2023
  
Net actuarial (gain) loss
  
$
1.2
    
$
32.0
    
$
(3.2
)
  
$
(3.3
)
Prior service cost
    
0.1
      
0.1
      
—
      
—
  
Amount recognized end of year
  
$
1.3
    
$
32.1
    
$
(3.2
)
  
$
(3.3
)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Changes in the Plan assets and benefit obligations recognized in other comprehensive income:

Pension Benefits
  
Post-Retirement Benefits
  
(millions of dollars)
2024
  
2023
  
2024
  
2023
  
Current year actuarial gain (loss)
  
$
29.7
    
$
3.8
    
$
0.1
    
$
(0.1
)
Amortization of actuarial (gain) loss
    
1.1
      
2.2
      
(0.3
)
    
(0.3
)
   Total recognized in other comprehensive income
  
$
30.8
    
$
6.0
    
$
(0.2
)
  
$
(0.4
)
Net Periodic Benefit Cost

The components of net periodic benefit costs are as follows:

 
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2024
    
2023
    
2022
    
2024
    
2023
    
2022
  
Service cost
  
$
4.2
    
$
4.5
    
$
6.6
    
$
—
    
$
—
    
$
—
  
Interest cost
    
16.0
      
16.0
      
11.0
      
0.1
      
0.1
      
—
  
Expected return on plan assets
    
(19.8
)
    
(17.8
)
    
(21.5
)
    
—
      
—
      
—
  
Recognized net actuarial (gain) loss
    
1.5
      
2.9
      
5.3
      
(0.4
)
    
(0.5
)
    
(0.4
)
Settlement/curtailment (gain) loss
    
—
      
0.1
      
3.5
      
—
      
—
      
—
  
Net periodic benefit cost
  
$
1.9
    
$
5.7
    
$
4.9
    
$
(0.3
)
  
$
(0.4
)
  
$
(0.4
)
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation

The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2024, 2023 and 2022 are as follows:

 
Year Ended December 31,
  
   
2024
    
2023
    
2022
  
Discount rate
    
5.16
%
    
4.84
%
    
4.30
%
Expected return on plan assets
    
6.59
%
    
6.53
%
    
6.34
%
Rate of compensation increase
    
2.75
%
    
2.77
%
    
2.74
%
Interest crediting rate
    
3.75
%
    
2.25
%
    
2.25
%


The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2024, 2023 and 2022 are as follows:

Year Ended December 31,
  
 
2024
  
2023
  
2022
  
Discount rate
    
4.75
%
    
4.63
%
    
4.84
%
Rate of compensation increase
    
2.75
%
    
2.76
%
    
2.76
%
Weighted Average Asset Allocation Percentages

The Company’s pension plan weighted average asset allocation percentages at December 31, 2024 and 2023 by asset category are as follows:

 
December 31,
  
   
2024
    
2023
  
Asset Category
            
Equity securities
    
55.3
%
    
51.3
%
Fixed income securities
    
33.1
%
    
35.3
%
Real estate
    
0.1
%
    
0.3
%
Other
    
11.5
%
    
13.1
%
Total
    
100.0
%
    
100.0
%
Pension Plan Fair Value by Asset Category

The Company’s pension plan fair values at December 31, 2024 and 2023 by asset category are as follows:

 
December 31,
  
(millions of dollars)
  
2024
    
2023
  
Asset Category
            
Equity securities
  
$
188.7
    
$
162.9
  
Fixed income securities
    
112.8
      
112.0
  
Real estate
    
0.3
      
0.8
  
Other
    
39.5
      
41.7
  
Total
  
$
341.3
    
$
317.4
  


The following table presents domestic and foreign pension plan assets information at December 31, 2024, 2023 and 2022 (the measurement date of pension plan assets):

U.S. Plans
  
International Plans
  
(millions of dollars)
2024
  
2023
  
2022
  
2024
  
2023
  
2022
  
Fair value of plan assets
  
$
277.1
    
$
251.4
    
$
226.4
    
$
64.2
    
$
66.0
    
$
59.0
  
Defined Benefit Pension Plan Assets Measured at Fair Value

The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2024:

 
Quoted Prices in
Active Markets for
Identical Assets
    
Significant
Other Observable
Inputs
    
Significant
Unobservable
Inputs
        
(millions of dollars)
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Pension Assets Fair Value as of December 31, 2024
                        
Equity securities
                        
US equities
  
$
167.2
    
$
—
    
$
—
    
$
167.2
  
Non-US equities
    
21.5
      
—
      
—
      
21.5
  
                                 
Fixed income securities
                                
Corporate debt instruments
    
98.9
      
13.9
      
—
      
112.8
  
                                 
Real estate and other
                                
Real estate
    
—
      
—
      
0.3
      
0.3
  
Other
    
0.4
      
33.9
      
5.2
      
39.5
  
                                 
Total assets
  
$
288.0
    
$
47.8
    
$
5.5
    
$
341.3
  


The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2023:

 
Quoted Prices in
Active Markets for
Identical Assets
    
Significant
Other Observable
Inputs
    
Significant
Unobservable
Inputs
        
(millions of dollars)
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Pension Assets Fair Value as of December 31, 2023
                        
Equity securities
                        
US equities
  
$
142.5
    
$
—
    
$
—
    
$
142.5
  
Non-US equities
    
20.4
      
—
      
—
      
20.4
  
                                 
Fixed income securities
                                
Corporate debt instruments
    
98.0
      
14.0
      
—
      
112.0
  
                                 
Real estate and other
                                
Real estate
    
—
      
—
      
0.8
      
0.8
  
Other
    
0.4
      
35.0
      
6.3
      
41.7
  
                                 
Total assets
  
$
261.3
    
$
49.0
    
$
7.1
    
$
317.4
  
Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs

The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3):

(millions of dollars)
      
Beginning balance at December 31, 2022
  
$
7.6
  
Purchases, sales, settlements
    
—
  
Actual (loss) return on plan assets still held at reporting date
    
(0.6
)
Foreign exchange impact
    
0.1
  
Ending balance at December 31, 2023
  
$
7.1
  
Purchases, sales, settlements
    
—
  
Actual (loss) return on plan assets still held at reporting date
    
(1.6
)
Foreign exchange impact
    
—
  
Ending balance at December 31, 2024
  
$
5.5
  
Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(millions of dollars)
  
Pension Benefits
    
Other Benefits
  
2025
  
$
23.9
    
$
0.1
  
2026
  
$
23.9
    
$
0.1
  
2027
  
$
26.3
    
$
0.2
  
2028
  
$
25.4
    
$
0.2
  
2029
  
$
24.4
    
$
0.2
  
2030-2034
  
$
121.9
    
$
0.8