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Pension, Health Care and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of the Components of the Net Pension Costs and Cumulative Other Comprehensive Loss Related to the Defined Benefit Pension Plans
The following table summarizes the components of the net pension costs and AOCI related to the defined benefit pension plans:
Domestic
Defined Benefit Pension Plan
Foreign
Defined Benefit Pension Plans
202420232022202420232022
Net pension cost:
Service cost$2.9 $3.0 $4.6 $4.6 $4.4 $6.3 
Interest cost4.9 4.6 3.2 11.8 11.8 7.3 
Expected return on plan assets(8.3)(7.3)(7.6)(11.1)(12.3)(9.4)
Amortization of prior service cost (credit)1.9 1.3 1.0 (0.1)(0.2)(0.2)
Amortization of actuarial (gains) losses(0.5)(1.3)(1.5)0.2 
Ongoing pension cost0.9 1.6 1.2 3.9 2.2 4.2 
  Settlement credits(1.1)(0.3)
Curtailment cost7.1 
Net pension cost0.9 1.6 1.2 11.0 1.1 3.9 
Other changes in plan assets and projected benefit
obligation recognized in AOCI (before taxes):
Net actuarial (gains) losses arising during the year(20.9)(8.6)5.0 (8.0)5.8 (29.6)
Prior service cost (credit) arising during the year1.0 3.0 1.6 6.9 1.1 (0.3)
Amortization of actuarial gains (losses)0.5 1.3 1.5 (0.2)
Amortization of prior service (cost) credit(1.9)(1.3)(1.0)(7.0)0.2 0.2 
Loss recognized for settlement1.1 0.3 
Exchange rate loss (gain) recognized during the year1.6 (1.5)(0.4)
Total recognized in AOCI(21.3)(6.9)5.6 (5.2)8.2 (30.0)
Total recognized in net pension cost and AOCI
$(20.4)$(5.3)$6.8 $5.8 $9.3 $(26.1)
Summary of the Fair Value of the Defined Benefit Pension Plan Assets
The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2024, 2023 and 2022. The presentation is in accordance with the Fair Value Topic of the ASC.
Fair Value at
December 31,
2024
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant 
Other
Observable 
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments at fair value:
 Cash and cash equivalents$8.7 $8.7 $ 
Equity investments (1)
95.3 86.6 8.7 
Fixed income investments (2)
226.5 36.8 189.7 
Other assets (3)
24.2 24.2 
Total investments in fair value hierarchy$354.7 $132.1 $222.6 
Investments measured at NAV or its equivalent (4)
25.3 
Total investments$380.0 
Fair Value at
December 31,
2023
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant 
Other
Observable 
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments at fair value:
Equity investments (1)
$133.0 $72.9 $60.1 
Fixed income investments (2)
188.9 36.8 152.1 
Other assets (3)
34.6 34.6 
Total investments in fair value hierarchy$356.5 $109.7 $246.8 
Investments measured at NAV or its equivalent (4)
25.3 
Total investments$381.8 
Fair Value at
December 31,
2022
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant 
Other
Observable 
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Investments at fair value:
Equity investments (1)
$80.1 $8.5 $71.6 
Fixed income investments (2)
117.6 117.6 
Other assets (3)
34.4 34.4 
Total investments in fair value hierarchy$232.1 $8.5 $223.6 
Investments measured at NAV or its equivalent (4)
110.9 
Total investments$343.0 
(1)    This category includes actively managed equity assets that track primarily to the S&P 500 or an international equity index.
(2)    This category includes government and corporate bonds that track primarily to a domestic or an international bond index.
(3)    This category primarily includes insurance contracts and real estate.
(4)    This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy.
Summary of the Obligations, Plan Assets and Assumptions Used for Defined Benefit Pension Plans
The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31:
Domestic
Defined Benefit Pension Plan
Foreign
Defined Benefit Pension Plans
202420232022202420232022
Accumulated benefit obligations
at end of year
$94.2 $100.5 $90.3 $221.7 $236.4 $209.3 
Projected benefit obligations:
Balances at beginning of year$102.1 $91.7 $120.8 $257.8 $230.4 $362.7 
Service cost2.9 3.0 4.6 4.6 4.4 6.3 
Interest cost4.9 4.6 3.2 11.8 11.8 7.3 
Actuarial (gains) losses(11.1)2.8 (32.6)(19.8)8.8 (112.4)
Plan amendments and other1.0 3.0 1.6 13.5 2.0 3.2 
Settlements(2.2)(3.7)(2.4)
Effect of foreign exchange(12.2)14.1 (28.8)
Benefits paid(4.5)(3.0)(5.9)(10.5)(10.0)(5.5)
Balances at end of year95.3 102.1 91.7 243.0 257.8 230.4 
Plan assets:
Balances at beginning of year135.1 119.4 155.2 246.7 223.6 328.4 
Actual returns on plan assets18.1 18.7 (29.9)(2.6)15.4 (73.4)
Contributions and other5.7 8.6 5.8 
Settlements(2.2)(3.7)(2.4)
Effect of foreign exchange(7.1)12.8 (29.3)
Benefits paid(4.5)(3.0)(5.9)(10.5)(10.0)(5.5)
Balances at end of year148.7 135.1 119.4 231.3 246.7 223.6 
Excess (deficient) plan assets over
projected benefit obligations
$53.4 $33.0 $27.7 $(11.7)$(11.1)$(6.8)
Assets and liabilities recognized in the
Consolidated Balance Sheets:
Deferred pension assets$53.4 $33.0 $27.7 $56.1 $57.9 $51.7 
Other accruals(6.0)(3.4)(3.0)
Other long-term liabilities(61.8)(65.6)(55.5)
$53.4 $33.0 $27.7 $(11.7)$(11.1)$(6.8)
Amounts recognized in AOCI:
Net actuarial gains$36.9 $16.6 $8.0 $29.9 $24.8 $31.7 
Prior service (costs) credits(7.8)(8.8)(7.1)0.4 0.3 1.6 
$29.1 $7.8 $0.9 $30.3 $25.1 $33.3 
Weighted-average assumptions used to
determine projected benefit obligations:
Discount rate5.78 %5.09 %5.27 %5.49 %4.81 %5.06 %
Rate of compensation increase3.00 %3.00 %3.00 %3.29 %3.33 %3.39 %
Weighted-average assumptions used to
determine net pension cost:
Discount rate5.09 %5.27 %3.12 %4.81 %5.06 %2.26 %
Expected long-term rate of
return on assets
6.25 %6.25 %5.00 %4.78 %5.48 %3.19 %
Rate of compensation increase3.00 %3.00 %3.00 %3.33 %3.39 %3.25 %
Summary of the Obligation and the Assumptions Used for Postretirement Benefits Other than Pensions
The following table summarizes the obligation and the assumptions used for other postretirement benefits:
Other Postretirement Benefits
202420232022
Benefit obligation:
Balance at beginning of year - unfunded$147.2 $153.8 $276.4 
Service cost0.5 0.6 1.2 
Interest cost6.8 7.4 6.0 
Actuarial gain(8.6)(8.0)(54.5)
Plan amendments(62.8)
Benefits paid(10.8)(6.6)(12.5)
Balance at end of year - unfunded$135.1 $147.2 $153.8 
Liabilities recognized in the Consolidated Balance Sheets:
Other accruals$(14.4)$(14.0)$(14.5)
Postretirement benefits other than pensions(120.7)(133.2)(139.3)
$(135.1)$(147.2) $(153.8)
Amounts recognized in AOCI:
Net actuarial gains$21.0 $12.9 $4.7 
Prior service credits16.2 40.0 64.0 
$37.2 $52.9 $68.7 
Weighted-average assumptions used to determine benefit obligation:
Discount rate5.61 %4.97 %5.16 %
Health care cost trend rate - pre-657.50 %7.00 %6.25 %
Health care cost trend rate - post-656.50 %6.00 %5.50 %
Prescription drug cost increases11.75 %9.00 %8.25 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate4.97 %5.16 %2.83 %
Health care cost trend rate - pre-657.00 %6.25 %6.38 %
Health care cost trend rate - post-656.00 %5.50 %5.13 %
Prescription drug cost increases9.00 %8.25 %8.25 %
Summary of the Components of Net Periodic Benefit Cost and Cumulative Other Comprehensive Loss Related to Postretirement Benefits Other than Pensions
The following table summarizes the components of the net periodic benefit cost and AOCI related to other postretirement benefits:
Other Postretirement Benefits
202420232022
Net periodic benefit (credit) cost:
Service cost$0.5 $0.6 $1.2 
Interest cost6.8 7.4 6.0 
Amortization of actuarial (gains) losses(0.4)0.1 4.2 
Amortization of prior service credit(23.9)(23.9)(0.4)
Net periodic benefit (credit) cost (17.0)(15.8)11.0 
Other changes in projected benefit obligation recognized in
AOCI (before taxes):
Net actuarial gain arising during the year(8.6)(8.0)(54.5)
Prior service credit arising during the year(62.8)
Amortization of actuarial gains (losses)0.4 (0.1)(4.2)
Amortization of prior service credit23.9 23.9 0.4 
Total recognized in AOCI15.7 15.8 (121.1)
Total recognized in net periodic benefit cost and AOCI$(1.3)$— $(110.1)
Expected Retiree Health Care Benefit Cash Payments
The Company expects to make retiree health care benefit cash payments as follows:
2025$14.4 
202614.9 
202714.9 
202814.3 
202913.2 
2030 through 203448.2 
Total expected benefit cash payments$119.9