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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans and the amounts recognized in the balance sheet | Changes in benefit obligations and plan assets, as well as the funded status of the Company’s defined benefit pension plans were as follows (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Accumulated benefit obligation at end of period |  | $ | 346.2 |  |  | $ | 327.9 |
Change in projected benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 333.2 |  |  | $ | 611.8 |
Service cost |  |  | 6.6 |  |  |  | 10.3 |
Interest cost |  |  | 16.6 |  |  |  | 17.0 |
Actuarial loss (gain) |  |  | 7.1 |  |  |  | (148.5 | )
Settlement |  |  | — |  |  |  | (135.4 | )
Benefits paid |  |  | (14.0 | ) |  |  | (18.2 | )
Currency translation adjustments |  |  | 0.9 |  |  |  | (3.8 | )
Benefit obligation at end of period |  | $ | 350.4 |  |  | $ | 333.2 |
Change in plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 298.7 |  |  | $ | 533.0 |
Actual return on plan assets |  |  | 39.4 |  |  |  | (102.2 | )
Company contributions |  |  | 2.0 |  |  |  | 28.6 |
Settlement |  |  | — |  |  |  | (135.4 | )
Expenses paid |  |  | (1.4 | ) |  |  | (2.9 | )
Benefits paid |  |  | (14.0 | ) |  |  | (18.2 | )
Currency translation adjustments |  |  | 1.2 |  |  |  | (4.2 | )
Fair value of plan assets at end of period |  | $ | 325.9 |  |  | $ | 298.7 |
Funded status of plan - at end of period |  | $ | (24.5 | ) |  | $ | (34.5 | )
Recognized in consolidated balance sheet at end of period |  |  |  |  |  |
Prepaid benefit cost (long-term asset) |  | $ | 7.6 |  |  | $ | 6.2 |
Accrued benefit liability (current liability) |  |  | (2.0 | ) |  |  | (2.0 | )
Accrued benefit liability (long-term liability) |  |  | (30.1 | ) |  |  | (38.7 | )
|  | $ | (24.5 | ) |  | $ | (34.5 | )
Changes in benefit obligations and plan assets, as well as the funded status of the Company’s postretirement benefit plans were as follows (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Accumulated benefit obligation at end of period |  | $ | 52.1 |  |  | $ | 44.6 |
Change in projected benefit obligation |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 44.6 |  |  | $ | 55.7 |
Service cost |  |  | 1.7 |  |  |  | 2.2 |
Interest cost |  |  | 2.1 |  |  |  | 1.4 |
Actuarial loss (gain) |  |  | 7.5 |  |  |  | (12.0 | )
Benefits paid |  |  | (3.8 | ) |  |  | (2.7 | )
Benefit obligation at end of period |  | $ | 52.1 |  |  | $ | 44.6 |
Change in plan assets |  |  |  |  |  |
Company contributions |  | $ | 3.8 |  |  | $ | 2.7 |
Benefits paid |  |  | (3.8 | ) |  |  | (2.7 | )
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Funded status of plan - at end of period |  | $ | (52.1 | ) |  | $ | (44.6 | )
Recognized in consolidated balance sheet at end of period |  |  |  |  |  |
Accrued benefit liability (current liability) |  | $ | (3.9 | ) |  | $ | (2.2 | )
Accrued benefit liability (long-term liability) |  |  | (48.2 | ) |  |  | (42.4 | )
|  | $ | (52.1 | ) |  | $ | (44.6 | )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) |  |  |  |  |  |
Net actuarial loss |  | $ | 35.2 |  |  | $ | 27.8 |
Prior service (cost) benefit |  |  | (8.1 | ) |  |  | (9.6 | )
|  | $ | 27.1 |  |  | $ | 18.2 |
Recognized in accumulated other comprehensive income (loss) as of end of period (net of taxes) |  |  |  |  |  |
Net actuarial loss |  | $ | (3.1 | ) |  | $ | 2.7 |
Prior service (cost) benefit |  |  | 9.0 |  |  |  | 10.2 |
|  | $ | 5.9 |  |  | $ | 12.9 |
Schedule of Weighted-average assumptions |
Weighted-average assumptions as of end of period |  |  |  |  |  |
Discount rate |  |  | 4.89 | % |  |  | 5.09 | %
Expected return on plan assets |  |  | 6.50 | % |  |  | 6.50 | %
Weighted-average assumptions as of end of period |  |  |  |  |  |
Discount rate |  |  | 4.76 | % |  |  | 4.95 | %
Expected return on plan assets |  | n/a |  |  | n/a |
Schedule of Benefit Obligations in Excess of Plan Fair Value | Pension benefit plans with accumulated benefit obligations in excess of plan assets consisted of the following (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Projected benefit obligation |  | $ | 29.0 |  |  | $ | 316.0 |
Accumulated benefit obligation |  |  | 28.6 |  |  |  | 310.8 |
Fair value of plan assets |  |  | — |  |  |  | 275.4 |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows (in millions):
|  | Pension Benefits |
|  | Year Ended December 31, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 6.6 |  |  | $ | 10.3 |  |  | $ | 2.6 |  |  | $ | 11.5 |
Interest cost |  |  | 16.6 |  |  |  | 17.0 |  |  |  | 4.3 |  |  |  | 16.4 |
Expected return on plan assets |  |  | (19.4 | ) |  |  | (20.6 | ) |  |  | (5.3 | ) |  |  | (19.8 | )
Amortization of prior service cost |  |  | 1.9 |  |  |  | 2.2 |  |  |  | 0.6 |  |  |  | 2.3 |
Settlement |  |  | — |  |  |  | 33.6 |  |  |  | — |  |  |  | — |
Amortization of net actuarial (gain) loss |  |  | (2.4 | ) |  |  | 1.0 |  |  |  | 0.2 |  |  |  | 4.9 |
Expenses paid |  |  | 1.0 |  |  |  | 3.0 |  |  |  | 2.5 |  |  |  | 3.0 |
Net periodic benefit cost |  | $ | 4.3 |  |  | $ | 46.5 |  |  | $ | 4.9 |  |  | $ | 18.3 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (12.5 | ) |  | $ | (26.2 | ) |  | $ | (13.0 | ) |  | $ | (74.1 | )
Amortization of prior service cost |  |  | (1.9 | ) |  |  | (2.2 | ) |  |  | (0.6 | ) |  |  | (2.3 | )
Settlement |  |  | — |  |  |  | (33.6 | ) |  |  | — |  |  |  | — |
Amortization of net actuarial gain (loss) |  |  | 2.4 |  |  |  | (1.0 | ) |  |  | (0.2 | ) |  |  | (4.9 | )
|  | $ | (12.0 | ) |  | $ | (63.0 | ) |  | $ | (13.8 | ) |  | $ | (81.3 | )
Weighted-average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.09% |  |  | 2.83% |  |  | 2.91% |  |  | 2.71% |
Expected return on plan assets |  | 6.50% |  |  | 4.31% |  |  | 4.46% |  |  | 4.89% |
|  | Postretirement Health and Other |
|  | Year Ended December 31, |  |  | (transition period) Three Months Ended December 31, |  |  | Year Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.7 |  |  | $ | 2.2 |  |  | $ | 0.5 |  |  | $ | 2.2 |
Interest cost |  |  | 2.1 |  |  |  | 1.4 |  |  |  | 0.4 |  |  |  | 1.2 |
Amortization of prior service cost |  |  | (1.4 | ) |  |  | (1.4 | ) |  |  | (0.4 | ) |  |  | (1.4 | )
Amortization of net actuarial (gain) loss |  |  | (0.2 | ) |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 0.3 |
Net periodic benefit cost |  | $ | 2.2 |  |  | $ | 2.5 |  |  | $ | 0.6 |  |  | $ | 2.3 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 7.5 |  |  | $ | (12.0 | ) |  | $ | 2.2 |  |  | $ | (1.1 | )
Amortization of prior service cost |  |  | 1.4 |  |  |  | 1.4 |  |  |  | 0.4 |  |  |  | 1.4 |
Amortization of net actuarial gain (loss) |  |  | 0.2 |  |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | (0.3 | )
|  | $ | 9.1 |  |  | $ | (10.9 | ) |  | $ | 2.5 |  |  | $ | — |
Weighted-average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.95% |  |  | 2.62% |  |  | 2.61% |  |  | 2.36% |
Expected return on plan assets |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Schedule of Pension Plan Asset and Target Allocation | The weighted average of the Company’s pension plan asset allocations and target allocations at December 31, 2023 by asset category for the Company's pension plans managed by the Committee, were as follows:
|  | Target % |  | Actual |
Asset Category |  |  |  |  |
Fixed income |  | 30% - 40% |  |  | 35 | %
Large-cap equity |  | 25% - 40% |  |  | 34 | %
Mid-cap equity |  | 10% - 20% |  |  | 16 | %
Small-cap equity |  | 5% - 15% |  |  | 13 | %
Other |  | 0% - 5% |  |  | 2 | %
|  |  |  |  | 100 | %
Schedule of fair value of plan assets by major category and level within fair value hierarchy | The fair value of plan assets by major category and level within the fair value hierarchy was as follows (in millions):
|  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Common stocks |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies (a) |  | $ | 88.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 88.6 |
International companies (b) |  |  | — |  |  |  | 5.0 |  |  |  | — |  |  |  | 5.0 |
Mutual funds (a) |  |  | 94.3 |  |  |  | — |  |  |  | — |  |  |  | 94.3 |
Government and agency bonds (c) |  |  | — |  |  |  | 16.1 |  |  |  | — |  |  |  | 16.1 |
Corporate bonds and notes (d) |  |  | — |  |  |  | 6.9 |  |  |  | — |  |  |  | 6.9 |
Money market funds (e) |  |  | 7.8 |  |  |  | — |  |  |  | — |  |  |  | 7.8 |
Other |  |  |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.6 |
|  | $ | 190.7 |  |  | $ | 28.0 |  |  | $ | 0.6 |  |  |  | 219.3 |
Investments measured at net asset value (NAV) (f) |  |  |  |  |  |  |  |  |  |  |  | 106.6 |
|  |  |  |  |  |  |  |  |  |  | $ | 325.9 |
|  | Quoted Prices for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Common stocks |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies (a) |  | $ | 80.3 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 80.4 |
International companies (b) |  |  | — |  |  |  | 5.5 |  |  |  | — |  |  |  | 5.5 |
Mutual funds (a) |  |  | 82.9 |  |  |  | — |  |  |  | — |  |  |  | 82.9 |
Government and agency bonds (c) |  |  | — |  |  |  | 15.4 |  |  |  | — |  |  |  | 15.4 |
Corporate bonds and notes (d) |  |  | — |  |  |  | 5.7 |  |  |  | — |  |  |  | 5.7 |
Money market funds (e) |  |  | 8.5 |  |  |  | — |  |  |  | — |  |  |  | 8.5 |
Other |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
|  | $ | 171.7 |  |  | $ | 26.7 |  |  | $ | 0.5 |  |  |  | 198.9 |
Investments measured at net asset value (NAV) (f) |  |  |  |  |  |  |  |  |  |  |  | 99.8 |
|  |  |  |  |  |  |  |  |  |  | $ | 298.7 |
(a) Primarily valued using a market approach based on the quoted market prices of identical instruments that are actively traded on public exchanges. (b) Valuation model looks at underlying security “best” price, exchange rate for underlying security’s currency against the U.S. dollar and ratio of underlying security to American depository receipt. (c) These investments consist of debt securities issued by the U.S. Treasury, U.S. government agencies and U.S. government-sponsored enterprises and have a variety of structures, coupon rates and maturities. These investments are considered to have low default risk as they are guaranteed by the U.S. government. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. (d) These investments consist of debt obligations issued by a variety of private and public corporations. These are investment grade securities which historically have provided a steady stream of income. Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. (e) These investments largely consist of short-term investment funds and are valued using a market approach based on the quoted market prices of identical instruments. (f) These investments consist of privately placed funds that are valued based on NAV. NAV of the funds is based on the fair value of each fund’s underlying investments. In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table sets forth additional disclosures for the fair value measurement of the fair value of pension plans assets that are in common collective trusts that calculate fair value based on NAV per share practical expedient (in millions):
|  | Fair Value |  |  | Unfunded Commitments |  |  | Redemption Frequency (if Currently Eligible) |  | Redemption Notice Period (1)
December 31, 2023 |  | $ | 106.6 |  |  | $ | — |  |  | N/A |  | 15 days
December 31, 2022 |  | $ | 99.8 |  |  | $ | — |  |  | N/A |  | 15 days
(1) Represents the maximum redemption period. A portion of the investment does not have any redemption period restrictions.
Schedule of estimated future benefit payments | The Company’s estimated future benefit payments under Company sponsored plans were as follows (in millions):
|  | Pension Benefits |  |  | Postretirement Health |
Year Ending December 31, |  | Qualified |  |  | Non-Qualified |  |  | and Other |
2024 |  | $ | 13.3 |  |  | $ | 2.0 |  |  | $ | 3.9 |
2025 |  |  | 14.4 |  |  |  | 2.0 |  |  |  | 4.0 |
2026 |  |  | 15.7 |  |  |  | 2.0 |  |  |  | 4.3 |
2027 |  |  | 16.9 |  |  |  | 2.0 |  |  |  | 4.7 |
2028 |  |  | 18.0 |  |  |  | 2.0 |  |  |  | 5.0 |
2029-2032 |  |  | 103.4 |  |  |  | 10.6 |  |  |  | 22.9 |

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