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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits, Description [Abstract] |
Summary of the change in projected benefit obligation | The following is a summary of the change in projected benefit obligation:
(in millions) |  | 2023 |  | 2022
Balance at January 1 |  | $ | 316.4 |  |  | $ | 386.0 |
Service cost |  | 21.1 |  |  | 25.7 |
Interest cost |  | 18.5 |  |  | 12.0 |
Actuarial (gain) loss |  | 18.3 |  |  | (86.7) |
Benefits paid |  | (22.8) |  |  | (20.6) |
Balance at December 31 |  | $ | 351.5 |  |  | $ | 316.4 |
Change in plan assets | The following is a summary of the change in fair value of plan assets:
(in millions) |  | 2023 |  | 2022 |  | 2021
Balance at January 1 |  | $ | 331.7 |  |  | $ | 402.3 |  |  | $ | 388.2 |
Actual return on plan assets |  | 38.9 |  |  | (50.0) |  |  | 34.0 |
Employer contributions |  | 3.0 |  |  | — |  |  | — |
Benefits paid |  | (22.8) |  |  | (20.6) |  |  | (19.9) |
Balance at December 31 |  | $ | 350.8 |  |  | $ | 331.7 |  |  | $ | 402.3 |
Fair value of plan assets | The fair value of each major category of plan assets as of December 31, 2023 and 2022 is indicated below:
(in millions) |  | 2023 |  | 2022
Level 2: |  |  |  |
Money market funds |  | $ | 6.2 |  |  | $ | 16.6 |
Mutual funds: |  |  |  |
Fixed income |  | 165.3 |  |  | 131.6 |
U.S. equity |  | 131.6 |  |  | 129.8 |
Foreign equity |  | 47.7 |  |  | 53.7 |
Total |  | $ | 350.8 |  |  | $ | 331.7 |
Components of net pension expenses and the assumptions used to determine the end-of-year projected benefit obligation and net pension expense in aggregate | The components of net pension expense and the assumptions used to determine the end-of-year projected benefit obligation and net pension expense in aggregate at December 31, 2023 and 2022 and 2021 are indicated below:
(in millions) |  | 2023 |  | 2022 |  | 2021
Components of Net Pension Expense: |  |  |  |  |  |
Service cost |  | $ | 21.1 |  |  | $ | 25.7 |  |  | $ | 27.8 |
Interest cost |  | 18.5 |  |  | 12.0 |  |  | 10.7 |
Expected return on plan assets |  | (21.6) |  |  | (22.3) |  |  | (21.7) |
Recognized net actuarial loss |  | 0.3 |  |  | 1.4 |  |  | 4.5 |
Net Pension Expense |  | $ | 18.3 |  |  | $ | 16.8 |  |  | $ | 21.3 |
Assumptions Used to Determine End-of-Year Benefit Obligation: |  |  |  |  |  |
Discount rate |  | 5.20 | % |  | 5.60 | % |  | 3.00 | %
Rate of compensation increase |  | 4.00 |  |  | 4.00 |  |  | 4.00 |
Cash balance interest crediting rate |  | 5.14 |  |  | 4.75 |  |  | 4.00 |
Assumptions Used to Determine Net Pension Expense: |  |  |  |  |  |
Discount rate |  | 5.60 | % |  | 3.00 | % |  | 2.70 | %
Rate of compensation increase |  | 4.00 |  |  | 4.00 |  |  | 4.00 |
Expected return on plan assets |  | 6.75 |  |  | 5.75 |  |  | 5.75 |
Interest crediting rate |  | 4.75 |  |  | 4.00 |  |  | 4.00 |
Asset allocation for the plan | The asset allocation for the plan, by asset category, at December 31, 2023 and 2022 was as follows:
| 2023 |  | 2022
Fixed income | 47.1 | % |  | 39.7 | %
Money market funds | 1.8 |  |  | 5.0 |
U.S. equity | 37.5 |  |  | 39.1 |
Foreign equity | 13.6 |  |  | 16.2 |
Prior service costs and actuarial losses included in accumulated other comprehensive income (loss) | The pre-tax balance and activity of actuarial losses for the pension plan, which are included in other comprehensive income (loss), for 2023 are as follows:
(in millions) |  | Actuarial Loss
Balance at January 1 |  | $ | 32.2 |
Unrecognized net loss |  | 1.1 |
Recognized as a component of net pension expense |  | (0.3) |
Balance at December 31 |  | $ | 33.0 |
Anticipated benefit payments from the plan in future years | At December 31, 2023, anticipated benefit payments from the plan in future years are as follows:
(in millions) |  |
2024 |  | $ | 32.1 |
2025 |  | 32.5 |
2026 |  | 33.8 |
2027 |  | 34.5 |
2028 |  | 35.2 |
2029-2033 |  | 182.6 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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