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Employee Benefit Plans (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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