XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.3

Pensions and Postretirement Benefits Other than Pensions | 9 Months Ended
--- | ---
Sep. 30, 2024
Retirement Benefits, Description [Abstract] |
Pensions and Postretirement Benefits Other than Pensions | Pensions and Postretirement Benefits Other than Pensions The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of the Company's U.S. employees. Additionally, the Company has many non-U.S. defined benefit and defined contribution plans covering eligible non-U.S. employees. Postretirement benefits other than pensions (OPEB) provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees. Pension Plans The non-contributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on a final average pay formula while plans for most collectively bargained U.S. employees provide benefits on a flat dollar benefit formula or a percentage of pay formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key or highly compensated employees. The components of the Company’s net periodic pension benefit cost for the three and nine months ended September 30 were as follows:
| Three months ended |  | Nine months ended
In millions | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 8.2 |  |  | $ | 9.0 |  |  | $ | 24.2 |  |  | $ | 26.5 |
Interest cost | 28.2 |  |  | 30.2 |  |  | 84.7 |  |  | 90.1 |
Expected return on plan assets | (29.6) |  |  | (30.1) |  |  | (88.4) |  |  | (90.1) |
Net amortization of: |  |  |  |  |  |  |
Prior service costs (benefits) | 0.7 |  |  | 0.9 |  |  | 2.2 |  |  | 2.6 |
Net actuarial (gains) losses | 3.8 |  |  | 3.9 |  |  | 11.3 |  |  | 11.9 |
Net periodic pension benefit cost | 11.3 |  |  | 13.9 |  |  | 34.0 |  |  | 41.0 |
Settlement losses | 1.0 |  |  | — |  |  | 1.0 |  |  | 1.1 |
Net periodic pension benefit cost after net settlement losses | $ | 12.3 |  |  | $ | 13.9 |  |  | $ | 35.0 |  |  | $ | 42.1 |
Amounts recorded in continuing operations: |  |  |  |  |  |  |
Operating income | $ | 7.0 |  |  | $ | 7.9 |  |  | $ | 21.0 |  |  | $ | 23.3 |
Other income/(expense), net | 3.6 |  |  | 4.4 |  |  | 9.0 |  |  | 14.0 |
Amounts recorded in discontinued operations | 1.7 |  |  | 1.6 |  |  | 5.0 |  |  | 4.8 |
Total | $ | 12.3 |  |  | $ | 13.9 |  |  | $ | 35.0 |  |  | $ | 42.1 |
The Company made required and discretionary contributions to its defined benefit pension plans of $52.1 million and $88.5 million during the nine months ended September 30, 2024 and 2023, respectively. The Company currently projects that it will contribute approximately $62 million to its enterprise plans worldwide in 2024. Postretirement Benefits Other Than Pensions The Company sponsors several postretirement plans that provide for healthcare benefits, and in some instances, life insurance benefits that cover certain eligible employees. These plans are unfunded and have no plan assets, but are instead funded by the Company on a pay-as-you-go basis in the form of direct benefit payments. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily noncontributory. The components of net periodic postretirement benefit cost for the three and nine months ended September 30 were as follows:
| Three months ended |  | Nine months ended |
In millions | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |
Service cost | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  |  |
Interest cost | 2.8 |  |  | 3.3 |  |  | 8.6 |  |  | 10.0 |  |  |  |
Net amortization of: |  |  |  |  |  |  |  |  |  |
Prior service costs (benefits) | 0.1 |  |  | 0.1 |  |  | 0.4 |  |  | 0.4 |  |  |  |
Net actuarial (gains) losses | (3.3) |  |  | (3.3) |  |  | (9.9) |  |  | (9.8) |  |  |  |
Net periodic postretirement benefit cost | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 1.7 |  |  |  |
Amounts recorded in continuing operations: |  |  |  |  |  |  |  |  |  |
Operating income | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  |  |
Other income/(expense), net | 0.1 |  |  | 0.3 |  |  | 0.1 |  |  | 1.0 |  |  |  |
Amounts recorded in discontinued operations | (0.4) |  |  | (0.2) |  |  | (1.0) |  |  | (0.4) |  |  |  |
Total | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 1.7 |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_GeneralDiscussionOfPensionAndOtherPostretirementBenefitsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration