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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Pension and Postretirement Plans |
Financial information related to pension and postretirement health care plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement |
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits |
(millions) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 |
Accumulated benefit obligation, end of year | ​ | ​ | $1,859.5 | ​ | ​ | ​ | $1,799.0 | ​ | ​ | $1,125.8 | ​ | ​ | ​ | $1,171.1 | ​ | ​ | $112.0 | ​ | ​ | ​ | $115.5 | ​
Projected benefit obligation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation, beginning of year |  | ​ | $1,799.0 | ​ | ​ | ​ | $2,462.7 | ​ | ​ | $1,221.9 | ​ | ​ | ​ | $1,779.7 | ​ | ​ | $115.5 | ​ | ​ | ​ | $155.4 | ​
Service cost |  | ​ | 40.9 | ​ | ​ | ​ | 40.8 | ​ | ​ | 21.7 | ​ | ​ | ​ | 28.4 | ​ | ​ | 0.4 | ​ | ​ | ​ | 0.8 | ​
Interest cost |  | ​ | 88.1 | ​ | ​ | ​ | 65.3 | ​ | ​ | 45.9 | ​ | ​ | ​ | 22.0 | ​ | ​ | 5.6 | ​ | ​ | ​ | 3.3 | ​
Participant contributions |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.8 | ​ | ​ | ​ | 3.0 | ​ | ​ | 3.8 | ​ | ​ | ​ | 3.7 | ​
Plan amendments |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (1.5) | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Actuarial (gain) loss |  | ​ | 90.2 | ​ | ​ | ​ | (479.8) | ​ | ​ | (101.0) | ​ | ​ | ​ | (436.8) | ​ | ​ | (0.1) | ​ | ​ | ​ | (33.7) | ​
Assumed through acquisitions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | 15.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Other events | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.9 | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid |  | ​ | (158.7) | ​ | ​ | ​ | (290.0) | ​ | ​ | (69.8) | ​ | ​ | ​ | (54.3) | ​ | ​ | (13.2) | ​ | ​ | ​ | (14.0) | ​
Foreign currency translation |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 51.1 | ​ | ​ | ​ | (135.2) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Projected benefit obligation, end of year |  | ​ | $1,859.5 | ​ | ​ | ​ | $1,799.0 | ​ | ​ | $1,174.0 | ​ | ​ | ​ | $1,221.9 | ​ | ​ | $112.0 | ​ | ​ | ​ | $115.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | ​ | $1,668.5 | ​ | ​ | ​ | $2,376.8 | ​ | ​ | $905.1 | ​ | ​ | ​ | $1,219.9 | ​ | ​ | $3.2 | ​ | ​ | ​ | $5.2 | ​
Actual returns on plan assets | ​ | ​ | 149.1 | ​ | ​ | ​ | (430.3) | ​ | ​ | (44.0) | ​ | ​ | ​ | (218.3) | ​ | ​ | 0.2 | ​ | ​ | ​ | (0.8) | ​
Company contributions | ​ | ​ | 60.8 | ​ | ​ | ​ | 12.0 | ​ | ​ | 35.4 | ​ | ​ | ​ | 38.3 | ​ | ​ | 12.2 | ​ | ​ | ​ | 12.8 | ​
Participant contributions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.8 | ​ | ​ | ​ | 3.0 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Acquired through acquisitions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.9 | ​ | ​ | ​ | 15.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid | ​ | ​ | (158.7) | ​ | ​ | ​ | (290.0) | ​ | ​ | (67.6) | ​ | ​ | ​ | (54.3) | ​ | ​ | (13.2) | ​ | ​ | ​ | (14.0) | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 36.6 | ​ | ​ | ​ | (98.6) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Fair value of plan assets, end of year | ​ | ​ | $1,719.7 | ​ | ​ | ​ | $1,668.5 | ​ | ​ | $871.2 | ​ | ​ | ​ | $905.1 | ​ | ​ | $2.4 | ​ | ​ | ​ | $3.2 | ​
Funded Status, end of year | ​ | ​ | ($139.8) | ​ | ​ | ​ | ($130.5) | ​ | ​ | ($302.8) | ​ | ​ | ​ | ($316.8) | ​ | ​ | ($109.6) | ​ | ​ | ​ | ($112.3) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the Consolidated Balance Sheets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other assets | ​ | ​ | $- | ​ | ​ | ​ | $- | ​ | ​ | $118.4 | ​ | ​ | ​ | $118.6 | ​ | ​ | $- | ​ | ​ | ​ | $- | ​
Other current liabilities | ​ | ​ | ($9.2) | ​ | ​ | ​ | (9.2) | ​ | ​ | (33.0) | ​ | ​ | ​ | (28.6) | ​ | ​ | (8.7) | ​ | ​ | ​ | (7.6) | ​
Postretirement healthcare and pension benefits | ​ | ​ | ($130.6) | ​ | ​ | ​ | (121.3) | ​ | ​ | (388.2) | ​ | ​ | ​ | (406.8) | ​ | ​ | (100.9) | ​ | ​ | ​ | (104.7) | ​
Net liability | ​ | ​ | ($139.8) | ​ | ​ | ​ | ($130.5) | ​ | ​ | ($302.8) | ​ | ​ | ​ | ($316.8) | ​ | ​ | ($109.6) | ​ | ​ | ​ | ($112.3) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial loss (gain) | ​ | ​ | $495.2 | ​ | ​ | ​ | $411.9 | ​ | ​ | $278.5 | ​ | ​ | ​ | $279.7 | ​ | ​ | ($40.8) | ​ | ​ | ​ | ($43.6) | ​
Unrecognized net prior service (benefits) costs | ​ | ​ | (16.7) | ​ | ​ | ​ | (21.2) | ​ | ​ | (0.4) | ​ | ​ | ​ | 0.3 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Tax (benefit) expense | ​ | ​ | (122.8) | ​ | ​ | ​ | (100.8) | ​ | ​ | (64.4) | ​ | ​ | ​ | (66.5) | ​ | ​ | 6.2 | ​ | ​ | ​ | 7.7 | ​
Accumulated other comprehensive loss (income), net of tax | ​ | ​ | $355.7 | ​ | ​ | ​ | $289.9 | ​ | ​ | $213.7 | ​ | ​ | ​ | $213.5 | ​ | ​ | ($34.6) | ​ | ​ | ​ | ($35.9) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of net actuarial gain (loss) | ​ | ​ | ($0.2) | ​ | ​ | ​ | ($30.2) | ​ | ​ | ($14.8) | ​ | ​ | ​ | ($22.7) | ​ | ​ | $3.1 | ​ | ​ | ​ | $0.6 | ​
Amortization of prior service credits | ​ | ​ | 4.5 | ​ | ​ | ​ | 4.5 | ​ | ​ | 0.5 | ​ | ​ | ​ | 0.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Current period net actuarial loss (gain) | ​ | ​ | 83.5 | ​ | ​ | ​ | 97.0 | ​ | ​ | (1.0) | ​ | ​ | ​ | (147.8) | ​ | ​ | (0.3) | ​ | ​ | ​ | (32.5) | ​
Current period prior service costs | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (1.5) | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Curtailments and settlements | ​ | ​ | - | ​ | ​ | ​ | (51.6) | ​ | ​ | 2.7 | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Tax (benefit) expense | ​ | ​ | (22.0) | ​ | ​ | ​ | (5.5) | ​ | ​ | 2.1 | ​ | ​ | ​ | 51.3 | ​ | ​ | (1.5) | ​ | ​ | ​ | 6.5 | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 12.2 | ​ | ​ | ​ | (35.1) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Other comprehensive loss (income) | ​ | ​ | $65.8 | ​ | ​ | ​ | $14.2 | ​ | ​ | $0.2 | ​ | ​ | ​ | ($154.2) | ​ | ​ | $1.3 | ​ | ​ | ​ | ($25.4) | ​
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | U.S. Post- |
​ | ​ | U.S. | ​ | International | ​ | Retirement | ​
(millions) | ​ | Pensions | ​ | Pensions | ​ | Benefits |
Net actuarial loss (gain) | ​ | ​ | $6.1 | ​ | ​ | ​ | $10.0 | ​ | ​ | ​ | ($3.2) | ​ | ​
Net prior service benefits | ​ | ​ | (4.6) | ​ | ​ | ​ | (0.6) | ​ | ​ | ​ | - | ​ | ​
Total | ​ | ​ | $1.5 | ​ | ​ | ​ | $9.4 | ​ | ​ | ​ | ($3.2) | ​ | ​
Aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (millions) |  | 2023 |  | 2022 | ​
Aggregate projected benefit obligation | ​ | ​ | $2,428.8 | ​ | ​ | ​ | $2,392.1 | ​
Accumulated benefit obligation | ​ |  | 2,392.4 | ​ | ​ |  | 2,355.8 | ​
Fair value of plan assets | ​ |  | 1,868.9 | ​ | ​ |  | 1,828.1 | ​
​
Net periodic pension and postretirement health care benefit costs |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits
(millions) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | ​ | ​ | $40.9 | ​ | ​ | ​ | $40.8 | ​ | ​ | $43.9 | ​ | ​ | $21.7 | ​ | ​ | ​ | $28.4 | ​ | ​ | $31.4 | ​ | ​ | $0.4 | ​ | ​ | ​ | $0.8 | ​ | ​ | $1.0
Interest cost on benefit obligation |  | ​ | 88.1 | ​ | ​ |  | 65.3 | ​ | ​ | 51.4 | ​ |  | 45.9 | ​ | ​ |  | 22.0 | ​ |  | 17.3 | ​ |  | 5.6 | ​ | ​ |  | 3.3 | ​ |  | 2.9
Expected return on plan assets |  | ​ | (145.1) | ​ | ​ |  | (144.4) | ​ | ​ | (152.3) | ​ |  | (56.1) | ​ | ​ |  | (69.8) | ​ |  | (70.7) | ​ |  | (0.2) | ​ | ​ |  | (0.3) | ​ |  | (0.4)
Recognition of net actuarial loss (gain) | ​ | ​ | 0.2 | ​ | ​ |  | 30.2 | ​ | ​ | 56.7 | ​ |  | 12.5 | ​ | ​ |  | 22.8 | ​ |  | 28.7 | ​ |  | (3.1) | ​ | ​ |  | (0.6) | ​ |  | 0.7
Amortization of prior service benefit | ​ | ​ | (4.5) | ​ | ​ | ​ | (4.5) | ​ | ​ | (6.9) | ​ | ​ | (0.5) | ​ | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | -
Curtailments and settlements (a) | ​ | ​ | - | ​ | ​ | ​ | 51.6 | ​ | ​ | 35.3 | ​ | ​ | (2.7) | ​ | ​ | ​ | - | ​ | ​ | 3.5 | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | -
Total expense (benefit) | ​ | ​ | ($20.4) | ​ | ​ | ​ | $39.0 | ​ | ​ | $28.1 | ​ | ​ | $20.8 | ​ | ​ | ​ | $3.3 | ​ | ​ | $10.1 | ​ | ​ | $2.7 | ​ | ​ | ​ | $3.2 | ​ | ​ | $4.2
​
| (a) | $50.6 and $37.2 of settlement expense was recognized as special charges in 2022 and 2021, respectively.
Plan Assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan Assumptions | ​ | U.S. | ​ | International | ​ | U.S. Postretirement | ​
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits | ​
(percent) |  | 2023 | ​ | 2022 | ​ | 2021 |  | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine benefit obligations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of year end: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ | 4.95 | % | ​ | 5.17 | % | ​ | 2.86 | % | ​ | 4.34 | % | ​ | 3.70 | % | ​ | 1.45 | % | ​ | 4.95 | % | ​ | 5.14 | % | ​ | 2.75 | % | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 2.84 |  | ​ | 2.81 |  | ​ | 2.42 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine net cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest credit rate for cash balance plans | ​ | 3.89 | ​ | ​ | 1.56 | ​ | ​ | 0.87 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​
Discount rate | ​ | 5.17 |  | ​ | 2.86 |  | ​ | 2.49 |  | ​ | 3.70 |  | ​ | 1.46 |  | ​ | 1.37 |  | ​ | 5.14 |  | ​ | 2.75 |  | ​ | 2.37 | ​ | ​
Expected return on plan assets | ​ | 7.75 |  | ​ | 7.00 |  | ​ | 7.00 |  | ​ | 6.27 |  | ​ | 6.18 |  | ​ | 6.24 |  | ​ | 7.75 |  | ​ | 7.00 |  | ​ | 7.00 | ​ | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 3.08 |  | ​ | 2.47 |  | ​ | 2.31 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
Estimated future benefits payments | ​
​ | ​ | ​ | ​ | ​
(millions) | ​ | All Plans | ​
2024 | ​ | ​ | $242 | ​
2025 | ​ |  | 242 | ​
2026 | ​ |  | 241 | ​
2027 | ​ |  | 244 | ​
2028 | ​ |  | 246 | ​
2029 - 2033 | ​ |  | 1,215 | ​
U.S. Pension and Postretirement Health Care Benefits |
Pension and Postretirement Plans |
Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans | ​ The fair value of the Company’s U.S. qualified pension plan assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value as of | ​ | Fair Value as of
(millions) | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Total | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | ​ | $30.1 | ​ | ​ | $- | ​ | ​ | $30.1 | ​ | ​ | $54.8 | ​ | ​ | $- | ​ | ​ | $54.8
Equity securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity |  |  | 276.1 | ​ | ​ | - | ​ | ​ | 276.1 | ​ |  | 237.1 | ​ | ​ | - | ​ | ​ | 237.1
Small cap equity |  |  | 14.6 | ​ | ​ | 29.6 | ​ | ​ | 44.2 | ​ |  | 15.4 | ​ | ​ | 25.1 | ​ | ​ | 40.5
International equity |  |  | 40.4 | ​ | ​ | 19.2 | ​ | ​ | 59.6 | ​ |  | 37.4 | ​ | ​ | 17.2 | ​ | ​ | 54.6
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income |  |  | 150.7 | ​ | ​ | 669.6 | ​ | ​ | 820.3 | ​ |  | 145.5 | ​ | ​ | 646.5 | ​ | ​ | 792.0
High-yield bonds |  |  | 34.7 | ​ | ​ | - | ​ | ​ | 34.7 | ​ |  | 33.4 | ​ | ​ | - | ​ | ​ | 33.4
Emerging markets |  |  | - | ​ | ​ | 24.8 | ​ | ​ | 24.8 | ​ |  | - | ​ | ​ | 25.4 | ​ | ​ | 25.4
Total investments at fair value | ​ |  | 546.6 | ​ | ​ | 743.2 | ​ |  | 1,289.8 | ​ |  | 523.6 | ​ | ​ | 714.2 | ​ |  | 1,237.8
Investments measured at net asset value | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 432.3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 433.9
Total | ​ | ​ | $546.6 | ​ | ​ | $743.2 | ​ | ​ | $1,722.1 | ​ | ​ | $523.6 | ​ | ​ | $714.2 | ​ | ​ | $1,671.7
​ The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2023 or 2022. ​ The allocation of the Company’s U.S. qualified pension plan assets plans were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Target Asset | ​ | ​ | ​ | ​ | ​ |
Asset Category | ​ | Allocation | ​ | Percentage
​ | ​ | Percentage | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 |  | 2023 | ​ | 2022 |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | - | % | ​ | - | % | ​ | 2 | % | ​ | 3 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity | ​ | 21 | ​ | ​ | 21 | ​ | ​ | 16 | ​ | ​ | 14 | ​
Small cap equity | ​ | 3 |  | ​ | 3 |  | ​ | 3 |  | ​ | 2 | ​
International equity | ​ | 13 |  | ​ | 13 |  | ​ | 9 |  | ​ | 9 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income | ​ | 48 |  | ​ | 48 |  | ​ | 48 |  | ​ | 47 | ​
High-yield bonds | ​ | 3 |  | ​ | 3 |  | ​ | 2 |  | ​ | 2 | ​
Emerging markets | ​ | 2 |  | ​ | 2 |  | ​ | 1 |  | ​ | 2 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate | ​ | 3 |  | ​ | 3 |  | ​ | 3 |  | ​ | 4 | ​
Private equity | ​ | 5 |  | ​ | 5 |  | ​ | 14 |  | ​ | 15 | ​
Distressed debt | ​ | 2 | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | 2 | ​
Total | ​ | 100 | % | ​ | 100 | % | ​ | 100 | % | ​ | 100 | %
International Pension |
Pension and Postretirement Plans |
Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value as of |  | ​ | Fair Value as of
(millions) | ​ | December 31, 2023 |  | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Total |  | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | $12.6 | ​ | $- | ​ | $12.6 | ​ | ​ | $9.9 | ​ | $- | ​ | $9.9
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | - | ​ | 182.5 | ​ | 182.5 | ​ | ​ | - | ​ | 219.3 | ​ | 219.3
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds |  | - | ​ | 147.5 | ​ | 147.5 | ​ | ​ | - | ​ | 158.5 | ​ | 158.5
Government bonds |  | - | ​ | 321.4 | ​ | 321.4 | ​ | ​ | - | ​ | 365.9 | ​ | 365.9
Insurance company accounts | ​ | - | ​ | 163.4 | ​ | 163.4 | ​ | ​ | - | ​ | 106.2 | ​ | 106.2
Total investments at fair value | ​ | 12.6 | ​ | 814.8 | ​ | 827.4 | ​ | ​ | 9.9 | ​ | 849.9 | ​ | 859.8
Investments measured at net asset value | ​ | ​ | ​ | ​ | ​ | 43.8 | ​ | ​ | ​ | ​ | ​ | ​ | 45.3
Total | ​ | $12.6 | ​ | $814.8 | ​ | $871.2 | ​ | ​ | $9.9 | ​ | $849.9 | ​ | $905.1
​ ​ ​ The Company had no Level 3 assets as part of its international plan assets as of December 31, 2023 or 2022. ​ The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage
Asset Category | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | 1 | % | ​ | 1 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | 21 | ​ |  | 24 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds | ​ | 17 | ​ |  | 18 | ​
Government bonds | ​ | 37 | ​ |  | 40 | ​
Total fixed income | ​ | 54 | ​ |  | 58 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​
Insurance contracts | ​ | 19 | ​ |  | 12 | ​
Real estate | ​ | 5 | ​ | ​ | 5 | ​
Total | ​ | 100 | % | ​ | 100 | %

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- Definition Tabular disclosure of financial information associated with defined benefit plans and other post-retirement benefit plans. Information includes components of net benefit costs, accumulated benefit obligations and fair value of plan assets, funded status, amounts recognized in the consolidated balance sheet and accumulated other comprehensive income (loss), and the changes in accumulated other comprehensive income (loss). + References No definition available. + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: 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 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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