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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans [Abstract] |
Summary of Weighted-Average Assumptions for Benefit Obligations | Weighted-average assumptions for the projected benefit obligation follows:
|  | December 31, 2024 |  | December 31, 2023
Discount rate |  | 5.5 | % |  | 4.8 | %
Rate of compensation increase |  | 3.8 | % |  | 3.8 | %
Summary of Weighted-Average Assumptions for Net Periodic Benefit Cost | Weighted-average assumptions for net periodic benefit cost follows:
|  | 2024 |  | 2023 |  | 2022
Discount rate |  | 4.8 | % |  | 5.1 | % |  | 2.6 | %
Rate of compensation increase |  | 3.8 | % |  | 3.8 | % |  | 3.8 | %
Expected long-term return on plan assets |  | 6.0 | % |  | 6.0 | % |  | 6.6 | %
Summary of Reconciliation of the Change in the Projected Benefit Obligation, Plan Assets and the Funded | A reconciliation of the change in the projected benefit obligation, plan assets and the funded status follows:
(in millions) |  | 2024 |  | 2023
Funded status |  |  |  |
Projected benefit obligation |  |  |  |
Balance as of January 1 |  | $ | 134.3 |  |  | $ | 136.0 |
Change in benefit obligation: |  |  |  |
Service cost |  | 2.2 |  |  | 2.1 |
Interest cost |  | 5.5 |  |  | 6.3 |
Actuarial (gain) loss |  | (8.4) |  |  | 3.5 |
Benefits paid and transferred |  | (62.6) |  |  | (13.6) |
Balance as of December 31 |  | $ | 71.0 |  |  | $ | 134.3 |
Fair value of plan assets |  |  |  |
Balance as of January 1 |  | $ | 114.8 |  |  | $ | 114.9 |
Change in plan assets: |  |  |  |
Actual gain on plan assets |  | 3.9 |  |  | 8.4 |
Company contributions |  | 2.1 |  |  | 5.1 |
Benefits paid and transferred |  | (62.6) |  |  | (13.6) |
Balance as of December 31 |  | $ | 58.2 |  |  | $ | 114.8 |
Unfunded status as of December 31 |  | $ | (12.8) |  |  | $ | (19.5) |
Accumulated benefit obligation as of December 31 |  | $ | 70.8 |  |  | $ | 133.1 |
Summary of Net Asset (Liability) |
(in millions) |  | December 31, 2024 |  | December 31, 2023
Other long-term assets |  | $ | 4.9 |  |  | $ | 0.4 |
Accrued and other current liabilities |  | (1.6) |  |  | (1.5) |
Other long-term liabilities |  | (16.1) |  |  | (18.4) |
Net pension liabilities |  | $ | (12.8) |  |  | $ | (19.5) |
Summary of Amounts Included in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive loss that have not been recognized in net periodic pension cost follows:
(in millions) |  | December 31, 2024 |  | December 31, 2023
Unrecognized actuarial losses (gross) |  | $ | 22.9 |  |  | $ | 51.3 |
Unrecognized actuarial losses (net of tax) |  | 17.7 |  |  | 39.6 |
Unrecognized prior service costs (gross) |  | 0.4 |  |  | 0.5 |
Unrecognized prior service costs (net of tax) |  | 0.3 |  |  | 0.4 |
Summary of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 2.2 |  |  | $ | 2.1 |  |  | $ | 2.3 |
Interest cost |  | 5.5 |  |  | 6.3 |  |  | 3.3 |
Expected return on plan assets |  | (7.0) |  |  | (8.2) |  |  | (9.5) |
Amortization of unrecognized net loss |  | 1.8 |  |  | 1.3 |  |  | 5.0 |
Amortization of unrecognized prior service credit |  | 0.1 |  |  | 0.1 |  |  | — |
Settlement expense |  | 21.1 |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 23.7 |  |  | $ | 1.6 |  |  | $ | 1.1 |
Summary of Fair Value of the Plans Assets by Asset Category | The fair value measurement of the plans’ assets by asset category follows:
|  | Quoted Prices in Active Markets for Identical Assets (Level 1)
(in millions) |  | December 31, 2024 |  | December 31, 2023
Cash |  | $ | 4.7 |  |  | $ | 0.5 |
U.S. treasury bonds |  | 6.4 |  |  | 21.8 |
Mutual funds: |  |  |  |
Equity mutual funds (1) |  | 5.6 |  |  | 13.1 |
Fixed income mutual funds (2) |  | 41.5 |  |  | 79.4 |
Total |  | $ | 58.2 |  |  | $ | 114.8 |
(1)This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets. (2)This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.
Summary of Estimated Future Benefits to Be Paid for the Company's Defined Benefit Pension Plans and Post-Retirement Medical Plan | A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2024, follows:
(in millions) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2029-2033
Estimated benefit payments |  | $ | 11.6 |  |  | $ | 7.7 |  |  | $ | 7.6 |  |  | $ | 7.2 |  |  | $ | 7.5 |  |  | $ | 30.1 |
Summary of Receivable and Liability Related to Workers' Compensation Claims | A summary of the receivable and liability related to workers' compensation claims follows:
(in millions) |  | December 31, 2024 |  | December 31, 2023
Other current assets |  | $ | 0.6 |  |  | $ | 0.3 |
Other long-term assets |  | 1.7 |  |  | 2.2 |
Total recovery receivable |  | $ | 2.3 |  |  | $ | 2.5 |
Accrued and other current liabilities |  | $ | 0.9 |  |  | $ | 1.1 |
Other long-term liabilities |  | 11.1 |  |  | 13.4 |
Total workers' compensation liability |  | $ | 12.0 |  |  | $ | 14.5 |

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- Definition Employee Benefit Plans + References No definition available. + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates, rate increase in compensation increase and expected long-term rates of return on plan assets. + References No definition available. + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the net benefit cost, including assumed discount rates, rate increase in compensation increase and expected long-term rates of return on plan assets. + References No definition available. + Details
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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 amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -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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- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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