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Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet | The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheets.
| 2024 |  | 2023
As of December 31 | Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Fair value of plan assets | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Projected benefit obligation | 71.6 |  |  | 58.0 |  |  | 129.6 |  |  | 84.4 |  |  | 66.2 |  |  | 150.6 |
Funded status | $ | (71.3) |  |  | $ | (58.0) |  |  | $ | (129.3) |  |  | $ | (84.0) |  |  | $ | (66.2) |  |  | $ | (150.2) |
Amounts reported within: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Accrued liabilities | (5.0) |  |  | (5.4) |  |  | (10.4) |  |  | (5.5) |  |  | (6.2) |  |  | (11.7) |
Non-current liabilities | (66.4) |  |  | (52.6) |  |  | (119.0) |  |  | (78.7) |  |  | (60.0) |  |  | (138.7) |
Amount Recognized in Accumulated Other Comprehensive Income Loss | The following table provides a summary of amounts recorded within accumulated other comprehensive loss.
| 2024 |  | 2023
As of December 31 | Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Net actuarial loss | $ | 3.4 |  |  | $ | (6.0) |  |  | $ | (2.6) |  |  | $ | 9.5 |  |  | $ | 0.4 |  |  | $ | 9.9 |
Prior service cost (benefit) | 0.8 |  |  | (12.8) |  |  | (12.0) |  |  | 0.3 |  |  | (18.5) |  |  | (18.2) |
Total | $ | 4.2 |  |  | $ | (18.8) |  |  | $ | (14.6) |  |  | $ | 9.8 |  |  | $ | (18.1) |  |  | $ | (8.3) |
Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans | The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans.
| 2024 |  | 2023
For the Year Ended December 31 | U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total |  | U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation as of January 1 | $ | 11.2 |  |  | $ | 73.2 |  |  | $ | 66.2 |  |  | $ | 150.6 |  |  | $ | 11.2 |  |  | $ | 67.9 |  |  | $ | 70.7 |  |  | $ | 149.8 |
Service cost | — |  |  | 0.8 |  |  | 0.3 |  |  | 1.1 |  |  | — |  |  | 0.8 |  |  | 0.3 |  |  | 1.1 |
Interest cost | 0.5 |  |  | 2.2 |  |  | 2.9 |  |  | 5.6 |  |  | 0.6 |  |  | 2.4 |  |  | 3.1 |  |  | 6.1 |
Amendments | — |  |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain)(a) | (0.4) |  |  | (5.2) |  |  | (7.0) |  |  | (12.6) |  |  | 0.3 |  |  | 3.4 |  |  | (2.9) |  |  | 0.8 |
Benefits paid | (0.9) |  |  | (3.3) |  |  | (4.0) |  |  | (8.2) |  |  | (0.9) |  |  | (3.2) |  |  | (5.0) |  |  | (9.1) |
Divestitures/Settlement | — |  |  | (2.3) |  |  | (0.4) |  |  | (2.7) |  |  | — |  |  | (0.4) |  |  | — |  |  | (0.4) |
Foreign currency translation | — |  |  | (4.7) |  |  | — |  |  | (4.7) |  |  | — |  |  | 2.3 |  |  | — |  |  | 2.3 |
Benefit obligation as of December 31 | $ | 10.4 |  |  | $ | 61.2 |  |  | $ | 58.0 |  |  | $ | 129.6 |  |  | $ | 11.2 |  |  | $ | 73.2 |  |  | $ | 66.2 |  |  | $ | 150.6 |
(a)The actuarial gain in 2024 is primarily due to an increase in discount rates during the year.
Changes in Fair Value of Plan Assets of Pension Plans |
| 2024 |  | 2023
| U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total |  | U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets as of January 1 | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Employer contributions | 0.9 |  |  | 5.6 |  |  | 4.0 |  |  | 10.5 |  |  | 0.9 |  |  | 3.6 |  |  | 5.0 |  |  | 9.5 |
Benefits and expenses paid | (0.9) |  |  | (3.3) |  |  | (4.0) |  |  | (8.2) |  |  | (0.9) |  |  | (3.2) |  |  | (5.0) |  |  | (9.1) |
Settlement | — |  |  | (2.3) |  |  | — |  |  | (2.3) |  |  | — |  |  | (0.4) |  |  | — |  |  | (0.4) |
Foreign currency translation | — |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | — |
Plan assets as of December 31 | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |
Funded status at end of year | $ | (10.4) |  |  | $ | (60.9) |  |  | $ | (58.0) |  |  | $ | (129.3) |  |  | $ | (11.2) |  |  | $ | (72.8) |  |  | $ | (66.2) |  |  | $ | (150.2) |
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The accumulated benefit obligation for all defined benefit pension plans was $70.0 and $82.5 as of December 31, 2024 and 2023, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.
As of December 31 | 2024 |  | 2023
Projected benefit obligation | $ | 71.4 |  |  | $ | 84.2 |
Accumulated benefit obligation | 70.0 |  |  | 82.3 |
Fair value of plan assets | — |  |  | — |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss as they pertain to our defined benefit pension plans.
| 2024 |  | 2023 |  | 2022
For the Year Ended December 31 | U.S. Pension |  | Int’l Pension |  | Total |  | U.S. Pension |  | Int’l Pension |  | Total |  | U.S. Pension |  | Int’l Pension |  | Total
Net periodic postretirement cost - pension |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | 1.2 |
Interest cost | 0.5 |  |  | 2.2 |  |  | 2.7 |  |  | 0.6 |  |  | 2.4 |  |  | 3.0 |  |  | 0.3 |  |  | 1.0 |  |  | 1.3 |
Amortization of net actuarial loss | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 1.1 |  |  | 1.3 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic postretirement cost | 0.6 |  |  | 3.2 |  |  | 3.8 |  |  | 0.6 |  |  | 3.2 |  |  | 3.8 |  |  | 0.5 |  |  | 3.3 |  |  | 3.8 |
Settlement charge and other | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Cost for special termination benefit | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total net periodic postretirement cost | 0.6 |  |  | 3.1 |  |  | 3.7 |  |  | 0.6 |  |  | 3.3 |  |  | 3.9 |  |  | 0.5 |  |  | 3.3 |  |  | 3.8 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | (0.4) |  |  | (5.2) |  |  | (5.6) |  |  | 0.3 |  |  | 3.4 |  |  | 3.7 |  |  | (3.0) |  |  | (18.3) |  |  | (21.3) |
Prior service cost | — |  |  | 0.5 |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | (1.1) |  |  | (1.3) |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation and other | — |  |  | (0.4) |  |  | (0.4) |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | (1.7) |  |  | (1.7) |
Total change recognized in other comprehensive income | (0.5) |  |  | (5.2) |  |  | (5.7) |  |  | 0.3 |  |  | 3.5 |  |  | 3.8 |  |  | (3.2) |  |  | (21.1) |  |  | (24.3) |
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | 0.1 |  |  | $ | (2.1) |  |  | $ | (2.0) |  |  | $ | 0.9 |  |  | $ | 6.8 |  |  | $ | 7.7 |  |  | $ | (2.7) |  |  | $ | (17.8) |  |  | $ | (20.5) |
Weighted Average Assumptions used to Determine Benefit Obligations | The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.
| 2024 |  | 2023
| U.S. Pension |  | Int’l Pension |  | Other Benefits |  | U.S. Pension |  | Int’l Pension |  | Other Benefits
Obligation Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.5 | % |  | 3.3 | % |  | 5.6 | % |  | 5.0 | % |  | 3.1 | % |  | 5.0 | %
Rate of future compensation increase | N/A |  | 3.4 | % |  | N/A |  | N/A |  | 3.4 | % |  | N/A
Cost Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.0 | % |  | 3.1 | % |  | 5.0 | % |  | 5.3 | % |  | 3.6 | % |  | 5.3 | %
Expected return on plan assets | N/A |  | 1.0 | % |  | N/A |  | N/A |  | 1.0 | % |  | N/A
Estimated Future Benefit Payments | The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.
| U.S. Pension |  | Int’l Pension |  | Other Benefits
2025 | $ | 0.9 |  |  | $ | 4.1 |  |  | $ | 5.4 |
2026 | 0.9 |  |  | 3.4 |  |  | 5.2 |
2027 | 0.9 |  |  | 3.2 |  |  | 5.1 |
2028 | 0.9 |  |  | 3.4 |  |  | 5.0 |
2029 | 0.9 |  |  | 3.5 |  |  | 4.7 |
2030 - 2034 | 4.4 |  |  | 17.6 |  |  | 21.4 |
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss as they pertain to other employee-related defined benefit plans.
For the Year Ended December 31 | 2024 |  | 2023 |  | 2022
Net periodic postretirement cost - other postretirement |  |  |  |  |
Service cost | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.6 |
Interest cost | 2.9 |  |  | 3.1 |  |  | 2.2 |
Amortization of net actuarial loss | 0.2 |  |  | — |  |  | 1.8 |
Amortization of prior service benefit | (5.8) |  |  | (6.0) |  |  | (5.5) |
Net periodic postretirement cost (benefit) | (2.4) |  |  | (2.6) |  |  | (0.9) |
Gain due to settlement/divestiture | (1.2) |  |  | — |  |  | — |
Total net periodic postretirement cost | (3.6) |  |  | (2.6) |  |  | (0.9) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |
Net actuarial (gain) loss | (7.0) |  |  | (2.9) |  |  | (23.3) |
Prior service benefit(a) | — |  |  | — |  |  | (8.1) |
Amortization of net actuarial loss | (0.2) |  |  | — |  |  | (1.8) |
Amortization of prior service credit | 5.8 |  |  | 6.0 |  |  | 5.5 |
Recognized actuarial gain (loss) due to divestiture | 0.7 |  |  | — |  |  | — |
Total changes recognized in other comprehensive income | (0.7) |  |  | 3.1 |  |  | (27.7) |
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | (4.3) |  |  | $ | 0.5 |  |  | $ | (28.6) |
(a)A prior service benefit was recognized in 2022 related to changes to a postretirement medical plan, covering certain unionized employees and retirees within our IP business. The changes closed the plan to new hires and, beginning in 2023, plan participants receive a fixed contribution into a Health Reimbursement account.

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- Definition Pension plans with accumulated benefit obligation in excess of plan assets. + References No definition available. + Details
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