XML 75 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets

The following table provides a reconciliation of the changes in the benefit obligation and fair value of plan assets over the periods described below:

			Pension Benefits																								Other Benefits
			2024												2023												2024						2023
			U.S.						Non-U.S.						U.S.						Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1			$	8.9					$	88.5					$	8.3					$	75.7					$	17.2					$	16.4
Service cost			0.1						1.5						0.1						1.2						0.5						0.4
Interest cost			0.4						2.6						0.4						2.8						0.8						0.8
Benefits paid			(0.8)						(2.2)						(0.7)						(1.4)						(0.8)						(0.9)
Actuarial (gain) loss			(0.3)						0.3						0.4						6.2						(0.7)						0.5
Currency translation			—						(5.3)						—						5.2						(0.2)						—
Settlements			—						(2.5)						—						(3.0)						—						—
Acquisition/Divestiture			—						0.9						—						1.0						—						—
Participant contributions			—						0.9						—						0.9						—						—
Other			—						(0.1)						0.4						(0.1)						—						—
Obligation at December 31			$	8.3					$	84.6					$	8.9					$	88.5					$	16.8					$	17.2
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1			$	4.3					$	41.7					$	4.7					$	37.8					$	—					$	—
Actual return on plan assets			0.2						6.2						(0.3)						0.9						—						—
Employer contributions			0.4						3.4						0.4						3.3						0.8						0.9
Benefits paid			(0.8)						(2.2)						(0.7)						(1.4)						(0.8)						(0.9)
Currency translation			—						(2.3)						—						3.2						—						—
Settlements			—						(2.5)						—						(3.0)						—						—
Participant contributions			—						0.9						—						0.9						—						—
Other			—						(0.1)						0.2						—						—						—
Fair value of plan assets at December 31			$	4.1					$	45.1					$	4.3					$	41.7					$	—					$	—
Funded status at December 31			$	(4.2)					$	(39.5)					$	(4.6)					$	(46.8)					$	(16.8)					$	(17.2)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets			$	—					$	2.1					$	—					$	1.5					$	—					$	—
Accrued expenses			(0.7)						(1.8)						(0.7)						(1.7)						(1.1)						(1.1)
Other noncurrent liabilities			(3.5)						(39.8)						(3.9)						(46.6)						(15.7)						(16.1)
Net asset (liability) at December 31			$	(4.2)					$	(39.5)					$	(4.6)					$	(46.8)					$	(16.8)					$	(17.2)

Schedule of Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2024 and 2023 were as follows:

			U.S. Plans												Non-U.S. Plans												Other Benefits
			2024						2023						2024						2023						2024						2023
Discount rate			5.41		%				4.93		%				2.91		%				3.01		%				5.40		%				4.90		%
Rate of compensation increase			N/A						N/A						2.38		%				2.55		%				N/A						N/A
Cash balance interest credit rate			N/A						N/A						1.25		%				1.43		%				N/A						N/A

The assumptions used in determining the net periodic cost (benefit) were as follows:

			U.S. Plans																		Non-U.S. Plans
			2024						2023						2022						2024						2023						2022
Discount rate			4.93		%				5.17		%				2.52		%				3.01		%				3.75		%				1.25		%
Expected return on plan assets			5.40		%				4.65		%				2.63		%				4.37		%				4.17		%				2.87		%
Rate of compensation increase			N/A						N/A						N/A						2.55		%				2.44		%				2.31		%

			Other Benefits
			2024						2023						2022
Discount rate			4.90		%				5.21		%				2.70		%
Expected return on plan assets			N/A						N/A						N/A
Rate of compensation increase			N/A						N/A						N/A

Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2024 and 2023 were as follows:

			Pension Benefits																								Other Benefits
			2024												2023												2024						2023
			U.S.						Non-U.S.						U.S.						Non-U.S.
Prior service cost (credit)			$	0.1					$	(0.3)					$	0.2					$	(0.4)					$	(0.2)					$	(0.3)
Net loss (gain)			2.3						(1.8)						2.7						1.8						(8.4)						(8.6)
Total			$	2.4					$	(2.1)					$	2.9					$	1.4					$	(8.6)					$	(8.9)

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2024 is as follows:

			Pension Benefits												Other Benefits
			U.S.						Non-U.S.
Net gain in current year			$	0.2					$	4.1					$	0.7
Prior service credit			—						0.1						—
Amortization of prior service credit			—						(0.1)						(0.1)
Amortization of net loss (gain)			0.3						—						(0.8)
Settlement gain recognized			—						(0.3)						—
Exchange rate effect on amounts in other comprehensive income			—						(0.2)						(0.1)
Total			$	0.5					$	3.6					$	(0.3)

Schedule of Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans

The components of the net periodic cost (benefit) for the plans in 2024, 2023 and 2022 are as follows:

			Pension Benefits
			2024												2023												2022
			U.S.						Non-U.S.						U.S.						Non-U.S.						U.S.						Non-U.S.
Service cost			$	0.1					$	1.5					$	0.1					$	1.2					$	0.1					$	1.8
Interest cost			0.4						2.6						0.4						2.8						0.2						1.0
Expected return on plan assets			(0.3)						(1.8)						(0.2)						(1.6)						(0.2)						(1.3)
Settlement gain recognized			—						(0.3)						—						(0.1)						—						—
Net amortization			0.3						(0.1)						0.1						(0.6)						0.3						0.6
Net periodic cost			$	0.5					$	1.9					$	0.4					$	1.7					$	0.4					$	2.1

			Other Benefits
			2024						2023						2022
Service cost			$	0.5					$	0.4					$	0.7
Interest cost			0.8						0.8						0.5
Net amortization			(0.9)						(0.9)						(0.5)
Net periodic cost			$	0.4					$	0.3					$	0.7

Schedule of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The Company’s pension plan weighted average asset allocations at December 31, 2024 and 2023, by asset category, were as follows:

			U.S. Plans												Non-U.S. Plans
			2024						2023						2024						2023
Equity securities			9		%				9		%				1		%				10		%
Fixed income securities			79		%				79		%				25		%				22		%
Cash/Commingled Funds/Other(1)			12		%				12		%				74		%				68		%
Total			100		%				100		%				100		%				100		%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2024 and 2023 is summarized as follows:

			Basis of Fair Value Measurement
			Outstanding Balances						Level 1						Level 2						Level 3
As of December 31, 2024
Equity
U.S. Large Cap			$	0.2					$	0.2					$	—					$	—
U.S. Small / Mid Cap			—						—						—						—
International			0.8						0.8						—						—
Fixed Income
U.S. Intermediate			2.5						—						2.5						—
U.S. Long Term			3.1						—						3.1						—
U.S. High Yield			0.7						—						0.7						—
International			8.2						0.2						8.0						—
Other Commingled Funds(1)			30.0						—						—						30.0
Cash and Equivalents			2.1						2.1						—						—
Other			1.7						—						1.7						—
			$	49.3					$	3.3					$	16.0					$	30.0

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

			Basis of Fair Value Measurement
			Outstanding Balances						Level 1						Level 2						Level 3
As of December 31, 2023
Equity
U.S. Large Cap			$	0.2					$	0.2					$	—					$	—
U.S. Small / Mid Cap			2.1						—						2.1						—
International			2.4						0.8						1.6						—
Fixed Income
U.S. Intermediate			2.5						—						2.5						—
U.S. Long Term			3.3						—						3.3						—
U.S. High Yield			0.5						—						0.5						—
International			6.4						0.2						6.2						—
Other Commingled Funds(1)			25.8						—						—						25.8
Cash and Equivalents			1.1						0.6						0.5						—
Other			1.7						—						1.7						—
			$	46.0					$	1.8					$	18.4					$	25.8

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

Schedule of Expected Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:

Estimated Future Benefits
2025						$	7.4
2026						6.5
2027						6.8
2028						6.5
2029						7.0
2030 to 2034						32.2

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-4

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-2

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration