XML 56 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1

EMPLOYEE BENEFIT PLANS - (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Funded Status [Table Text Block]

The following table presents the changes in benefit obligations, plan assets and funded status for the defined benefit plans:

			Domestic Plan												Foreign Plans												Total
(In millions)			2024						2023						2024						2023						2024						2023
Change in Projected Benefit Obligation
Beginning balance			$	147.5					$	253.5					$	309.1					$	267.3					$	456.6					$	520.8
Service cost			—						—						1.9						4.7						1.9						4.7
Interest cost			1.1						10.4						13.1						12.9						14.2						23.3
Participant contributions			—						—						0.1						1.0						0.1						1.0
Actuarial (gain) loss, including assumption changes			(4.0)						2.6						(20.1)						29.5						(24.1)						32.1
Benefits paid from plan assets			(5.8)						(8.1)						(11.6)						(11.7)						(17.4)						(19.8)
Benefits paid from Company assets			—						—						(0.4)						(0.5)						(0.4)						(0.5)
Curtailment			—						—						(0.2)						—						(0.2)						—
Settlement			(138.8)						(110.9)						(0.8)						(4.2)						(139.6)						(115.1)
Foreign currency exchange rate changes			—						—						(17.0)						10.1						(17.0)						10.1
Ending balance			$	—					$	147.5					$	274.1					$	309.1					$	274.1					$	456.6
Change in Plan Assets at Fair Value
Beginning balance			$	178.1					$	285.1					$	295.7					$	267.6					$	473.8					$	552.7
Actual return on plan assets			(2.8)						12.0						9.6						24.1						6.8						36.1
Participant contributions			—						—						0.1						1.0						0.1						1.0
Employer contributions (reversion)			(33.6)						—						20.0						10.2						(13.6)						10.2
Benefits paid			(5.8)						(8.1)						(12.0)						(12.2)						(17.8)						(20.3)
Settlement			(138.8)						(110.9)						(0.8)						(4.2)						(139.6)						(115.1)
Foreign currency exchange rate changes and other			2.9						—						(18.1)						9.2						(15.2)						9.2
Ending balance			$	—					$	178.1					$	294.5					$	295.7					$	294.5					$	473.8
Funded Status			$	—					$	30.6					$	20.4					$	(13.4)					$	20.4					$	17.2
Amounts Recognized in the Consolidated Balance Sheets
Other assets			$	—					$	30.6					$	30.8					$	18.0					$	30.8					$	48.6
Other current liabilities			—						—						(0.4)						(0.4)						(0.4)						(0.4)
Other noncurrent liabilities			—						—						(10.0)						(31.0)						(10.0)						(31.0)
Net amount recognized			$	—					$	30.6					$	20.4					$	(13.4)					$	20.4					$	17.2
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate			n/a						4.5		%				4.8		%				4.4		%				4.8		%				4.4		%
Rate of compensation increase			n/a						n/a						3.2		%				3.3		%				3.2		%				3.3		%

Schedule of Net Benefit Costs [Table Text Block]

The following tables set forth the components of net periodic pension cost (benefit) for the Company’s defined benefit plans:

			Domestic Plan																		Foreign Plans																		Total
(In millions)			2024						2023						2022						2024						2023						2022						2024						2023						2022
Components of Net Periodic Pension Cost (Benefit)
Service cost			$	—					$	—					$	—					$	1.9					$	4.7					$	8.3					$	1.9					$	4.7					$	8.3
Interest cost			1.1						10.4						8.7						13.1						12.9						9.5						14.2						23.3						18.2
Expected return on plan assets			(0.3)						(9.6)						(14.4)						(13.7)						(14.0)						(17.6)						(14.0)						(23.6)						(32.0)
Recognized actuarial loss			—						—						—						(0.5)						(2.3)						(0.9)						(0.5)						(2.3)						(0.9)
Curtailment			—						—						—						(0.2)						—						—						(0.2)						—						—
Settlement			2.5						4.7						—						(0.4)						(1.9)						(0.1)						2.1						2.8						(0.1)
Net periodic pension cost (benefit)			$	3.3					$	5.5					$	(5.7)					$	0.2					$	(0.6)					$	(0.8)					$	3.5					$	4.9					$	(6.5)

Defined Benefit Plan, Assumptions [Table Text Block]

The following weighted-average actuarial assumptions were used to determine net periodic pension cost (benefit):

			Domestic Plan																		Foreign Plans																		Total
			2024						2023						2022						2024						2023						2022						2024						2023						2022
Discount rate			4.5		%				4.4		%				2.9		%				4.4		%				4.8		%				2.4		%				4.4		%				4.6		%				2.6		%
Expected return on plan assets			4.5		%				4.8		%				4.3		%				5.1		%				5.5		%				5.0		%				4.8		%				5.1		%				4.6		%
Rate of compensation increase			n/a						n/a						n/a						3.3		%				3.4		%				3.4		%				3.3		%				3.4		%				3.4		%

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following table sets forth the changes and the end of year components of accumulated other comprehensive (income) loss for the defined benefit plans:

			Year Ended December 31,
(In millions)			2024						2023
Changes to Balance:
Beginning balance, before tax effect			$	(22.5)					$	(40.6)
Prior service credit recognized in current year due to curtailment			0.1						—
Net actuarial (gain) loss arising in current year			(17.0)						19.6
Recognized actuarial loss			0.5						2.3
Curtailment			0.2						—
Settlement			(2.1)						(2.8)
Foreign currency exchange rate changes and other			(0.7)						(1.0)
Ending balance, before tax effect			$	(41.5)					$	(22.5)
			As of December 31,
(In millions)			2024						2023
Components of Balance:
Prior service credit			$	(0.1)					$	(0.2)
Net actuarial gain			(41.4)						(22.3)
Ending balance, before tax effect			(41.5)						(22.5)
Tax effect			8.5						2.8
Ending balance, after tax effect			$	(33.0)					$	(19.7)

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, are expected to be paid as follows for the Foreign Plans:

For the year ending December 31,			(In millions)
2025			$	10.3
2026			10.8
2027			11.1
2028			14.6
2029			15.1
2030 to 2034			89.0

Defined Benefit Plan, Plan Assets, Allocation [Table Text Block]

The asset mixes and the asset allocation guidelines for the Domestic Plan and Foreign Plans are summarized as follows:

			Foreign Plans
									Allocation Guidelines
			December 31, 2024						Min						Target						Max
Equities			17.6		%				—		%				19		%				44		%
Debt securities:
Domestic treasuries			0.7						—						1						—
Corporate bonds			3.3						1						3						25
Pooled investment funds and other			66.8						37						66						92
Total debt securities			70.8												70
Property/real estate			3.7						—						3						9
Insurance products			7.3						7						7						7
Other			0.6						—						1						8
			100.0		%										100		%

			Domestic Plan
									Allocation Guidelines
			December 31, 2023						Min						Target						Max
Equities			4.0		%				—		%				4		%				35		%
Debt securities:
Domestic treasuries			17.3						—						17						—
Corporate bonds			40.5						—						41						—
Total debt securities			57.8												58
Cash equivalents			38.2						—						38						—
			100.0		%										100		%

			Foreign Plans
									Allocation Guidelines
			December 31, 2023						Min						Target						Max
Equities			19.7		%				12		%				21		%				29		%
Debt securities:
Domestic treasuries			0.8						—						1						—
Corporate bonds			3.2						1						1						31
Pooled investment funds and other			63.7						48						67						78
Total debt securities			67.7												69
Property/real estate			4.0						2						2						8
Insurance products			7.1						7						7						7
Other			1.5						—						1						8
			100.0		%										100		%

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables set forth the fair value of assets by asset category for the Domestic Plan and Foreign Plans:

			December 31, 2024
(In millions)			Level 1						Level 2						Level 3						NAV (1)						Total
Foreign Plans
Equities			$	—					$	—					$	—					$	51.8					$	51.8
Debt securities:
Domestic treasuries			—						—						—						2.0						2.0
Corporate bonds			—						—						—						9.8						9.8
Pooled investment funds and other			—						—						—						196.8						196.8
Property/real estate			—						—						—						10.9						10.9
Insurance products			—						21.4						—						—						21.4
Other			1.8						—						—						—						1.8
Total investments in Foreign Plans			$	1.8					$	21.4					$	—					$	271.3					$	294.5

(1)     Investments measured at fair value using the net asset value (“NAV”) per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets.

			December 31, 2023
(In millions)			Level 1						Level 2						Level 3						NAV (1)						Total
Domestic Plan
Equities			$	—					$	—					$	—					$	7.2					$	7.2
Debt securities:
Domestic treasuries			—						—						—						30.9						30.9
Corporate bonds			—						—						—						72.0						72.0
Cash equivalents			68.0						—						—						—						68.0
Total investments in Domestic Plan			$	68.0					$	—					$	—					$	110.1					$	178.1
Foreign Plans
Equities			$	—					$	—					$	—					$	58.3					$	58.3
Debt securities:
Domestic treasuries			—						—						—						2.4						2.4
Corporate bonds			—						—						—						9.6						9.6
Pooled investment funds and other			—						—						—						188.2						188.2
Property/real estate			—						—						—						11.8						11.8
Insurance products			—						20.9						—						—						20.9
Other			4.5						—						—						—						4.5
Total investments in Foreign Plans			$	4.5					$	20.9					$	—					$	270.3					$	295.7
Total
Equities			$	—					$	—					$	—					$	65.5					$	65.5
Debt securities:
Domestic treasuries			—						—						—						33.3						33.3
Corporate bonds			—						—						—						81.7						81.6
Pooled investment funds and other			—						—						—						188.2						188.2
Property/real estate			—						—						—						11.8						11.8
Insurance products			—						20.9						—						—						20.9
Cash equivalents			68.0						—						—						—						68.0
Other			4.5						—						—						—						4.5
Total investments			$	72.5					$	20.9					$	—					$	380.4					$	473.8

(1)     Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets.

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 investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

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

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
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 the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
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

X

- 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

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