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Pension and Other Post-retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans | The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.
| Pension Benefits |  | Post-retirement Benefits
Years ended December 31 (dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation (ABO) at December 31 | $ | (27.3) |  |  | $ | (26.3) |  |  | N/A |  | N/A
Change in projected benefit obligations (PBO) |  |  |  |  |  |  |
PBO at beginning of year | $ | (26.7) |  |  | $ | (28.3) |  |  | $ | (1.7) |  |  | $ | (1.7) |
Service cost | (1.1) |  |  | (0.9) |  |  | — |  |  | — |
Interest cost | (1.4) |  |  | (1.2) |  |  | (0.1) |  |  | (0.1) |
Participant contributions | — |  |  | — |  |  | (0.1) |  |  | (0.1) |
Actuarial gain (loss) including assumption changes | 0.7 |  |  | (1.1) |  |  | 0.1 |  |  | — |
Benefits paid | 0.8 |  |  | 4.8 |  |  | 0.2 |  |  | 0.2 |
PBO at end of year | $ | (27.7) |  |  | $ | (26.7) |  |  | $ | (1.6) |  |  | $ | (1.7) |
Change in fair value of plan assets |  |  |  |  |  |  |
Plan assets at beginning of year | $ | 20.3 |  |  | $ | 45.2 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (1.4) |  |  | 0.6 |  |  | — |  |  | — |
Contribution by the Company | 0.5 |  |  | 0.5 |  |  | 0.1 |  |  | 0.1 |
Participant contributions | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Benefits paid | (0.8) |  |  | (4.8) |  |  | (0.2) |  |  | (0.2) |
Transfer related to plan termination | — |  |  | (21.2) |  |  | — |  |  | — |
Plan assets at end of year | $ | 18.6 |  |  | $ | 20.3 |  |  | $ | — |  |  | $ | — |
Funded status | $ | (9.1) |  |  | $ | (6.4) |  |  | $ | (1.6) |  |  | $ | (1.7) |
Amount recognized in the balance sheet |  |  |  |  |  |  |
Noncurrent assets | $ | 2.2 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | — |
Current liabilities | (0.5) |  |  | (0.5) |  |  | (0.2) |  |  | (0.2) |
Non-current liabilities | (10.8) |  |  | (10.3) |  |  | (1.4) |  |  | (1.5) |
Net pension liability at end of year | $ | (9.1) |  | * | $ | (6.4) |  | * | $ | (1.6) |  |  | $ | (1.7) |
Amounts recognized in accumulated other comprehensive loss before tax |  |  |  |  |  |  |
Net actuarial loss | $ | 8.3 |  |  | $ | 6.7 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Prior service cost | 1.8 |  |  | 1.9 |  |  | (1.3) |  |  | (1.8) |
Total recognized in accumulated other comprehensive loss | $ | 10.1 |  |  | $ | 8.6 |  |  | $ | (1.1) |  |  | $ | (1.5) |
*In addition, the Company has a liability for a foreign pension plan of $0.3 million at December 31, 2024 and 2023, respectively.
Schedule of Net Periodic Benefit Costs |
| Pension Benefits |  | Post-retirement Benefits
Years ended December 31 (dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net periodic cost (benefit) |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.4 |  |  | 1.2 |  |  | 14.5 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | (1.2) |  |  | (1.0) |  |  | (21.5) |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 0.3 |  |  | 0.1 |  |  | 19.9 |  |  | — |  |  | — |  |  | — |
Prior service cost | 0.1 |  |  | 0.1 |  |  | (0.4) |  |  | (0.5) |  |  | (0.5) |  |  | (0.5) |
Defined-benefit plan expense (income) | 1.7 |  |  | 1.3 |  |  | 13.9 |  |  | (0.4) |  |  | (0.4) |  |  | $ | (0.4) |
Pension settlement (income) expense | — |  |  | (0.9) |  |  | 417.3 |  |  | — |  |  | — |  |  | — |
Various U.S. defined contribution plans cost | 17.9 |  |  | 16.5 |  |  | 15.3 |  |  | — |  |  | — |  |  | — |
| $ | 19.6 |  |  | $ | 16.9 |  |  | $ | 446.5 |  |  | $ | (0.4) |  |  | $ | (0.4) |  |  | $ | (0.4) |
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 1.9 |  |  | $ | 1.5 |  |  | $ | (27.0) |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 0.2 |
Amortization of net actuarial loss | (0.3) |  |  | (0.1) |  |  | (19.9) |  |  | — |  |  | — |  |  | — |
Settlement loss | — |  |  | — |  |  | (417.3) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | (0.1) |  |  | (0.1) |  |  | 0.4 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |
Total recognized in other comprehensive loss | 1.5 |  |  | 1.3 |  |  | (463.8) |  |  | 0.4 |  |  | 0.5 |  |  | 0.7 |
Total recognized in net periodic cost (benefit) and other comprehensive loss | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | (32.6) |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.3 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
| Pension Benefits |  | Post-retirement Benefits
Years ended December 31 (dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net periodic cost (benefit) |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.4 |  |  | 1.2 |  |  | 14.5 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | (1.2) |  |  | (1.0) |  |  | (21.5) |  |  | — |  |  | — |  |  | — |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 0.3 |  |  | 0.1 |  |  | 19.9 |  |  | — |  |  | — |  |  | — |
Prior service cost | 0.1 |  |  | 0.1 |  |  | (0.4) |  |  | (0.5) |  |  | (0.5) |  |  | (0.5) |
Defined-benefit plan expense (income) | 1.7 |  |  | 1.3 |  |  | 13.9 |  |  | (0.4) |  |  | (0.4) |  |  | $ | (0.4) |
Pension settlement (income) expense | — |  |  | (0.9) |  |  | 417.3 |  |  | — |  |  | — |  |  | — |
Various U.S. defined contribution plans cost | 17.9 |  |  | 16.5 |  |  | 15.3 |  |  | — |  |  | — |  |  | — |
| $ | 19.6 |  |  | $ | 16.9 |  |  | $ | 446.5 |  |  | $ | (0.4) |  |  | $ | (0.4) |  |  | $ | (0.4) |
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 1.9 |  |  | $ | 1.5 |  |  | $ | (27.0) |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 0.2 |
Amortization of net actuarial loss | (0.3) |  |  | (0.1) |  |  | (19.9) |  |  | — |  |  | — |  |  | — |
Settlement loss | — |  |  | — |  |  | (417.3) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | (0.1) |  |  | (0.1) |  |  | 0.4 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |
Total recognized in other comprehensive loss | 1.5 |  |  | 1.3 |  |  | (463.8) |  |  | 0.4 |  |  | 0.5 |  |  | 0.7 |
Total recognized in net periodic cost (benefit) and other comprehensive loss | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | (32.6) |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.3 |
Schedule of Actuarial Assumptions Used To Determine Benefit Obligations and Net Periodic Benefit Cost | Actuarial assumptions used to determine benefit obligations at December 31 are as follows:
| Pension Benefits |  | Post-retirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.57 | % |  | 4.96 | % |  | 5.49 | % |  | 4.89 | %
Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:
| Pension Benefits |  | Post-retirement Benefits
Years ended December 31 | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 4.96 | % |  | 5.15 | % |  | 2.80 | % |  | 4.89 | % |  | 5.09 | % |  | 2.44 | %
Expected long-term return on plan assets | 5.25 | % |  | 5.25 | % |  | 3.12 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | N/A |  | N/A |  | N/A
Schedule of Weighted Asset Allocations by Asset Category and Schedule of Fair Value Measurement of Plan Assets | The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:
Asset Category | 2024 |  | 2023
Equity securities | 19 | % |  | 17 | %
Debt securities | 76 |  |  | 70 |
Private equity | 5 |  |  | 12 |
Cash | — |  |  | 1 |
| 100 | % |  | 100 | %
The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2024 and 2023 (dollars in millions):
|  |  | December 31, 2024
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Contracts (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Non- observable Inputs (Level 3)
Short-term investments | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  |  |  |  |  |
Common stocks | 2.3 |  |  | 2.3 |  |  | — |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasury securities | 6.5 |  |  | 0.8 |  |  | 5.7 |  |  | — |
Other fixed income securities | 7.4 |  |  | — |  |  | 7.4 |  |  | — |
Other types of investments |  |  |  |  |  |  |
Mutual funds | 1.2 |  |  | — |  |  | 1.2 |  |  | — |
Private equity | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Total fair value of plan asset investments | $ | 18.5 |  |  | $ | 3.3 |  |  | $ | 14.3 |  |  | $ | 0.9 |
Non-investment plan assets | 0.1 |  |  |  |  |  |  |
Total plan assets | $ | 18.6 |  |  |  |  |  |  |
|  |  | December 31, 2023
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Contracts (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Non- observable Inputs (Level 3)
Short-term investments | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  |  |  |  |  |
Common stocks | 2.5 |  |  | 2.5 |  |  | — |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasury securities | 6.7 |  |  | 0.6 |  |  | 6.1 |  |  | — |
Other fixed income securities | 7.4 |  |  | — |  |  | 7.4 |  |  | — |
Other types of investments |  |  |  |  |  |  |
Mutual funds | 1.0 |  |  | — |  |  | 1.0 |  |  | — |
Private equity | 2.4 |  |  | — |  |  | — |  |  | 2.4 |
Total fair value of plan asset investments | $ | 20.2 |  |  | $ | 3.3 |  |  | $ | 14.5 |  |  | $ | 2.4 |
Non-investment plan assets | 0.1 |  |  |  |  |  |  |
Total plan assets | $ | 20.3 |  |  |  |  |  |  |
Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs | The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2024 and 2023 (dollars in millions):
|  |  | Private equity |  |
Balance at December 31, 2022 |  |  | $ | 2.2 |  |  |
Actual return (loss) on plan assets: |  |  |  |  |
Relating to assets still held at the reporting date |  |  | 3.9 |  |  |
Relating to assets sold during the period |  |  | (3.6) |  |  |
Purchases, sales and settlements |  |  | (0.3) |  |  |
Transfers in and/or out |  |  | 0.2 |  |  |
Balance at December 31, 2023 |  |  | 2.4 |  |  |
Actual return (loss) on plan assets: |  |  |  |  |
Relating to assets still held at the reporting date |  |  | (0.6) |  |  |
Relating to assets sold during the period |  |  | (1.0) |  |  |
Purchases, sales and settlements |  |  | 0.1 |  |  |
Balance at December 31, 2024 |  |  | $ | 0.9 |  |  |
Schedule of Estimated Future Payments | As of December 31, 2024, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Years ended December 31 (dollars in millions) | Pension Benefits |  | Post-retirement Benefits
2025 | $ | 0.9 |  |  | $ | 0.2 |
2026 | 1.0 |  |  | 0.2 |
2027 | 5.4 |  |  | 0.2 |
2028 | 6.0 |  |  | 0.2 |
2029 | 1.2 |  |  | 0.2 |
2030 – 2034 | 7.0 |  |  | 0.6 |

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