XML 38 R23.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Pension and Other Post-retirement Benefits | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Pension and Other Post-retirement Benefits | Pension and Other Post-retirement Benefits The Company provides retirement benefits for all U.S. employees including benefits for employees of previously owned businesses which were earned up to the date of sale. The Company also has two foreign pension plans, neither of which is material to the Company’s financial position. The Company has a defined contribution plan which matches 100 percent of the first one percent of contributions made by participating employees and matches 50 percent of the next five percent of employee contributions. In addition, the Company has defined contribution plans for certain hourly employees which provide for matching Company contributions. The Company had a defined benefit plan for salaried employees and its non-union hourly workforce. In 2009, the Company announced U.S. employees hired after January 1, 2010, would not participate in the defined benefit plan, and benefit accruals for the majority of current salaried and hourly employees sunset on December 31, 2014. An additional Company contribution is made to the defined contribution plan in lieu of benefits earned in a defined benefit plan. The Company also has defined benefit and contribution plans for certain union hourly employees. In 2021, the Company's Board of Directors approved the termination of the defined benefit pension plan (the Plan) with a termination date of December 31, 2021. The Plan represented over 95 percent of the Company's pension plan liability. In 2022, the Company received a determination letter from the Internal Revenue Service (IRS) that allowed the Company to proceed with the termination process. The Company settled approximately $169 million of Plan liabilities through lump-sum payments from existing plan assets to eligible participants who elected to receive them and settled approximately $463 million of Plan liabilities by entering into an agreement to purchase annuities from Mass Mutual Life Insurance Company (MML). The irrevocable agreement with MML covers approximately 7,000 active and former employees and their beneficiaries, with MML assuming the future annuity payments for these individuals commencing March 1, 2023. These settlements resulted in $417.3 million of pretax expense in 2022, partially offset by approximately $167.7 million in related tax benefits. In 2023, the Company realized pre-tax pension settlement income of $0.9 million, of which $0.7 million was recorded in the North America segment and $0.2 million in Corporate Expense, and included $0.2 million in related tax benefits. The pension settlement income related to refunds from MML to the Plan for the reconciliation of participant data and was partially offset by settlement accounting adjustments. The remaining pension assets associated with the Plan at December 31, 2024 were $15.6 million. The Company intends to use the remaining assets to fund future non-elective contributions to the Company’s defined contribution plan. The Company has unfunded defined-benefit post-retirement plans covering certain hourly and salaried employees that provide medical and life insurance benefits from retirement to age 65. Certain hourly employees retiring after January 1, 1996, are subject to a maximum annual benefit and salaried employees hired after December 31, 1993, are not eligible for post-retirement medical benefits. Obligations and Funded Status Pension and Post-retirement Disclosure Information 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. The actuarial loss in the current year for the pension plan was primarily due to the change in the discount rate.
| 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 |
The 2024 and 2023 after tax adjustments for additional minimum pension liability resulted in other comprehensive (loss) of $(1.5) million and $(1.4) million, respectively. 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
Assumed health care cost trend rates Health care inflation assumptions are no longer needed as all remaining retiree medical benefits are fixed subsidies or reimbursements. 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 |  |  |  |  |  |  |
The short-term investments included in the Company’s plan assets consist of cash and cash equivalents. The fair value of the remaining categories of the Company’s plan assets are valued as follows: equity securities are valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year; fixed income securities are valued using institutional bond quotes, which are based on various market and industry inputs; mutual funds and real estate funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities; Options are valued using the closings market value on the last day of the year; and private equity investments are valued at the estimated fair value at the previous quarter end, which is based on the proportionate share of the underlying portfolio investments. 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 |  |  |
The Company’s investment policies employ an approach whereby a diversified blend of equity and bond investments is used to maximize the long-term return of plan assets for a prudent level of risk. Equity investments are diversified across domestic and non-domestic stocks, as well as growth, value, and small to large capitalizations. Bond investments include corporate and government issues, with short, mid, and long-term maturities, with a focus on investment-grade when purchased. The Company’s target allocation to equity managers is between 30 to 60 percent with the remainder allocated primarily to bonds, private equity managers, and cash. Investment and market risks are measured and monitored on an ongoing basis through regular investment portfolio reviews, annual liability measurements and periodic asset/liability studies. The Company’s actual asset allocations are in line with target allocations. The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. There was no Company stock included in plan assets at December 31, 2024. Cash Flows The Company was not required to make any contributions in 2024 to the Plan and is not required to make a contribution in 2025. 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 |

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 The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration