XML 60 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1

Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

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

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 the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-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_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
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