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Pension and Other Post-Employment Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Periodic Pension Expense (Benefit) | The following table summarizes net periodic pension expense (benefit) for the U.S. and non-U.S. benefit plans:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| For the Years Ended December 31, |  | For the Years Ended December 31,
(in millions of dollars) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Company-sponsored plans: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 5.8 |  |  | 6.1 |  |  | 4.4 |  |  | 1.4 |  |  | 1.5 |  |  | 0.9 |
Expected return on plan assets | (7.2) |  |  | (7.5) |  |  | (6.9) |  |  | (2.2) |  |  | (2.1) |  |  | (2.0) |
Amortization of prior service costs | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Amortization of actuarial losses | 2.1 |  |  | 1.3 |  |  | 2.3 |  |  | 0.9 |  |  | 1.0 |  |  | 0.6 |
Settlement charges | 3.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension expense (benefit) | $ | 4.5 |  |  | $ | (0.1) |  |  | $ | (0.2) |  |  | $ | 0.4 |  |  | $ | 0.6 |  |  | $ | (0.3) |
Weighted-Average Actuarial Assumptions Used to Determine Benefit Obligations And Expense | The following table summarizes the weighted-average assumptions used in determining pension costs:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| For the Years Ended December 31, |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.4 | % |  | 5.7 | % |  | 3.1 | % |  | 4.5 | % |  | 4.8 | % |  | 1.8 | %
Expected long-term rate of return on plan assets | 7.6 | % |  | 7.2 | % |  | 6.1 | % |  | 6.0 | % |  | 6.1 | % |  | 4.0 | %
The following table summarizes the weighted-average assumptions used in determining benefit obligations:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.8 | % |  | 5.4 | % |  | 5.4 | % |  | 4.5 | %
Summary of Changes in Projected Benefit Obligation | The following table summarizes the changes in the projected benefit obligation and plan assets:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Benefit obligation, beginning of year | $ | 111.5 |  |  | $ | 109.0 |  |  | $ | 33.5 |  |  | $ | 32.4 |
Service cost | — |  |  | — |  |  | 0.2 |  |  | 0.1 |
Interest cost | 5.8 |  |  | 6.1 |  |  | 1.4 |  |  | 1.5 |
Actuarial (gain) loss | (2.0) |  |  | 4.5 |  |  | (4.9) |  |  | 0.3 |
Benefits and expenses paid | (8.1) |  |  | (8.1) |  |  | (2.6) |  |  | (2.5) |
Settlement payments | (6.8) |  |  | — |  |  | — |  |  | — |
Foreign currency translation | — |  |  | — |  |  | (0.5) |  |  | 1.7 |
Benefit obligation, end of year | $ | 100.4 |  |  | $ | 111.5 |  |  | $ | 27.1 |  |  | $ | 33.5 |
Accumulated benefit obligation, end of year | $ | 100.4 |  |  | $ | 111.5 |  |  | $ | 27.1 |  |  | $ | 33.5 |
Summary of Change in Plan Assets | The following summarizes the changes in the fair value of plan assets:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of plan assets, beginning of year | $ | 88.5 |  |  | $ | 87.0 |  |  | $ | 38.6 |  |  | $ | 34.8 |
Actual return on plan assets (a) | 3.5 |  |  | 8.2 |  |  | 1.8 |  |  | 3.5 |
Company contribution | 4.6 |  |  | 1.4 |  |  | 0.3 |  |  | 0.9 |
Benefits and expenses paid | (8.1) |  |  | (8.1) |  |  | (2.6) |  |  | (2.5) |
Settlement payments | (6.8) |  |  | — |  |  | — |  |  | — |
Foreign currency translation | — |  |  | — |  |  | (0.7) |  |  | 1.9 |
Fair value of plan assets, end of year | $ | 81.7 |  |  | $ | 88.5 |  |  | $ | 37.4 |  |  | $ | 38.6 |
(a) Actual return on plan assets of the U.S. benefit plan was net of fees, commissions, and other expenses paid from plan assets of $1.6 million for the year ended December 31, 2024 and $1.4 million for the year ended December 31, 2023.
Summary of Pension Assets in Three-Tier Fair Value Hierarchy for Benefit Plan | The following summarizes the Company’s pension assets in a three-tier fair value hierarchy for its benefit plans:
| U. S. Benefit Plan
| 2024 |  | 2023
(in millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 1.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.9 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.6 |
Equity investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap | 10.7 |  |  | — |  |  | — |  |  | 10.7 |  |  | 12.0 |  |  | 0.1 |  |  | — |  |  | 12.1 |
U.S. Small and Mid Cap | 15.1 |  |  | — |  |  | — |  |  | 15.1 |  |  | 13.4 |  |  | — |  |  | — |  |  | 13.4 |
Developed international | 2.6 |  |  | 0.2 |  |  | — |  |  | 2.8 |  |  | 5.2 |  |  | 0.3 |  |  | — |  |  | 5.5 |
Emerging markets | 3.2 |  |  | 1.1 |  |  | — |  |  | 4.3 |  |  | 2.3 |  |  | 0.7 |  |  | — |  |  | 3.0 |
Fixed income investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government securities | — |  |  | — |  |  | — |  |  | — |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Asset-backed securities | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Corporate bonds | — |  |  | 46.3 |  |  | — |  |  | 46.3 |  |  | — |  |  | 50.2 |  |  | — |  |  | 50.2 |
Total assets at fair value (a) | $ | 33.5 |  |  | $ | 47.7 |  |  | $ | — |  |  | $ | 81.2 |  |  | $ | 36.2 |  |  | $ | 51.5 |  |  | $ | — |  |  | $ | 87.7 |
(a) Total assets at fair value in the table above exclude a net receivable of $0.5 million at December 31, 2024 and $0.8 million at December 31, 2023.
| Non-U. S. Benefit Plan
| 2024 |  | 2023
(in millions of dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 0.5 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 21.4 |  |  | $ | 0.8 |  |  | $ | 7.7 |  |  | $ | — |  |  | $ | 8.5 |
Diversified investment funds (a) | — |  |  | 10.9 |  |  | — |  |  | 10.9 |  |  | — |  |  | 18.9 |  |  | — |  |  | 18.9 |
Fixed income investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Corporate bonds | — |  |  | 5.1 |  |  | — |  |  | 5.1 |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance-linked securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.1 |  |  | 3.1 |
Total assets at fair value | $ | 0.5 |  |  | $ | 36.9 |  |  | $ | — |  |  | $ | 37.4 |  |  | $ | 0.8 |  |  | $ | 34.7 |  |  | $ | 3.1 |  |  | $ | 38.6 |
(a) These funds primarily invest in a diversified portfolio of equity securities and fixed income securities.
Summary of Funded Status | The following summarizes the funded status of the Company’s benefit plans:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of plan assets, end of year | $ | 81.7 |  |  | $ | 88.5 |  |  | $ | 37.4 |  |  | $ | 38.6 |
Benefit obligation, end of year | 100.4 |  |  | 111.5 |  |  | 27.1 |  |  | 33.5 |
Funded status, end of year | $ | (18.7) |  |  | $ | (23.0) |  |  | $ | 10.3 |  |  | $ | 5.1 |
Schedule of Amounts Recognized In Consolidated Balance Sheet | The following summarizes the amounts recognized within the Company’s Consolidated Balance Sheets:
| U.S. Benefit Plan |  | Non-U.S. Benefit Plan
(in millions of dollars) | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts recognized in our Consolidated Balance Sheets include: |  |  |  |  |  |  |
Deferred charges and other long-term assets | $ | — |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | 5.1 |
Long-term pension and other post-retirement benefit liabilities | (18.7) |  |  | (23.0) |  |  | — |  |  | — |
Net (liability) asset recorded | $ | (18.7) |  |  | $ | (23.0) |  |  | $ | 10.3 |  |  | $ | 5.1 |
Amounts recognized in Accumulated other comprehensive loss include: |  |  |  |  |  |  |
Actuarial losses | $ | 56.4 |  |  | $ | 60.7 |  |  | $ | 10.6 |  |  | $ | 16.1 |
Prior service costs | — |  |  | — |  |  | 1.8 |  |  | 2.0 |
Net amount recognized, pre-tax | $ | 56.4 |  |  | $ | 60.7 |  |  | $ | 12.4 |  |  | $ | 18.1 |
Schedule of Expected Benefit Payments | The following summarizes the benefits expected to be paid under the Company’s benefit plans in each of the next five years, and in aggregate for the five years thereafter:
(in millions of dollars) | U.S. Benefit Plan |  | Non-U.S. Benefit Plan
2025 | $ | 8.6 |  |  | $ | 2.7 |
2026 | 8.6 |  |  | 2.3 |
2027 | 8.6 |  |  | 2.3 |
2028 | 8.5 |  |  | 2.3 |
2029 | 8.4 |  |  | 2.2 |
2030-2034 | 39.9 |  |  | 9.9 |

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