XML 76 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Pension and Other Post-Employment Plans | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Pensions | PENSION AND OTHER POST-EMPLOYMENT PLANS Defined Benefit Pension Plans The Company and its subsidiaries sponsor two defined benefit pension plans covering certain salaried and hourly employees. These plans have been closed to new participants for a number of years. Benefits under these plans are primarily based on final average compensation and years of service as defined within the provisions of the individual plans. As a result of plan amendments, the latest of which was in 2008, the only new benefits that were being accrued through the end of 2016 were salary increases for a limited group of participants. Those benefits ceased at the end of 2016, at which point all existing plans became fully frozen. In October 2024, the Company executed an amendment to its U.S. defined benefit pension plan, which enabled the Company to announce a limited-time voluntary lump-sum pension offering to eligible plan participants. In connection with the offering, 141 individuals elected to receive a lump-sum settlement payment. In the aggregate, the Company paid a total of $6.8 million in lump-sum benefit payments during the year ended December 31, 2024, using assets of the plan. As total settlement payments during the year ended December 31, 2024 exceeded the sum of the service and interest cost, the Company was required to remeasure the liabilities of the benefit plans and recognized a settlement charge of $3.8 million, in accordance with ASC 715, Compensation - Retirement Benefits. 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) |
The items that comprise Net periodic pension expense (benefit), other than service cost and settlement charges, are included as a component of Other expense (income), net on the Consolidated Statements of Operations. 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 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 |
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 | %
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. As more fully described within Note 18 – Fair Value Measurements, the Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Following is a description of the valuation methodologies used for assets measured at fair value for the U.S. benefit plan: •Cash and cash equivalents are comprised of cash on deposit and a money market fund, that invests principally in short-term instruments. The money-market fund is valued at the net asset value (“NAV”) of the shares in the fund. •Equity investments represent domestic and foreign securities, including common stock, which are publicly traded on active exchanges and are valued based on quoted market prices. Certain equity securities, which are valued using a model that takes the underlying security’s “best” price, divides it by the applicable exchange rate and multiplies the result by a depository receipt factor, are categorized within Level 2 of the fair value hierarchy. •Fixed income investments include corporate bonds, asset-backed securities, and treasury bonds. Corporate bonds are valued using pricing models that include bids provided by brokers or dealers, benchmark yields, base spreads, and reported trades. Asset-backed securities are valued using models with readily observable data as inputs. Treasury bonds are valued based on quoted market prices in active markets. Following is a description of the valuation methodologies used for assets measured at fair value for the non-U.S. benefit plan: •Cash and cash equivalents are comprised of cash on deposit and a money market fund, that invests principally in short-term instruments. The money-market fund is valued at the NAV of the shares in the fund. •Diversified investment funds and insurance-linked securities are valued based on a daily NAV per share measured by the fund sponsor and used as the basis for current transactions. •Fixed income investments include corporate bonds and asset-backed securities. Corporate bonds are valued based on quoted market prices in active markets or other readily observable market data. Asset-backed securities are valued using models with readily observable data as inputs. The methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. 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. The Company maintains a structured investment strategy for its U.S. and non-U.S. benefit plans, which are designed to achieve certain target asset allocations depending on the plans’ relative funded status. As of December 31, 2024, the target asset allocations for the U.S. benefit plan are (i) between 38% and 58% in fixed-income investments, (ii) between 40% and 60% in equity investments and (iii) between 0% and 20% in cash and cash equivalents. As of December 31, 2024, the target asset allocations for the non-U.S. benefit plan assets are broadly characterized as a mix of approximately 85% in fixed-income investments and approximately 15% in equity investments. 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 |
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 |
As the Company’s benefit plans are fully frozen, all plan participants are now considered to be inactive. As a result, the associated actuarial losses and prior service costs that are included in Accumulated other comprehensive loss are being amortized into net periodic benefit cost over the remaining average life expectancy of plan participants. The Company expects $2.9 million of the actuarial losses and $0.1 million of the prior service costs to be amortized from Accumulated other comprehensive loss into net periodic benefit cost in 2025. The Company currently expects to contribute up to $3.6 million to the U.S. benefit plan in 2025. Contributions to the non-U.S. benefit plan in 2025 are expected to be insignificant. Future contributions to the plans will be based on such factors as annual service cost, the financial return on plan assets, interest rate movements that affect discount rates applied to plan liabilities, and the value of benefit payments made. 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 |
Defined Contribution Retirement Plan The Company also sponsors a defined contribution retirement plan (the “401(k) plan”) covering a majority of its employees. Participation is via automatic enrollment and employees may elect to opt out of the 401(k) plan. Company contributions to the 401(k) plan are based on an employee’s years of service, as well as the percentage of employee contributions. The Company’s cost of the 401(k) plan was $13.0 million in 2024, $11.4 million in 2023, and $9.9 million in 2022. Deferred Compensation Plan The Company also provides a deferred compensation plan to certain employees. The deferred compensation plan is a non-qualified, unfunded defined contribution plan, which provides participants with benefits that would have been provided under the 401(k) plan, but could not be provided due to compensation limits for qualified plans under the Internal Revenue Code. Deferred compensation liabilities were $23.6 million as of December 31, 2024 and $19.9 million as of December 31, 2023, and were included on the Consolidated Balance Sheets, primarily within Long-term pension and other post-retirement benefit liabilities.

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