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Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Pension obligations and plan assets and other post-retirement obligations | We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions):
| 2024 Pension Benefits |  | 2023 Pension Benefits |  | 2024 Retiree Health and Life |  | 2023 Retiree Health and Life
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 346.9 |  |  | $ | 341.8 |  |  | $ | 14.9 |  |  | $ | 15.6 |
Service cost | 6.1 |  |  | 5.3 |  |  | 0.1 |  |  | 0.1 |
Interest cost | 16.4 |  |  | 16.6 |  |  | 0.7 |  |  | 0.8 |
Plan amendments | — |  |  | 0.5 |  |  | — |  |  | — |
Actuarial loss (gain) | (14.9) |  |  | 12.4 |  |  | (1.0) |  |  | 0.2 |
Benefits paid | (24.3) |  |  | (30.8) |  |  | (1.6) |  |  | (1.8) |
Effect of foreign exchange rate changes | (0.5) |  |  | 1.1 |  |  | — |  |  | — |
Benefit obligation at end of year | $ | 329.7 |  |  | $ | 346.9 |  |  | $ | 13.1 |  |  | $ | 14.9 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |
Plan assets at beginning of year | $ | 328.8 |  |  | $ | 323.8 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 19.6 |  |  | 29.1 |  |  | — |  |  | — |
Effect of exchange rate changes | (0.4) |  |  | 1.4 |  |  | — |  |  | — |
Company contributions | 1.3 |  |  | 5.3 |  |  | 1.6 |  |  | 1.8 |
Benefits paid | (24.3) |  |  | (30.8) |  |  | (1.6) |  |  | (1.8) |
Plan assets at end of year | $ | 325.0 |  |  | $ | 328.8 |  |  | $ | — |  |  | $ | — |
Funded Status at end of year | $ | (4.7) |  |  | $ | (18.1) |  |  | $ | (13.1) |  |  | $ | (14.9) |
Amount Recognized |  |  |  |  |  |  |
Other liabilities | $ | (4.7) |  |  | $ | (18.1) |  |  | $ | (13.1) |  |  | $ | (14.9) |
Accumulated other comprehensive loss (income): |  |  |  |  |  |  |
Net actuarial loss (gain) | 58.0 |  |  | 72.0 |  |  | (7.1) |  |  | (6.7) |
Prior service cost (credit) | 0.5 |  |  | 0.6 |  |  | — |  |  | (0.2) |
Accumulated other comprehensive loss (income) | 58.5 |  |  | 72.6 |  |  | (7.1) |  |  | (6.9) |
Total recognized | $ | 53.8 |  |  | $ | 54.5 |  |  | $ | (20.2) |  |  | $ | (21.8) |
After-tax amount recognized in accumulated other comprehensive loss (income) | $ | 46.2 |  |  | $ | 56.8 |  |  | $ | (5.6) |  |  | $ | (5.4) |
The aggregate accumulated benefit obligation for the defined benefit pension plans was $316.1 million at December 31, 2024 and $334.0 million at December 31, 2023.
Pension plans with a projected benefit obligation in excess of plan assets | The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions):
| 2024 |  | 2023
Projected benefit obligations | $ | 25.4 |  |  | $ | 259.4 |
Fair value of plan assets | — |  |  | 227.3 |
Pension plans with an accumulated benefit obligation in excess of plan assets | The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions):
| 2024 |  | 2023
Accumulated benefit obligations | $ | 22.0 |  |  | $ | 22.8 |
Fair value of plan assets | — |  |  | — |
Components of pension and other post retirement benefit costs | The following table shows the components of net periodic cost for the years ended December 31 (in millions):
| 2024 Pension Benefits |  | 2023 Pension Benefits |  | 2022 Pension Benefits |  | 2024 Retiree Health and Life |  | 2023 Retiree Health and Life |  | 2022 Retiree Health and Life |
Service cost | $ | 6.1 |  |  | $ | 5.3 |  |  | $ | 7.7 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |
Interest cost | 16.4 |  |  | 16.6 |  |  | 10.1 |  |  | 0.7 |  |  | 0.8 |  |  | 0.4 |  |
Expected return on plan assets | (21.6) |  |  | (21.4) |  |  | (15.6) |  |  | — |  |  | — |  |  | — |  |
Settlement accounting adjustment | — |  |  | 1.4 |  |  | 7.1 |  |  | — |  |  | — |  |  | — |  |
Amortization of (1): |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized prior service cost (credit) | 0.1 |  |  | — |  |  | — |  |  | (0.2) |  |  | (0.3) |  |  | (0.2) |  |
Unrecognized net actuarial loss (gain) | 1.0 |  |  | 0.9 |  |  | 8.6 |  |  | (0.5) |  |  | (0.5) |  |  | (0.3) |  |
Net periodic cost | $ | 2.0 |  |  | $ | 2.8 |  |  | $ | 17.9 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year | We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees.
Expected long term return on assets and to measure the periodic cost | We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31:
| 2024 |  | 2023
Domestic defined benefit pension plans |  |  |
Benefit Obligation at December 31: |  |  |
Discount rate — salaried funded plans | 5.59 | % |  | 4.95 | %
Discount rate — salaried unfunded plans | 5.11% - 5.55% |  | 4.74% - 4.92%
Discount rate — hourly funded plan | 5.74 | % |  | 5.06 | %
Cash balance interest crediting rate — salaried funded plan | 4.54% - 4.78% |  | 4.14% - 4.66%
Rate of compensation increases — salaried funded and unfunded plans | 3.00 | % |  | 3.00 | %
Rate of compensation increases — hourly funded plans | n/a |  | n/a
Net Periodic Cost (Benefit) for the years ended December 31: |  |  |
Discount rate — salaried funded and unfunded plans | 4.95 | % |  | 5.15 | %
Discount rate — hourly funded plan | 5.06 | % |  | 5.24 | %
Expected return on plan assets — salaried funded plan | 6.40 | % |  | 6.30 | %
Expected return on plan assets — hourly funded plan | 5.60 | % |  | 5.60 | %
Rate of compensation increases — salaried funded and unfunded plans | 3.00 | % |  | 3.00 | %
Rate of compensation increases — hourly funded plan | n/a |  | n/a
Foreign defined benefit pension plan |  |  |
Benefit Obligation at December 31: |  |  |
Discount rate | 5.40 | % |  | 4.50 | %
Rate of pension-in-payment increases | 3.00 | % |  | 2.80 | %
Net Periodic Cost (Benefit) for the years ended December 31: |  |  |
Discount rate | 4.50 | % |  | 4.90 | %
Expected return on plan assets | 4.80 | % |  | 4.70 | %
Rate of pension-in-payment increases | 2.80 | % |  | 3.00 | %
Other post-retirement benefit plans |  |  |
Benefit Obligation at December 31: |  |  |
Discount rate — combined health | 5.41 | % |  | 4.85 | %
Discount rate — combined life insurance | 5.61 | % |  | 4.97 | %
Rate of compensation increases | n/a |  | n/a
Net Periodic Cost (Benefit) for the years ended December 31: |  |  |
Discount rate — combined health | 4.84 | % |  | 5.04 | %
Discount rate — combined life insurance | 4.97 | % |  | 5.16 | %
Rate of compensation increases | n/a |  | n/a
Review of historical returns | We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate.
| 2024 |  | 2023
Assumed Health Care Cost Trend Rates at December 31: |  |  |
Health care cost trend assumed for next year |  |  |
Medical claims — pre age 65 | 7.50 | % |  | 6.75 | %
Medical claims — post age 65 | 6.00 | % |  | 6.25 | %
Prescription drugs claims — pre age 65 | 13.00 | % |  | 8.25 | %
Prescription drugs claims — post age 65 | 12.00 | % |  | 8.25 | %
Post age 65 Medicare Advantage Part D | 18.75 | % |  | 17.95 | %
Rate to which the cost trend is expected to decline (the ultimate trend rate) |  |  |
Medical claims | 4.50 | % |  | 4.50 | %
Prescription drugs claims | 4.50 | % |  | 4.50 | %
Year that rate reaches the ultimate trend rate |  |  |
Medical claims | 2034 |  | 2033
Prescription drugs claims | 2034 |  | 2033
Pension plan assets fair value | The following table sets forth the fair value of our pension plan assets as of December 31 (in millions):
| 2024 |  | 2023
Assets measured at net asset value (1): |  |  |
Short-term investment collective trust fund | $ | 18.5 |  |  | $ | 0.7 |
Common stock collective trust funds | 107.5 |  |  | 127.4 |
Fixed-income collective trust funds | 192.6 |  |  | 193.7 |
Real estate collective trust funds | 6.4 |  |  | 7.0 |
Total | $ | 325.0 |  |  | $ | 328.8 |
Schedule of Expected Benefit Payments | The following table shows expected future benefit payments, which reflect expected future service (in millions):
| Funded Plans |  | Unfunded Plans |  | Retiree Health and Life
2025 | $ | 28.8 |  |  | $ | 2.6 |  |  | $ | 1.6 |
2026 | 28.9 |  |  | 2.7 |  |  | 1.6 |
2027 | 28.0 |  |  | 2.8 |  |  | 1.5 |
2028 | 27.8 |  |  | 2.8 |  |  | 1.4 |
2029 | 26.8 |  |  | 2.7 |  |  | 1.3 |
Years 2030-2034 | 125.8 |  |  | 11.7 |  |  | 5.0 |
Total | $ | 266.1 |  |  | $ | 25.3 |  |  | $ | 12.4 |
UNITED STATES |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Weighted-average asset allocations of domestic funded pension plans | Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2024 and 2023, and current target asset allocation for 2024, by asset category:
|  |  | Plan Assets for Salaried Employees at December 31
| Target |  | 2024 |  | 2023
Asset Category |  |  |  |  |
Equity securities | 43.7 | % |  | 44.4 | % |  | 49.7 | %
Debt securities | 53.0 | % |  | 51.3 | % |  | 46.1 | %
Real estate | 3.3 | % |  | 2.4 | % |  | 2.5 | %
Cash | — | % |  | 1.9 | % |  | 1.7 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
|  |  | Plan Assets for Hourly Employees at December 31
| Target |  | 2024 |  | 2023
Asset Category |  |  |  |  |
Equity securities | 9.3 | % |  | 9.2 | % |  | 16.5 | %
Debt securities | 90.0 | % |  | 87.5 | % |  | 78.7 | %
Real estate | 0.7 | % |  | 1.3 | % |  | 1.5 | %
Cash | — | % |  | 2.0 | % |  | 3.3 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
Foreign Plan [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Weighted-average asset allocations of domestic funded pension plans | The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2024 and 2023, and current target asset allocation for 2023, by asset category:
|  |  | Plan Assets at December 31
| Target |  | 2024 |  | 2023
Asset Category |  |  |  |  |
Debt securities | 50.0 | % |  | 47.4 | % |  | 99.8 | %
Cash | 50.0 | % |  | 52.6 | % |  | 0.2 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %

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- 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
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- 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
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- 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
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