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PENSION, POST-RETIREMENT AND POST-EMPLOYMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Net Periodic (Benefit)/Cost | The components of net periodic (benefit) cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
(dollars in millions) |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign
Pension and SERP Benefits |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.8 |
Interest cost on the projected benefit obligation |  | 8.4 |  |  | 0.6 |  |  | 8.7 |  |  | 0.7 |  |  | 6.3 |  |  | 0.3 |
Expected return on plan assets |  | (11.3) |  |  | (0.2) |  |  | (10.7) |  |  | (0.2) |  |  | (10.1) |  |  | (0.2) |
Amortization of actuarial net gain |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |
Plan curtailment |  | — |  |  | — |  |  | — |  |  | (0.4) |  |  | — |  |  | — |
Net periodic (benefit) cost |  | $ | (2.9) |  |  | $ | 1.0 |  |  | $ | (2.0) |  |  | $ | 0.6 |  |  | $ | (3.8) |  |  | $ | 0.8 |
Post-retirement Medical Benefits |  |  |  |  |  |  |  |  |  |  |  |
Interest cost on the projected benefit obligation |  | $ | 0.3 |  |  |  |  | $ | 0.3 |  |  |  |  | $ | 0.2 |  |  |
Amortization of actuarial net gain |  | (0.2) |  |  |  |  | (0.4) |  |  |  |  | — |  |  |
Net periodic cost |  | $ | 0.1 |  |  |  |  | $ | (0.1) |  |  |  |  | $ | 0.2 |  |  |
Schedule of Assumptions Used to Determine the Net Periodic (Benefit)/Cost | The weighted average key assumptions used to determine the net periodic (benefit) cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  | Foreign
Pension and SERP Benefits |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.0% |  | 3.1% |  | 5.2% |  | 3.5% |  | 2.8% |  | 1.2%
Rate of compensation increase |  | 3.0% |  | 3.4% |  | 3.0% |  | 3.2% |  | 3.0% |  | 2.9%
Interest crediting rate |  | 5.3% |  | 3.3% |  | 5.3% |  | 3.4% |  | 5.3% |  | 3.1%
Long-term rate of return on assets |  | 7.0% |  | 3.1% |  | 7.0% |  | 3.6% |  | 4.8% |  | 3.1%
Post-retirement Medical Benefits |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.0% |  |  |  | 5.1% |  |  |  | 2.9% |  |
Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities were as follows:
|  | Pension and SERP Benefits |  | Post-Retirement Medical Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  |  |  | Domestic |  |
Discount rate |  | 5.6% |  | 3.1% |  | 5.0% |  | 3.1% |  | 5.6% |  |  |  | 5.0% |  |
Rate of compensation increase |  | 3.0% |  | 3.3% |  | 3.0% |  | 3.4% |  | N/A |  |  |  | N/A |  |
Interest crediting rate |  | 5.3% |  | 2.9% |  | 5.3% |  | 3.3% |  | N/A |  |  |  | N/A |  |
(N/A) Not applicable.
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables summarize changes in benefit obligation, plan assets and funded status of the Company’s plans:
|  | Pension and SERP Benefits |  | Post-Retirement Medical Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(dollars in millions) |  | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  |  |  | Domestic |  |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 176.6 |  |  | $ | 19.8 |  |  | $ | 175.2 |  |  | $ | 19.4 |  |  | $ | 5.4 |  |  |  |  | $ | 5.9 |  |  |
Service cost |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |  |  |  |  | — |  |  |
Interest cost |  | 8.4 |  |  | 0.6 |  |  | 8.7 |  |  | 0.7 |  |  | 0.3 |  |  |  |  | 0.3 |  |  |
Plan curtailment |  | — |  |  | — |  |  | — |  |  | (0.4) |  |  | — |  |  |  |  | — |  |  |
Actuarial (gain) loss due to assumption change |  | (9.3) |  |  | (0.2) |  |  | 3.0 |  |  | 0.8 |  |  | (0.2) |  |  |  |  | 0.1 |  |  |
Actuarial (gain) loss due to plan experience |  | (1.7) |  |  | 0.1 |  |  | 1.3 |  |  | 0.2 |  |  | 0.1 |  |  |  |  | (0.5) |  |  |
Benefits and expenses paid |  | (12.3) |  |  | (1.0) |  |  | (11.6) |  |  | (0.8) |  |  | (0.4) |  |  |  |  | (0.4) |  |  |
Settlement |  | — |  |  | (0.4) |  |  | — |  |  | (1.0) |  |  | — |  |  |  |  | — |  |  |
Foreign currency translation |  | — |  |  | (1.4) |  |  | — |  |  | 0.3 |  |  | — |  |  |  |  | — |  |  |
End of period balance |  | $ | 161.7 |  |  | $ | 18.1 |  |  | $ | 176.6 |  |  | $ | 19.8 |  |  | $ | 5.2 |  |  |  |  | $ | 5.4 |  |  |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period balance |  | $ | 168.4 |  |  | $ | 5.0 |  |  | $ | 158.7 |  |  | $ | 4.9 |  |  | $ | — |  |  |  |  | $ | — |  |  |
Actual return on plan assets, net of expenses |  | 7.1 |  |  | 0.4 |  |  | 20.8 |  |  | 0.1 |  |  | — |  |  |  |  | — |  |  |
Employer contributions |  | 0.8 |  |  | 1.6 |  |  | 0.5 |  |  | 1.7 |  |  | 0.4 |  |  |  |  | 0.4 |  |  |
Benefits paid |  | (12.3) |  |  | (1.0) |  |  | (11.6) |  |  | (0.8) |  |  | (0.4) |  |  |  |  | (0.4) |  |  |
Settlement |  | — |  |  | (0.4) |  |  | — |  |  | (1.0) |  |  | — |  |  |  |  | — |  |  |
Foreign currency translation |  | — |  |  | (0.4) |  |  | — |  |  | 0.1 |  |  | — |  |  |  |  | — |  |  |
End of period balance |  | $ | 164.0 |  |  | $ | 5.2 |  |  | $ | 168.4 |  |  | $ | 5.0 |  |  | $ | — |  |  |  |  | $ | — |  |  |
Funded Status |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded status of plan |  | $ | 2.3 |  |  | $ | (12.9) |  |  | $ | (8.2) |  |  | $ | (14.8) |  |  | $ | (5.2) |  |  |  |  | $ | (5.4) |  |  |
Supplemental Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation |  | $ | 161.7 |  |  | $ | 16.3 |  |  | $ | 176.6 |  |  | $ | 17.4 |  |  | $ | 5.2 |  |  |  |  | $ | 5.4 |  |  |
Plans with Accumulated Benefit Obligation in excess of Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated benefit obligation |  | $ | 5.0 |  |  | $ | 14.5 |  |  | $ | 176.6 |  |  | $ | 15.5 |  |  | $ | 5.2 |  |  |  |  | $ | 5.4 |  |  |
Fair value plan assets |  | $ | — |  |  | $ | 2.6 |  |  | $ | 168.4 |  |  | $ | 2.5 |  |  | $ | — |  |  |  |  | $ | — |  |  |
Plans with Projected Benefit Obligation in excess of Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 5.0 |  |  | $ | 15.9 |  |  | $ | 176.6 |  |  | $ | 19.6 |  |  | $ | 5.2 |  |  |  |  | $ | 5.4 |  |  |
Fair value plan assets |  | $ | — |  |  | $ | 2.6 |  |  | $ | 168.4 |  |  | $ | 4.6 |  |  | $ | — |  |  |  |  | $ | — |  |  |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:
| Pension and SERP Benefits |  | Post-Retirement Medical Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
(dollars in millions) | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  |  |  | Domestic |  |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | 7.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |
Accrued expenses and other current liabilities | 0.7 |  |  | 0.8 |  |  | 0.9 |  |  | 0.8 |  |  | 0.5 |  |  |  |  | 0.5 |  |  |
Pension and post-retirement benefits | 4.4 |  |  | 12.1 |  |  | 7.3 |  |  | 14.0 |  |  | 4.7 |  |  |  |  | 4.9 |  |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (0.6) |  |  | $ | 1.5 |  |  | $ | (7.4) |  |  | $ | 1.4 |  |  | $ | 2.0 |  |  |  |  | $ | 2.1 |  |  |
Schedule of Amounts Recognized in Other Comprehensive Loss | Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:
| Pension and SERP Benefits |  | Post-Retirement Medical Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
(dollars in millions) | Domestic |  | Foreign |  | Domestic |  | Foreign |  | Domestic |  |  |  | Domestic |  |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | 7.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  |
Accrued expenses and other current liabilities | 0.7 |  |  | 0.8 |  |  | 0.9 |  |  | 0.8 |  |  | 0.5 |  |  |  |  | 0.5 |  |  |
Pension and post-retirement benefits | 4.4 |  |  | 12.1 |  |  | 7.3 |  |  | 14.0 |  |  | 4.7 |  |  |  |  | 4.9 |  |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (0.6) |  |  | $ | 1.5 |  |  | $ | (7.4) |  |  | $ | 1.4 |  |  | $ | 2.0 |  |  |  |  | $ | 2.1 |  |  |
Schedule of Allocation of Plan Assets | The following table presents the fair value of plan assets:
|  |  |  | December 31,
(dollars in millions) |  | Classification |  | 2024 |  | 2023
Asset Category |  |  |  |  |  |
Derivatives |  | Level 2 |  | $ | 4.6 |  |  | $ | 7.7 |
Exchange-traded funds holding domestic securities |  | Level 1 |  | — |  |  | 9.6 |
Foreign bonds |  | Level 2 |  | 2.0 |  |  | 2.0 |
Mutual funds holding fixed income securities |  | Level 1 |  | 43.2 |  |  | 35.2 |
U.S. Treasury bonds |  | Level 2 |  | 38.3 |  |  | 30.8 |
Cash and cash equivalents |  | Level 1 |  | 6.9 |  |  | 5.2 |
Sub-Total |  |  |  | 95.0 |  |  | 90.5 |
Assets using net asset value (NAV) as a practical expedient |  |  |  | 74.2 |  |  | 82.9 |
Total |  |  |  | $ | 169.2 |  |  | $ | 173.4 |
Schedule of Expected Future Benefit Payments | At December 31, 2024, expected future benefit payments related to the Company’s defined benefit plans were as follows:
|  | Pension and SERP Benefits |  | Post-Retirement Medical Benefits |  | Total
(dollars in millions) |  | Domestic |  | Foreign
2025 |  | $ | 13.4 |  |  | $ | 1.3 |  |  | $ | 0.5 |  |  | $ | 15.2 |
2026 |  | 13.2 |  |  | 1.2 |  |  | 0.5 |  |  | 14.9 |
2027 |  | 13.3 |  |  | 1.1 |  |  | 0.4 |  |  | 14.8 |
2028 |  | 13.5 |  |  | 1.0 |  |  | 0.4 |  |  | 14.9 |
2029 |  | 13.2 |  |  | 1.0 |  |  | 0.4 |  |  | 14.6 |
Subsequent five years |  | 62.8 |  |  | 9.7 |  |  | 1.9 |  |  | 74.4 |
Total |  | $ | 129.4 |  |  | $ | 15.3 |  |  | $ | 4.1 |  |  | $ | 148.8 |

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