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Other Post-Employment Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Other Post-Employment Benefit Plans | Other Post-Employment Benefit Plans In addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans. Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
|  | December 31,
(In millions) |  | 2023 |  | 2022
Change in benefit obligations: |  |  |  |
Benefit obligation at beginning of period |  | $ | 33.3 |  |  | $ | 40.4 |
Interest cost |  | 1.6 |  |  | 0.7 |
Actuarial gain |  | (1.6) |  |  | (5.0) |
Benefits paid, net |  | (2.9) |  |  | (2.8) |
Benefit obligation at end of period |  | $ | 30.4 |  |  | $ | 33.3 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of period |  | $ | — |  |  | $ | — |
Employer contribution |  | 2.9 |  |  | 2.8 |
Benefits paid, net |  | (2.9) |  |  | (2.8) |
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Net amount recognized: |  |  |  |
Underfunded status |  | $ | (30.4) |  |  | $ | (33.3) |
Accumulated benefit obligation at end of year |  | $ | 30.4 |  |  | $ | 33.3 |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |
Current liability |  | $ | (4.6) |  |  | $ | (5.0) |
Non-current liability |  | (25.8) |  |  | (28.3) |
Net amount recognized |  | $ | (30.4) |  |  | $ | (33.3) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |
Net actuarial gain |  | $ | (5.3) |  |  | $ | (3.8) |
Net prior service credit |  | (1.3) |  |  | (1.6) |
Total |  | $ | (6.6) |  |  | $ | (5.4) |
Actuarial gains resulting in a decrease to our accumulated benefit obligation for the year ended December 31, 2023 were primarily due to a decrease in expected utilization of employer funded portions of retiree medical savings accounts. This change was based on an analysis of actual historical utilization rates over the last five years. Actuarial gains resulting in a decrease to our accumulated benefit obligation for the year ended December 31, 2022 were primarily due to an increase in the weighted average discount rate of 270 basis points. The accumulated post-retirement benefit obligations were determined using a weighted-average discount rate of 5.1% at December 31, 2023 and 5.4% at December 31, 2022. The components of net periodic benefit cost were as follows:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Components of net periodic benefit cost: |  |  |  |  |  |
Interest cost |  | 1.6 |  |  | 0.7 |  |  | 0.6 |
Amortization of net actuarial gain |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Amortization of net prior service credit |  | (0.3) |  |  | (0.3) |  |  | (0.3) |
Net periodic benefit cost |  | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | 0.1 |
Impact of settlement/curtailment |  | — |  |  | — |  |  | — |
Total benefit cost for fiscal year |  | $ | 1.2 |  |  | $ | 0.3 |  |  | $ | 0.1 |
The amortization of any prior service credit is determined using a straight-line amortization of the credit over the average remaining service period of employees expected to receive benefits under the plan. Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2023 and December 31, 2022 were as follows:
|  | December 31, 2023 |  | December 31, 2022
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial gain |  | $ | (1.6) |  |  | $ | — |  |  | $ | (1.6) |  |  | $ | (4.9) |  |  | $ | (0.1) |  |  | $ | (5.0) |
Amortization of actuarial gain |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | 0.1 |
Amortization of prior service credit |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total |  | $ | (1.3) |  |  | $ | 0.1 |  |  | $ | (1.2) |  |  | $ | (4.6) |  |  | $ | — |  |  | $ | (4.6) |
Healthcare Cost Trend Rates The assumed healthcare cost trend rates have an effect on the amounts recognized in our Consolidated Statements of Operations for the healthcare plans. For the year ended December 31, 2023, healthcare cost trend rates were assumed to be 7.0% for the U.S. plan and 5.0% for the Canada plan. The trend rates assumed for 2024 are 6.8% and 5.0% for the U.S. and Canada plan, respectively. Rates are expected to decrease to 5.5% by 2029 for the U.S. plan, and remain unchanged in future years for the Canada plan. Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year |  | Amount (In millions)
2024 |  | $ | 4.7 |
2025 |  | 4.0 |
2026 |  | 3.5 |
2027 |  | 3.1 |
2028 |  | 2.6 |
2029 to 2033 (combined) |  | 9.8 |
Total |  | $ | 27.7 |

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 712 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481565/712-10-50-2 + Details
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