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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Summary of Weighted Average Assumptions Used | The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans:
| Pensions and Other Benefits
| December 31,
| 2023 |  | 2022
Discount rate qualified | 4.97 | % |  | 5.16 | %
Discount rate nonqualified plan | 4.78 | % |  | 4.99 | %
Discount rate other benefits | 4.83 | % |  | 5.03 | %
Rate of compensation increase | 3.10 | % |  | 3.10 | %
Schedule of benefit obligations in excess of fair value of plan assets | The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31:
|  |  |  | Pensions |  | Other Benefits (1)
|  |  |  | December 31,
(in Millions) |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  |  |  | $ | 1,044.3 |  |  | $ | 1,354.0 |  |  | $ | 11.2 |  |  | $ | 13.7 |
Service cost |  |  |  | 2.6 |  |  | 3.6 |  |  | — |  |  | — |
Interest cost |  |  |  | 50.4 |  |  | 29.3 |  |  | 0.5 |  |  | 0.3 |
Actuarial loss (gain) (2) |  |  |  | 19.0 |  |  | (256.2) |  |  | (1.4) |  |  | (1.7) |
Foreign currency exchange rate changes and other |  |  |  | — |  |  | (0.5) |  |  | — |  |  | — |
Plan participants’ contributions |  |  |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Settlements |  |  |  | (1.0) |  |  | (2.2) |  |  | — |  |  | — |
Benefits paid |  |  |  | (83.1) |  |  | (83.7) |  |  | (1.4) |  |  | (1.4) |
Projected benefit obligation at December 31 |  |  |  | $ | 1,032.2 |  |  | $ | 1,044.3 |  |  | $ | 9.2 |  |  | $ | 11.2 |
Change in plan assets |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 |  |  |  | $ | 1,044.1 |  |  | $ | 1,372.0 |  |  | $ | (0.1) |  |  | $ | — |
Actual return on plan assets |  |  |  | 79.2 |  |  | (245.3) |  |  | — |  |  | — |
Foreign currency exchange rate changes |  |  |  | 0.3 |  |  | 3.1 |  |  | — |  |  | — |
Company contributions |  |  |  | 1.2 |  |  | 3.5 |  |  | 1.2 |  |  | 1.0 |
Plan participants’ contributions |  |  |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Settlements |  |  |  | (0.4) |  |  | (5.5) |  |  | — |  |  | — |
Benefits paid |  |  |  | (83.1) |  |  | (83.7) |  |  | (1.4) |  |  | (1.4) |
Fair value of plan assets at December 31 |  |  |  | $ | 1,041.3 |  |  | $ | 1,044.1 |  |  | $ | — |  |  | $ | (0.1) |
Funded Status |  |  |  |  |  |  |  |  |  |
U.S. plans with assets |  |  |  | $ | 30.7 |  |  | $ | 22.4 |  |  | $ | — |  |  | $ | — |
U.S. plans without assets |  |  |  | (14.7) |  |  | (14.6) |  |  | (9.2) |  |  | (11.3) |
Non-U.S. plans with assets |  |  |  | (1.6) |  |  | (1.2) |  |  | — |  |  | — |
All other plans |  |  |  | (5.3) |  |  | (6.8) |  |  | — |  |  | — |
Net funded status of the plan (liability) |  |  |  | $ | 9.1 |  |  | $ | (0.2) |  |  | $ | (9.2) |  |  | $ | (11.3) |
Amount recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |
Pension asset (3) |  |  |  | $ | 30.7 |  |  | $ | 22.4 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability (4) |  |  |  | (21.6) |  |  | (22.6) |  |  | (9.2) |  |  | (11.3) |
Total |  |  |  | $ | 9.1 |  |  | $ | (0.2) |  |  | $ | (9.2) |  |  | $ | (11.3) |
____________________ (1)Refer to Note 10 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans. (2)The actuarial loss in 2023 and gain in 2022 were primarily driven by the change in discount rate on the U.S. qualified plan. (3)Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets. (4)Recorded as "Accrued pension and other postretirement benefits, current" and "Accrued pension and other postretirement benefits, long-term" on the consolidated balance sheets. The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:
| Pensions |  | Other Benefits (1)
| December 31,
(in Millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Prior service (cost) credit | $ | (0.1) |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain | (309.9) |  |  | (337.6) |  |  | 5.3 |  |  | 4.9 |
Accumulated other comprehensive income (loss) – pretax | $ | (310.0) |  |  | $ | (337.9) |  |  | $ | 5.3 |  |  | $ | 4.9 |
Accumulated other comprehensive income (loss) – net of tax | (229.9) |  |  | (252.7) |  |  | 3.9 |  |  | 3.6 |
____________________ (1) Refer to Note 10 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
(in Millions) | December 31
| 2023 |  | 2022
Projected benefit obligations | $ | 25.2 |  |  | $ | 26.2 |
Accumulated benefit obligations | 26.1 |  |  | 26.2 |
Fair value of plan assets | 3.6 |  |  | 3.6 |
Changes in plan assets and benefit Obligations for continuing operations recognized in other comprehensive loss (income) | Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows:
| Pensions |  | Other Benefits (1)
| Year Ended December 31,
(in Millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Current year net actuarial loss (gain) | $ | (12.2) |  |  | $ | 22.1 |  |  | $ | (1.4) |  |  | $ | (1.7) |
Amortization of net actuarial (loss) gain | (15.5) |  |  | (12.4) |  |  | 1.0 |  |  | 0.8 |
Amortization of prior service (cost) credit | (0.1) |  |  | (0.2) |  |  | — |  |  | — |
Settlement loss | (0.1) |  |  | (0.5) |  |  | — |  |  | — |
Total recognized in other comprehensive (income) loss, before taxes | $ | (27.9) |  |  | $ | 9.0 |  |  | $ | (0.4) |  |  | $ | (0.9) |
Total recognized in other comprehensive (income) loss, after taxes | (22.8) |  |  | 7.2 |  |  | (0.3) |  |  | (1.1) |
____________________ (1) Refer to Note 10 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.
Weighted-average assumptions used for and components of net annual benefit cost (income) | The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income):
| Year Ended December 31,
| Pensions |  | Other Benefits (1)
(in Millions, except for percentages) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.16 | % |  | 2.84 | % |  | 2.49 | % |  | 5.03 | % |  | 2.39 | % |  | 1.91 | %
Expected return on plan assets | 4.75 | % |  | 2.50 | % |  | 2.25 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase | 3.10 | % |  | 3.10 | % |  | 3.10 | % |  | — |  |  | — |  |  | — |
Components of net annual benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 2.6 |  | $ | 3.6 |  | $ | 4.7 |  | $ | — |  | $ | — |  | $ | —
Interest cost | 50.4 |  | 29.3 |  | 24.5 |  | 0.5 |  | 0.3 |  | 0.3
Expected return on plan assets | (47.5) |  | (33.1) |  | (31.9) |  | — |  | — |  | —
Amortization of prior service cost | 0.1 |  | 0.2 |  | 0.2 |  | — |  | — |  | —
Amortization of net actuarial and other (gain) loss | 15.3 |  | 12.4 |  | 12.5 |  | (0.9) |  | (0.8) |  | (0.8)
Recognized (gain) loss due to curtailments (2) | 0.4 |  | — |  | — |  | — |  | — |  | —
Recognized (gain) loss due to settlement | — |  | 0.5 |  | 1.0 |  | — |  | — |  | —
Net annual benefit cost (income) | $ | 21.3 |  | $ | 12.9 |  | $ | 11.0 |  | $ | (0.4) |  | $ | (0.5) |  | $ | (0.5)
___________________ (1) Refer to Note 10 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans. (2) During the year ended December 31, 2023, as a result of restructuring activities planned in connection with Project Focus, we triggered a curtailment of our U.S. pension plans. The associated curtailment expense is recorded within "Non-operating pension and postretirement charges (income)" on the consolidated statements of income (loss).
Fair Value of pension plan assets by asset class | The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 19 to the consolidated financial statements included within this Form 10-K for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy.
(in Millions) | December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and short-term investments | $ | 3.0 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | — |
Fixed income investments: |  |  |  |  |  |  |
Investment contracts | 114.9 |  |  | — |  |  | 114.9 |  |  | — |
U.S. Government Securities | 204.6 |  |  | 204.6 |  |  | — |  |  | — |
Mutual funds | 13.1 |  |  | 13.1 |  |  | — |  |  | — |
Corporate debt instruments | 705.7 |  |  | — |  |  | 705.7 |  |  | — |
Total assets | $ | 1,041.3 |  |  | $ | 220.7 |  |  | $ | 820.6 |  |  | $ | — |
(in Millions) | December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and short-term investments | $ | 22.8 |  |  | $ | 22.8 |  |  | $ | — |  |  | $ | — |
Fixed income investments: |  |  |  |  |  |  |
Investment contracts | 116.4 |  |  | — |  |  | 116.4 |  |  | — |
U.S. Government Securities | 207.4 |  |  | 207.4 |  |  | — |  |  | — |
Mutual funds | 29.3 |  |  | 29.3 |  |  | — |  |  | — |
Corporate debt instruments | 668.2 |  |  | — |  |  | 668.2 |  |  | — |
Total assets | $ | 1,044.1 |  |  | $ | 259.5 |  |  | $ | 784.6 |  |  | $ | — |
Contributions to pension and other postretirement benefit plans | We made the following contributions to our pension and other postretirement benefit plans:
| Year Ended December 31,
(in Millions) | 2023 |  | 2022
U.S. qualified pension plan | $ | — |  |  | $ | — |
U.S. nonqualified pension plan | 1.1 |  |  | 3.4 |
Non-U.S. plans | 0.1 |  |  | 0.1 |
Other postretirement benefits | 1.2 |  |  | 1.0 |
Total | $ | 2.4 |  |  | $ | 4.5 |
Estimated net future benefit payments | The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate:
| Estimated Net Future Benefit Payments
(in Millions) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 - 2033
Pension Benefits | $ | 88.5 |  |  | $ | 85.5 |  |  | $ | 85.3 |  |  | $ | 83.3 |  |  | $ | 81.9 |  |  | $ | 382.4 |
Other Benefits | 1.3 |  |  | 1.2 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  |  | 3.6 |

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