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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

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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