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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule 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,
			2024						2023
Discount rate qualified			5.60		%				4.97		%
Discount rate nonqualified plan			5.31		%				4.78		%
Discount rate other benefits			5.40		%				4.83		%
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)												2024						2023						2024						2023
Change in projected benefit obligation
Projected benefit obligation at January 1												$	1,032.2					$	1,044.3					$	9.2					$	11.2
Service cost												1.8						2.6						—						—
Interest cost												48.2						50.4						0.4						0.5
Actuarial loss (gain) (2)												(45.2)						19.0						(1.4)						(1.4)
Foreign currency exchange rate changes and other												(0.4)						—						—						—
Plan participants’ contributions												—						—						0.3						0.3
Settlements												(3.1)						(1.0)						—						—
Benefits paid												(83.6)						(83.1)						(1.3)						(1.4)
Projected benefit obligation at December 31												$	949.9					$	1,032.2					$	7.2					$	9.2
Change in plan assets
Fair value of plan assets at January 1												$	1,041.3					$	1,044.1					$	—					$	(0.1)
Actual return on plan assets												3.6						79.2						—						—
Foreign currency exchange rate changes												0.2						0.3						—						—
Company contributions												4.6						1.2						0.9						1.2
Plan participants’ contributions												—						—						0.4						0.3
Settlements												(3.1)						(0.4)						—						—
Benefits paid												(83.6)						(83.1)						(1.3)						(1.4)
Fair value of plan assets at December 31												$	963.0					$	1,041.3					$	—					$	—
Funded Status
U.S. plans with assets												$	31.7					$	30.7					$	—					$	—
U.S. plans without assets												(12.3)						(14.7)						(7.2)						(9.2)
Non-U.S. plans with assets												(1.0)						(1.6)						—						—
All other plans												(5.3)						(5.3)						—						—
Net funded status of the plan (liability)												$	13.1					$	9.1					$	(7.2)					$	(9.2)
Amount recognized on the consolidated balance sheets:
Pension asset (3)												$	31.7					$	30.7					$	—					$	—
Accrued benefit liability (4)												(18.6)						(21.6)						(7.2)						(9.2)
Total												$	13.1					$	9.1					$	(7.2)					$	(9.2)

___________________________

(1)Refer to Note 9 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.

(2)The actuarial gain in 2024 and loss in 2023 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)			2024						2023						2024						2023
Prior service (cost) credit			$	(0.1)					$	(0.1)					$	—					$	—
Net actuarial (loss) gain			(291.3)						(309.9)						5.6						5.3
Accumulated other comprehensive income (loss) – pretax			$	(291.4)					$	(310.0)					$	5.6					$	5.3
Accumulated other comprehensive income (loss) – net of tax			$	(215.1)					$	(229.9)					$	4.2					$	3.9

___________________________

(1)     Refer to Note 9 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.

(in Millions)			December 31
			2024						2023
Projected benefit obligations			$	22.5					$	25.2
Accumulated benefit obligations			23.1						26.1
Fair value of plan assets			3.9						3.6

Schedule of 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)			2024						2023						2024						2023
Current year net actuarial loss (gain)			$	(3.8)					$	(12.2)					$	(1.4)					$	(1.4)
Amortization of net actuarial (loss) gain			(14.2)						(15.5)						1.1						1.0
Amortization of prior service (cost) credit			—						(0.1)						—						—
Settlement loss			(0.6)						(0.1)						—						—
Total recognized in other comprehensive (income) loss, before taxes			$	(18.6)					$	(27.9)					$	(0.3)					$	(0.4)
Total recognized in other comprehensive (income) loss, after taxes			$	(14.8)					$	(22.8)					$	(0.3)					$	(0.3)

___________________________

(1)     Refer to Note 9 to the consolidated financial statements included within this Form 10-K for information on our discontinued postretirement benefit plans.

Schedule of 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)			2024						2023						2022						2024						2023						2022
Discount rate			4.97		%				5.16		%				2.84		%				5.40		%				5.03		%				2.39		%
Expected return on plan assets			4.50		%				4.75		%				2.50		%				—						—						—
Rate of compensation increase			3.10		%				3.10		%				3.10		%				—						—						—
Components of net annual benefit cost:
Service cost			$	1.8					$	2.6					$	3.6					$	—					$	—					$	—
Interest cost			48.2						50.4						29.3						0.4						0.5						0.3
Expected return on plan assets			(44.5)						(47.5)						(33.1)						—						—						—
Amortization of prior service cost			—						0.1						0.2						—						—						—
Amortization of net actuarial and other (gain) loss			14.2						15.3						12.4						(1.1)						(0.9)						(0.8)
Recognized (gain) loss due to curtailments, settlements, and other (2)			1.0						0.4						0.5
Net annual benefit cost (income)			$	20.7					$	21.3					$	12.9					$	(0.7)					$	(0.4)					$	(0.5)

___________________________

(1)     Refer to Note 9 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).

Schedule of 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 18 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, 2024						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			$	43.5					$	43.5					$	—					$	—
Fixed income investments:
Investment contracts			108.6						—						108.6						—
U.S. Government Securities			138.8						138.8						—						—
Mutual funds			13.7						13.7						—						—
Corporate debt instruments			658.4						—						658.4						—
Total assets			$	963.0					$	196.0					$	767.0					$	—

(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					$	—

Schedule of 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)			2024						2023
U.S. qualified pension plan			$	—					$	—
U.S. nonqualified pension plan			4.3						1.1
Non-U.S. plans			0.3						0.1
Other postretirement benefits			0.9						1.2
Total			$	5.5					$	2.4

Schedule of 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)			2025						2026						2027						2028						2029						2030 - 2034
Pension Benefits			$	85.9					$	85.8					$	83.5					$	82.6					$	80.3					$	375.3
Other Benefits			0.9						1.0						0.9						0.9						0.8						3.0

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