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Pension and Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Summary of Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status | A summary of the projected benefit obligations, fair value of plan assets and funded status for the plans is as follows:
|  | Pension Benefits |  | Postretirement Benefits
(in millions) December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 67.7 |  |  | $ | 99.5 |  |  | $ | 16.3 |  |  | $ | 23.4 |
Service cost |  | 1.9 |  |  | 2.1 |  |  | 0.1 |  |  | 0.1 |
Interest cost |  | 2.1 |  |  | 0.9 |  |  | 0.8 |  |  | 0.6 |
Plan participants’ contributions |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Actuarial loss (gain) |  | 7.4 |  |  | (24.3) |  |  | (2.9) |  |  | (6.4) |
Settlements |  | (3.7) |  |  | (2.2) |  |  | — |  |  | — |
Benefits paid |  | (4.1) |  |  | (3.0) |  |  | (1.6) |  |  | (1.4) |
Foreign currency exchange and other |  | 6.0 |  |  | (5.5) |  |  | — |  |  | — |
Administrative expenses paid |  | (0.1) |  |  | (0.2) |  |  | — |  |  | — |
Benefit obligation at end of year |  | $ | 77.6 |  |  | $ | 67.7 |  |  | $ | 12.7 |  |  | $ | 16.3 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 79.2 |  |  | $ | 105.4 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 4.8 |  |  | (16.7) |  |  | — |  |  | — |
Employer contributions |  | 1.8 |  |  | 1.9 |  |  | 1.6 |  |  | 1.4 |
Plan participants’ contributions |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Settlements |  | (3.7) |  |  | (2.2) |  |  | — |  |  | — |
Benefits paid |  | (4.1) |  |  | (3.0) |  |  | (1.6) |  |  | (1.4) |
Foreign currency exchange and other |  | 5.5 |  |  | (6.3) |  |  | — |  |  | — |
Administrative expenses paid |  | (0.4) |  |  | (0.3) |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | 83.5 |  |  | $ | 79.2 |  |  | $ | — |  |  | $ | — |
Funded status |  | $ | 5.9 |  |  | $ | 11.5 |  |  | $ | (12.7) |  |  | $ | (16.3) |
Schedule of Amounts Recognized on the Consolidated and Combined Balance Sheets | Amounts recognized on our Consolidated and Combined Balance Sheets consist of:
|  | Pension Benefits |  | Postretirement Benefits
(in millions) December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022
Other assets |  | $ | 13.0 |  |  | $ | 14.8 |  |  | $ | — |  |  | $ | — |
Accrued liabilities |  | (0.1) |  |  | (0.1) |  |  | (1.3) |  |  | (1.8) |
Accrued pension and postretirement benefits |  | (7.0) |  |  | (3.2) |  |  | (11.4) |  |  | (14.5) |
Funded status |  | $ | 5.9 |  |  | $ | 11.5 |  |  | $ | (12.7) |  |  | $ | (16.3) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss consist of:
|  | Pension Benefits |  | Postretirement Benefits
(in millions) December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net actuarial loss (gain) |  | $ | 14.0 |  |  | $ | 6.6 |  |  | $ | (7.9) |  |  | $ | (5.7) |
Prior service credit |  | (6.6) |  |  | (6.7) |  |  | (0.9) |  |  | (2.0) |
Total recognized in accumulated other comprehensive loss |  | $ | 7.4 |  |  | $ | (0.1) |  |  | $ | (8.8) |  |  | $ | (7.7) |
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are as follows:
|  | Pension Obligations/Assets
|  | U.S. |  | Non-U.S. |  | Total
(in millions) December 31, |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 0.4 |  |  | $ | — |  |  | $ | 77.2 |  |  | $ | 67.7 |  |  | $ | 77.6 |  |  | $ | 67.7 |
Accumulated benefit obligation |  | $ | 0.4 |  |  | $ | — |  |  | $ | 75.9 |  |  | $ | 66.4 |  |  | $ | 76.3 |  |  | $ | 66.4 |
Fair value of plan assets |  | $ | — |  |  | $ | — |  |  | $ | 83.5 |  |  | 79.2 |  |  | 83.5 |  |  | $ | 79.2 |
Summary of Information for Pension Plans With Benefit Obligation in Excess of Plan Assets | Information for pension plans with benefit obligation in excess of plan assets is as follows:
(in millions) December 31, |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 47.2 |  |  | $ | 3.2 |
Accumulated benefit obligation |  | $ | 45.9 |  |  | $ | 3.0 |
Schedule of Components of Net Periodic (Benefit) Cost | Components of net periodic (benefit) cost are as follows:
|  | Pension Benefits |  | Postretirement Benefits
(in millions) For the year ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net Periodic (Benefit) Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1.9 |  |  | $ | 2.1 |  |  | $ | 2.6 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost |  | 2.1 |  |  | 0.9 |  |  | 0.7 |  |  | 0.8 |  |  | 0.6 |  |  | 0.6 |
Expected return on plan assets |  | (3.2) |  |  | (2.8) |  |  | (2.9) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost |  | (0.7) |  |  | (0.7) |  |  | (0.7) |  |  | (1.1) |  |  | (1.1) |  |  | (1.1) |
Amortization of net loss (gain) |  | — |  |  | 0.6 |  |  | 1.5 |  |  | (0.7) |  |  | — |  |  | — |
Recognized curtailment gain |  | (0.1) |  |  | — |  |  | (2.2) |  |  | — |  |  | — |  |  | — |
Settlement (gain) loss |  | (0.3) |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Net periodic (benefit) cost |  | $ | (0.3) |  |  | $ | 0.1 |  |  | $ | (0.9) |  |  | $ | (0.9) |  |  | $ | (0.4) |  |  | $ | (0.3) |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The weighted average assumptions used to determine benefit obligations are as follows:
|  | Pension Benefits |  | Postretirement Benefits
For the year ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.02 | % |  | N/A |  | N/A |  | 5.00 | % |  | 5.40 | % |  | 2.70 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Interest credit rate |  | 4.02 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.57 | % |  | 3.17 | % |  | 1.02 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | 2.03 | % |  | 2.17 | % |  | 2.25 | % |  | N/A |  | N/A |  | N/A
Interest credit rate |  | 1.75 | % |  | 1.81 | % |  | 0.33 | % |  | N/A |  | N/A |  | N/A
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
|  | Pension Benefits |  | Postretirement Benefits
For the year ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.43 | % |  | N/A |  | N/A |  | 5.40 | % |  | 2.70 | % |  | 2.30 | %
Expected rate of return on plan assets |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Interest credit rate |  | 3.62 | % |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.17 | % |  | 1.02 | % |  | 0.68 | % |  | N/A |  | N/A |  | N/A
Expected rate of return on plan assets |  | 4.07 | % |  | 2.98 | % |  | 2.81 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | 2.17 | % |  | 2.25 | % |  | 2.41 | % |  | N/A |  | N/A |  | N/A
Interest credit rate |  | 1.81 | % |  | 0.33 | % |  | 0.29 | % |  | N/A |  | N/A |  | N/A
Schedule of Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates are as follows:
December 31, |  | 2023 |  | 2022
Health care cost trend rate assumed for next year |  | 7.25 | % |  | 7.00 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) |  | 4.50 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate |  | 2035 |  | 2033
Summary of Pension Plan Allocations and Fair Value of Pension Plan Assets | Our pension plan target allocations and weighted-average asset allocations by asset category are as follows, along with the actual allocation related to the Dedicated Plans:
|  | Target Allocation |  | Actual Allocation
Asset Category December 31, |  |  |  | 2023 |  | 2022
Equity securities |  | 15% - 75% |  | 15 | % |  | 13 | %
Fixed income securities |  | 15% - 75% |  | 27 | % |  | 27 | %
Alternative assets/Other |  | 0% - 75% |  | 57 | % |  | 59 | %
Cash and money market |  | 0% - 10% |  | 1 | % |  | 1 | %
The fair value of our pension plan assets as of December 31, 2023, by asset category, are as follows:
(in millions) |  | Active Markets for Identical Assets Level 1 |  | Other Observable Inputs Level 2 |  | Unobservable Inputs Level 3 |  | Net Asset Value ("NAV") Practical Expedient (a) |  | Total Fair Value
Cash Equivalents and Money Markets |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |
Commingled and Mutual Funds |  |  |  |  |  |  |  |  |  |
Non-U.S. Equity Funds |  | — |  |  | — |  |  | — |  |  | 12.3 |  |  | 12.3 |
Collective Trust |  | — |  |  | — |  |  | 19.4 |  |  | 20.7 |  |  | 40.1 |
Non-U.S. Fixed Income, Government and Corporate |  | — |  |  | — |  |  | — |  |  | 22.4 |  |  | 22.4 |
Alternative Investments |  |  |  |  |  |  |  |  |  |
Insurance / Annuity Contract(s) |  | — |  |  | 8.2 |  |  | — |  |  | — |  |  | 8.2 |
Total Fair Value |  | $ | 0.5 |  |  | $ | 8.2 |  |  | $ | 19.4 |  |  | $ | 55.4 |  |  | 83.5 |
(a) | Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
The fair value of our pension plan assets as of December 31, 2022, by asset category, are as follows:
(in millions) |  | Active Markets for Identical Assets Level 1 |  | Other Observable Inputs Level 2 |  | Unobservable Inputs Level 3 |  | Net Asset Value ("NAV") Practical Expedient (a) |  | Total Fair Value
Cash Equivalents and Money Markets |  | $ | 1.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |
Commingled and Mutual Funds |  |  |  |  |  |  |  |  |  |
Non-U.S. Equity Funds |  | — |  |  | — |  |  | — |  |  | 10.0 |  |  | 10.0 |
Collective Trust |  | — |  |  | — |  |  | 16.5 |  |  | 18.8 |  |  | 35.3 |
Non-U.S. Fixed Income, Government and Corporate |  | — |  |  | — |  |  | — |  |  | 21.3 |  |  | 21.3 |
Alternative Investments |  |  |  |  |  |  |  |  |  |
Insurance / Annuity Contract(s) |  | — |  |  | 10.8 |  |  | — |  |  | — |  |  | 10.8 |
International Property Funds |  | — |  |  | — |  |  | — |  |  | 0.8 |  |  | 0.8 |
Total Fair Value |  | $ | 1.0 |  |  | $ | 10.8 |  |  | $ | 16.5 |  |  | $ | 50.9 |  |  | $ | 79.2 |
(a) | Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
Summary of Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions) | Pension Benefits |  | Postretirement Benefits
2024 | $ | 3.6 |  |  | $ | 1.3 |
2025 | 3.6 |  |  | 1.3 |
2026 | 3.2 |  |  | 1.1 |
2027 | 3.5 |  |  | 1.2 |
2028 | 3.8 |  |  | 1.1 |
2029 to 2033 | 20.6 |  |  | 4.9 |
Total payments | $ | 38.3 |  |  | $ | 10.9 |

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