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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
Note 11 — EMPLOYEE BENEFIT PLANS
All U.S. qualified defined benefit pension plans are frozen, no longer accrue benefits and are closed to new participants. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service.
The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension and post-retirement health care benefit plans.
 Pension BenefitsHealth Care Benefits
(In millions)2023
2022
20232022
Change in benefit obligation:
Projected benefit obligation - beginning of year$433.8 $549.3 $5.9 $15.8 
Service cost3.1 4.1 — — 
Interest cost19.6 14.1 0.3 0.4 
Actuarial loss / (gain)9.2 (80.8)(1.0)(2.9)
Benefits paid(44.8)(47.1)(0.9)(1.0)
Other2.9 (5.8)0.1 (6.5)
Projected benefit obligation - end of year423.8 433.8 4.4 5.9 
Projected salary increases(6.5)(6.3)— — 
Accumulated benefit obligation$417.3 $427.5 $4.4 $5.9 
Change in plan assets:
Plan assets - beginning of year$396.6 $529.3 $— $— 
Actual return on plan assets37.7 (89.9)— — 
Company contributions 9.1 6.3 0.9 1.0 
Benefits paid(44.8)(47.0)(0.9)(1.0)
Other1.9 (2.1)— — 
Plan assets - end of year$400.5 $396.6 $— $— 
Unfunded status at end of year$(23.3)$(37.2)$(4.4)$(5.9)
Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows:
 Pension BenefitsHealth Care Benefits
(In millions)2023202220232022
Non-current assets $45.1 $31.0 $— $— 
Accrued expenses and other liabilities5.1 5.7 0.5 1.3 
Pension and other post-retirement benefits63.3 62.5 3.9 4.7 
As of December 31, 2023 and 2022, we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows:
 Pension BenefitsHealth Care Benefits
(In millions)2023202220232022
Projected benefit obligation$92.9 $91.5 $4.4 $5.9 
Fair value of plan assets24.5 23.3 — — 
Accumulated benefit obligation86.6 80.2 4.4 5.9 
Fair value of plan assets23.8 17.7 — — 
Weighted-average assumptions used to determine benefit obligations at December 31:
 Pension BenefitsHealth Care Benefits
2023202220232022
Discount rate4.52 %4.74 %4.87 %5.17 %
Assumed health care cost trend rates at December 31:
Health care cost trend rate assumed for next yearN/AN/A6.00 %5.93 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)N/AN/A3.99 %4.13 %
Year that the rate reaches the ultimate trend rateN/AN/A20592054
The following table summarizes the components of net periodic benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2023.
 Pension BenefitsHealth Care Benefits
(In millions)202320222021202320222021
Components of net periodic benefit cost:
Service cost$3.1 $4.1 $4.7 $— $— $0.1 
Interest cost19.6 14.1 14.2 0.3 0.4 0.5 
Expected return on plan assets(25.5)(22.4)(26.9)— — — 
Amortization of prior service cost(0.1)— — (6.3)— — 
Mark-to-market actuarial net (gains) losses(2.8)31.4 11.9 (1.0)(2.9)(1.6)
Other— — (0.6)— — (0.3)
Net periodic (income) cost$(5.7)$27.2 $3.3 $(7.0)$(2.4)$(1.3)

In 2023, we recognized a $3.8 million mark-to-market gain that was primarily the result of actual asset returns that were higher than our assumed returns. Partially offsetting the higher asset returns was the decrease in our year end discount rate from 4.74% to 4.52%.
In 2022, we recognized a $28.5 million mark-to-market loss that was primarily the result of actual asset returns that were lower than our assumed returns. Partially offsetting the lower asset returns was an increase in our year end discount rate from 2.69% to 4.74%.
In 2021, we recognized a $9.4 million mark-to-market and curtailment loss that was primarily the result of actual asset returns that were lower than our assumed returns. Partially offsetting the lower asset returns was an increase in our year end discount rate from 2.47% to 2.69%.
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
 Pension BenefitsHealth Care Benefits
202320222021202320222021
Discount rate*4.74 %2.69 %2.47 %5.17 %2.85 %2.66 %
Expected long-term return on plan assets*6.73 %4.39 %4.86 %— — — 
Assumed health care cost trend rates at December 31:
Assumed health care cost trend rates at January 1:N/AN/AN/A5.93 %6.44 %6.24 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)N/AN/AN/A4.08 %4.08 %4.04 %
Year that the rate reaches the ultimate trend rateN/AN/AN/A205520652066
*The mark-to-market component of net periodic costs is determined based on discount rates as of year-end and actual asset returns during the year.
The expected long-term rate of return on pension assets was determined after considering the forward looking long-term asset returns by asset category and the expected investment portfolio mix.
Our pension investment strategy is to diversify the portfolio among asset categories to enhance the portfolio’s risk-adjusted return as well as insulate it from exposure to changes in interest rates. Our asset mix considers the duration of plan liabilities, historical and expected returns of the investments, and the funded status of the plan. The pension asset allocation is reviewed and actively managed based on the funded status of the plan. Based on the current funded status of the plan, our pension asset investment allocation guidelines are weighted heavily to fixed income securities. The plan keeps a minimal amount of cash available to fund benefit payments. See the following table for the plans' asset allocation.
The fair values of pension plan assets at December 31, 2023 and 2022, by asset category, are as follows:
 
Fair Value of Plan Assets at December 31, 2023
(In millions)Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Investments (at Fair Value)
Asset category
Cash$3.9 $— $— $3.9 
Bonds and notes52.8 — — 52.8 
Global equity8.7 — — 8.7 
Other — 3.1 15.3 18.4 
Total$65.4 $3.1 $15.3 $83.8 
Investments measured at NAV:
Common collective funds:
United States equity43.8 
International equity44.0 
Global equity21.9 
Fixed income207.0 
Total common collective funds$316.7 
Total investments at fair value$400.5 
 
Fair Value of Plan Assets at December 31, 2022
(In millions)Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total Investments (at Fair Value)
Asset category
Cash$3.7 $— $— $3.7 
Bonds and notes50.0 — — 50.0 
Global equity7.7 — — 7.7 
Other — 2.7 14.5 17.2 
Total$61.4 $2.7 $14.5 $78.6 
Investments measured at NAV:
Common collective funds:
United States equity42.7 
International equity43.4 
Global equity21.6 
Fixed income210.3 
Total common collective funds$318.0 
Total investments at fair value$396.6 

Pension Plan Assets
Other assets are primarily insurance contracts for international plans. The U.S. equity common collective funds are predominately invested in equity securities actively traded in public markets. The international and global equity common collective funds have broadly diversified investments across economic sectors and focus on low volatility, long-term investments. The fixed income common collective funds consist primarily of publicly traded United States fixed interest obligations (principally investment grade bonds and government securities).
Level 1 assets are valued based on quoted market prices. Level 2 investments are valued based on quoted market prices and/or other market data for the same or comparable instruments and transactions of the underlying fixed income investments. The insurance contracts included in the other asset category are valued at the transacted price. Common collective funds are valued at the net asset value of units held by the fund at year-end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned.
The estimated future benefit payments for our pension and health care plans are as follows:
(In millions)Pension BenefitsHealth Care Benefits
2024$40.2 $0.5 
202539.0 0.5 
202637.8 0.4 
202736.7 0.4 
202836.4 0.3 
2029 through 2033163.3 1.3 
We currently estimate that employer contributions will be $7.6 million to all qualified and non-qualified pension plans and $0.5 million to all healthcare benefit plans in 2024.
The Company sponsors various voluntary retirement savings plans (RSP). Under the provisions of the plans, eligible employees receive defined Company contributions and are eligible for Company matching contributions based on their eligible earnings contributed to the plan. In addition, we may make discretionary contributions to the plans for eligible employees based on a specific percentage of each employee’s compensation.
Following are our contributions to the RSP:
(In millions)202320222021
Retirement savings match$11.9 $12.7 $10.7