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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Change in Benefit Obligation, Change in Plan Assets and Components of Funded Status
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)
Schedule of Amounts Included In Consolidated Balance Sheets
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 
Schedule of Projected and Accumulated Benefit Obligations in Excess of Plan Assets
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 — — 
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation
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
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.
Schedule of Components of Net Period Benefit Cost or Gain
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)
Schedule of Fair Values of Pension Plan Assets
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 
Schedule of Estimated Future Benefit Payments
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 
Schedule of Contributions to the Retirement Savings Plan
Following are our contributions to the RSP:
(In millions)202320222021
Retirement savings match$11.9 $12.7 $10.7