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Retirement and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan

The reconciliation of the changes in the plans’ benefit obligations, the fair value of plan assets and the funded status of the plans are as follows:

		United States Plans								Non-United States Plans
Year Ended December 31		2024				2023				2024				2023
Change in Benefit Obligation
Benefit obligation, beginning of year		$	19.2			$	20.5			$	713.2			$	632.3
Service cost			—				—				16.5				15.5
Interest cost			0.9				1.0				18.5				20.1
Curtailments			—				—				(2.7	)			—
Settlements			—				—				(50.9	)			(66.4	)
Transfers			—				—				26.5				26.9
Actuarial (gain) loss			—				(0.1	)			(3.9	)			43.3
Plan participant contributions			—				—				11.4				12.4
Benefits paid			(2.1	)			(2.2	)			(16.0	)			(14.2	)
Currency exchange rate changes			—				—				(42.8	)			43.3
Benefit obligation, end of year		$	18.0			$	19.2			$	669.8			$	713.2

		United States Plans								Non-United States Plans
Year Ended December 31		2024				2023				2024				2023
Change in Plan Assets
Fair value of plan assets, beginning of year		$	—			$	—			$	596.3			$	547.8
Actual return on plan assets			—				—				40.7				30.3
Settlements			—				—				(50.9	)			(66.4	)
Transfers			—				—				23.7				28.4
Plan participant contributions			—				—				11.4				12.4
Company contributions			2.1				2.2				17.4				17.6
Benefits paid			(2.1	)			(2.2	)			(16.0	)			(14.2	)
Currency exchange rate changes			—				—				(36.5	)			40.4
Fair value of plan assets, end of year		$	—			$	—			$	586.1			$	596.3
Funded Status at End of Year
Funded status, end of year		$	(18.0	)		$	(19.2	)		$	(83.7	)		$	(117.0	)
Amounts Recognized
Noncurrent assets		$	—			$	—			$	22.7			$	8.8
Current liabilities			(2.2	)			(2.2	)			(1.2	)			(1.0	)
Noncurrent liabilities			(15.8	)			(17.0	)			(105.2	)			(124.8	)
Net amount recognized		$	(18.0	)		$	(19.2	)		$	(83.7	)		$	(117.0	)

The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows:

Year Ended December 31		2024				2023
Change in Benefit Obligation
Benefit obligation, beginning of year		$	10.2			$	11.5
Interest cost			0.5				0.5
Actuarial gain			(1.1	)			(1.0	)
Benefits paid			(0.8	)			(0.8	)
Benefit obligation, end of year		$	8.8			$	10.2
Funded Status at End of Year
Funded status, end of year		$	(8.8	)		$	(10.2	)
Amounts Recognized
Current liabilities		$	(1.0	)		$	(1.1	)
Noncurrent liabilities			(7.8	)			(9.1	)
Net amount recognized		$	(8.8	)		$	(10.2	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax

Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of:

		United States Plans								Non-United States Plans
Year Ended December 31		2024				2023				2024				2023
Net loss		$	3.6			$	4.0			$	1.2			$	26.9
Prior service cost			—				—				4.1				5.1
Total		$	3.6			$	4.0			$	5.3			$	32.0

Schedule of Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows:

December 31		2024				2023
Accumulated benefit obligation		$	117.2			$	129.9
Plan assets			93.4				89.0

Schedule of Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets

The projected benefit obligation (PBO) for all qualified defined benefit pension plans was $687.8 and $732.4 as of December 31, 2024 and 2023, respectively. The PBO for some of our plans exceeded the fair value of plan assets as follows:

December 31		2024				2023
Projected benefit obligation		$	123.8			$	137.8
Plan assets			96.9				92.6

Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss

The components of the net periodic benefit cost and other amounts recognized in other comprehensive income/loss for all plans were as follows:

Year Ended December 31		2024				2023				2022
Net Periodic Benefit Cost
Service cost		$	16.5			$	15.5			$	19.4
Interest cost			19.4				21.1				8.7
Expected return on assets			(18.9	)			(19.0	)			(14.7	)
Settlements			1.8				6.7				2.7
Net (gain) loss			(1.5	)			(3.3	)			1.8
Prior service cost			0.7				0.7				0.7
Net periodic benefit cost			18.0				21.7				18.6
Other Changes in Plan Assets and Benefit Obligation Recognized    in Other Comprehensive Income/Loss
Net (gain) loss			(25.7	)			31.9				(40.9	)
Prior service credit			—				(1.2	)			(0.2	)
Amortization of net loss			(3.0	)			(3.7	)			(5.0	)
Amortization of prior service cost			(0.7	)			(0.7	)			(0.7	)
Total recognized in other comprehensive income/loss			(29.4	)			26.3				(46.8	)
Total recognized in net periodic benefit cost and other comprehensive    income/loss		$	(11.4	)		$	48.0			$	(28.2	)

The components of net periodic benefit cost and other amounts recognized in other comprehensive income/loss for this plan were as follows:

Year Ended December 31		2024				2023				2022
Net Periodic Benefit Credit
Interest cost		$	0.5			$	0.5			$	0.3
Net loss			—				—				0.2
Prior service credit			(0.8	)			(0.8	)			(0.8	)
Net periodic benefit credit		$	(0.3	)		$	(0.3	)		$	(0.3	)
Other Changes in Plan Assets and Benefit Obligations Recognized    in Other Comprehensive Income/Loss
Net gain		$	(1.1	)		$	(1.0	)		$	(2.0	)
Amortization of net loss			—				—				(0.2	)
Amortization of prior service credit			0.8				0.8				0.8
Total recognized in other comprehensive income/loss			(0.3	)			(0.2	)			(1.4	)
Total recognized in net periodic benefit cost and other comprehensive    income/loss		$	(0.6	)		$	(0.5	)		$	(1.7	)

Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost

he weighted-average assumptions used in the measurement of the benefit obligation were as follows:

		United States Plans								Non-United States Plans
Year Ended December 31		2024				2023				2024				2023
Discount rate			5.5	%			5.2	%			2.7	%			2.7	%
Rate of compensation increase			1.4	%			1.4	%			1.5	%			1.9	%

The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows:

		United States Plans												Non-United States Plans
Year Ended December 31		2024				2023				2022				2024				2023				2022
Discount rate			5.2	%			5.4	%			2.6	%			2.7	%			3.2	%			1.0	%
Expected long-term return on plan assets		N/A				N/A				N/A					3.4	%			3.5	%			2.2	%
Rate of compensation increase			1.4	%			1.3	%			1.3	%			1.9	%			1.9	%			1.7	%
Interest crediting rates for cash balance plans		N/A				N/A				N/A					2.6	%			2.6	%			0.5	%

Schedule of Fair Value of Plan Assets By Asset Category

The fair value of our pension plan assets by asset category was as follows:

		Fair Value Measurements Using
		December 31, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents		$	3.0			$	3.0			$	—			$	—
Equity securities:
Mutual funds			142.7				142.7				—				—
Common stock			30.1				30.1				—				—
Fixed income instruments:
Fixed income funds			123.8				—				123.8				—
Annuity contract			31.4				—				—				31.4
Guaranteed insurance contracts			25.6				—				25.6				—
Other types of investments:
Real estate funds			96.4				—				95.1				1.3
Insurance contracts			80.9				—				—				80.9
Hedge funds			29.0				—				11.5				17.5
Other			23.2				—				3.6				19.6
		$	586.1			$	175.8			$	259.6			$	150.7

		Fair Value Measurements Using
		December 31, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash and cash equivalents		$	6.9			$	6.9			$	—			$	—
Equity securities:
Mutual funds			137.6				137.6				—				—
Common stock			34.0				34.0				—				—
Fixed income instruments:
Fixed income funds			125.6				—				125.6				—
Annuity contract			35.4				—				—				35.4
Guaranteed insurance contracts			23.4				—				23.4				—
Other types of investments:
Real estate funds			99.6				—				98.2				1.4
Insurance contracts			82.6				—				—				82.6
Hedge funds			29.1				—				12.4				16.7
Other			22.1				—				3.9				18.2
		$	596.3			$	178.5			$	263.5			$	154.3

Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs

The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer.

Year Ended December 31		2024				2023
Balance, beginning of year		$	154.3			$	142.2
Actual return on plan assets			4.4				5.6
Purchases, sales and settlements, net			—				(0.7	)
Currency exchange rate changes			(8.0	)			7.2
Balance, end of year		$	150.7			$	154.3

Schedule of Projected Future Benefit Payments

During 2025, we plan to contribute approximately $16.0 to our pension plans and to fund our retiree health care payments as incurred. Projected benefit payments from the plans as of December 31, 2024 were estimated as follows:

Year		Pension Plans				Retiree Health Care Plan
2025		$	62.1			$	1.0
2026			42.2				1.0
2027			33.4				0.9
2028			30.2				0.9
2029			29.1				0.9
2030–2034			175.0				3.7
Total projected benefit payments		$	372.0			$	8.4

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