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Employee Benefits (Tables) | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [Abstract] |
Schedule of Fair Value of Plan Assets | The following table presents the fair value of these assets (in millions of dollars):
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Deferred compensation program - Diversified investment funds in registered investment companies |  | $ | 12.7 |  |  | $ | 11.9 |
Schedule of Total Expense Related to Benefit Plans | The following table presents the total expense related to all postretirement and postemployment benefit plans (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Defined contribution plans 1 |  | $ | 4.6 |  |  | $ | 4.2 |  |  | $ | 10.6 |  |  | $ | 10.0 |
Deferred compensation plan 2 |  |  | 0.4 |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.7 |
Multiemployer pension plans 1 |  |  | 1.6 |  |  |  | 1.5 |  |  |  | 3.1 |  |  |  | 3.0 |
Net periodic postretirement and postemployment benefit cost relating to defined benefit plans 2,3 |  |  | 2.5 |  |  |  | 2.8 |  |  |  | 4.8 |  |  |  | 4.3 |
Total |  | $ | 9.1 |  |  | $ | 8.5 |  |  | $ | 19.1 |  |  | $ | 18.0 |
1. Substantially all of these charges related to employee benefits are in COGS with the remaining balance in Selling, general, administrative, research, and development (“SG&A and R&D”) within our Statements of Consolidated Income. For the six months ended June 30, 2024, the expense presented for our multiemployer pension plans excludes a $4.6 million charge to Restructuring costs (see Note 4). 2. Deferred compensation plan expense and the current service cost component of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within our Statements of Consolidated Income in SG&A and R&D for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to Salaried VEBA are included within Other income (expense), net, on our Statements of Consolidated Income. 3. The current service cost component of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan is included within our Statements of Consolidated Income in COGS for all periods presented. All other components of Net periodic postretirement and postemployment benefit cost relating to both the pension plans and the OPEB plan are included within Other income (expense), net, on our Statements of Consolidated Income.
Schedule of Net Benefit Costs | The following tables present the components of Net periodic postretirement and postemployment benefit cost relating to our defined benefit plans (in millions of dollars):
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Quarter Ended |  |  | Quarter Ended |  |  | Quarter Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Service cost |  | $ | 0.8 |  |  | $ | 1.1 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.8 |  |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 0.6 |
Expected return on plan assets |  |  | (0.3 | ) |  |  | (0.4 | ) |  |  | — |  |  |  | — |  |  |  | (0.6 | ) |  |  | (0.6 | )
Amortization of prior service cost 1 |  |  | 0.2 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 0.8 |  |  |  | 0.7 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.4 | ) |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | — |
Total net periodic postretirement and postemployment benefit cost |  | $ | 1.1 |  |  | $ | 1.2 |  |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.7 |  |  | $ | 0.7 |
|  | Pension Plans |  |  | OPEB |  |  | Salaried VEBA |
|  | Six Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Service cost |  | $ | 1.7 |  |  | $ | 2.0 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 0.8 |  |  |  | 0.8 |  |  |  | 1.7 |  |  |  | 1.7 |  |  |  | 1.1 |  |  |  | 1.1 |
Expected return on plan assets |  |  | (0.7 | ) |  |  | (0.7 | ) |  |  | — |  |  |  | — |  |  |  | (1.1 | ) |  |  | (1.1 | )
Amortization of prior service cost 1 |  |  | 0.4 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | 1.5 |  |  |  | 0.2 |
Amortization of net actuarial gain |  |  | — |  |  |  | — |  |  |  | (0.9 | ) |  |  | (0.5 | ) |  |  | (0.2 | ) |  |  | — |
Total net periodic postretirement and postemployment benefit cost |  | $ | 2.2 |  |  | $ | 2.4 |  |  | $ | 1.3 |  |  | $ | 1.7 |  |  | $ | 1.3 |  |  | $ | 0.2 |
1. We amortize prior service cost on a straight-line basis over the average remaining years of service of the active plan participants.

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