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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Summary of Pension Obligations And Funded Status | A summary of our pension obligations and funded status as of December 31 is as follows:
| 2022 |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |  |
Benefit obligation, beginning of period | $ | 270.4 |  |  | $ | 286.5 |  |  | $ | 259.1 |
Service cost | 5.3 |  |  | 5.1 |  |  | 5.1 |
Interest cost | 6.6 |  |  | 6.0 |  |  | 7.2 |
Plan participants’ contributions | .4 |  | .5 |  | .5
Actuarial (gain) loss 1 | (71.6) |  |  | (10.8) |  |  | 27.7 |
Benefits paid | (15.9) |  |  | (15.6) |  |  | (14.2) |
Plan amendments | — |  |  | .1 |  |  | (.4) |
Curtailments and settlements | — |  |  | (1.1) |  |  | — |
Foreign currency exchange rate changes | (4.0) |  |  | (.3) |  |  | 1.5 |
Benefit obligation, end of period | $ | 191.2 |  |  | $ | 270.4 |  |  | $ | 286.5 |
Change in plan assets |  |  |  |  |
Fair value of plan assets, beginning of period | $ | 227.7 |  |  | $ | 215.3 |  |  | $ | 201.5 |
Actual return on plan assets | (35.4) |  |  | 25.6 |  |  | 24.1 |
Employer contributions | 2.9 |  |  | 2.8 |  |  | 2.2 |
Plan participants’ contributions | .4 |  |  | .5 |  |  | .5 |
Benefits paid | (15.9) |  |  | (15.6) |  |  | (14.2) |
Settlements | — |  |  | (.8) |  |  | — |
Foreign currency exchange rate changes | (3.9) |  |  | (.1) |  |  | 1.2 |
Fair value of plan assets, end of period | $ | 175.8 |  |  | $ | 227.7 |  |  | $ | 215.3 |
Net funded status | $ | (15.4) |  |  | $ | (42.7) |  |  | $ | (71.2) |
Funded status recognized in the Consolidated Balance Sheets |  |  |  |  |
Other assets—sundry | $ | 3.9 |  |  | $ | 2.8 |  |  | $ | .9 |
Other current liabilities | (.3) |  |  | (.3) |  |  | (.4) |
Other long-term liabilities | (19.0) |  |  | (45.2) |  |  | (71.7) |
Net funded status | $ | (15.4) |  |  | $ | (42.7) |  |  | $ | (71.2) |
1 Year-over-year fluctuations in "Actuarial (gain) loss" are primarily driven by changes in the weighted average discount rate assumptions.
Schedule of Accumulated Other Comprehensive Income | Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below:
| December 31, 2021 |  | 2022 Amortization |  | 2022 Net Actuarial Loss |  | 2022 Foreign Currency Exchange Rates Change |  | 2022 Income Tax Change |  | December 31, 2022
Net (loss) gain (before tax) | $ | (53.1) |  |  | $ | 2.5 |  |  | $ | 22.9 |  |  | $ | .9 |  |  | $ | — |  |  | $ | (26.8) |
Deferred income taxes | 14.6 |  |  | — |  |  | — |  |  | — |  |  | (6.2) |  |  | 8.4 |
Accumulated other comprehensive income (loss) (net of tax) | $ | (38.5) |  |  | $ | 2.5 |  |  | $ | 22.9 |  |  | $ | .9 |  |  | $ | (6.2) |  |  | $ | (18.4) |
Components of Net Pension Expense (Income) | Components of net pension expense (income) for the years ended December 31 were as follows:
| 2022 |  | 2021 |  | 2020
Service cost | $ | 5.3 |  |  | $ | 5.1 |  |  | $ | 5.1 |
Interest cost | 6.6 |  |  | 6.0 |  |  | 7.2 |
Expected return on plan assets | (13.2) |  |  | (12.5) |  |  | (11.9) |
Recognized net actuarial loss | 2.5 |  |  | 5.3 |  |  | 4.0 |
Prior service cost | — |  |  | — |  |  | (.4) |
Curtailments and settlements | — |  |  | (.2) |  |  | — |
Net pension expense | $ | 1.2 |  |  | $ | 3.7 |  |  | $ | 4.0 |
Weighted average assumptions for pension costs: |  |  |  |  |
Discount rate used in net pension costs | 2.5 | % |  | 2.1 | % |  | 2.8 | %
Rate of compensation increase used in pension costs | 3.5 | % |  | 3.5 | % |  | 3.4 | %
Expected return on plan assets | 6.0 | % |  | 5.9 | % |  | 6.1 | %
Weighted average assumptions for benefit obligation: |  |  |  |  |
Discount rate used in benefit obligation | 5.0 | % |  | 2.5 | % |  | 2.1 | %
Rate of compensation increase used in benefit obligation | 3.4 | % |  | 3.5 | % |  | 3.5 | %
Schedule of Fair Value of Pension Plan Assets | Presented below are our major categories of investments for the periods presented:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Assets Measured at NAV 1 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets Measured at NAV 1 |  | Total
Mutual and pooled funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | $ | 25.9 |  |  | $ | 13.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 39.8 |  |  | $ | 34.1 |  |  | $ | 21.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 55.4 |
Equities | 99.2 |  |  | 5.6 |  |  | — |  |  | — |  |  | 104.8 |  |  | 127.0 |  |  | 8.4 |  |  | — |  |  | — |  |  | 135.4 |
Stable value funds | — |  |  | 22.1 |  |  | — |  |  | — |  |  | 22.1 |  |  | — |  |  | 31.6 |  |  | — |  |  | — |  |  | 31.6 |
Money market funds, cash and other | — |  |  | — |  |  | — |  |  | 9.1 |  |  | 9.1 |  |  | — |  |  | — |  |  | — |  |  | 5.3 |  |  | 5.3 |
Total investments at fair value | $ | 125.1 |  |  | $ | 41.6 |  |  | $ | — |  |  | $ | 9.1 |  |  | $ | 175.8 |  |  | $ | 161.1 |  |  | $ | 61.3 |  |  | $ | — |  |  | $ | 5.3 |  |  | $ | 227.7 |
1 Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Allocation of Plan Assets | The aggregate allocation of these investments is as follows:
| 2022 |  | 2021
Asset Category |  |  |
Equity securities | 60 | % |  | 60 | %
Debt securities | 23 |  |  | 24 |
Stable value funds | 12 |  |  | 14 |
Other, including cash | 5 |  |  | 2 |
Total | 100 | % |  | 100 | %
Schedule of Estimated Benefit Payments | Estimated benefit payments expected over the next 10 years are as follows:
2023 | $ | 12.9 |
2024 | 13.4 |
2025 | 14.0 |
2026 | 14.4 |
2027 | 14.6 |
2028-2032 | 70.4 |
Schedule of Costs of Retirement Plans | Total expense for defined contribution plans was as follows:
| 2022 |  | 2021 |  | 2020
401(k) Plan | $ | 8.0 |  |  | $ | 6.8 |  |  | $ | 6.8 |
Other defined contribution plans | 4.8 |  |  | 4.6 |  |  | 4.9 |
| $ | 12.8 |  |  | $ | 11.4 |  |  | $ | 11.7 |

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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