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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
| 2024 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |
Benefit obligation, beginning of period | $ | 194.6 |  |  | $ | 191.2 |  |  | $ | 270.4 |
Service cost | 2.8 |  |  | 3.4 |  |  | 5.3 |
Interest cost | 9.1 |  |  | 9.2 |  |  | 6.6 |
Plan participants’ contributions | .4 |  | .4 |  | .4
Actuarial loss (gain) 1 | (10.3) |  |  | 4.8 |  |  | (71.6) |
Benefits paid | (16.0) |  |  | (15.8) |  |  | (15.9) |
Plan amendments | .1 |  |  | — |  |  | — |
Curtailments and settlements | (.7) |  |  | — |  |  | — |
Foreign currency exchange rate changes | (1.3) |  |  | 1.4 |  |  | (4.0) |
Other | (.2) |  |  | — |  |  | — |
Benefit obligation, end of period | $ | 178.5 |  |  | $ | 194.6 |  |  | $ | 191.2 |
Change in plan assets |  |  |  |  |
Fair value of plan assets, beginning of period | $ | 187.8 |  |  | $ | 175.8 |  |  | $ | 227.7 |
Actual return on plan assets | 7.3 |  |  | 20.9 |  |  | (35.4) |
Employer contributions | 1.0 |  |  | 5.0 |  |  | 2.9 |
Plan participants’ contributions | .4 |  |  | .4 |  |  | .4 |
Benefits paid | (16.0) |  |  | (15.8) |  |  | (15.9) |
Settlements | (.2) |  |  | — |  |  | — |
Foreign currency exchange rate changes | (1.2) |  |  | 1.5 |  |  | (3.9) |
Other | (.2) |  |  | — |  |  | — |
Fair value of plan assets, end of period | $ | 178.9 |  |  | $ | 187.8 |  |  | $ | 175.8 |
Net funded status | $ | .4 |  |  | $ | (6.8) |  |  | $ | (15.4) |
Funded status recognized in the Consolidated Balance Sheets |  |  |  |  |
Other assets—sundry | $ | 7.3 |  |  | $ | 4.7 |  |  | $ | 3.9 |
Other current liabilities | (.3) |  |  | (.3) |  |  | (.3) |
Other long-term liabilities | (6.6) |  |  | (11.2) |  |  | (19.0) |
Net funded status | $ | .4 |  |  | $ | (6.8) |  |  | $ | (15.4) |
1 Year-over-year fluctuations in "Actuarial loss (gain)" 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 loss” in the Consolidated Balance Sheets associated with pensions are reflected below:
| December 31, 2023 |  | 2024 Amortization |  | 2024 Net Actuarial Loss |  | 2024 Foreign Currency Exchange Rates Change |  | 2024 Income Tax Change |  | December 31, 2024
Net (loss) gain (before tax) | $ | (20.5) |  |  | $ | .8 |  |  | $ | 7.5 |  |  | $ | .2 |  |  | $ | — |  |  | $ | (12.0) |
Deferred income taxes | 6.9 |  |  | $ | — |  |  | — |  |  | — |  |  | (2.1) |  |  | 4.8 |
Accumulated other comprehensive income (loss) (net of tax) | $ | (13.6) |  |  | $ | .8 |  |  | $ | 7.5 |  |  | $ | .2 |  |  | $ | (2.1) |  |  | $ | (7.2) |
Schedule of Components of Net Pension Expense (Income) | Components of net pension expense (income) for the years ended December 31 were as follows:
| 2024 |  | 2023 |  | 2022
Service cost | $ | 2.8 |  |  | $ | 3.4 |  |  | $ | 5.3 |
Interest cost | 9.1 |  |  | 9.2 |  |  | 6.6 |
Expected return on plan assets | (11.5) |  |  | (10.9) |  |  | (13.2) |
Recognized net actuarial loss | 1.1 |  |  | 1.3 |  |  | 2.5 |
Curtailments and settlements | .7 |  |  | — |  |  | — |
Net pension expense | $ | 2.2 |  |  | $ | 3.0 |  |  | $ | 1.2 |
Weighted average assumptions for pension costs: |  |  |  |  |
Discount rate | 4.8 | % |  | 5.0 | % |  | 2.5 | %
Rate of compensation increase | 3.4 | % |  | 3.4 | % |  | 3.5 | %
Expected return on plan assets | 6.4 | % |  | 6.4 | % |  | 6.0 | %
Weighted average assumptions for benefit obligation: |  |  |  |  |
Discount rate | 5.3 | % |  | 4.8 | % |  | 5.0 | %
Rate of compensation increase | 3.1 | % |  | 3.4 | % |  | 3.4 | %
Schedule of Fair Value of Pension Plan Assets | Presented below are our major categories of investments for the periods presented:
| Year Ended December 31, 2024 |  | Year Ended December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 1 |  | Assets Measured at NAV 2 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 1 |  | Assets Measured at NAV 2 |  | Total
Mutual and pooled funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income | $ | 102.9 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 114.5 |  |  | $ | 46.3 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 47.7 |
Equities | 35.9 |  |  | 1.5 |  |  | — |  |  | — |  |  | 37.4 |  |  | 107.2 |  |  | 12.8 |  |  | — |  |  | — |  |  | 120.0 |
Stable value funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.3 |  |  | — |  |  | — |  |  | 7.3 |
Money market funds, cash and other | — |  |  | — |  |  | 6.3 |  |  | 20.7 |  |  | 27.0 |  |  | — |  |  | — |  |  | 6.9 |  |  | 5.9 |  |  | 12.8 |
Total investments at fair value | $ | 138.8 |  |  | $ | 13.1 |  |  | $ | 6.3 |  |  | $ | 20.7 |  |  | $ | 178.9 |  |  | $ | 153.5 |  |  | $ | 21.5 |  |  | $ | 6.9 |  |  | $ | 5.9 |  |  | $ | 187.8 |
1 We entered into a buy-in arrangement during 2023 for one of our frozen international plans. The bulk purchase annuity policy assets from this transaction are classified as level 3 in the fair value hierarchy. 2 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 Estimated Benefit Payments | Estimated benefit payments expected over the next 10 years are as follows:
2025 | $ | 13.4 |
2026 | 13.6 |
2027 | 14.0 |
2028 | 14.3 |
2029 | 14.4 |
2030-2034 | 67.6 |

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