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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
In September 2024, the Board of Directors approved a resolution to merge two of our domestic defined benefit pension plans and terminate the resulting merged plan (Frozen Plan) effective December 31, 2024. Participants in the Frozen Plan have stopped earning benefits. The distribution of plan assets and settlement of benefit obligations will occur after the plan termination satisfies all regulatory requirements, which is expected to be completed by mid-2026. The Frozen Plan was underfunded by $4.2 and $6.1 as of December 31, 2024 and 2023, respectively. Additionally, we recognized a curtailment loss of $.7 during the year ended December 31, 2024 associated with the planned termination of the Frozen Plan, primarily due to the immediate recognition of prior service cost.
The Consolidated Balance Sheets reflect a net liability for the funded status of our domestic and foreign defined benefit pension plans as of all periods presented. Our domestic plans (comprised primarily of two significant plans at December 31, 2024 and three significant plans at December 31, 2023 and 2022) represent approximately 85% of our pension benefit obligation in each of the periods presented.
A summary of our pension obligations and funded status as of December 31 is as follows:
202420232022
Change in benefit obligation   
Benefit obligation, beginning of period$194.6 $191.2 $270.4 
Service cost2.8 3.4 5.3 
Interest cost9.1 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 assets7.3 20.9 (35.4)
Employer contributions1.0 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.
Our accumulated benefit obligation was not materially different from our projected benefit obligation for the periods presented. 
Comprehensive Income (Loss)
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 taxes6.9 $— — — (2.1)4.8 
Accumulated other comprehensive income (loss) (net of tax)$(13.6)$.8 $7.5 $.2 $(2.1)$(7.2)
Net Pension Expense (Income)
Components of net pension expense (income) for the years ended December 31 were as follows:
202420232022
Service cost$2.8 $3.4 $5.3 
Interest cost9.1 9.2 6.6 
Expected return on plan assets(11.5)(10.9)(13.2)
Recognized net actuarial loss1.1 1.3 2.5 
Curtailments and settlements.7 — — 
Net pension expense$2.2 $3.0 $1.2 
Weighted average assumptions for pension costs:
Discount rate4.8 %5.0 %2.5 %
Rate of compensation increase3.4 %3.4 %3.5 %
Expected return on plan assets6.4 %6.4 %6.0 %
Weighted average assumptions for benefit obligation:
Discount rate5.3 %4.8 %5.0 %
Rate of compensation increase3.1 %3.4 %3.4 %
Assumptions used for domestic and international plans were not significantly different.
The components of net pension expense other than the service cost are included in the line item "Other expense (income), net" in the Consolidated Statements of Operations.
We use the Pension Liability Index rate to determine the discount rate used for our significant pension plans. The Pension Liability Index rate is a calculated rate using yearly spot rates matched against expected future benefit payments. The discount rates used for our other, primarily foreign, plans are based on rates appropriate for the respective country and the plan obligations.
The overall expected long-term rate of return is based on each plan’s historical experience and our expectations of future returns based upon each plan’s investment holdings, as discussed below.
Pension Plan Assets
The fair value of our major categories of pension plan assets is disclosed below using a three-level valuation hierarchy that separates fair value valuation techniques into the following categories:
•Level 1: Quoted prices for identical assets or liabilities in active markets.
•Level 2: Other significant inputs observable either directly or indirectly (including quoted prices for similar securities, interest rates, yield curves, credit risk, etc.).
•Level 3: Unobservable inputs that are not corroborated by market data.
Presented below are our major categories of investments for the periods presented:
 Year Ended December 31, 2024Year Ended December 31, 2023
 Level 1Level 2
Level 3 1
Assets Measured at NAV 2
TotalLevel 1Level 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 
Equities35.9 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.
Our investment policy and strategies are established with a long-term view in mind. We strive for a sufficiently diversified asset mix to minimize the risk of a material loss to the portfolio value due to the devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls that might result from poor investment performance are considered. The assets in our Frozen Plan employ a liability-driven investment strategy and have a target allocation of 100% fixed income. The remaining significant plan has a target allocation of 75% equities and 25% fixed income, as historical equity returns have tended to exceed bond returns over the long term. 

Future Contributions and Benefit Payments (excluding plan termination impacts discussed above)
We expect to contribute approximately $.3 to our defined benefit pension plans in 2025. 
Estimated benefit payments expected over the next 10 years are as follows:
2025$13.4 
202613.6 
202714.0 
202814.3 
202914.4 
2030-203467.6 
Defined Contribution Plans
Total expense for our defined contribution plans was $15.4, $14.2, and $13.7 for the years ended December 31, 2024, 2023, and 2022, respectively.
Multi-employer Pension Plan
We have limited participation in one union-sponsored, defined benefit, multi-employer pension plan that covers selected employees at one of our locations in the Aerospace Products Group. The plan is not administered by us, and contributions are determined in accordance with provisions of negotiated labor contracts. Aggregate contributions to the plan were immaterial for each of the years presented. In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if a plan has unfunded vested benefits. Factors that could impact the funded status of the plan include investment performance, changes in the participant demographics, financial stability of contributing employers, and changes in actuarial assumptions. Withdrawal liability triggers could include a plan's termination, a withdrawal of substantially all employers, or our voluntary withdrawal from the plan (such as decision to close a facility or the dissolution of a collective bargaining unit). We have a very small share of the liability among the participants of the plan. Based upon the information available from the plan administrator, the multi-employer plan in which we participate is underfunded, and we estimate our aggregate share of potential withdrawal liability for the plan to approximate $16.0. We have not recorded any material withdrawal liabilities for the years presented.