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Retirement and Postretirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2024:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Change in benefit obligation: |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Benefit obligation at the beginning of year |  | $ | 490.9 |  |  | $ | 124.0 |  |  | $ | 16.5 |  |  | $ | 56.7 |  |  | $ | 0.5 |  |  | $ | 688.6 |  |  | $ | 84.9 |
Service cost |  |  | 8.9 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9.2 |  |  |  | 0.6 |
Interest cost |  |  | 25.4 |  |  |  | 2.3 |  |  |  | 0.9 |  |  |  | 2.5 |  |  |  | — |  |  |  | 31.1 |  |  |  | 4.3 |
Actuarial (gains) losses |  |  | (16.9 | ) |  |  | (1.5 | ) |  |  | (0.7 | ) |  |  | (5.1 | ) |  |  | (0.4 | ) |  |  | (24.6 | ) |  |  | (0.2 | )
Benefits paid |  |  | (36.7 | ) |  |  | (6.9 | ) |  |  | (0.6 | ) |  |  | (4.0 | ) |  |  | — |  |  |  | (48.2 | ) |  |  | (9.5 | )
Settlements |  |  | — |  |  |  | (118.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118.2 | ) |  |  | — |
Foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.8 | ) |  |  | — |  |  |  | (0.8 | ) |  |  | — |
Benefit obligation at the end of year |  | $ | 471.6 |  |  | $ | — |  |  | $ | 16.1 |  |  | $ | 49.3 |  |  | $ | 0.1 |  |  | $ | 537.1 |  |  | $ | 80.1 |
Significant actuarial gains related to changes in benefit obligations for 2024 primarily resulted from an increase in discount rates. Significant settlements were a result of the Salaried Plan annuity purchase as well as lump sum payments during 2024. The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2023:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Change in benefit obligation: |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Benefit obligation at the beginning of year |  | $ | 474.9 |  |  | $ | 128.1 |  |  | $ | 15.5 |  |  | $ | 47.7 |  |  | $ | 0.4 |  |  | $ | 666.6 |  |  | $ | 87.4 |
Service cost |  |  | 9.5 |  |  |  | 0.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10.4 |  |  |  | 0.7 |
Interest cost |  |  | 25.9 |  |  |  | 6.7 |  |  |  | 0.9 |  |  |  | 2.3 |  |  |  | — |  |  |  | 35.8 |  |  |  | 4.7 |
Actuarial (gains) losses |  |  | 19.1 |  |  |  | 5.7 |  |  |  | 0.7 |  |  |  | 7.3 |  |  |  | — |  |  |  | 32.8 |  |  |  | 3.8 |
Benefits paid |  |  | (38.5 | ) |  |  | (11.4 | ) |  |  | (0.6 | ) |  |  | (3.3 | ) |  |  | — |  |  |  | (53.8 | ) |  |  | (11.7 | )
Settlements |  |  | — |  |  |  | (6.0 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6.0 | ) |  |  | — |
Foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2.7 |  |  |  | 0.1 |  |  |  | 2.8 |  |  |  | — |
Benefit obligation at the end of year |  | $ | 490.9 |  |  | $ | 124.0 |  |  | $ | 16.5 |  |  | $ | 56.7 |  |  | $ | 0.5 |  |  | $ | 688.6 |  |  | $ | 84.9 |
Significant actuarial losses related to changes in benefit obligations for 2023 primarily resulted from a decrease in discount rates. The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2024:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Change in plan assets: |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Fair value of plan assets at the beginning of year |  | $ | 334.7 |  |  | $ | 129.6 |  |  | $ | — |  |  | $ | 61.0 |  |  | $ | 0.3 |  |  | $ | 525.6 |  |  | $ | 53.8 |
Actual return on plan assets |  |  | 2.8 |  |  |  | (0.9 | ) |  |  | — |  |  |  | (3.4 | ) |  |  | — |  |  |  | (1.5 | ) |  |  | 2.7 |
Company contributions / payments |  |  | 40.9 |  |  |  | (3.6 | ) |  |  | 0.6 |  |  |  | 1.9 |  |  |  | — |  |  |  | 39.8 |  |  |  | 2.4 |
Benefits paid |  |  | (36.7 | ) |  |  | (6.9 | ) |  |  | (0.6 | ) |  |  | (4.0 | ) |  |  | — |  |  |  | (48.2 | ) |  |  | (9.5 | )
Settlements |  |  | — |  |  |  | (118.2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118.2 | ) |  |  | — |
Foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.9 | ) |  |  | — |  |  |  | (0.9 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | 341.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 54.6 |  |  | $ | 0.3 |  |  | $ | 396.6 |  |  | $ | 49.4 |
Funded status at end of year |  | $ | (129.9 | ) |  | $ | — |  |  | $ | (16.1 | ) |  | $ | 5.3 |  |  | $ | 0.2 |  |  | $ | (140.5 | ) |  | $ | (30.7 | )
The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2023:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Change in plan assets: |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Fair value of plan assets at the beginning of year |  | $ | 353.9 |  |  | $ | 137.7 |  |  | $ | — |  |  | $ | 57.5 |  |  | $ | 0.3 |  |  | $ | 549.4 |  |  | $ | 59.2 |
Actual return on plan assets |  |  | 19.3 |  |  |  | 9.3 |  |  |  | — |  |  |  | 2.5 |  |  |  | — |  |  |  | 31.1 |  |  |  | 5.3 |
Company contributions / payments |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | 1.2 |  |  |  | — |  |  |  | 1.8 |  |  |  | 1.0 |
Benefits paid |  |  | (38.5 | ) |  |  | (11.4 | ) |  |  | (0.6 | ) |  |  | (3.3 | ) |  |  | — |  |  |  | (53.8 | ) |  |  | (11.7 | )
Settlements |  |  | — |  |  |  | (6.0 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6.0 | ) |  |  | — |
Foreign currency translation adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3.1 |  |  |  | — |  |  |  | 3.1 |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 334.7 |  |  | $ | 129.6 |  |  | $ | — |  |  | $ | 61.0 |  |  | $ | 0.3 |  |  | $ | 525.6 |  |  | $ | 53.8 |
Funded status at end of year |  | $ | (156.2 | ) |  | $ | 5.6 |  |  | $ | (16.5 | ) |  | $ | 4.3 |  |  | $ | (0.2 | ) |  | $ | (163.0 | ) |  | $ | (31.1 | )
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the balance sheet at December 31, 2024 for the Company's pension and postretirement benefit plans include:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Non-current assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5.3 |  |  | $ | 0.2 |  |  | $ | 5.5 |  |  | $ | — |
Current liabilities |  |  | (64.7 | ) |  |  | — |  |  |  | (0.6 | ) |  |  | — |  |  |  | — |  |  |  | (65.3 | ) |  |  | (1.2 | )
Non-current liabilities |  |  | (65.2 | ) |  |  | — |  |  |  | (15.5 | ) |  |  | — |  |  |  | — |  |  |  | (80.7 | ) |  |  | (29.5 | )
Total |  | $ | (129.9 | ) |  | $ | — |  |  | $ | (16.1 | ) |  | $ | 5.3 |  |  | $ | 0.2 |  |  | $ | (140.5 | ) |  | $ | (30.7 | )
Amounts recognized on the balance sheet at December 31, 2023 for the Company's pension and postretirement benefit plans include:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Non-current assets |  | $ | — |  |  | $ | 5.6 |  |  | $ | — |  |  | $ | 4.3 |  |  | $ | — |  |  | $ | 9.9 |  |  | $ | — |
Current liabilities |  |  | (41.7 | ) |  |  | — |  |  |  | (0.6 | ) |  |  | — |  |  |  | — |  |  |  | (42.3 | ) |  |  | (1.2 | )
Non-current liabilities |  |  | (114.5 | ) |  |  | — |  |  |  | (15.9 | ) |  |  | — |  |  |  | (0.2 | ) |  |  | (130.6 | ) |  |  | (29.9 | )
Total |  | $ | (156.2 | ) |  | $ | 5.6 |  |  | $ | (16.5 | ) |  | $ | 4.3 |  |  | $ | (0.2 | ) |  | $ | (163.0 | ) |  | $ | (31.1 | )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Included in accumulated other comprehensive income (loss) at December 31, 2024 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Unrecognized prior service (benefit) cost |  | $ | 9.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | (38.0 | )
Included in accumulated other comprehensive income (loss) at December 31, 2023 were the following before-tax amounts that had not been recognized in net periodic benefit cost:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
|  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Unrecognized prior service (benefit) cost |  | $ | 11.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 11.6 |  |  | $ | (44.0 | )
Schedule of Assumptions Used | The weighted average assumptions used in determining benefit obligation as of December 31, 2024 and 2023 were as follows:
|  | Pension |  |  | Postretirement |
Assumptions: |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Discount rate |  |  | 5.71 | % |  |  | 5.33 | % |  |  | 5.73 | % |  |  | 5.43 | %
Future compensation assumption |  |  | 3.50 | % |  |  | 3.00 | % |  | n/a |  |  | n/a |
The weighted average assumptions used in determining benefit cost for the years ended December 31, 2024 and 2023 were as follows:
|  | Pension |  |  | Postretirement |
Assumptions: |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Discount rate |  |  | 5.33 | % |  |  | 5.61 | % |  |  | 5.43 | % |  |  | 5.70 | %
Future compensation assumption |  |  | 3.00 | % |  |  | 3.00 | % |  | n/a |  |  | n/a |
Expected long-term return on plan assets |  |  | 7.15 | % |  |  | 7.13 | % |  |  | 5.80 | % |  |  | 6.25 | %
Schedule of Periodic Benefit Cost | The components of net periodic benefit cost (income) for the year ended December 31, 2024 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Components of net periodic benefit cost (income): |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 8.9 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9.2 |  |  | $ | 0.6 |
Interest cost |  |  | 25.4 |  |  |  | 2.3 |  |  |  | 0.9 |  |  |  | 2.5 |  |  |  | — |  |  |  | 31.1 |  |  |  | 4.3 |
Expected return on plan assets |  |  | (28.0 | ) |  |  | (2.4 | ) |  |  | — |  |  |  | (3.1 | ) |  |  | — |  |  |  | (33.5 | ) |  |  | (2.9 | )
Amortization of prior service cost |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.2 |  |  |  | (5.9 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net remeasurement losses (gains) |  |  | 8.3 |  |  |  | 1.8 |  |  |  | (0.7 | ) |  |  | 1.4 |  |  |  | (0.4 | ) |  |  | 10.4 |  |  |  | (0.1 | )
Net Periodic Benefit Cost (Income) |  | $ | 15.8 |  |  | $ | 2.0 |  |  | $ | 0.2 |  |  | $ | 0.8 |  |  | $ | (0.4 | ) |  | $ | 18.4 |  |  | $ | (4.0 | )
The components of net periodic benefit cost (income) for the year ended December 31, 2023 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Components of net periodic benefit cost (income): |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 9.5 |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10.4 |  |  | $ | 0.7 |
Interest cost |  |  | 25.9 |  |  |  | 6.7 |  |  |  | 0.9 |  |  |  | 2.3 |  |  |  | — |  |  |  | 35.8 |  |  |  | 4.7 |
Expected return on plan assets |  |  | (26.9 | ) |  |  | (7.5 | ) |  |  | — |  |  |  | (2.7 | ) |  |  | — |  |  |  | (37.1 | ) |  |  | (3.4 | )
Amortization of prior service cost |  |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.3 |  |  |  | (6.0 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net remeasurement losses (gains) |  |  | 26.6 |  |  |  | 4.0 |  |  |  | 0.6 |  |  |  | 7.5 |  |  |  | — |  |  |  | 38.7 |  |  |  | 1.9 |
Net Periodic Benefit Cost (Income) |  | $ | 36.4 |  |  | $ | 4.1 |  |  | $ | 1.5 |  |  | $ | 7.1 |  |  | $ | — |  |  | $ | 49.1 |  |  | $ | (2.1 | )
The components of net periodic benefit cost (income) for the year ended December 31, 2022 were as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Components of net periodic benefit cost (income): |  | Bargaining Plan |  |  | Salaried Plan |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
Service cost |  | $ | 13.9 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14.2 |  |  | $ | 1.1 |
Interest cost |  |  | 31.1 |  |  |  | 6.5 |  |  |  | 0.7 |  |  |  | 1.3 |  |  |  | — |  |  |  | 39.6 |  |  |  | 3.4 |
Expected return on plan assets |  |  | (46.7 | ) |  |  | (5.0 | ) |  |  | — |  |  |  | (3.2 | ) |  |  | — |  |  |  | (54.9 | ) |  |  | (3.4 | )
Amortization of prior service cost |  |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.3 |  |  |  | (6.0 | )
Curtailment |  |  | (2.7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2.7 | ) |  |  | — |
Net remeasurement losses (gains) |  |  | (37.2 | ) |  |  | 6.9 |  |  |  | (6.5 | ) |  |  | 15.9 |  |  |  | — |  |  |  | (20.9 | ) |  |  | (11.8 | )
Net Periodic Benefit Cost (Income) |  | $ | (40.3 | ) |  | $ | 8.7 |  |  | $ | (5.8 | ) |  | $ | 14.0 |  |  | $ | — |  |  | $ | (23.4 | ) |  | $ | (16.7 | )
Schedule of Target Allocations for each Plan's Assets | The target allocations for each plan's assets are as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Target Allocations: |  | Bargaining Plan |  |  | Salaried Plan |  | Supplemental Plan |  | Pension Scheme |  |  | Pension Plan |  |  | Weighted Average Pension |  |  | Postretirement Plans |
Equity securities |  |  | 38.0 | % |  | n/a |  | n/a |  |  | 15.8 | % |  |  | — |  |  |  | 34.9 | % |  |  | 26.0 | %
Debt securities |  |  | 34.0 | % |  | n/a |  | n/a |  |  | 68.5 | % |  |  | 100.0 | % |  |  | 38.8 | % |  |  | 67.0 | %
Other investments |  |  | 28.0 | % |  | n/a |  | n/a |  |  | 15.7 | % |  |  | — |  |  |  | 26.3 | % |  |  | 7.0 | %
Schedule of Allocation of Plan Assets | The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2024:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12.6 |  |  | $ | 3.3 |  |  | $ | 9.3 |  |  | $ | — |
U.S government and agency securities |  |  | 36.3 |  |  |  | 36.3 |  |  |  | — |  |  |  | — |
Mutual fund - equities |  |  | 80.9 |  |  |  | 80.9 |  |  |  | — |  |  |  | — |
Mutual fund - fixed income |  |  | 12.5 |  |  |  | 12.5 |  |  |  | — |  |  |  | — |
Mutual fund - tactical tilt |  |  | 10.8 |  |  |  | 10.8 |  |  |  | — |  |  |  | — |
Exchange traded funds |  |  | 0.5 |  |  |  | 0.5 |  |  |  | — |  |  |  | — |
Real estate |  |  | 29.7 |  |  |  | — |  |  |  | — |  |  |  | 29.7 |
Private debt |  |  | 22.2 |  |  |  | — |  |  |  | — |  |  |  | 22.2 |
Total Assets in the fair value hierarchy |  | $ | 205.5 |  |  | $ | 144.3 |  |  | $ | 9.3 |  |  | $ | 51.9 |
Assets measured at net asset value (1) |  |  | 191.1 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 396.6 |  |  | $ | 144.3 |  |  | $ | 9.3 |  |  | $ | 51.9 |
(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2024, these assets are redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years. The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2023:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5.8 |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | — |
U.S government and agency securities |  |  | 59.8 |  |  |  | 50.7 |  |  |  | 9.1 |  |  |  | — |
Corporate bonds |  |  | 39.8 |  |  |  | — |  |  |  | 39.8 |  |  |  | — |
Mutual fund - equities |  |  | 83.3 |  |  |  | 83.3 |  |  |  | — |  |  |  | — |
Mutual fund - fixed income |  |  | 12.2 |  |  |  | 12.2 |  |  |  | — |  |  |  | — |
Mutual fund - tactical tilt |  |  | 10.6 |  |  |  | 10.6 |  |  |  | — |  |  |  | — |
Real estate |  |  | 14.1 |  |  |  | — |  |  |  | — |  |  |  | 14.1 |
Private debt |  |  | 25.7 |  |  |  | — |  |  |  | — |  |  |  | 25.7 |
Other |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Total Assets in the fair value hierarchy |  | $ | 251.9 |  |  | $ | 156.8 |  |  | $ | 55.3 |  |  | $ | 39.8 |
Assets measured at net asset value (1) |  |  | 273.7 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 525.6 |  |  | $ | 156.8 |  |  | $ | 55.3 |  |  | $ | 39.8 |
(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2023, these assets were redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years. The following table sets forth a summary of changes in the fair value of the Company's pension plan level three assets for the year ended December 31, 2024:
|  | Level 3 assets only |
|  | 2024 |
Balance at the beginning of year |  | $ | 39.8 |
Transfers in and/or out of Level 3 |  |  | — |
Actual return on plan assets: |  |  |
Realized gain (loss) |  |  | (0.4 | )
Net unrealized gain (loss) |  |  | 3.5 |
Purchases, sales, issuances and settlements: |  |  |
Purchases |  |  | 15.5 |
Sales |  |  | (6.5 | )
Balance at the end of year |  | $ | 51.9 |
The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2024:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3.6 |  |  | $ | 3.6 |  |  | $ | — |  |  | $ | — |
Mutual fund - equities |  |  | 11.9 |  |  |  | 11.9 |  |  |  | — |  |  |  | — |
Mutual fund - fixed income |  |  | 6.6 |  |  |  | 6.6 |  |  |  | — |  |  |  | — |
Mutual fund - real assets |  |  | 0.9 |  |  |  | 0.9 |  |  |  | — |  |  |  | — |
Mutual fund - tactical tilt |  |  | 2.3 |  |  |  | 2.3 |  |  |  | — |  |  |  | — |
Total Assets in the fair value hierarchy |  | $ | 25.3 |  |  | $ | 25.3 |  |  | $ | — |  |  | $ | — |
Assets measured at net asset value (1) |  |  | 24.1 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 49.4 |  |  | $ | 25.3 |  |  | $ | — |  |  | $ | — |
(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities. As of December 31, 2024, these assets are redeemable at net asset value on a daily basis. The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2023:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2.2 |  |  | $ | 2.2 |  |  | $ | — |  |  | $ | — |
Mutual fund - equities |  |  | 13.5 |  |  |  | 13.5 |  |  |  | — |  |  |  | — |
Mutual fund - fixed income |  |  | 7.3 |  |  |  | 7.3 |  |  |  | — |  |  |  | — |
Mutual fund - real assets |  |  | 1.1 |  |  |  | 1.1 |  |  |  | — |  |  |  | — |
Mutual fund - tactical tilt |  |  | 2.5 |  |  |  | 2.5 |  |  |  | — |  |  |  | — |
Total Assets in the fair value hierarchy |  | $ | 26.6 |  |  | $ | 26.6 |  |  | $ | — |  |  | $ | — |
Assets measured at net asset value (1) |  |  | 27.2 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 53.8 |  |  | $ | 26.6 |  |  | $ | — |  |  | $ | — |
(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities, fixed income securities, and limited partnerships. As of December 31, 2023, these assets are redeemable at net asset value on a daily basis.
Schedule of Expected Benefit Payments | Future benefit payments are expected to be as follows:
|  | Pension |  |  |  |  |  |  |
|  | United States of America |  |  | United Kingdom |  |  | Mexico |  |  |  |  |  |  |
Benefit Payments: |  | Bargaining Plan |  |  | Salaried Plan (1) |  |  | Supplemental Plan |  |  | Pension Scheme |  |  | Pension Plan |  |  | Total Pension |  |  | Postretirement Plans |
2025 |  | $ | 43.5 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 46.9 |  |  | $ | 8.8 |
2026 |  |  | 43.2 |  |  |  | — |  |  |  | 0.6 |  |  |  | 2.7 |  |  |  | — |  |  |  | 46.5 |  |  |  | 8.3 |
2027 |  |  | 47.2 |  |  |  | — |  |  |  | 13.0 |  |  |  | 3.2 |  |  |  | — |  |  |  | 63.4 |  |  |  | 7.9 |
2028 |  |  | 46.4 |  |  |  | — |  |  |  | 0.5 |  |  |  | 3.3 |  |  |  | — |  |  |  | 50.2 |  |  |  | 7.5 |
2029 |  |  | 44.3 |  |  |  | — |  |  |  | 0.5 |  |  |  | 3.5 |  |  |  | — |  |  |  | 48.3 |  |  |  | 7.2 |
2030-2034 |  |  | 196.4 |  |  |  | — |  |  |  | 2.0 |  |  |  | 19.5 |  |  |  | — |  |  |  | 217.9 |  |  |  | 32.4 |

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