XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Pension and Other Retiree Benefits | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Pension and Other Retiree Benefits | 5. Pension and Other Retiree Benefits We have a number of pension plans, principally in Germany, the U.K. and the U.S. The plans provide for payment of retirement benefits, primarily commencing between the ages of 60 and 65, and also for payment of certain disability and severance benefits. After meeting certain qualifications, an employee acquires a vested right to future benefits. The benefits payable under the plans are generally determined based on an employee’s length of service and earnings. The majority of these plans have been frozen and are no longer accruing additional service benefits. Cash contributions to the plans are made as necessary to ensure legal funding requirements are satisfied. The ACCO Brands Corporation Pension Plan was fully and permanently frozen as of December 31, 2021. In 2019, the Esselte U.K. plan was frozen and merged with the legacy ACCO U.K. plan, which was frozen on September 30, 2012. As of December 31, 2016, all of our Canadian pension plans were frozen. Effective July 1, 2022, the Company announced its plan to terminate the Canadian pension plans. During 2023, we recognized a settlement cost of $0.7 million due as lump sum payments exceeded the settlement threshold. We expect the termination of the Canadian pension plans to be finalized in 2024. Our German Esselte Leitz Pension Plan had an unfunded liability of $109.9 million and $103.0 million for the years ended December 31, 2023, and 2022, respectively. As is customary, there are no plans to, and there is no requirement to, fund the German Pension Plan other than to meet the current liabilities. We also provide post-retirement health care and life insurance benefits to certain employees and retirees in the U.S., U.K. and Canada. All but one of these benefit plans is no longer open to new participants. Many employees and retirees outside of the U.S. are covered by government health care programs. The following table sets forth our defined benefit pension and post-retirement plans funded status and the amounts recognized in our Consolidated Balance Sheets:
|  | Pension |  |  | Post-retirement |
|  | U.S. |  |  | International |  |  |  |
(in millions) |  |  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |
Change in projected benefit obligation (PBO) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 162.3 |  |  | $ | 212.5 |  |  | $ | 441.1 |  |  | $ | 673.6 |  |  | $ | 3.2 |  |  | $ | 4.3 |
Service cost |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 1.0 |  |  |  | — |  |  |  | — |
Interest cost |  |  | 7.9 |  |  |  | 4.9 |  |  |  | 20.0 |  |  |  | 9.6 |  |  |  | 0.2 |  |  |  | 0.1 |
Actuarial loss (gain) |  |  | 3.2 |  |  |  | (45.2 | ) |  |  | 14.6 |  |  |  | (158.7 | ) |  |  | 0.1 |  |  |  | (0.6 | )
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (10.8 | ) |  |  | (9.9 | ) |  |  | (27.0 | ) |  |  | (25.7 | ) |  |  | (0.3 | ) |  |  | (0.4 | )
Settlement |  |  | — |  |  |  | — |  |  |  | (3.9 | ) |  |  | — |  |  |  | — |  |  |  | — |
Termination benefits |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.8 |  |  |  | — |  |  |  | — |
Foreign exchange rate changes |  |  | — |  |  |  | — |  |  |  | 22.0 |  |  |  | (59.6 | ) |  |  | 0.1 |  |  |  | (0.2 | )
Projected benefit obligation at end of year |  |  | 162.6 |  |  |  | 162.3 |  |  |  | 467.4 |  |  |  | 441.1 |  |  |  | 3.3 |  |  |  | 3.2 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 140.2 |  |  |  | 180.9 |  |  |  | 306.4 |  |  |  | 481.7 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 13.6 |  |  |  | (33.3 | ) |  |  | 18.9 |  |  |  | (117.2 | ) |  |  | — |  |  |  | — |
Employer contributions |  |  | 2.5 |  |  |  | 2.5 |  |  |  | 14.1 |  |  |  | 13.4 |  |  |  | 0.3 |  |  |  | 0.4 |
Participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (10.8 | ) |  |  | (9.9 | ) |  |  | (27.0 | ) |  |  | (25.7 | ) |  |  | (0.3 | ) |  |  | (0.4 | )
Settlement |  |  | — |  |  |  | — |  |  |  | (4.0 | ) |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange rate changes |  |  | — |  |  |  | — |  |  |  | 16.4 |  |  |  | (45.9 | ) |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  |  | 145.5 |  |  |  | 140.2 |  |  |  | 324.9 |  |  |  | 306.4 |  |  |  | — |  |  |  | — |
Funded status (Fair value of plan assets less PBO) |  | $ | (17.1 | ) |  | $ | (22.1 | ) |  | $ | (142.5 | ) |  | $ | (134.7 | ) |  | $ | (3.3 | ) |  | $ | (3.2 | )
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | $ | — |  |  | $ | — |  |  | $ | 2.5 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | — |
Other current liabilities |  |  | — |  |  |  | — |  |  |  | 7.5 |  |  |  | 6.9 |  |  |  | 0.3 |  |  |  | 0.4 |
Pension and post-retirement benefit obligations |  |  | 17.1 |  |  |  | 22.1 |  |  |  | 137.5 |  |  |  | 130.6 |  |  |  | 3.0 |  |  |  | 2.8 |
Components of accumulated other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized actuarial loss (gain) |  |  | 90.7 |  |  |  | 91.3 |  |  |  | 139.9 |  |  |  | 120.6 |  |  |  | (3.6 | ) |  |  | (4.2 | )
Unrecognized prior service cost |  |  | — |  |  |  | — |  |  |  | 5.2 |  |  |  | 5.2 |  |  |  | — |  |  |  | — |
Pension and post-retirement benefit obligations of $157.6 million as of December 31, 2023, increased from $155.5 million as of December 31, 2022. The increase was primarily due to updated assumptions and foreign exchange, partly offset by cash contributions. The accumulated benefit obligation for all pension plans was $625.1 million and $598.1 million at December 31, 2023 and 2022, respectively. The following table sets out information for pension plans with an accumulated benefit obligation in excess of plan assets:
|  | U.S. |  |  | International |
(in millions) |  |  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |
Accumulated benefit obligation |  | $ | 162.6 |  |  | $ | 162.3 |  |  | $ | 437.4 |  |  | $ | 406.1 |
Fair value of plan assets |  |  | 145.5 |  |  |  | 140.2 |  |  |  | 297.2 |  |  |  | 273.7 |
The following table sets out information for pension plans with a projected benefit obligation in excess of plan assets:
|  | U.S. |  |  | International |
(in millions) |  |  | 2023 |  |  |  | 2022 |  |  |  | 2023 |  |  |  | 2022 |
Projected benefit obligation |  | $ | 162.6 |  |  | $ | 162.3 |  |  | $ | 442.1 |  |  | $ | 411.3 |
Fair value of plan assets |  |  | 145.5 |  |  |  | 140.2 |  |  |  | 297.2 |  |  |  | 273.7 |
The components of net periodic benefit (income) cost for pension and post-retirement plans for the years ended December 31, 2023, 2022, and 2021, were as follows:
|  | Year Ended December 31, |  |  |  |
|  | Pension |  |  | Post-retirement |
|  | U.S. |  |  | International |  |  |  |  |  |  |  |  |  |
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 1.0 |  |  | $ | 1.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 7.9 |  |  |  | 4.9 |  |  |  | 4.5 |  |  |  | 20.0 |  |  |  | 9.6 |  |  |  | 6.3 |  |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.1 |
Expected return on plan assets |  |  | (12.0 | ) |  |  | (10.9 | ) |  |  | (11.4 | ) |  |  | (21.5 | ) |  |  | (17.5 | ) |  |  | (19.3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of net loss (gain) |  |  | 2.2 |  |  |  | 3.7 |  |  |  | 3.6 |  |  |  | 4.2 |  |  |  | 5.0 |  |  |  | 7.1 |  |  |  | (0.5 | ) |  |  | (0.5 | ) |  |  | (0.5 | )
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |  | — |
Special termination benefit(1) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Curtailment loss(2) |  |  | — |  |  |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Settlement loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net periodic benefit (income) cost (3) |  | $ | (1.9 | ) |  | $ | (2.3 | ) |  | $ | (1.3 | ) |  | $ | 4.7 |  |  | $ | (0.8 | ) |  | $ | (4.1 | ) |  | $ | (0.3 | ) |  | $ | (0.4 | ) |  | $ | (0.4 | )
(1) Special termination benefit of $0.8 million due to the plan wind-up of the ACCO Brands Canada Salaried and Hourly plans effective July 1, 2022. The plan wind-up is considered an irrevocable event that triggers special accounting, specifically a one-time special termination benefit. The plan wind-up is expected to be completed in 2024. (2) Curtailment loss of $1.4 million due to the pension benefit freeze for the Sidney group under the ACCO Brands Corporation Pension Plan. (3) The components of net periodic benefit (income) cost, other than service cost, are included in the line "Non-operating pension expense (income)" in the Consolidated Statements of Income (Loss). Other changes in plan assets and benefit obligations that were recognized in accumulated other comprehensive income (loss) during the years ended December 31, 2023, 2022, and 2021 were as follows:
|  | Pension |  |  | Post-retirement |
|  | U.S. |  |  | International |  |  |  |  |  |  |  |  |  |
(in millions) |  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Current year actuarial loss (gain) |  | $ | 1.6 |  |  | $ | (1.0 | ) |  | $ | (10.3 | ) |  | $ | 17.2 |  |  | $ | (23.9 | ) |  | $ | (30.5 | ) |  | $ | 0.1 |  |  | $ | (0.6 | ) |  | $ | (0.5 | )
Amortization of actuarial (loss) gain |  |  | (2.2 | ) |  |  | (3.7 | ) |  |  | (3.6 | ) |  |  | (5.2 | ) |  |  | (5.1 | ) |  |  | (7.1 | ) |  |  | 0.5 |  |  |  | 0.5 |  |  |  | 0.5 |
Amortization of prior service cost |  |  | — |  |  |  | — |  |  |  | (1.5 | ) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange rate changes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.5 |  |  |  | (21.5 | ) |  |  | (4.1 | ) |  |  | (0.1 | ) |  |  | 0.2 |  |  |  | — |
Total recognized in other comprehensive (loss) income |  |  | (0.6 | ) |  |  | (4.7 | ) |  |  | (15.4 | ) |  |  | 19.2 |  |  |  | (50.8 | ) |  |  | (42.0 | ) |  |  | 0.5 |  |  |  | 0.1 |  |  |  | — |
Total recognized in net periodic benefit (income) cost and other comprehensive (loss) income |  | $ | (2.5 | ) |  | $ | (7.0 | ) |  | $ | (16.7 | ) |  | $ | 23.9 |  |  | $ | (51.6 | ) |  | $ | (46.1 | ) |  | $ | 0.2 |  |  | $ | (0.3 | ) |  | $ | (0.4 | )
Assumptions The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2023, 2022, and 2021 were as follows:
|  | Pension |  | Post-retirement
|  | U.S. |  | International |  |
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.0 % |  | 5.1 % |  | 2.9 % |  | 4.2 % |  | 4.5 % |  | 1.8 % |  | 4.8 % |  | 3.8 % |  | 2.4 %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 2.9 % |  | 3.0 % |  | 3.0 % |  | N/A |  | N/A |  | N/A
The weighted average assumptions used to determine net periodic benefit (income) cost for the years ended December 31, 2023, 2022, and 2021 were as follows:
|  | Pension |  | Post-retirement
|  | U.S. |  | International |  |
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.1 % |  | 2.9 % |  | 3.1 % |  | 4.5 % |  | 1.8 % |  | 1.0 % |  | 5.0 % |  | 2.4 % |  | 2.2 %
Expected long-term rate of return |  | 7.5 % |  | 6.5 % |  | 6.8 % |  | 6.9 % |  | 4.0 % |  | 4.0 % |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | N/A |  | N/A |  | N/A |  | 3.0 % |  | 3.0 % |  | 2.7 % |  | N/A |  | N/A |  | N/A
The weighted average health care cost trend rates used to determine post-retirement benefit obligations and net periodic benefit (income) cost as of December 31, 2023, 2022, and 2021were as follows:
|  | Post-retirement
|  | 2023 |  | 2022 |  | 2021
Health care cost trend rate assumed for next year |  | 9 % |  | 6 % |  | 6 %
Rate that the cost trend rate is assumed to decline (the ultimate trend rate) |  | 7 % |  | 5 % |  | 5 %
Year that the rate reaches the ultimate trend rate |  | 2031 |  | 2030 |  | 2030
Plan Assets The investment strategy for the Company is to optimize investment returns through a diversified portfolio of investments, taking into consideration underlying plan liabilities and asset volatility. Each plan has a different target asset allocation, which is reviewed periodically and is based on the underlying liability structure. The target asset allocation for our U.S. plan is 37 percent in equity securities, 57 percent in fixed income securities and 6 percent in alternative assets. The target asset allocation for non-U.S. plans is set by the local plan trustees. Our pension plan weighted average asset allocations as of December 31, 2023 and 2022 were as follows:
| 2023 | 2022
| U.S. | International | U.S. | International
Asset category |  |  |  |
Equity securities | 37 % | 7 % | 35 % | 9 %
Fixed income | 57 % | 63 % | 58 % | 56 %
Real estate | 4 % | 3 % | 4 % | 3 %
Other(4) | 2 % | 27 % | 3 % | 32 %
Total | 100 % | 100 % | 100 % | 100 %
(4) Multi-strategy hedge funds, commodity linked funds, private equity funds, and cash and cash equivalents for certain of our plans. U.S. Pension Plan Assets The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2023 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
(in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2023 |
Mutual funds |  | $ | 106.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 106.1 |
Exchange traded funds |  |  | 38.3 |  |  |  | — |  |  |  | — |  |  |  | 38.3 |
Common collective trust funds |  |  | — |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Total |  | $ | 144.4 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 145.5 |
The fair value measurements of our U.S. pension plan assets by asset category as of December 31, 2022 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
(in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2022 |
Mutual funds |  | $ | 105.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 105.3 |
Exchange traded funds |  |  | 33.8 |  |  |  | — |  |  |  | — |  |  |  | 33.8 |
Common collective trust funds |  |  | — |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Total |  | $ | 139.1 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 140.2 |
Mutual funds and exchange traded funds: The fair values of mutual fund and common stock fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Common collective trusts: The fair values of participation units held in common collective trusts are based on their net asset values, as reported by the managers of the common collective trusts and as supported by the unit prices of actual purchase and sale transactions occurring as of or close to the financial statement date (level 2 inputs). International Pension Plans Assets The fair value measurements of our international pension plans assets by asset category as of December 31, 2023 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
(in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | 6.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.4 |
Equity securities |  |  | 20.4 |  |  |  | 2.7 |  |  |  | — |  |  |  | 23.1 |
Corporate debt securities |  |  | — |  |  |  | 73.6 |  |  |  | — |  |  |  | 73.6 |
Multi-strategy hedge funds |  |  | — |  |  |  | 30.2 |  |  |  | — |  |  |  | 30.2 |
Insurance contracts |  |  | — |  |  |  | 4.1 |  |  |  | — |  |  |  | 4.1 |
Real estate |  |  | — |  |  |  | 3.7 |  |  |  | — |  |  |  | 3.7 |
Government debt securities |  |  | — |  |  |  | 131.3 |  |  |  | — |  |  |  | 131.3 |
Investments measured at net asset value(5) |  |  |  |  |  |  |  |  |  |  |  |
Multi-strategy hedge funds |  |  |  |  |  |  |  |  |  |  |  | 24.7 |
Real estate |  |  |  |  |  |  |  |  |  |  |  | 5.9 |
Private equity |  |  |  |  |  |  |  |  |  |  |  | 21.9 |
Total |  | $ | 26.8 |  |  | $ | 245.6 |  |  | $ | — |  |  | $ | 324.9 |
(5) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the table that presents our defined benefit pension and post-retirement plans funded status. The fair value measurements of our international pension plans assets by asset category as of December 31, 2022 were as follows:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
(in millions) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2022 |
Cash and cash equivalents |  | $ | 16.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.6 |
Equity securities |  |  | 25.2 |  |  |  | — |  |  |  | — |  |  |  | 25.2 |
Corporate debt securities |  |  | — |  |  |  | 61.0 |  |  |  | — |  |  |  | 61.0 |
Multi-strategy hedge funds |  |  | — |  |  |  | 32.1 |  |  |  | — |  |  |  | 32.1 |
Insurance contracts |  |  | — |  |  |  | 3.8 |  |  |  | — |  |  |  | 3.8 |
Real estate |  |  | — |  |  |  | 2.2 |  |  |  | — |  |  |  | 2.2 |
Government debt securities |  |  | — |  |  |  | 109.1 |  |  |  | — |  |  |  | 109.1 |
Investments measured at net asset value(5) |  |  |  |  |  |  |  |  |  |  |  |
Multi-strategy hedge funds |  |  |  |  |  |  |  |  |  |  |  | 30.2 |
Real estate |  |  |  |  |  |  |  |  |  |  |  | 6.0 |
Private equity |  |  |  |  |  |  |  |  |  |  |  | 20.2 |
Total |  | $ | 41.8 |  |  | $ | 208.2 |  |  | $ | — |  |  | $ | 306.4 |
Equity securities and exchange traded funds: The fair values of equity securities are determined by obtaining quoted prices on nationally recognized securities exchanges (level 1 inputs). Debt securities: Fixed income securities, such as corporate and government bonds and other debt securities, consist of index-linked securities. These debt securities are valued using quotes from independent pricing vendors based on recent trading activity and other relevant information, including market interest rate curves, referenced credit spreads, and estimated prepayment rates, where applicable (level 2 inputs). Insurance contracts: Valued at contributions made, plus earnings, less participant withdrawals and administrative expenses, which approximate fair value (level 2 inputs). Multi-strategy hedge funds: The fair values of participation units held in multi-strategy hedge funds are based on their net asset values, as reported by the managers of the funds and are based on the daily closing prices of the underlying investments (level 2 inputs). Real estate: Real estate consists of managed real estate investment trust securities (level 2 inputs). Cash Contributions We contributed $16.9 million to our pension and post-retirement plans in 2023 and expect to contribute approximately $16.0 million in 2024. The following table presents estimated future benefit payments to participants for the next ten fiscal years:
(in millions) |  | Pension Benefits |  |  | Post-retirement Benefits |
2024 |  | $ | 40.1 |  |  | $ | 0.3 |
2025 |  |  | 40.5 |  |  |  | 0.3 |
2026 |  |  | 40.5 |  |  |  | 0.3 |
2027 |  |  | 40.8 |  |  |  | 0.3 |
2028 |  |  | 41.7 |  |  |  | 0.3 |
Years 2029 - 2033 |  |  | 215.1 |  |  |  | 1.3 |
We also sponsor a number of defined contribution plans. Contributions are determined under various formulas. Costs related to such plans amounted to $12.5 million, $13.2 million and $12.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Multi-Employer Pension Plan We are a participant in a multi-employer pension plan. The plan has reported significant underfunded liabilities and declared itself in critical and declining status (red). As a result, the trustees of the plan adopted a rehabilitation plan ("RP") in an effort to forestall insolvency. Our required contributions to this plan could increase due to the shrinking contribution base resulting from the insolvency of or withdrawal of other participating employers, from the inability or the failure of withdrawing participating employers to pay their withdrawal liability, from lower than expected returns on pension fund assets, and from other funding deficiencies. In the event that we withdraw from participation in the plan, we will be required to make withdrawal liability payments for a period of 20 years or longer in certain circumstances. The present value of our withdrawal liability payments would be recorded as an expense in our Consolidated Statements of Income and as a liability on our Consolidated Balance Sheets in the first year of our withdrawal. The most recent Pension Protection Act ("PPA") zone status available in 2023 and 2022 is for the plan’s years ended December 31, 2022, and 2021, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Plans in the red zone (critical or critical and declining) are generally less than 65 percent funded, plans in the yellow zone (endangered) are less than 80 percent funded, and plans in the green zone (safe) are at least 80 percent funded. The Company's contributions are not more than 5 percent of the total contributions to the plan. Details regarding the plan are outlined in the table below.
|  | EIN/Pension Plan |  | Pension Protection Act Zone Status |  | FIP/RP Status Pending |  | Contributions Year Ended December 31, |  | Surcharge |  | Expiration Date of Collective-Bargaining
Pension Fund |  | Number |  | 2023 |  | 2022 |  | Implemented |  | 2023 |  | 2022 |  | 2021 |  | Imposed |  | Agreement
PACE Industry Union-Management Pension Fund |  | 11-6166763 / 001 |  | Red |  | Red |  | Implemented |  | $0.1 |  | $0.1 |  | $0.1 |  | Yes |  | 6/30/2028

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration