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Pension and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Expense (Income)

Net periodic pension expense (income) is presented below:


						Three Months Ended June 30, 2024																		Three Months Ended June 30, 2023
						Total						U.S. Plans						International Plans						Total						U.S. Plans						International Plans
Service cost(i)						$	0.3					$	—					$	0.3					$	0.3					$	—					$	0.3
Interest cost						45.0						28.3						16.7						53.7						35.5						18.2
Expected return on plan assets						(52.0)						(30.2)						(21.8)						(62.0)						(40.7)						(21.3)
Amortization of prior service benefit						(1.1)						(0.6)						(0.5)						(1.2)						(0.6)						(0.6)
Recognized net actuarial loss						20.4						15.2						5.2						20.1						17.9						2.2

Net periodic pension expense (income)						$	12.6					$	12.7					$	(0.1)					$	10.9					$	12.1					$	(1.2)


						Six Months Ended June 30, 2024																		Six Months Ended June 30, 2023
						Total						U.S. Plans						International Plans						Total						U.S. Plans						International Plans
Service cost(i)						$	0.6					$	—					$	0.6					$	0.6					$	—					$	0.6
Interest cost						92.9						59.3						33.6						112.2						76.3						35.9
Expected return on plan assets						(108.2)						(64.6)						(43.6)						(131.4)						(89.3)						(42.1)
Amortization of prior service benefit						(2.3)						(1.2)						(1.1)						(2.4)						(1.2)						(1.2)
Recognized net actuarial loss						44.0						33.6						10.4						42.2						37.8						4.4
Settlement losses (ii) (iii)						132.3						132.3						—						183.2						183.2						—
Net periodic pension expense (income)						$	159.3					$	159.4					$	(0.1)					$	204.4					$	206.8					$	(2.4)


(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense (income) are reported in other (expense), net in the consolidated statements of income (loss).
(ii) In March 2024, the company purchased a group annuity contract, with plan assets, for approximately $195 million to transfer projected benefit obligations related to approximately 3,800 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $132.3 million for the six months ended June 30, 2024.
(iii) In March 2023, the company purchased a group annuity contract, with plan assets, for approximately $265 million to transfer projected benefit obligations related to approximately 8,650 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $183.2 million for the six months ended June 30, 2023.

Net periodic postretirement benefit income is presented below:


						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Service cost(i)						$	—					$	0.1					$	0.1					$	0.1
Interest cost						0.6						0.7						1.2						1.5
Expected return on assets						(0.1)						(0.1)						(0.1)						(0.2)
Recognized net actuarial gain						(0.7)						(0.7)						(1.5)						(1.4)
Amortization of prior service benefit						—						(0.3)						—						(0.6)
Net periodic postretirement benefit income						$	(0.2)					$	(0.3)					$	(0.3)					$	(0.6)


(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).