v3.25.0.1
PENSION, POST-RETIREMENT AND POST-EMPLOYMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic (Benefit)/Cost
The components of net periodic (benefit) cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:
Year Ended December 31,
202420232022
  (dollars in millions)
DomesticForeignDomesticForeignDomesticForeign
Pension and SERP Benefits
Service cost$— $0.6 $— $0.6 $— $0.8 
Interest cost on the projected benefit obligation8.4 0.6 8.7 0.7 6.3 0.3 
Expected return on plan assets(11.3)(0.2)(10.7)(0.2)(10.1)(0.2)
Amortization of actuarial net gain
— — — (0.1)— (0.1)
Plan curtailment— — — (0.4)— — 
Net periodic (benefit) cost$(2.9)$1.0 $(2.0)$0.6 $(3.8)$0.8 
Post-retirement Medical Benefits
Interest cost on the projected benefit obligation$0.3 $0.3 $0.2 
Amortization of actuarial net gain
(0.2)(0.4)— 
Net periodic cost$0.1 $(0.1)$0.2 
Schedule of Assumptions Used to Determine the Net Periodic (Benefit)/Cost
The weighted average key assumptions used to determine the net periodic (benefit) cost of the Domestic and Foreign Pension Plans and Domestic Post-Retirement Medical Benefits were as follows:
Year Ended December 31,
202420232022
DomesticForeignDomesticForeignDomesticForeign
Pension and SERP Benefits
Discount rate5.0%3.1%5.2%3.5%2.8%1.2%
Rate of compensation increase3.0%3.4%3.0%3.2%3.0%2.9%
Interest crediting rate5.3%3.3%5.3%3.4%5.3%3.1%
Long-term rate of return on assets7.0%3.1%7.0%3.6%4.8%3.1%
Post-retirement Medical Benefits
Discount rate5.0%5.1%2.9%
Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities were as follows:
 Pension and SERP BenefitsPost-Retirement Medical Benefits
2024202320242023
 DomesticForeignDomesticForeignDomesticDomestic
Discount rate5.6%3.1%5.0%3.1%5.6%5.0%
Rate of compensation increase3.0%3.3%3.0%3.4%N/AN/A
Interest crediting rate5.3%2.9%5.3%3.3%N/AN/A
(N/A) Not applicable.
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following tables summarize changes in benefit obligation, plan assets and funded status of the Company’s plans:
Pension and SERP BenefitsPost-Retirement Medical Benefits
2024202320242023
  (dollars in millions)
DomesticForeignDomesticForeignDomesticDomestic
Change in Projected Benefit Obligation:
Beginning of period balance$176.6 $19.8 $175.2 $19.4 $5.4 $5.9 
Service cost— 0.6 — 0.6 — — 
Interest cost8.4 0.6 8.7 0.7 0.3 0.3 
Plan curtailment— — — (0.4)— — 
Actuarial (gain) loss due to assumption change
(9.3)(0.2)3.0 0.8 (0.2)0.1 
Actuarial (gain) loss due to plan experience
(1.7)0.1 1.3 0.2 0.1 (0.5)
Benefits and expenses paid(12.3)(1.0)(11.6)(0.8)(0.4)(0.4)
Settlement— (0.4)— (1.0)— — 
Foreign currency translation— (1.4)— 0.3 — — 
End of period balance$161.7 $18.1 $176.6 $19.8 $5.2 $5.4 
Change in Plan Assets:
Beginning of period balance$168.4 $5.0 $158.7 $4.9 $— $— 
Actual return on plan assets, net of expenses7.1 0.4 20.8 0.1 — — 
Employer contributions0.8 1.6 0.5 1.7 0.4 0.4 
Benefits paid(12.3)(1.0)(11.6)(0.8)(0.4)(0.4)
Settlement— (0.4)— (1.0)— — 
Foreign currency translation— (0.4)— 0.1 — — 
End of period balance$164.0 $5.2 $168.4 $5.0 $— $— 
Funded Status
Funded status of plan$2.3 $(12.9)$(8.2)$(14.8)$(5.2)$(5.4)
Supplemental Information:
Accumulated benefit obligation$161.7 $16.3 $176.6 $17.4 $5.2 $5.4 
Plans with Accumulated Benefit Obligation in excess of Plan Assets:
Accumulated benefit obligation$5.0 $14.5 $176.6 $15.5 $5.2 $5.4 
Fair value plan assets$— $2.6 $168.4 $2.5 $— $— 
Plans with Projected Benefit Obligation in excess of Plan Assets:
Projected benefit obligation$5.0 $15.9 $176.6 $19.6 $5.2 $5.4 
Fair value plan assets$— $2.6 $168.4 $4.6 $— $— 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:
Pension and SERP BenefitsPost-Retirement Medical Benefits
2024202320242023
  (dollars in millions)
DomesticForeignDomesticForeignDomesticDomestic
Balance Sheet
Other assets$7.4 $— $— $— $— $— 
Accrued expenses and other current liabilities0.7 0.8 0.9 0.8 0.5 0.5 
Pension and post-retirement benefits4.4 12.1 7.3 14.0 4.7 4.9 
Accumulated Other Comprehensive Loss
Net actuarial (loss) gain$(0.6)$1.5 $(7.4)$1.4 $2.0 $2.1 
Schedule of Amounts Recognized in Other Comprehensive Loss
Amounts recognized in the Consolidated Balance Sheets and "Accumulated other comprehensive loss" consist of the following:
Pension and SERP BenefitsPost-Retirement Medical Benefits
2024202320242023
  (dollars in millions)
DomesticForeignDomesticForeignDomesticDomestic
Balance Sheet
Other assets$7.4 $— $— $— $— $— 
Accrued expenses and other current liabilities0.7 0.8 0.9 0.8 0.5 0.5 
Pension and post-retirement benefits4.4 12.1 7.3 14.0 4.7 4.9 
Accumulated Other Comprehensive Loss
Net actuarial (loss) gain$(0.6)$1.5 $(7.4)$1.4 $2.0 $2.1 
Schedule of Allocation of Plan Assets
The following table presents the fair value of plan assets:
December 31,
 (dollars in millions)Classification20242023
Asset Category   
DerivativesLevel 2$4.6 $7.7 
Exchange-traded funds holding domestic securitiesLevel 1— 9.6 
Foreign bondsLevel 22.0 2.0 
Mutual funds holding fixed income securitiesLevel 143.2 35.2 
U.S. Treasury bondsLevel 238.3 30.8 
Cash and cash equivalentsLevel 16.9 5.2 
   Sub-Total95.0 90.5 
Assets using net asset value (NAV) as a practical expedient
74.2 82.9 
Total$169.2 $173.4 
Schedule of Expected Future Benefit Payments
At December 31, 2024, expected future benefit payments related to the Company’s defined benefit plans were as follows:
Pension and SERP BenefitsPost-Retirement Medical BenefitsTotal
  (dollars in millions)
DomesticForeign
2025$13.4 $1.3 $0.5 $15.2 
202613.2 1.2 0.5 14.9 
202713.3 1.1 0.4 14.8 
202813.5 1.0 0.4 14.9 
202913.2 1.0 0.4 14.6 
Subsequent five years62.8 9.7 1.9 74.4 
Total$129.4 $15.3 $4.1 $148.8