Pension And Other Benefit Programs (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Schedule Of Amounts Recognized In Assets And Liabilities |
Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of:
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U.S. Pension Plans |
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Non-U.S. Pension Plan |
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Retiree Health and Life
Insurance Benefits |
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2024 |
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2023 |
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2024 |
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2023 |
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2024 |
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2023 |
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Prepaid pension costs |
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$ |
88.3 |
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$ |
84.6 |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Accounts payable and accrued expenses |
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(2.9 |
) |
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(2.7 |
) |
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(0.2 |
) |
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(0.1 |
) |
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(4.1 |
) |
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(5.2 |
) |
Postretirement benefit liabilities |
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- |
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- |
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- |
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- |
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(35.3 |
) |
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(42.4 |
) |
Pension benefit liabilities |
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(22.7 |
) |
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(25.0 |
) |
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(1.9 |
) |
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(1.9 |
) |
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- |
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- |
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Net amount recognized |
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$ |
62.7 |
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$ |
56.9 |
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$ |
(2.1 |
) |
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$ |
(2.0 |
) |
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$ |
(39.4 |
) |
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$ |
(47.6 |
) |
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| Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End |
Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:
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U.S. Pension Plans |
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Retiree Health and Life
Insurance Benefits |
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2024 |
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2023 |
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2024 |
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2023 |
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Net actuarial (loss) gain |
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$ |
(168.7 |
) |
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$ |
(172.4 |
) |
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$ |
25.4 |
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$ |
28.9 |
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Prior service credit |
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- |
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- |
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0.7 |
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0.9 |
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Accumulated other comprehensive (loss) income |
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$ |
(168.7 |
) |
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$ |
(172.4 |
) |
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$ |
26.1 |
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$ |
29.8 |
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| Schedule Of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans:
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U.S. Pension
Benefits (1) |
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Retiree Health
and Life
Insurance
Benefits, Net |
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2025 |
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$ |
20.8 |
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$ |
4.1 |
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2026 |
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21.5 |
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4.1 |
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2027 |
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22.3 |
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4.0 |
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2028 |
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23.2 |
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3.7 |
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2029 |
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23.6 |
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3.6 |
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2030 - 2034 |
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122.5 |
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14.9 |
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(1)We were not required and did not make contributions to the RIP during 2024, 2023 or 2022 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are funded by the Company.
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| Defined Benefit Pension Plans [Member] |
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| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| Schedule Of Net Funded Status |
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2024 |
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2023 |
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Change in benefit obligations: |
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Benefit obligations as of beginning of period |
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$ |
356.5 |
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$ |
337.1 |
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Service cost |
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2.5 |
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2.6 |
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Interest cost |
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16.9 |
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16.9 |
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Actuarial (gain) loss |
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(25.1 |
) |
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13.7 |
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Benefits paid |
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(31.6 |
) |
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(13.8 |
) |
Benefit obligations as of end of period |
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$ |
319.2 |
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$ |
356.5 |
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2024 |
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2023 |
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Change in plan assets: |
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Fair value of plan assets as of beginning of period |
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$ |
413.4 |
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$ |
391.7 |
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Actual return on plan assets |
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(2.4 |
) |
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32.7 |
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Employer contributions |
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2.5 |
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2.8 |
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Benefits paid |
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(31.6 |
) |
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(13.8 |
) |
Fair value of plan assets as of end of period |
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$ |
381.9 |
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$ |
413.4 |
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Funded status |
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$ |
62.7 |
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$ |
56.9 |
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| Schedule Of Assumptions Used |
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2024 |
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2023 |
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Weighted-average assumptions used to determine benefit obligations at end of period: |
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Discount rate |
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5.68 |
% |
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5.01 |
% |
Rate of compensation increase |
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3.33 |
% |
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3.33 |
% |
Weighted-average assumptions used to determine net periodic benefit cost for the period: |
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Discount rate |
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5.01 |
% |
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5.21 |
% |
Expected return on plan assets |
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6.00 |
% |
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6.50 |
% |
Rate of compensation increase |
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3.33 |
% |
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3.33 |
% |
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| Schedule Of Benefit Obligations In Excess Of Assets |
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2024 |
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2023 |
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U.S. pension plans with benefit obligations in excess of assets |
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RBEP Projected benefit obligation, December 31 |
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$ |
25.6 |
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$ |
27.7 |
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RBEP Accumulated benefit obligation, December 31 |
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25.6 |
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27.7 |
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| Schedule Of Periodic Benefit Costs |
The components of the pension cost for the U.S. defined benefit pension plans are as follows:
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2024 |
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2023 |
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2022 |
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Service cost of benefits earned during the period |
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$ |
2.5 |
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$ |
2.6 |
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$ |
3.7 |
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Interest cost on projected benefit obligation |
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16.9 |
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16.9 |
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10.5 |
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Expected return on plan assets |
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(24.3 |
) |
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(25.0 |
) |
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(18.4 |
) |
Amortization of net actuarial loss |
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5.2 |
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5.4 |
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4.2 |
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Net periodic pension cost (credit) |
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$ |
0.3 |
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$ |
(0.1 |
) |
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$ |
- |
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| Schedule Of Defined Asset Allocation |
Each asset class utilized by the RIP has defined asset allocation targets and allowable ranges. The table below shows the asset allocation targets and the December 31, 2024 and 2023 positions for each asset class:
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Target |
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Weight at |
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December 31, |
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Position as of December 31, |
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Asset Class |
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2024 |
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2024 |
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2023 |
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Long duration bonds |
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90.0 |
% |
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90.0 |
% |
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90.0 |
% |
Equities, real estate and private equity |
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10.0 |
% |
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10.0 |
% |
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10.0 |
% |
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| Summary Of Fair Value Of Assets Plan |
The following table sets forth by level within the fair value hierarchy a summary of the RIP plan assets measured at fair value on a recurring basis:
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Value as of December 31, 2024 |
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Description |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Collective trust funds - bonds |
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$ |
- |
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$ |
342.3 |
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$ |
- |
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$ |
342.3 |
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Collective trust funds - equities |
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- |
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32.0 |
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- |
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32.0 |
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Cash, other short-term investments and payables, net |
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(0.5 |
) |
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4.7 |
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- |
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4.2 |
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Net assets measured at fair value |
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$ |
(0.5 |
) |
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$ |
379.0 |
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$ |
- |
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$ |
378.5 |
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Investments measured at net asset value as a practical expedient |
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3.4 |
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Net assets |
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$ |
381.9 |
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Value as of December 31, 2023 |
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Description |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Collective trust funds - bonds |
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$ |
- |
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$ |
371.5 |
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$ |
- |
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$ |
371.5 |
|
Collective trust funds - equities |
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- |
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34.3 |
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- |
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34.3 |
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Cash, other short-term investments and payables, net |
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(0.3 |
) |
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3.8 |
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- |
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3.5 |
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Net assets measured at fair value |
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$ |
(0.3 |
) |
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$ |
409.6 |
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$ |
- |
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$ |
409.3 |
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Investments measured at net asset value as a practical expedient |
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4.1 |
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Net assets |
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$ |
413.4 |
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| Summary Of Assets Measured At NAV |
The following table sets forth a summary of the RIP’s investments measured at NAV:
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Value as of December 31, 2024 |
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Description |
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Fair Value |
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Unfunded
Commitments |
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Redemption
Frequency |
|
Redemption
Notice
Period |
Real estate |
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$ |
3.4 |
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$ |
2.2 |
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Quarterly |
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60 days |
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Value as of December 31, 2023 |
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Description |
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Fair Value |
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Unfunded
Commitments |
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Redemption
Frequency |
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Redemption
Notice
Period |
Real estate |
|
$ |
4.1 |
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$ |
2.2 |
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Quarterly |
|
60 days |
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| U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] |
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| Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
| Schedule Of Net Funded Status |
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|
2024 |
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|
2023 |
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Change in benefit obligations: |
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Benefit obligation as of beginning of period |
|
$ |
47.6 |
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$ |
61.9 |
|
Interest cost |
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|
2.2 |
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|
2.9 |
|
Plan participants' contributions |
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1.5 |
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1.7 |
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Actuarial gain |
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(5.0 |
) |
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(11.6 |
) |
Benefits paid |
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(6.9 |
) |
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(7.3 |
) |
Benefit obligations as of end of period |
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$ |
39.4 |
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$ |
47.6 |
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2024 |
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2023 |
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Change in plan assets: |
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Fair value of plan assets as of beginning of period |
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$ |
- |
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$ |
- |
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Employer contributions |
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|
5.4 |
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5.6 |
|
Plan participants' contributions |
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1.5 |
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1.7 |
|
Benefits paid |
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|
(6.9 |
) |
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(7.3 |
) |
Fair value of plan assets as of end of period |
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$ |
- |
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|
$ |
- |
|
Funded status |
|
$ |
(39.4 |
) |
|
$ |
(47.6 |
) |
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| Schedule Of Assumptions Used |
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2024 |
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|
2023 |
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Weighted-average discount rate used to determine benefit obligations at end of period |
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5.59 |
% |
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4.96 |
% |
Weighted-average discount rate used to determine net periodic benefit cost for the period |
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|
4.96 |
% |
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5.13 |
% |
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| Schedule Of Periodic Benefit Costs |
The components of postretirement benefit (credit) are as follows:
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|
2024 |
|
|
2023 |
|
|
2022 |
|
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Interest cost on accumulated postretirement benefit obligation |
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$ |
2.2 |
|
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$ |
2.9 |
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$ |
1.5 |
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Amortization of prior service (credit) |
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(0.2 |
) |
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(0.3 |
) |
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(0.3 |
) |
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Amortization of net actuarial gain |
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(8.6 |
) |
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(5.9 |
) |
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(2.8 |
) |
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Net periodic postretirement benefit (credit) |
|
$ |
(6.6 |
) |
|
$ |
(3.3 |
) |
|
$ |
(1.6 |
) |
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|