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Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The following table shows total benefit cost (income) related to our pension plans and the classification on our Consolidated Statements of Operations for the three years ended December 31:
 Year Ended December 31,
(In millions)202320222021
U.S. and international net periodic benefit cost included in cost of sales(1)
$1.0 $1.2 $1.3 
U.S. and international net periodic benefit cost included in selling, general and administrative expenses
2.4 3.1 3.8 
U.S. and international net periodic benefit cost (income) and cost of special events included in other expense, net4.8 (6.7)(6.3)
Total benefit cost (income)$8.2 $(2.4)$(1.2)
 
       
(1)The amount recorded in inventory for the years ended December 31, 2023, 2022 and 2021 was not material.
The following table shows the components of our net periodic benefit cost (income) for the years ended December 31, for our pension plans:
December 31, 2023December 31, 2022December 31, 2021
(In millions)U.S.InternationalTotalU.S.InternationalTotalU.S.InternationalTotal
Components of net periodic benefit cost (income):         
Service cost$0.1 $3.3 $3.4 $0.1 $4.2 $4.3 $0.1 $5.0 $5.1 
Interest cost7.2 21.4 28.6 4.1 11.4 15.5 3.5 8.8 12.3 
Expected return on plan assets
(7.2)(21.8)(29.0)(9.0)(18.8)(27.8)(8.9)(18.5)(27.4)
Amortization of net prior service cost
— 0.2 0.2 — 0.3 0.3 — 0.3 0.3 
Amortization of net actuarial loss
1.5 3.3 4.8 1.7 3.6 5.3 2.4 5.2 7.6 
Net periodic benefit cost (income)1.6 6.4 8.0 (3.1)0.7 (2.4)(2.9)0.8 (2.1)
Cost of settlement— 0.2 0.2 — — — — 0.9 0.9 
Total benefit cost (income)$1.6 $6.6 $8.2 $(3.1)$0.7 $(2.4)$(2.9)$1.7 $(1.2)
The components of net periodic benefit cost were as follows:
Year Ended December 31,
(In millions)202320222021
Components of net periodic benefit cost:   
Interest cost1.6 0.7 0.6 
Amortization of net actuarial gain(0.1)(0.1)(0.2)
Amortization of net prior service credit(0.3)(0.3)(0.3)
Net periodic benefit cost$1.2 $0.3 $0.1 
Impact of settlement/curtailment— — — 
Total benefit cost for fiscal year$1.2 $0.3 $0.1 
Funded Status for Pension Plans The following table presents our funded status for 2023 and 2022 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Change in benefit obligation:      
Projected benefit obligation at beginning of period$139.5 $481.8 $621.3 $185.1 $714.1 $899.2 
Service cost0.1 3.3 3.4 0.1 4.2 4.3 
Interest cost7.2 21.4 28.6 4.1 11.4 15.5 
Actuarial loss (gain)3.3 31.5 34.8 (36.9)(173.2)(210.1)
Settlement— (2.4)(2.4)— (2.0)(2.0)
Benefits paid(14.7)(25.4)(40.1)(12.9)(23.4)(36.3)
Employee contributions— 0.9 0.9 — 0.9 0.9 
Other0.1 — 0.1 — (0.3)(0.3)
Foreign exchange impact— 27.5 27.5 — (49.9)(49.9)
Projected benefit obligation at end of period$135.5 $538.6 $674.1 $139.5 $481.8 $621.3 
Change in plan assets:      
Fair value of plan assets at beginning of period$113.5 $456.9 $570.4 $150.8 $677.5 $828.3 
Actual return on plan assets7.8 23.4 31.2 (24.4)(153.4)(177.8)
Employer contributions— 9.1 9.1 — 8.7 8.7 
Employee contributions— 0.9 0.9 — 0.9 0.9 
Benefits paid(14.7)(25.4)(40.1)(12.9)(23.4)(36.3)
Settlement— (2.5)(2.5)— (2.1)(2.1)
Other— (0.4)(0.4)— (0.3)(0.3)
Foreign exchange impact— 27.5 27.5 — (51.0)(51.0)
Fair value of plan assets at end of period$106.6 $489.5 $596.1 $113.5 $456.9 $570.4 
Underfunded status at end of year$(28.9)$(49.1)$(78.0)$(26.0)$(24.9)$(50.9)
Accumulated benefit obligation at end of year$135.5 $528.9 $664.4 $139.5 $473.7 $613.2 
The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
 December 31,
(In millions)20232022
Change in benefit obligations:  
Benefit obligation at beginning of period$33.3 $40.4 
Interest cost1.6 0.7 
Actuarial gain(1.6)(5.0)
Benefits paid, net(2.9)(2.8)
Benefit obligation at end of period$30.4 $33.3 
Change in plan assets:  
Fair value of plan assets at beginning of period$— $— 
Employer contribution2.9 2.8 
Benefits paid, net(2.9)(2.8)
Fair value of plan assets at end of period$— $— 
Net amount recognized:  
Underfunded status$(30.4)$(33.3)
Accumulated benefit obligation at end of year$30.4 $33.3 
Amounts recognized in the consolidated balance sheets consist of:  
Current liability$(4.6)$(5.0)
Non-current liability(25.8)(28.3)
Net amount recognized$(30.4)$(33.3)
Amounts recognized in accumulated other comprehensive loss consist of:  
Net actuarial gain$(5.3)$(3.8)
Net prior service credit(1.3)(1.6)
Total$(6.6)$(5.4)
Amounts Included in Consolidated Balance Sheets
Amounts included in the Consolidated Balance Sheets are summarized in the following table:
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Other non-current assets$— $40.9 $40.9 $— $54.6 $54.6 
Other current liabilities— (4.3)(4.3)— (4.1)(4.1)
Other non-current liabilities(28.9)(87.7)(116.6)(26.0)(76.6)(102.6)
Net amount recognized(1)
$(28.9)$(51.1)$(80.0)$(26.0)$(26.1)$(52.1)
(1)Includes the underfunded status of material plans as presented in the previous table, as well as the underfunded status of other plans deemed to be immaterial.
Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized
The amounts included in AOCL that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022 are:
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Unrecognized net prior service cost$0.3 $4.4 $4.7 $0.2 $4.7 $4.9 
Unrecognized net actuarial loss43.2 151.9 195.1 42.0 125.3 167.3 
Total$43.5 $156.3 $199.8 $42.2 $130.0 $172.2 
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)
Changes in plan assets and benefit obligations reflected in AOCL for the years ended December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Current year actuarial loss (gain)$2.7 $29.9 $32.6 $(3.5)$(1.0)$(4.5)
Prior service cost occurring during the year0.2 — 0.2 — — — 
Amortization of net actuarial loss(1.5)(3.3)(4.8)(1.7)(3.6)(5.3)
Amortization of net prior service cost— (0.2)(0.2)— (0.3)(0.3)
Settlement— (0.2)(0.2)— — — 
Total$1.4 $26.2 $27.6 $(5.2)$(4.9)$(10.1)
   
Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2023 and December 31, 2022 were as follows: 
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Current year actuarial gain$(1.6)$— $(1.6)$(4.9)$(0.1)$(5.0)
Amortization of actuarial gain— 0.1 0.1 — 0.1 0.1 
Amortization of prior service credit0.3 — 0.3 0.3 — 0.3 
Total$(1.3)$0.1 $(1.2)$(4.6)$— $(4.6)
Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2023 and 2022 are as follows:
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Accumulated benefit obligation$135.5 $103.5 $239.0 $139.5 $90.3 $229.8 
Fair value of plan assets106.6 20.8 127.4 113.5 17.1 130.6 
Information for Plans with Projected Benefit Obligations in Excess of Plan Assets
Information for plans with projected benefit obligations in excess of plan assets as of December 31, 2023 and 2022 are as follows:
December 31, 2023December 31, 2022
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Projected benefit obligation$135.5 $110.7 $246.2 $139.5 $97.6 $237.1 
Fair value of plan assets(1)
106.6 20.8 127.4 113.5 18.3 131.8 
(1)As of December 31, 2022, the projected benefit obligation for one of our international plans exceeded the fair value of plan assets and is included in this table. However, the corresponding accumulated benefit obligation was not in excess of the fair value of the plan assets, and as such is excluded from the preceding table.
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Weighted average assumptions used to determine benefit obligations at December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
U.S.InternationalU.S.International
Benefit obligations    
Discount rate5.1 %3.9 %5.5 %4.5 %
Rate of compensation increaseN/A2.5 %N/A2.5 %
Cash balance interest credit rate3.9 %1.4 %4.2 %2.2 %
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were as follows:
December 31, 2023December 31, 2022December 31, 2021
U.S.InternationalU.S.InternationalU.S.International
Net periodic benefit cost      
Discount rate5.5 %4.5 %2.8 %1.9 %2.4 %1.4 %
Expected long-term rate of return6.7 %4.8 %6.3 %3.1 %6.3 %2.8 %
Rate of compensation increaseN/A2.5 %N/A2.3 %N/A2.3 %
Cash balance interest credit rate4.2 %2.2 %1.6 %1.1 %1.2 %1.1 %
Estimated Future Benefit Payments
We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:
 
Amount
(In millions)
YearU.S.InternationalTotal
2024$11.5 $29.9 $41.4 
202511.0 28.3 39.3 
202611.0 29.8 40.8 
202710.8 29.9 40.7 
202810.6 32.9 43.5 
2029 to 2033 (combined)50.9 173.7 224.6 
Total$105.8 $324.5 $430.3 
Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year
Amount
(In millions)
2024$4.7 
20254.0 
20263.5 
20273.1 
20282.6 
2029 to 2033 (combined)9.8 
Total$27.7 
Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values
The fair values of our U.S. and international pension plan assets, by asset category and by the level of fair values are as follows: 
 December 31, 2023December 31, 2022
 Total   Total   
(In millions)Fair ValueLevel 1Level 2Level 3
NAV(5)
Fair ValueLevel 1Level 2Level 3
NAV(5)
Cash and cash equivalents(1)
$6.9 $2.4 $4.5 $— $— $7.8 $3.0 $4.8 $— $— 
Fixed income funds(2)
290.5 — 174.5 — 116.0 261.0 — 155.2 — 105.8 
Equity funds(3)
73.2 — 37.9 — 35.3 75.1 — 37.8 — 37.3 
Other(4)
225.5 — 1.4 169.2 54.9 226.5 — 1.8 159.3 65.4 
Total$596.1 $2.4 $218.3 $169.2 $206.2 $570.4 $3.0 $199.6 $159.3 $208.5 
       
(1)Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.
(2)Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.
(3)Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.
(4)The largest component of other assets are bulk annuity contracts (buy-ins). The other assets also include real estate and other alternative investments.
(5)These assets are measured at Net Asset Value (NAV) as a practical expedient under ASC 820.
Activity in Plan Asset Measured at Fair Value Using Level 3 Inputs
The following table shows the activity of our U.S. and international plan assets that are measured at fair value using Level 3 inputs.
 December 31,
(In millions)20232022
Balance at beginning of period$159.3 $211.9 
Gain (loss) on assets still held at end of year13.2 (41.2)
Loss on assets sold during the year— (0.8)
Purchases, sales, issuance, and settlements(12.9)9.9 
Foreign exchange gain (loss)9.6 (20.5)
Balance at end of period$169.2 $159.3