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Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Certain of our U.S. and international subsidiaries sponsor defined benefit pension plans. In addition, we pay a portion of healthcare costs for retired U.S. salaried employees and their dependents. We also sponsor a defined contribution plan for certain salaried and hourly U.S. employees. Our 401(k) plan contributions were $22.7 million for 2023, $22.8 million for 2022 and $19.5 million for 2021.

Pension and Other Retirement Benefits

The components of net periodic benefit cost and other amounts recognized in OCI were as follows:
Pension benefitsOther retirement benefits
($ in millions)202320222021202320222021
Net periodic benefit cost:
Service cost$1.1 $1.5 $1.6 $— $— $— 
Interest cost2.4 4.2 6.2 0.2 0.2 0.2 
Expected return on plan assets(1.2)(6.1)(11.9)— — — 
Amortization of prior service credit— — 0.1 — — (0.4)
Amortization of actuarial loss (gain)0.6 1.3 1.8 (2.0)(1.9)(1.6)
Settlement loss0.1 52.2 1.8 — — — 
Other0.3 1.0 — 0.4 0.4 — 
Net periodic benefit cost$3.3 $54.1 $(0.4)$(1.4)$(1.3)$(1.8)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net (gain) loss arising during period$(1.4)$16.0 $(6.3)$(0.5)$(2.0)$(0.9)
Prior service credit arising during period— — (2.0)— — — 
Amortization of prior service credit— — (0.1)— — 0.4 
Amortization of actuarial (loss) gain(0.3)(1.3)(1.8)2.0 1.9 1.6 
Settlement loss(0.1)(52.2)(1.8)— — — 
Foreign currency translation0.7 (2.3)(0.9)— — — 
Other0.4 — — — (0.4)— 
Total recognized in OCI$(0.7)$(39.8)$(12.9)$1.5 $(0.5)$1.1 
Total recognized in net periodic benefit cost and OCI$2.6 $14.3 $(13.3)$0.1 $(1.8)$(0.7)
Net periodic benefit cost by geographic location is as follows:
 Pension benefitsOther retirement benefits
($ in millions)202320222021202320222021
U.S. plans$0.8 $51.7 $(2.3)$(1.4)$(1.3)$(1.8)
International plans2.5 2.4 1.9 — — — 
Net periodic benefit cost$3.3 $54.1 $(0.4)$(1.4)$(1.3)$(1.8)

The service cost component included within net periodic benefit cost is considered employee compensation and is therefore presented within the selling, general, and administrative and costs of goods and services sold financial statement line items of our consolidated statements of income. The remaining components of net periodic benefit cost are reported separately and are therefore presented within the other nonoperating (income) expense financial statement line item of our consolidated statements of income.

During 2021, the Company approved the termination of our U.S. qualified defined benefit pension plan (the "U.S. pension plan"). During 2021, a Notice of Intent to Terminate was sent to all interested parties and in 2022 a favorable determination letter was received from the Internal Revenue Service. During 2022, lump sum payments were offered to all current employees and former employees with vested benefits under the U.S. pension plan. A cash contribution of $7.1 million was made by the Company to ensure the U.S. pension plan was fully funded in preparation for the group annuity contract purchase which was executed in August of 2022 to settle the outstanding benefit obligations, as well as to cover any ancillary benefits and expenses remaining. During 2022, we recorded a $52.2 million pension settlement charge within other nonoperating (income) expense, which primarily related to the full settlement and relief of the historical balance sheet position, inclusive of accumulated other comprehensive income, of the U.S. pension plan. During 2021,we recorded a $1.8 million pension settlement charge within other nonoperating (income) expense, as we determined that normal-course lump-sum payments for the U.S. pension plan exceeded the threshold for settlement accounting under U.S. GAAP for the year.

During 2023, we did not contribute to our U.S. pension plan due to the termination of the plan in 2022. During 2022, we contributed $7.1 million to our U.S. pension plan. During 2021, we did not contribute to our U.S. pension plan.
The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:
Pension benefitsOther retirement benefits
($ in millions)2023202220232022
Change in benefit obligation:
Benefit obligation, January 1$(55.5)$(269.8)$(3.9)$(5.6)
Service cost(1.1)(1.5)— — 
Interest cost(2.4)(4.2)(0.2)(0.2)
Participants’ contributions(0.2)(0.4)(0.4)(0.4)
Actuarial gain (loss)0.7 33.0 0.5 2.0 
Benefits paid2.5 6.9 0.3 0.3 
Settlement loss0.5 174.4 — — 
Foreign currency translation(2.0)6.1 — — 
Benefit obligation, December 31$(57.5)$(55.5)$(3.7)$(3.9)
Change in plan assets:
Fair value of assets, January 1$29.4 $249.2 $— $— 
Actual return on plan assets2.4 (42.4)— — 
Employer contribution1.1 8.4 (0.1)(0.1)
Participants’ contributions0.2 0.4 0.4 0.4 
Benefits paid(1.8)(7.2)(0.3)(0.3)
Settlement loss(0.5)(174.4)— — 
Foreign currency translation1.5 (4.6)— — 
Fair value of assets, December 31$32.3 $29.4 $— $— 
Funded status at end of year$(25.2)$(26.1)$(3.7)$(3.9)

International pension plan assets, at fair value, included in the preceding table were $32.3 million and $29.4 million at December 31, 2023 and 2022, respectively.

Amounts recognized in the balance sheet were as follows:
Pension benefitsOther retirement benefits
($ in millions)2023202220232022
Noncurrent assets$2.7 $0.3 $— $— 
Current liabilities(1.4)(1.5)(0.6)(0.6)
Noncurrent liabilities(26.5)(24.9)(3.1)(3.3)
$(25.2)$(26.1)$(3.7)$(3.9)

The amounts in accumulated other comprehensive loss, pre-tax, consisted of:
Pension benefitsOther retirement benefits
($ in millions)2023202220232022
Net actuarial loss (gain)$15.8 $16.7 $(3.6)$(5.2)
Prior service cost (credit)(1.1)(1.1)— — 
Total$14.7 $15.6 $(3.6)$(5.2)
The accumulated benefit obligation for all defined benefit pension plans was $53.7 million and $52.4 million at December 31, 2023 and 2022, respectively, including $47.7 million and $46.0 million, respectively, for international pension plans.

As of December 31, 2023 and December 31, 2022, our United Kingdom qualified defined benefit pension plan had plan assets in excess of its obligations. As of December 31, 2023 and December 31, 2022, our other defined benefit pension plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets.

Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows. The expected benefit payments listed correspond to regular ongoing benefit payments expected to be made by the plans during future years.
 ($ in millions)Domestic International Total
2024$1.4 $2.5 $3.9 
20251.3 2.5 3.8 
20261.1 3.2 4.3 
20271.0 3.8 4.8 
20281.0 3.2 4.2 
2029 to 20333.8 17.4 21.2 
$9.6 $32.6 $42.2 

In 2024, we expect to contribute $0.6 million to pension plans, all of which is in the U.S. In addition, we expect to contribute $0.5 million for other retirement benefits in 2024. We periodically consider additional, voluntary contributions depending on the investment returns generated by pension plan assets, changes in benefit obligation projections and other factors.

Weighted average assumptions used to determine net periodic benefit cost were as follows:
Pension benefitsOther retirement benefits
202320222021202320222021
Discount rate4.35 %2.48 %2.29 %5.55 %2.75 %2.30 %
Rate of compensation increase3.09 %2.79 %2.41 %— — — 
Expected long-term rate of return on assets4.22 %4.14 %4.93 %— — — 

Weighted average assumptions used to determine the benefit obligations were as follows:
Pension benefitsOther retirement benefits
2023202220232022
Discount rate3.95 %4.35 %5.20 %5.55 %
Rate of compensation increase3.08 %3.09 %— — 

The discount rate used to determine the benefit obligations for U.S. pension plans was 5.20% and 5.55% as of December 31, 2023 and 2022, respectively. The weighted average discount rate used to determine the benefit obligations for all international plans was 3.80% and 4.20% as of December 31, 2023 and 2022, respectively. The weighted average rate of compensation increase for all international plans was 3.08% for 2023 and 3.09% for 2022, while there was no rate increase for the U.S. plans since they are frozen. Other retirement benefits were only available to U.S. employees. The expected long-term rate of return for U.S. plans was not applicable for 2023, 3.70% for 2022 and 5.10% for 2021.

The assumed healthcare cost trend rate used to determine benefit obligations and net periodic benefit cost was 6.75% for all participants in 2023, decreasing to 5.00% by 2030.
The defined pension plan benefit obligation increased for the year ended December 31, 2023 primarily due to a decrease in the discount rate used to calculate the obligation. The net actuarial losses will be impacted in future periods by actual asset returns, discount rate changes, currency exchange rate fluctuations, actual demographic experience, and certain other factors. The other retirement plan benefit obligation decreased due to actuarial gains and benefit payments during the period.

The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions.

The weighted average interest crediting rating used to determine net periodic benefit cost by geographic location for our pension plans, at December 31, were as follows:
202320222021
U.S. plans4.00 %3.31 %3.31 %
International plans1.13 %1.75 %0.67 %


The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
20232022
Equity securities16 %28 %
Debt securities80 %68 %
Other4 %4 %
100 %100 %

Diversification across and within asset classes is the primary means by which we mitigate risk. We maintain guidelines for all asset and sub-asset categories in order to avoid excessive investment concentrations. Fund assets are monitored on a regular basis. If at any time the fund asset allocation is not within the acceptable allocation range, funds will be reallocated. We also review the fund on a regular basis to ensure that the investment returns received are consistent with the short-term and long-term goals of the fund and with comparable market returns. We are prohibited from pledging fund securities and from investing pension fund assets in our own stock, securities on margin or derivative securities.

The following are the target asset allocations and acceptable allocation ranges across:
Target allocationAllocation range
Equity securities
19%
15% - 20%
Debt securities
79%
75% - 85%
Other
2%
2% - 5%
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, Fair Value Measurements. In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy.
Balance at
December 31,Basis of Fair Value Measurements
($ in millions)2023Level 1Level 2Level 3
Cash$0.6 $0.6 $— $— 
Equity securities:
International mutual funds5.3 — 5.3 — 
Fixed income securities:
International mutual funds25.9 — 25.9 — 
Other mutual funds0.5 — 0.5 — 
Pension plan assets in the fair value hierarchy$32.3 $0.6 $31.7 $— 
Pension plan assets measured at NAV— 
Pension plan assets at fair value$32.3 
Balance at
December 31,Basis of Fair Value Measurements
($ in millions)2022Level 1Level 2Level 3
Cash$0.7 $0.7 $— $— 
Equity securities:
International mutual funds8.2 — 8.2 — 
Fixed income securities:
International mutual funds20.4 — 20.4 — 
Other mutual funds0.1 — 0.1 — 
Pension plan assets in the fair value hierarchy$29.4 $0.7 $28.7 $— 
Pension plan assets measured at NAV— 
Pension plan assets at fair value$29.4