XML 151 R47.htm IDEA: XBRL DOCUMENT

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost and other amounts recognized in OCI were as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2023		2022		2021		2023		2022		2021
Net periodic benefit cost:
Service cost	$	1.1	$	1.5	$	1.6	$	—	$	—	$	—
Interest cost	2.4		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 loss	0.1		52.2		1.8		—		—		—
Other	0.3		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 translation	0.7		(2.3)		(0.9)		—		—		—
Other	0.4		—		—		—		(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 benefits						Other retirement benefits
($ in millions)	2023		2022		2021		2023		2022		2021
U.S. plans	$	0.8	$	51.7	$	(2.3)	$	(1.4)	$	(1.3)	$	(1.8)
International plans	2.5		2.4		1.9		—		—		—
Net periodic benefit cost	$	3.3	$	54.1	$	(0.4)	$	(1.4)	$	(1.3)	$	(1.8)

Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status

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 benefits				Other retirement benefits
($ in millions)	2023		2022		2023		2022
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 paid	2.5		6.9		0.3		0.3

Settlement loss	0.5		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 assets	2.4		(42.4)		—		—
Employer contribution	1.1		8.4		(0.1)		(0.1)
Participants’ contributions	0.2		0.4		0.4		0.4
Benefits paid	(1.8)		(7.2)		(0.3)		(0.3)

Settlement loss	(0.5)		(174.4)		—		—
Foreign currency translation	1.5		(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)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the balance sheet were as follows:


	Pension benefits				Other retirement benefits
($ in millions)	2023		2022		2023		2022
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)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The amounts in accumulated other comprehensive loss, pre-tax, consisted of:


	Pension benefits				Other retirement benefits
($ in millions)	2023		2022		2023		2022
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)

Schedule of Expected Benefit Payments

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
2025	1.3		2.5		3.8
2026	1.1		3.2		4.3
2027	1.0		3.8		4.8
2028	1.0		3.2		4.2
2029 to 2033	3.8		17.4		21.2
	$	9.6	$	32.6	$	42.2

Schedule of Assumptions Used

Weighted average assumptions used to determine net periodic benefit cost were as follows:


	Pension benefits						Other retirement benefits
	2023		2022		2021		2023		2022		2021
Discount rate	4.35	%	2.48	%	2.29	%	5.55	%	2.75	%	2.30	%
Rate of compensation increase	3.09	%	2.79	%	2.41	%	—		—		—
Expected long-term rate of return on assets	4.22	%	4.14	%	4.93	%	—		—		—

Weighted average assumptions used to determine the benefit obligations were as follows:


	Pension benefits				Other retirement benefits
	2023		2022		2023		2022
Discount rate	3.95	%	4.35	%	5.20	%	5.55	%
Rate of compensation increase	3.08	%	3.09	%	—		—

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:


	2023		2022		2021
U.S. plans	4.00	%	3.31	%	3.31	%
International plans	1.13	%	1.75	%	0.67	%

Schedule of Allocation of Plan Assets

The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:


	2023		2022
Equity securities	16	%	28	%
Debt securities	80	%	68	%
Other	4	%	4	%
	100	%	100	%

The following are the target asset allocations and acceptable allocation ranges across:


	Target allocation	Allocation 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)	2023		Level 1		Level 2		Level 3
Cash	$	0.6	$	0.6	$	—	$	—
Equity securities:

International mutual funds	5.3		—		5.3		—
Fixed income securities:
International mutual funds	25.9		—		25.9		—


Other mutual funds	0.5		—		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)	2022		Level 1		Level 2		Level 3
Cash	$	0.7	$	0.7	$	—	$	—
Equity securities:

International mutual funds	8.2		—		8.2		—
Fixed income securities:
International mutual funds	20.4		—		20.4		—

Other mutual funds	0.1		—		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