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Pension Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Net Periodic Benefit Expense (Income) Allocation
Net periodic benefit expense (income) allocation
 Domestic  Foreign
  202320222021202320222021
Service cost - benefits earned during the period (in millions) $5.2 $7.6 $9.3 $0.9 $1.0 $1.3 
Domestic  Foreign
Pension non-service (income) expense (in millions):202320222021202320222021
Interest cost on benefit obligation $31.7 $22.8 $21.6 $1.9 $0.8 $0.7 
Expected return on plan assets (52.6)(54.9)(55.8)(1.6)(1.1)(1.0)
Amortization of prior service cost (1.8)(1.8)(3.6)0.1 — 0.1 
Amortization of actuarial loss 9.9 22.7 26.3 0.2 — 0.4 
Settlements/Curtailment — — — — (0.1)— 
Pension non-service (income) expense $(12.8)$(11.2)$(11.5)$0.6 $(0.4)$0.2 
Schedule of Assumptions Used
The following assumptions were used to measure the net benefit income or expense within each respective year for the domestic qualified plans and the foreign plans:
Pension Plan Assumptions:Discount ratesIncrease in future compensation levelsExpected long-term rate of return
Domestic plans - 2023
5.71% - 5.72%
2.75%
6.58% - 7.80%
Domestic plans - 2022
2.91% - 3.08%
2.75%
6.58% - 7.80%
Domestic plans - 2021
2.55% - 2.78%
2.75%
6.71% - 7.80%
Foreign plans - 2023
2.20% - 4.80%
1.50% - 3.00%
1.25% - 5.10%
Foreign plans - 2022
0.20% - 1.80%
1.00% - 2.50%
1.00% - 2.70%
Foreign plans - 2021
0.10% - 1.20%
1.00% - 2.50%
0.80% - 2.50%
The key assumptions used to measure the benefit obligation at each respective year-end were:
Key assumptions:Domestic PlansForeign Plans
202320222021202320222021
Discount rate
5.40% - 5.45%
5.71% - 5.72%
2.91% - 3.08%
1.30% - 4.50%
2.20% - 4.80%
0.20% - 1.80%
Salary growth rate
2.75%
2.75%
2.75%
1.50% - 3.00%
1.50% - 3.00%
1.00% -2.50%
Schedule of Changes in Benefit Obligation
 Domestic Foreign
 2023202220232022
Changes in benefit obligation (in millions):    
Benefit obligation - beginning of year$583.0 $799.3 $45.2 $60.2 
Service cost - benefits earned during the year5.2 7.6 0.9 1.0 
Interest cost on projected benefit obligation31.7 22.8 1.9 0.8 
Actuarial (gain) loss23.6 (179.1)3.1 (12.0)
Benefits paid(59.8)(67.6)(2.1)(1.6)
Other - including foreign currency, settlements/curtailments0.4 — 2.5 (3.2)
Benefit obligation - end of year$584.1 $583.0 $51.5 $45.2 
Accumulated benefit obligation - end of year$581.7 $580.5 $47.9 $42.2 
Reconciliation of the Beginning and Ending Balances of the Fair Value of Plan Assets
Plan assets
   Domestic Foreign
   2023202220232022
Changes in plan assets (in millions):      
Fair value of net plan assets - beginning of year  $719.7 $864.3 $35.0 $52.9 
Actual return on plan assets  78.0 (79.2)2.3 (12.6)
Employer contribution - other benefit plan  2.5 2.2 1.5 1.5 
Foreign currency changes  — — 2.0 (4.6)
Benefits paid  (59.8)(67.6)(2.2)(1.7)
Other — — — (0.5)
Fair value of net plan assets - end of year  $740.4 $719.7 $38.6 $35.0 
Schedule of Funded Status and Amounts Recognized in Balance Sheet
The following tables sets forth the funded status and amounts recognized in the consolidated balance sheets at year-end 2023 and 2022 for the domestic qualified and nonqualified pension plans and the foreign-based pension plans for benefits provided to certain employees (in millions):
 Domestic Foreign
 2023202220232022
Funded (unfunded) status$156.3 $136.7 $(12.9)$(10.2)
     
Amounts recognized in the consolidated balance sheets as a debit (credit):    
Balance sheet itemBalance sheet location
Prepaid pension assetsOther assets, net - noncurrent$203.3 $178.4 $— $— 
Accrued pension obligations short-termAccrued liabilities(2.9)(3.9)(0.6)(0.5)
Accrued pension obligations long-termOther long-term liabilities(44.1)(37.8)(12.3)(9.7)
Net amount recognized$156.3 $136.7 $(12.9)$(10.2)
  
Amounts recognized in AOCI:    
Net prior service cost (credit)$1.0 $(1.2)$0.4 $0.5 
Net loss318.4 330.2 8.2 5.6 
Net amount recognized, before tax effect$319.4 $329.0 $8.6 $6.1 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows (in millions):
20232022
Projected benefit obligation$98.4 $84.4 
Accumulated benefit obligation$94.8 $81.6 
Fair value of plan assets$38.6 $32.7 
Estimated Future Benefit Payments
Estimated future pension plan benefit payments (in millions): DomesticForeign
2024$53.0 $2.4 
2025$53.2 $2.4 
2026$55.3 $2.7 
2027$54.7 $2.6 
2028$56.4 $3.1 
2029 - 2033$243.0 $14.2 
Schedule of Fair Value of Assets Category
The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of December 31, 2023, by asset category are as follows (in millions):
Asset category:(a)Level 1Level 2Level 3Total
Cash and cash equivalents (b)$— $20.1 $— $20.1 
Equity securities3.5 209.0 — 212.5 
U.S. Government securities and futures231.4 11.4 — 242.8 
Corporate bonds— 22.5 — 22.5 
Insurance contracts related to foreign plans— 13.1 — 13.1 
Fair value of net plan assets at the end of the year$234.9 $276.1 $— $511.0 
Investments measured at net asset value:
Alternatives$189.3 
Mutual funds (c)4.8 
Mortgage-backed securities60.3 
High yield bonds13.6 
Fair value of net plan assets at the end of the year$268.0 
(a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year.
(b) Reflects cash and cash equivalents held in overnight cash investments.
(c) The mutual funds are invested in equity securities.

The fair values of the Company’s net pension assets, by fair value hierarchy, for both the U.S. and foreign pension plans as of January 1, 2023, by asset category are as follows (in millions):
Asset category: (a)Level 1Level 2Level 3Total
Cash and cash equivalents (b)$— $48.3 $— $48.3 
Equity securities2.8 185.7 — 188.5 
U.S. Government securities and futures225.9 11.2 — 237.1 
Corporate bonds— 22.4 — 22.4 
Insurance contracts related to foreign plans— 10.7 — 10.7 
Fair value of net plan assets at the end of the year$228.7 $278.3 $— $507.0 
Investments measured at net asset value:
Alternatives$177.5 
Mutual funds (c)4.3 
Mortgage-backed securities53.6 
High yield bonds12.3 
Fair value of net plan assets at the end of the year$247.7 
(a) There were no transfers of plan assets between the three levels of the fair value hierarchy during the year.
(b) Reflects cash and cash equivalents held in overnight cash investments.
(c) The mutual funds are invested in equity securities.