XML 66 R44.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement and Postretirement Plans (Tables)
12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Defined Benefit Plans Disclosures

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2023:
 

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

474.9

 

 

$

128.1

 

 

$

15.5

 

 

$

47.7

 

 

$

0.4

 

 

$

666.6

 

 

$

87.4

 

Service cost

 

 

9.5

 

 

 

0.9

 

 

 

 

 

 

 

 

 

 

 

 

10.4

 

 

 

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

 

 

 

35.8

 

 

 

4.7

 

Actuarial (gains) losses

 

 

19.1

 

 

 

5.7

 

 

 

0.7

 

 

 

7.3

 

 

 

 

 

 

32.8

 

 

 

3.8

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

 

 

 

(6.0

)

 

 

 

 

 

 

 

 

 

 

 

(6.0

)

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

2.7

 

 

 

0.1

 

 

 

2.8

 

 

 

 

Benefit obligation at the end of year

 

$

490.9

 

 

$

124.0

 

 

$

16.5

 

 

$

56.7

 

 

$

0.5

 

 

$

688.6

 

 

$

84.9

 

Significant actuarial losses related to changes in benefit obligations for 2023 primarily resulted from a decrease in discount rates.

The following table sets forth the change in benefit obligation for the pension and postretirement benefit plans as of December 31, 2022:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in benefit obligation:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Benefit obligation at the beginning of year

 

$

1,025.4

 

 

$

187.4

 

 

$

23.6

 

 

$

82.4

 

 

$

0.4

 

 

$

1,319.2

 

 

$

117.8

 

Service cost

 

 

13.9

 

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

14.2

 

 

 

1.1

 

Interest cost

 

 

31.1

 

 

 

6.5

 

 

 

0.7

 

 

 

1.3

 

 

 

 

 

 

39.6

 

 

 

3.4

 

Actuarial (gains) losses

 

 

(203.6

)

 

 

(34.0

)

 

 

(6.5

)

 

 

(25.3

)

 

 

 

 

 

(269.4

)

 

 

(24.0

)

Benefits paid

 

 

(51.0

)

 

 

(11.6

)

 

 

(0.6

)

 

 

(2.5

)

 

 

 

 

 

(65.7

)

 

 

(10.9

)

Settlements

 

 

(340.9

)

 

 

(20.5

)

 

 

(1.7

)

 

 

 

 

 

 

 

 

(363.1

)

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(8.2

)

 

 

 

 

 

(8.2

)

 

 

 

Benefit obligation at the end of year

 

$

474.9

 

 

$

128.1

 

 

$

15.5

 

 

$

47.7

 

 

$

0.4

 

 

$

666.6

 

 

$

87.4

 

Significant actuarial gains related to changes in benefit obligations for 2022 primarily resulted from an increase in discount rates. Significant settlements were a result of the Bargaining Plan annuity purchase as well as lump sum payments during 2022.

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2023:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

353.9

 

 

$

137.7

 

 

$

 

 

$

57.5

 

 

$

0.3

 

 

$

549.4

 

 

$

59.2

 

Actual return on plan assets

 

 

19.3

 

 

 

9.3

 

 

 

 

 

 

2.5

 

 

 

 

 

 

31.1

 

 

 

5.3

 

Company contributions / payments

 

 

 

 

 

 

 

 

0.6

 

 

 

1.2

 

 

 

 

 

 

1.8

 

 

 

1.0

 

Benefits paid

 

 

(38.5

)

 

 

(11.4

)

 

 

(0.6

)

 

 

(3.3

)

 

 

 

 

 

(53.8

)

 

 

(11.7

)

Settlements

 

 

 

 

 

(6.0

)

 

 

 

 

 

 

 

 

 

 

 

(6.0

)

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

 

 

3.1

 

 

 

 

Fair value of plan assets at end of year

 

$

334.7

 

 

$

129.6

 

 

$

 

 

$

61.0

 

 

$

0.3

 

 

$

525.6

 

 

$

53.8

 

Funded status at end of year

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)

The following table sets forth the change in plan assets and funded status for the pension and postretirement benefit plan as of December 31, 2022:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Change in plan assets:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Fair value of plan assets at the beginning of year

 

$

862.8

 

 

$

205.7

 

 

$

 

 

$

107.2

 

 

$

0.3

 

 

$

1,176.0

 

 

$

76.8

 

Actual return on plan assets

 

 

(119.7

)

 

 

(35.9

)

 

 

 

 

 

(38.0

)

 

 

 

 

 

(193.6

)

 

 

(8.8

)

Company contributions / payments

 

 

 

 

 

 

 

 

2.3

 

 

 

1.3

 

 

 

 

 

 

3.6

 

 

 

2.1

 

Benefits paid

 

 

(51.0

)

 

 

(11.6

)

 

 

(0.6

)

 

 

(2.5

)

 

 

 

 

 

(65.7

)

 

 

(10.9

)

Settlements

 

 

(338.2

)

 

 

(20.5

)

 

 

(1.7

)

 

 

 

 

 

 

 

 

(360.4

)

 

 

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(10.5

)

 

 

 

 

 

(10.5

)

 

 

 

Fair value of plan assets at end of year

 

$

353.9

 

 

$

137.7

 

 

$

 

 

$

57.5

 

 

$

0.3

 

 

$

549.4

 

 

$

59.2

 

Funded status at end of year

 

$

(121.0

)

 

$

9.6

 

 

$

(15.5

)

 

$

9.8

 

 

$

(0.1

)

 

$

(117.2

)

 

$

(28.2

)

 

The Bargaining Plan, Salaried Plan, and Supplemental Plan have a provision that permits employees to elect to receive their pension benefits in a lump sum upon retirement. The Company's accounting policy is to recognize settlements during the quarter in which it is projected that the costs of all settlements during the year will be greater than the sum of the service cost and interest cost components.

In the first quarter of 2023, in anticipation of receiving the regulatory approval to move forward with the plan termination process, the cumulative costs of all lump sum payments and other settlements were projected to exceed this threshold during 2023 for the Salaried Plan. Ultimately, these costs did not exceed this threshold for the Salaried Plan during 2023. The Salaried Plan's pension obligations and plan assets were remeasured during each quarter of 2023.

In the first quarter of 2022, the cumulative cost of all lump sum payments exceeded this threshold for the Supplemental Plan. Additionally, in the first quarter of 2022, the cumulative costs of all lump sum payments were projected to exceed this threshold during 2022 for the Salaried Plan. These costs did ultimately exceed this threshold for the Salaried Plan during the second quarter of 2022. Also, during the second quarter of 2022, the cumulative costs of all lump sum payments were projected to exceed this threshold in 2022 for the Bargaining Plan. These costs did ultimately exceed this threshold for the Bargaining Plan during the third quarter of 2022.

These payments constitute a partial settlement, which is a significant event requiring remeasurement of both plan assets and benefit obligations. As a result, the Company completed a full remeasurement of its pension obligations and plan assets associated with the Supplemental Plan during the first quarter of 2022. No further remeasurement was required in 2022 related to the Supplemental Plan, as no further lump sum payments were made. The Salaried Plan's pension obligations and plan assets were remeasured during each quarter of 2022. We also completed a full remeasurement of the Bargaining Plan's pension obligations and plan assets during the second, third, and fourth quarters of 2022.

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized on the balance sheet at December 31, 2023 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

 

 

$

5.6

 

 

$

 

 

$

4.3

 

 

$

 

 

$

9.9

 

 

$

 

Current liabilities

 

 

(41.7

)

 

 

 

 

 

(0.6

)

 

 

 

 

 

 

 

 

(42.3

)

 

 

(1.2

)

Non-current liabilities

 

 

(114.5

)

 

 

 

 

 

(15.9

)

 

 

 

 

 

(0.2

)

 

 

(130.6

)

 

 

(29.9

)

Total

 

$

(156.2

)

 

$

5.6

 

 

$

(16.5

)

 

$

4.3

 

 

$

(0.2

)

 

$

(163.0

)

 

$

(31.1

)

 

Amounts recognized on the balance sheet at December 31, 2022 for the Company's pension and postretirement benefit plans include:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Non-current assets

 

$

 

 

$

9.6

 

 

$

 

 

$

9.8

 

 

$

 

 

$

19.4

 

 

$

 

Current liabilities

 

 

 

 

 

 

 

 

(0.6

)

 

 

 

 

 

 

 

 

(0.6

)

 

 

(1.4

)

Non-current liabilities

 

 

(121.0

)

 

 

 

 

 

(15.0

)

 

 

 

 

 

(0.1

)

 

 

(136.1

)

 

 

(26.8

)

Total

 

$

(121.0

)

 

$

9.6

 

 

$

(15.6

)

 

$

9.8

 

 

$

(0.1

)

 

$

(117.3

)

 

$

(28.2

)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Included in accumulated other comprehensive income (loss) at December 31, 2023 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

11.1

 

 

$

 

 

$

 

 

$

0.5

 

 

$

 

 

$

11.6

 

 

$

(44.0

)

Included in accumulated other comprehensive income (loss) at December 31, 2022 were the following before-tax amounts that had not been recognized in net periodic benefit cost:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

 

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Unrecognized prior service (benefit) cost

 

$

12.4

 

 

$

 

 

$

 

 

$

0.5

 

 

$

 

 

$

12.9

 

 

$

(49.9

)

Schedule of Assumptions Used

The weighted average assumptions used in determining benefit obligation as of December 31, 2023 and 2022 were as follows:

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Discount rate

 

 

5.33

%

 

 

5.61

%

 

 

5.43

%

 

 

5.70

%

Future compensation assumption

 

 

3.00

%

 

 

3.00

%

 

n/a

 

 

n/a

 

The weighted average assumptions used in determining benefit cost for the years ended December 31, 2023 and 2022 were as follows:

 

 

 

Pension

 

 

Postretirement

 

Assumptions:

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Discount rate

 

 

5.61

%

 

 

2.96

%

 

 

5.70

%

 

 

3.00

%

Future compensation assumption

 

 

3.00

%

 

 

3.00

%

 

n/a

 

 

n/a

 

Expected long-term return on plan assets

 

 

7.13

%

 

 

5.96

%

 

 

6.25

%

 

 

4.75

%

 

Schedule of Periodic Benefit Cost

The components of net periodic benefit cost (income) for the year ended December 31, 2023 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

9.5

 

 

$

0.9

 

 

$

 

 

$

 

 

$

 

 

$

10.4

 

 

$

0.7

 

Interest cost

 

 

25.9

 

 

 

6.7

 

 

 

0.9

 

 

 

2.3

 

 

 

 

 

 

35.8

 

 

 

4.7

 

Expected return on plan assets

 

 

(26.9

)

 

 

(7.5

)

 

 

 

 

 

(2.7

)

 

 

 

 

 

(37.1

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.3

 

 

 

(6.0

)

Settlements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net remeasurement losses (gains)

 

 

26.6

 

 

 

4.0

 

 

 

0.6

 

 

 

7.5

 

 

 

 

 

 

38.7

 

 

 

1.9

 

Net Periodic Benefit Cost (Income)

 

$

36.4

 

 

$

4.1

 

 

$

1.5

 

 

$

7.1

 

 

$

 

 

$

49.1

 

 

$

(2.1

)

The components of net periodic benefit cost (income) for the year ended December 31, 2022 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

13.9

 

 

$

0.3

 

 

$

 

 

$

 

 

$

 

 

$

14.2

 

 

$

1.1

 

Interest cost

 

 

31.1

 

 

 

6.5

 

 

 

0.7

 

 

 

1.3

 

 

 

 

 

 

39.6

 

 

 

3.4

 

Expected return on plan assets

 

 

(46.7

)

 

 

(5.0

)

 

 

 

 

 

(3.2

)

 

 

 

 

 

(54.9

)

 

 

(3.4

)

Amortization of prior service cost

 

 

1.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.3

 

 

 

(6.0

)

Settlements

 

 

(2.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.7

)

 

 

 

Net remeasurement losses (gains)

 

 

(37.2

)

 

 

6.9

 

 

 

(6.5

)

 

 

15.9

 

 

 

 

 

 

(20.9

)

 

 

(11.8

)

Net Periodic Benefit Cost (Income)

 

$

(40.3

)

 

$

8.7

 

 

$

(5.8

)

 

$

14.0

 

 

$

 

 

$

(23.4

)

 

$

(16.7

)

 

The components of net periodic benefit cost (income) for the year ended December 31, 2021 were as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Components of net periodic benefit cost (income):

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

Service cost

 

$

17.0

 

 

$

0.4

 

 

$

 

 

$

 

 

$

 

 

$

17.4

 

 

$

1.2

 

Interest cost

 

 

28.4

 

 

 

5.9

 

 

 

0.8

 

 

 

1.1

 

 

 

 

 

 

36.2

 

 

 

3.2

 

Expected return on plan assets

 

 

(51.5

)

 

 

(12.6

)

 

 

 

 

 

(3.3

)

 

 

 

 

 

(67.4

)

 

 

(3.4

)

Amortization of prior service cost

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

(6.0

)

Curtailment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net remeasurement losses (gains)

 

 

(15.1

)

 

 

2.5

 

 

 

(1.5

)

 

 

(1.1

)

 

 

 

 

 

(15.2

)

 

 

(4.9

)

Net Periodic Benefit Cost (Income)

 

$

(21.0

)

 

$

(3.8

)

 

$

(0.7

)

 

$

(3.3

)

 

$

 

 

$

(28.8

)

 

$

(9.9

)

Metallus
Schedule of Target Allocations for each Plan's Assets

The target allocations for each plan's assets are as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Target Allocations:

 

Bargaining
Plan

 

 

Salaried
Plan

 

 

Supplemental
Plan

 

Pension
Scheme

 

 

Pension
Plan

 

 

Weighted
Average
Pension

 

 

Postretirement
Plans

 

Equity securities

 

 

38.0

%

 

 

 

 

n/a

 

 

17.5

%

 

 

 

 

 

26.2

%

 

 

26.0

%

Debt securities

 

 

34.0

%

 

 

100.0

%

 

n/a

 

 

65.0

%

 

 

100.0

%

 

 

53.9

%

 

 

67.0

%

Other investments

 

 

28.0

%

 

 

 

 

n/a

 

 

17.5

%

 

 

 

 

 

19.9

%

 

 

7.0

%

Schedule of Allocation of Plan Assets

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5.8

 

 

$

 

 

$

5.8

 

 

$

 

U.S government and agency securities

 

 

59.8

 

 

 

50.7

 

 

 

9.1

 

 

 

 

Corporate bonds

 

 

39.8

 

 

 

 

 

 

39.8

 

 

 

 

Mutual fund - equities

 

 

83.3

 

 

 

83.3

 

 

 

 

 

 

 

Mutual fund - fixed income

 

 

12.2

 

 

 

12.2

 

 

 

 

 

 

 

Mutual fund - tactical tilt

 

 

10.6

 

 

 

10.6

 

 

 

 

 

 

 

Real estate

 

 

14.1

 

 

 

 

 

 

 

 

 

14.1

 

Private debt

 

 

25.7

 

 

 

 

 

 

 

 

 

25.7

 

Other

 

 

0.6

 

 

 

 

 

 

0.6

 

 

 

 

Total Assets in the fair value hierarchy

 

$

251.9

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 

Assets measured at net asset value (1)

 

 

273.7

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

525.6

 

 

$

156.8

 

 

$

55.3

 

 

$

39.8

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2023, these assets are redeemable at net asset value within 90 days, except for certain private investments with an estimated liquidation period of one to ten years.

The following table presents the fair value hierarchy for those investments of the Company's pension assets measured at fair value on a recurring basis as of December 31, 2022:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

58.4

 

 

$

3.0

 

 

$

55.4

 

 

$

 

U.S government and agency securities

 

 

53.7

 

 

 

49.4

 

 

 

4.3

 

 

 

 

Corporate bonds

 

 

113.0

 

 

 

 

 

 

113.0

 

 

 

 

Equity securities

 

 

14.5

 

 

 

14.5

 

 

 

 

 

 

 

Real estate

 

 

7.6

 

 

 

 

 

 

 

 

 

7.6

 

Private debt

 

 

18.8

 

 

 

 

 

 

 

 

 

18.8

 

Total Assets in the fair value hierarchy

 

$

266.0

 

 

$

66.9

 

 

$

172.7

 

 

$

26.4

 

Assets measured at net asset value (1)

 

 

283.4

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

549.4

 

 

$

66.9

 

 

$

172.7

 

 

$

26.4

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities, limited partnerships, real estate partnerships, and hedge funds. As of December 31, 2022, these assets were redeemable at net asset value within 90 days.

 

 

The following table sets forth a summary of changes in the fair value of the Company's pension plan level three assets for the year ended December 31, 2023:

 

 

Level 3 assets only

 

 

 

2023

 

Balance at the beginning of year

 

$

26.4

 

Transfers in and/or out of Level 3

 

 

 

Actual return on plan assets:

 

 

 

Realized gain (loss)

 

 

(0.6

)

Net unrealized gain (loss)

 

 

2.1

 

Purchases, sales, issuances and settlements:

 

 

 

Purchases

 

 

14.3

 

Sales

 

 

(2.4

)

Balance at the end of year

 

$

39.8

 

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2023:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2.2

 

 

$

2.2

 

 

$

 

 

$

 

Mutual fund - equities

 

 

13.5

 

 

 

13.5

 

 

 

 

 

 

 

Mutual fund - fixed income

 

 

7.3

 

 

 

7.3

 

 

 

 

 

 

 

Mutual fund - real assets

 

 

1.1

 

 

 

1.1

 

 

 

 

 

 

 

Mutual fund - tactical tilt

 

 

2.5

 

 

 

2.5

 

 

 

 

 

 

 

Total Assets in the fair value hierarchy

 

$

26.6

 

 

$

26.6

 

 

$

 

 

$

 

Assets measured at net asset value (1)

 

 

27.2

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

53.8

 

 

$

26.6

 

 

$

 

 

$

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities and fixed income securities. As of December 31, 2023, these assets are redeemable at net asset value on a daily basis.

The following table presents the fair value hierarchy for those investments of the Company's postretirement assets measured at fair value on a recurring basis as of December 31, 2022:

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1.4

 

 

$

1.4

 

 

$

 

 

$

 

Mutual fund - fixed income

 

 

4.7

 

 

 

4.7

 

 

 

 

 

 

 

Total Assets in the fair value hierarchy

 

$

6.1

 

 

$

6.1

 

 

$

 

 

$

 

Assets measured at net asset value (1)

 

 

53.1

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

59.2

 

 

$

6.1

 

 

$

 

 

$

 


(1) Certain assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such assets include common collective trusts that invest in equity securities, fixed income securities, and limited partnerships. As of December 31, 2022, these assets were redeemable at net asset value within 90 days.

Schedule of Expected Benefit Payments

Future benefit payments are expected to be as follows:

 

 

Pension

 

 

 

 

 

 

 

 

 

United States of America

 

 

United Kingdom

 

 

Mexico

 

 

 

 

 

 

 

Benefit Payments:

 

Bargaining
Plan

 

 

Salaried
Plan
(1)

 

 

Supplemental
Plan

 

 

Pension
Scheme

 

 

Pension
Plan

 

 

Total
Pension

 

 

Postretirement
Plans

 

2024

 

 

39.4

 

 

 

30.3

 

 

 

0.6

 

 

 

2.8

 

 

 

 

 

 

73.1

 

 

 

9.7

 

2025

 

 

40.3

 

 

 

10.5

 

 

 

0.6

 

 

 

2.8

 

 

 

 

 

 

54.2

 

 

 

8.9

 

2026

 

 

43.1

 

 

 

10.1

 

 

 

0.5

 

 

 

2.7

 

 

 

 

 

 

56.4

 

 

 

8.3

 

2027

 

 

47.2

 

 

 

9.8

 

 

 

13.8

 

 

 

3.1

 

 

 

 

 

 

73.9

 

 

 

7.9

 

2028

 

 

46.7

 

 

 

9.5

 

 

 

0.5

 

 

 

3.2

 

 

 

 

 

 

59.9

 

 

 

7.5

 

2029-2033

 

 

206.9

 

 

 

41.4

 

 

 

2.0

 

 

 

18.6

 

 

 

 

 

 

268.9

 

 

 

33.1