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Pension And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Pension And Other Postretirement Benefits [Abstract]



	Pension Benefits				Postretirement Benefits
		2023		2022		2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	577.9	$	841.9	$	62.3	$	75.1
Service cost		24.3		26.4		1.4		2.0
Interest cost		31.9		25.5		3.4		2.0
Actuarial loss (gain)		36.8		(221.0)		—		(12.0)
Benefits paid from plan assets		(44.7)		(0.4)		—		—
Benefits paid from Company assets		(3.9)		(2.0)		(4.8)		(5.3)
Plan participants' contributions		—		—		0.1		0.5
Administrative expenses paid		(5.5)		(1.5)		—		—
Settlements		—		(91.0)		—		—
Benefit Obligation at End of Period		616.8		577.9		62.4		62.3
Change in Plan Assets:
Fair value of plan assets at beginning of period		433.1		680.7		—		—
Actual return on plan assets		25.3		(197.5)		—		—
Employer contributions^(A)		103.9		44.8		4.7		4.8
Plan participants' contributions		—		—		0.1		0.5
Benefits paid^(A)		(48.6)		(2.4)		(4.8)		(5.3)
Administrative expenses paid		(5.5)		(1.5)		—		—
Settlements		—		(91.0)		—		—
Fair Value of Plan Assets at End of Period		508.2		433.1		—		—
Unfunded Status	$	108.6	$	144.8	$	62.4	$	62.3

^(A)Includes $3.9 million and $2.0 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2023 and 2022, respectively.

Schedule Of Amounts Recognized In Balance Sheet



	Pension Benefits				Postretirement Benefits
		2023		2022		2023		2022
Current accrued benefit cost	$	1.3	$	4.0	$	6.5	$	6.8
Non-current accrued benefit cost		107.3		140.8		55.9		55.5
Net amount recognized	$	108.6	$	144.8	$	62.4	$	62.3

Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income (Loss)



	Pension Benefits				Postretirement Benefits
		2023		2022		2023		2022
Net actuarial loss	$	167.2	$	138.1	$	—	$	—
Prior service cost		—		—		0.1		0.1
Accumulated other comprehensive loss	$	167.2	$	138.1	$	0.1	$	0.1

Schedule Of Assumptions Used



	Pension Benefits					Postretirement Benefits
		2023		2022			2023		2022
Discount rate		5.17	%	5.55	%		5.31	%	5.70	%
Rate of compensation increase		4.14	%	4.28	%		—		—
Healthcare cost trend on covered charges		—		—			5.00	%	5.00	%

Schedule Of Net Periodic Benefit Costs

The net periodic benefit cost for the years ended December 31, 2023, 2022, and 2021 included the following components:



		Pension Benefits					Postretirement Benefits
Components of Net Periodic Benefit Cost	2023		2022		2021		2023		2022		2021
Selling, general and administrative expenses:
Service cost	$	24.3	$	26.4	$	30.2	$	1.4	$	2.0	$	2.2
Total selling, general and administrative expenses	$	24.3	$	26.4	$	30.2	$	1.4	$	2.0	$	2.2
Non-operating expenses, net:
Interest cost		31.9		25.5		23.9		3.4		2.0		1.7
Expected return on plan assets		(28.9)		(30.2)		(30.6)		—		—		—
Amortization of:
Net actuarial loss		1.1		17.4		32.3		—		0.6		0.8
Settlement charge		—		27.0		30.4		—		—		—
Total non-operating expenses, net	$	4.1	$	39.7	$	56.0	$	3.4	$	2.6	$	2.5
Net periodic benefit cost	$	28.4	$	66.1	$	86.2	$	4.8	$	4.6	$	4.7

During 2022, we made lump-sum pension benefit distributions exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year, which is the settlement accounting threshold. During 2021, we made lump-sum pension benefit distributions and purchased nonparticipating annuity contracts exceeding the settlement accounting threshold. Accordingly, we recorded a non-cash pension settlement charge of $27.0 million, and $30.4 million in non-operating expenses, net on our consolidated statements of income for the years ended December 31, 2022 and 2021, respectively. These settlement charges represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions and purchases of the nonparticipating annuity contracts. We did not record a non-cash pension settlement charge for the year ended December 31, 2023.

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were:



	Pension Benefits						Postretirement Benefits
	2023		2022		2021		2023		2022		2021
Discount rate	5.55	%	2.86% / 4.83%		2.62% / 2.72%		5.70	%	2.71	%	2.22	%
Expected return on plan assets	5.25	%	5.00	%	5.00	%	—		—		—
Rate of compensation increase	4.14	%	4.21	%	4.32	%	—		—		—
Healthcare cost trend on covered charges	—		—		—		5.00	%	5.00	%	5.00	%

Schedule Of Expected Benefit Payments



Year	Pension ‎Benefits		Postretirement ‎Benefits
2024	$	50.0	$	6.7
2025		49.8		7.0
2026		51.7		7.4
2027		52.4		7.4
2028		54.3		7.4
2029-2033		268.0		31.7

Schedule Of Allocation Of Plan Assets



Investment	2023 Actual Allocation		2023 Target Allocation Range	2022 Actual Allocation		2022 Target Allocation Range
Equity securities - U.S.	6	%	3-10 %	7	%	3-10 %
Equity securities - International	5	%	2-10 %	5	%	2-10 %
Fixed income investments	52	%	40-80 %	46	%	40-80 %
Hedge funds	1	%	2-8 %	6	%	2-8 %
Real assets	6	%	2-10 %	5	%	2-10 %
Private equity	8	%	2-8 %	8	%	2-8 %
Other investments	4	%	0-8 %	4	%	0-8 %
Short-term investments	18	%	1-10 %	19	%	1-10 %
Total	100	%	100 %	100	%	100 %

Schedule Of Changes In Fair Value Of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2023 and 2022:



December 31, 2023
Investment	Investments ‎Measured at ‎NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	—	$	30.1	$	—	$	—	$	30.1
Equity securities - International		20.0		5.1		—		—		25.1
Fixed income investments		12.9		—		252.1		—		265.0
Hedge funds		7.5		—		—		—		7.5
Real assets		14.9		13.1		—		—		28.0
Private equity		17.6		—		—		22.2		39.8
Other investments		8.1		—		—		11.4		19.5
Short-term investments		93.2		—		—		—		93.2
Total	$	174.2	$	48.3	$	252.1	$	33.6	$	508.2



December 31, 2022
Investment	Investments ‎Measured at ‎NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	—	$	28.3	$	—	$	—	$	28.3
Equity securities - International		9.1		13.4		—		—		22.5
Fixed income investments		12.7		—		185.5		—		198.2
Hedge funds		27.4		—		—		—		27.4
Real assets		20.2		1.3		—		—		21.5
Private equity		10.9		—		—		23.6		34.5
Other investments		5.4		—		—		11.4		16.8
Short-term investments		83.9		—		—		—		83.9
Total	$	169.6	$	43.0	$	185.5	$	35.0	$	433.1

The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2023 and 2022:



December 31, 2023
	Private Equity		Other Investments		Total
Balance, beginning of year	$	23.6	$	11.4	$	35.0
Realized gains		0.2		—		0.2
Unrealized (losses) gains		(0.7)		1.3		0.6
Purchases		0.1		—		0.1
Sales		(1.0)		(1.3)		(2.3)
Balance, end of year	$	22.2	$	11.4	$	33.6



December 31, 2022
	Private Equity		Other Investments		Total
Balance, beginning of year	$	21.7	$	11.4	$	33.1
Realized gains		0.8		0.2		1.0
Unrealized gains		2.3		0.7		3.0
Purchases		0.3		—		0.3
Sales		(1.5)		(0.9)		(2.4)
Balance, end of year	$	23.6	$	11.4	$	35.0