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Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits Pension and Postretirement Benefits
Pension Plan
A number of our non-U.S. subsidiaries sponsor defined benefit pension plans that provide ongoing benefits for approximately 8% of all non-U.S. employees as of December 31, 2023. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries. Additionally, in the United States, we sponsor a defined benefit pension plan that covers less than 1% of U.S. employees as of December 31, 2023. The benefits are based on years of service and compensation. Charges to expense are based upon costs computed by an independent actuary. The plan is funded on a pay-as-you-go basis.
Postretirement Plans
Postretirement health care benefits are provided for certain employees hired before July 1, 2013, who meet minimum age and service requirements.
A summary of the projected benefit obligations, fair value of plan assets and funded status for the plans is as follows:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$67.7 $99.5 $16.3 $23.4 
Service cost1.9 2.1 0.1 0.1 
Interest cost2.1 0.9 0.8 0.6 
Plan participants’ contributions0.4 0.4 — — 
Actuarial loss (gain)7.4 (24.3)(2.9)(6.4)
Settlements(3.7)(2.2)— — 
Benefits paid(4.1)(3.0)(1.6)(1.4)
Foreign currency exchange and other6.0 (5.5)— — 
Administrative expenses paid(0.1)(0.2)— — 
Benefit obligation at end of year$77.6 $67.7 $12.7 $16.3 
Change in plan assets:
Fair value of plan assets at beginning of year$79.2 $105.4 $— $— 
Actual return on plan assets4.8 (16.7)— — 
Employer contributions1.8 1.9 1.6 1.4 
Plan participants’ contributions0.4 0.4 — — 
Settlements(3.7)(2.2)— — 
Benefits paid(4.1)(3.0)(1.6)(1.4)
Foreign currency exchange and other5.5 (6.3)— — 
Administrative expenses paid(0.4)(0.3)— — 
Fair value of plan assets at end of year$83.5 $79.2 $— $— 
Funded status$5.9 $11.5 $(12.7)$(16.3)
In the U.S., 2023 actuarial losses in the projected benefit obligation were primarily the result of a decrease in the discount rate. Other sources of gains or losses such as plan experience, updated census data and minor adjustments to actuarial assumptions generated combined losses of less than 1% of expected year end obligations. In the Non-U.S. countries, 2023 actuarial losses in the projected benefit obligation were primarily the result of decreases in discount rates. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation, mortality table updates and minor adjustments to other actuarial assumptions generated combined losses of less than 2% of expected year end obligations.
In the U.S., 2022, there was no allocated benefit obligation. In the non-U.S. countries, 2022 actuarial gains in the projected benefit obligation were primarily the result of increases in discount rates. Other sources of gains or losses such as plan experience, updated census data, changes to forecast inflation and minor adjustments to other actuarial assumptions generated combined gains of 2% of expected year end obligations.
Amounts recognized on our Consolidated and Combined Balance Sheets consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2023202220232022
Other assets$13.0 $14.8 $— $— 
Accrued liabilities(0.1)(0.1)(1.3)(1.8)
Accrued pension and postretirement benefits(7.0)(3.2)(11.4)(14.5)
Funded status$5.9 $11.5 $(12.7)$(16.3)
Amounts recognized in accumulated other comprehensive loss consist of:
Pension BenefitsPostretirement Benefits
(in millions) December 31,2023202220232022
Net actuarial loss (gain)$14.0 $6.6 $(7.9)$(5.7)
Prior service credit (6.6)(6.7)(0.9)(2.0)
Total recognized in accumulated other comprehensive loss$7.4 $(0.1)$(8.8)$(7.7)
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets are as follows:
 Pension Obligations/Assets
U.S.Non-U.S.Total
(in millions) December 31,202320222023202220232022
Projected benefit obligation$0.4 $— $77.2 $67.7 $77.6 $67.7 
Accumulated benefit obligation$0.4 $— $75.9 $66.4 $76.3 $66.4 
Fair value of plan assets$— $— $83.5 79.2 83.5 $79.2 
Information for pension plans with benefit obligation in excess of plan assets is as follows:
(in millions) December 31,20232022
Projected benefit obligation$47.2 $3.2 
Accumulated benefit obligation$45.9 $3.0 
Components of net periodic (benefit) cost are as follows:
Pension BenefitsPostretirement Benefits
(in millions) For the year ended December 31,202320222021202320222021
Net Periodic (Benefit) Cost:
Service cost$1.9 $2.1 $2.6 $0.1 $0.1 $0.2 
Interest cost2.1 0.9 0.7 0.8 0.6 0.6 
Expected return on plan assets(3.2)(2.8)(2.9)— — — 
Amortization of prior service cost(0.7)(0.7)(0.7)(1.1)(1.1)(1.1)
Amortization of net loss (gain)— 0.6 1.5 (0.7)— — 
Recognized curtailment gain(0.1)— (2.2)— — — 
Settlement (gain) loss(0.3)— 0.1 — — — 
Net periodic (benefit) cost$(0.3)$0.1 $(0.9)$(0.9)$(0.4)$(0.3)
The weighted average assumptions used to determine benefit obligations are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202320222021202320222021
U.S. Plans:
Discount rate4.02 %N/AN/A5.00 %5.40 %2.70 %
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate4.02 %N/AN/AN/AN/AN/A
Non-U.S. Plans:
Discount rate2.57 %3.17 %1.02 %N/AN/AN/A
Rate of compensation increase2.03 %2.17 %2.25 %N/AN/AN/A
Interest credit rate1.75 %1.81 %0.33 %N/AN/AN/A
The weighted-average assumptions used to determine net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
For the year ended December 31,202320222021202320222021
U.S. Plans:
Discount rate5.43 %N/AN/A5.40 %2.70 %2.30 %
Expected rate of return on plan assetsN/AN/AN/AN/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Interest credit rate3.62 %N/AN/AN/AN/AN/A
Non-U.S. Plans:
Discount rate3.17 %1.02 %0.68 %N/AN/AN/A
Expected rate of return on plan assets4.07 %2.98 %2.81 %N/AN/AN/A
Rate of compensation increase2.17 %2.25 %2.41 %N/AN/AN/A
Interest credit rate1.81 %0.33 %0.29 %N/AN/AN/A
The long-term expected rate of return on plan assets assumptions were determined with input from independent investment consultants and plan actuaries, utilizing asset pricing models and considering historical returns. The discount rates used by us for valuing pension liabilities are based on a review of high-quality corporate bond yields with maturities approximating the remaining life of the projected benefit obligations.
For the non-U.S. plans, the 4.07% expected rate of return on assets assumption for 2023 reflected a weighted average of the long-term asset allocation targets for our various non-U.S. plans. As of December 31, 2023, the actual weighted average asset allocation for the non-U.S. plans was 15% equity securities, 27% fixed income securities, 57% alternative assets/other and 1% cash and cash equivalents.
The assumed health care cost trend rates are as follows:
December 31,20232022
Health care cost trend rate assumed for next year7.25 %7.00 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20352033
Assumed health care cost trend rates have a significant effect on the amounts reported for our health care plans.
Plan Assets
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows, along with the actual allocation related to the Dedicated Plans:
  Target AllocationActual Allocation
Asset Category December 31,20232022
Equity securities
15% - 75%
15 %13 %
Fixed income securities
15% - 75%
27 %27 %
Alternative assets/Other
0% - 75% 
57 %59 %
Cash and money market
0% - 10%
1 %1 %
Independent investment consultants are retained to assist in executing the plans’ investment strategies. Several factors are evaluated in determining if an investment strategy will be implemented in our pension trusts. These factors include, but are not limited to, investment style, investment risk, investment manager performance and costs. We periodically review investment managers and their performance in relation to our plans’ investment objectives.
The primary investment objective of our various plan assets is to ensure that there are sufficient assets to pay benefits when they are due while mitigating associated risk and minimizing employer contributions. The plans’ assets are typically invested in a broad range of equity securities, fixed income securities, insurance contracts, alternative assets and cash instruments.
Equity securities include investments in large, mid, and small-capitalization companies located in both developed countries and emerging markets around the world. Fixed income securities include government bonds of various countries, corporate bonds that are primarily investment-grade, and mortgage-backed securities. Alternative assets include investments in real estate, insurance contracts and hedge funds employing a wide variety of strategies.
The fair value of our pension plan assets as of December 31, 2023, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$0.5 $— $— $— $0.5 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 12.3 12.3 
Collective Trust— — 19.4 20.7 40.1 
Non-U.S. Fixed Income, Government and Corporate— — — 22.4 22.4 
Alternative Investments
Insurance / Annuity Contract(s)— 8.2 — — 8.2 
Total Fair Value$0.5 $8.2 $19.4 $55.4 83.5 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2023, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.
The fair value of our pension plan assets as of December 31, 2022, by asset category, are as follows:
(in millions)Active
Markets
for
Identical
Assets
Level 1		Other
Observable
Inputs
Level 2		Unobservable
Inputs
Level 3
Net Asset Value ("NAV") Practical Expedient (a)
Total
Fair Value
Cash Equivalents and Money Markets$1.0 $— $— $— $1.0 
Commingled and Mutual Funds
Non-U.S. Equity Funds— — — 10.0 10.0 
Collective Trust— — 16.5 18.8 35.3 
Non-U.S. Fixed Income, Government and Corporate— — — 21.3 21.3 
Alternative Investments
Insurance / Annuity Contract(s)— 10.8 — — 10.8 
International Property Funds— — — 0.8 0.8 
Total Fair Value$1.0 $10.8 $16.5 $50.9 $79.2 
(a)
 Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2022, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.
Cash Flows  
We expect, based on current actuarial calculations, to contribute cash of approximately $2.0 million to our defined benefit pension plans during 2024. Cash contributions in subsequent years will depend on several factors including the investment performance of plan assets for funded plans.
Estimated Future Benefit Payments  
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions)Pension
Benefits		Postretirement Benefits
2024$3.6 $1.3 
20253.6 1.3 
20263.2 1.1 
20273.5 1.2 
20283.8 1.1 
2029 to 203320.6 4.9 
Total payments$38.3 $10.9 
Supplemental Executive Retirement Plan
We also have a non-qualified Supplemental Executive Retirement Plan (“SERP”). The SERP, which is not funded, is intended to provide retirement benefits for certain executive officers who were formerly employees of Crane Currency prior to the acquisition of Crane Currency in 2018. Benefit amounts are based upon years of service and compensation of the participating employees. We recorded minimal pre-tax settlement gain in 2023. We recorded a pre-tax settlement loss of $0.1 million in 2022. Accrued SERP benefits, which were recorded in Accrued liabilities and Accrued pension and postretirement benefits in the Consolidated and Combined Balance Sheets, were $1.7 million and $2.2 million as of December 31, 2023 and 2022, respectively. Employer contributions made to the SERP were $0.7 million, $1.0 million and $0.2 million in 2023, 2022 and 2021, respectively.
Defined Contribution Plans
We sponsor savings and investment plans that are available to our eligible employees including employees of our subsidiaries. We made contributions to the plans of $4.5 million, $4.1 million and $4.0 million in 2023, 2022 and 2021, respectively.
In addition to participant deferral contributions and company matching contributions on those deferrals, we provide a 3% non-matching contribution to eligible participants. We made non-matching contributions to these plans of $5.5 million, $5.1 million and $4.9 million in 2023, 2022 and 2021, respectively.