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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Summary of Pension Obligations And Funded Status
A summary of our pension obligations and funded status as of December 31 is as follows:
202320222021
Change in benefit obligation   
Benefit obligation, beginning of period$191.2 $270.4 $286.5 
Service cost3.4 5.3 5.1 
Interest cost9.2 6.6 6.0 
Plan participants’ contributions.4.4.5
Actuarial loss (gain) 1
4.8 (71.6)(10.8)
Benefits paid(15.8)(15.9)(15.6)
Plan amendments — .1 
Curtailments and settlements — (1.1)
Foreign currency exchange rate changes1.4 (4.0)(.3)
Benefit obligation, end of period$194.6 $191.2 $270.4 
Change in plan assets
Fair value of plan assets, beginning of period$175.8 $227.7 $215.3 
Actual return on plan assets20.9 (35.4)25.6 
Employer contributions5.0 2.9 2.8 
Plan participants’ contributions.4 .4 .5 
Benefits paid(15.8)(15.9)(15.6)
Settlements — (.8)
Foreign currency exchange rate changes1.5 (3.9)(.1)
Fair value of plan assets, end of period$187.8 $175.8 $227.7 
Net funded status$(6.8)$(15.4)$(42.7)
Funded status recognized in the Consolidated Balance Sheets 
Other assets—sundry$4.7 $3.9 $2.8 
Other current liabilities(.3)(.3)(.3)
Other long-term liabilities(11.2)(19.0)(45.2)
Net funded status$(6.8)$(15.4)$(42.7)
1 Year-over-year fluctuations in "Actuarial loss (gain)" are primarily driven by changes in the weighted average discount rate assumptions.
Schedule of Accumulated Other Comprehensive Income
Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below:
December 31, 2022
2023
Amortization
2023
Net
Actuarial
Loss
2023
Foreign
Currency
Exchange
Rates Change
2023
Income
Tax Change
December 31, 2023
Net (loss) gain (before tax)$(26.8)$1.3 $5.2 $(.2)$ $(20.5)
Deferred income taxes8.4 $   (1.5)6.9 
Accumulated other comprehensive income (loss) (net of tax)$(18.4)$1.3 $5.2 $(.2)$(1.5)$(13.6)
Schedule of Components of Net Pension Expense (Income)
Components of net pension expense (income) for the years ended December 31 were as follows:
202320222021
Service cost$3.4 $5.3 $5.1 
Interest cost9.2 6.6 6.0 
Expected return on plan assets(10.9)(13.2)(12.5)
Recognized net actuarial loss1.3 2.5 5.3 
Curtailments and settlements — (.2)
Net pension expense$3.0 $1.2 $3.7 
Weighted average assumptions for pension costs:
Discount rate5.0 %2.5 %2.1 %
Rate of compensation increase3.4 %3.5 %3.5 %
Expected return on plan assets6.4 %6.0 %5.9 %
Weighted average assumptions for benefit obligation:
Discount rate4.8 %5.0 %2.5 %
Rate of compensation increase3.4 %3.4 %3.5 %
Schedule of Fair Value of Pension Plan Assets
Presented below are our major categories of investments for the periods presented:
 Year Ended December 31, 2023Year Ended December 31, 2022
 Level 1Level 2
Level 3 1
Assets Measured at NAV 2
TotalLevel 1Level 2Level 3
Assets Measured at NAV 2
Total
Mutual and pooled funds          
Fixed income$46.3 $1.4 $ $ $47.7 $25.9 $13.9 $— $— $39.8 
Equities107.2 12.8   120.0 99.2 5.6 — — 104.8 
Stable value funds 7.3   7.3 — 22.1 — — 22.1 
Money market funds, cash and other  6.9 5.9 12.8 — — — 9.1 9.1 
Total investments at fair value$153.5 $21.5 $6.9 $5.9 $187.8 $125.1 $41.6 $— $9.1 $175.8 
1 We entered into a buy-in arrangement during 2023 for one of our frozen international plans. The bulk purchase annuity policy assets from this transaction are classified as level 3 in the fair value hierarchy. The purchase was facilitated by the sale of investments that had been classified as level 2. Activity, other than the initial purchase, was not material during 2023. There was no other level 3 activity in 2023.
2 Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Estimated Benefit Payments
Estimated benefit payments expected over the next 10 years are as follows:
2024$13.4 
202513.9 
202614.4 
202714.8 
202814.7 
2029-203370.2