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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Information Regarding Defined Benefit Pension Plans |
| Years Ended December 31,
| 2022 |  | 2021
| (in millions)
Change in projected benefit obligation: |  |  |
Beginning of year | $ | 117.9 |  |  | $ | 126.2 |
Service cost | 5.5 |  |  | 6.5 |
Interest cost | 0.5 |  |  | 0.4 |
Participant contributions | 1.6 |  |  | 1.5 |
Actuarial gain | (22.6) |  |  | (6.1) |
Benefits paid | (0.6) |  |  | (2.5) |
Plan amendment | (0.3) |  |  | (0.5) |
Settlements and curtailment gain | (1.8) |  |  | — |
Currency exchange rate changes and other | (6.1) |  |  | (7.6) |
End of year | $ | 94.1 |  |  | $ | 117.9 |
Change in fair value of plan assets: |  |  |
Beginning of year | $ | 76.9 |  |  | $ | 73.3 |
Actual return on plan assets | (4.9) |  |  | 5.8 |
Employer contributions | 3.5 |  |  | 3.1 |
Participant contributions | 1.6 |  |  | 1.5 |
Settlements | (1.8) |  |  | — |
Benefits paid | (0.6) |  |  | (2.5) |
Currency exchange rate changes and other | (4.1) |  |  | (4.3) |
End of year | $ | 70.6 |  |  | $ | 76.9 |
Funded Status |  |  |
Projected benefit obligation | $ | (94.1) |  |  | $ | (117.9) |
Plan assets at fair value | 70.6 |  |  | 76.9 |
Underfunded status | $ | (23.5) |  |  | $ | (41.0) |
Net amounts recognized on the consolidated balance sheet: |  |  |
Other liabilities | $ | 23.5 |  |  | $ | 41.0 |
Accumulated other comprehensive loss, net of tax: |  |  |
Net actuarial gain (loss) | $ | 1.5 |  |  | $ | (16.4) |
Net prior service credit | 5.3 |  |  | 6.0 |
Deferred income tax (expense) benefit | (1.1) |  |  | 2.4 |
Total | $ | 5.7 |  |  | $ | (8.0) |
Schedule of Net Periodic Benefit Cost | The components of net periodic pension benefit cost are as follows (in millions):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Service cost, net | $ | 5.5 |  |  | $ | 6.5 |  |  | $ | 6.3 |
Interest cost | 0.5 |  |  | 0.4 |  |  | 0.5 |
Expected return on plan assets | (1.5) |  |  | (1.1) |  |  | (1.0) |
Settlements and curtailment gain | 0.1 |  |  | — |  |  | — |
Amortization of actuarial loss | 0.5 |  |  | 1.7 |  |  | 1.6 |
Amortization of prior service credit | (0.7) |  |  | (0.7) |  |  | (0.7) |
Net periodic pension benefit cost | $ | 4.4 |  |  | $ | 6.8 |  |  | $ | 6.7 |
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations | The weighted-average assumptions used to determine the benefit obligations are as follows:
| December 31,
| 2022 |  | 2021
Discount rate | 2.5 | % |  | 0.5 | %
Rate of compensation increase | 2.9 | % |  | 2.6 | %
Cash balance interest crediting rate | 1.5 | % |  | 2.5 | %
Social securities increase | 1.8 | % |  | 1.6 | %
Pension increase | 2.2 | % |  | 1.8 | %
The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:
| Years ended December 31,
| 2022 |  | 2021 |  | 2020
Discount rate | 0.5 | % |  | 0.3 | % |  | 0.5 | %
Expected return on plan assets | 2.1 | % |  | 1.5 | % |  | 1.5 | %
Rate of compensation increase | 2.6 | % |  | 2.6 | % |  | 2.7 | %
Cash balance interest crediting rate | 1.5 | % |  | 2.5 | % |  | 1.5 | %
Social securities increase | 1.6 | % |  | 1.6 | % |  | 1.6 | %
Pension increase | 1.8 | % |  | 1.8 | % |  | 1.8 | %
Schedule of Target Weighted-Average Asset Allocations and Fair Value | Target weighted-average asset allocations at December 31, 2022, by asset category, are as follows:
Equity securities | 30.7 | %
Debt securities | 41.5 | %
Real estate | 10.7 | %
Other | 17.1 | %
Total | 100.0 | %
The fair values of the Company's defined benefit plan assets at December 31, 2022 and 2021, by asset category, are as follows (in millions):
December 31, 2022 | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  |
Asset Category |  |  |  |  |  |  |  |  |  |
Cash | $ | 3.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.6 |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |
United States equities | 1.5 |  |  | — |  |  | — |  |  | 1.5 |  |  |  |
International equities | 17.5 |  |  | — |  |  | — |  |  | 17.5 |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |
United States government bonds | 4.4 |  |  | — |  |  | — |  |  | 4.4 |  |  |  |
International government bonds | 25.6 |  |  | — |  |  | — |  |  | 25.6 |  |  |  |
Real estate | — |  |  | 7.6 |  |  | — |  |  | 7.6 |  |  |  |
Mortgages | — |  |  | 3.5 |  |  | — |  |  | 3.5 |  |  |  |
Insurance contracts | — |  |  | — |  |  | 0.8 |  |  | 0.8 |  |  |  |
Total plan assets measured at fair value | $ | 52.6 |  |  | $ | 11.1 |  |  | $ | 0.8 |  |  | $ | 64.5 |  |  |  |
Alternative investments measured at net asset value (a) |  |  |  |  |  |  | 6.1 |  |  |  |
Total plan assets |  |  |  |  |  |  | $ | 70.6 |  |  |  |
December 31, 2021 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Asset Category |  |  |  |  |  |  |
Cash | $ | 5.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |
Equity securities: |  |  |  |  |  |  |
United States equities | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
International equities | 16.3 |  |  | — |  |  | — |  |  | 16.3 |
Debt securities: |  |  |  |  |  |  |
United States government bonds | 6.2 |  |  | — |  |  | — |  |  | 6.2 |
International government bonds | 26.3 |  |  | — |  |  | — |  |  | 26.3 |
Real estate | — |  |  | 7.6 |  |  | — |  |  | 7.6 |
Mortgages | — |  |  | 3.5 |  |  | — |  |  | 3.5 |
Insurance contracts | — |  |  | — |  |  | 0.9 |  |  | 0.9 |
Total plan assets | $ | 55.8 |  |  | $ | 11.1 |  |  | $ | 0.9 |  |  | $ | 67.8 |
Alternative investments measured at net asset value (a) |  |  |  |  |  |  | 9.1 |
Total plan assets |  |  |  |  |  |  | $ | 76.9 |
_______________________________________ (a) Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Summary of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3 | The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2022 and 2021 (in millions):
| Insurance Contracts
Balance at December 31, 2020 | $ | 1.0 |
Currency exchange rate impact | (0.1) |
Balance at December 31, 2021 | 0.9 |
Actual return on plan assets: |
Relating to assets still held at December 31, 2022 | 0.2 |
Purchases, sales and settlements | (0.2) |
Currency exchange rate impact | (0.1) |
Balance at December 31, 2022 | $ | 0.8 |
Schedule of Benefit Payments Which Reflect Expected Future Service | The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2022, are expected to be paid (in millions):
2023 | $ | 7.1 |
2024 | 5.2 |
2025 | 5.3 |
2026 | 6.4 |
2027 | 7.6 |
2028-2032 | 36.4 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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