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PENSION AND POSTRETIREMENT PLANS Pension and Postretirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plan, Plan Amendment [Abstract] |
Schedule of Net Benefit Costs | The components of the net periodic benefit costs for the defined benefit pension plans are as follows:
| U. S. Plans |  | Non-U.S. Plans
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost for benefits earned | $ | 3.7 |  |  | $ | 3.9 |  |  | $ | 2.8 |  |  | $ | 1.5 |  |  | $ | 1.4 |  |  | $ | 2.4 |
Interest cost on benefit obligation | 11.1 |  |  | 12.3 |  |  | 9.1 |  |  | 14.7 |  |  | 15.2 |  |  | 9.1 |
Expected return on plan assets | (11.0) |  |  | (11.6) |  |  | (12.9) |  |  | (16.0) |  |  | (16.7) |  |  | (15.8) |
Net amortization and deferral | 3.3 |  |  | 4.5 |  |  | 4.6 |  |  | 0.5 |  |  | 0.1 |  |  | 0.8 |
Settlements | — |  |  | 10.9 |  |  | 4.1 |  |  | — |  |  | — |  |  | (1.1) |
Defined-benefit plan costs | $ | 7.1 |  |  | $ | 20.0 |  |  | $ | 7.7 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | (4.6) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The amounts recognized in Accumulated other comprehensive loss in the Company’s Consolidated Balance Sheets are as follows:
| U. S. Plans |  | Non-U.S. Plans
| December 31,
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023 |  |
Net actuarial loss in accumulated other comprehensive earnings | $ | 30.7 |  |  | $ | 47.2 |  |  |  |  | $ | 12.8 |  |  | $ | 19.1 |  |  |
Schedule of Accumulated and Projected Benefit Obligations | The change in the projected benefit obligation is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 231.9 |  |  | $ | 259.5 |  |  | $ | 345.7 |  |  | $ | 319.9 |
Service cost | 3.7 |  |  | 3.9 |  |  | 1.5 |  |  | 1.4 |
Interest cost | 11.1 |  |  | 12.3 |  |  | 14.7 |  |  | 15.2 |
Actuarial (gain) loss | (10.6) |  |  | 11.7 |  |  | (43.1) |  |  | 7.0 |
Benefits and administrative expenses paid | (22.7) |  |  | (55.5) |  |  | (14.4) |  |  | (14.2) |
Foreign currency exchange rate changes | — |  |  | — |  |  | (6.4) |  |  | 16.4 |
Ending balance | $ | 213.4 |  |  | $ | 231.9 |  |  | $ | 298.0 |  |  | $ | 345.7 |
Schedule of Changes in Fair Value of Plan Assets | The change in plan assets is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 195.3 |  |  | $ | 226.8 |  |  | $ | 335.9 |  |  | $ | 301.2 |
Company contributions | 10.2 |  |  | — |  |  | 7.6 |  |  | 14.1 |
Actual return on plan assets | 13.7 |  |  | 21.6 |  |  | (20.9) |  |  | 18.0 |
Benefits and administrative expenses paid | (20.2) |  |  | (53.1) |  |  | (13.7) |  |  | (13.7) |
Foreign currency exchange rate changes | — |  |  | — |  |  | (5.2) |  |  | 16.3 |
Ending balance | $ | 199.0 |  |  | $ | 195.3 |  |  | $ | 303.7 |  |  | $ | 335.9 |
Schedule of Net Funded Status | The change in the funded status of the plan and a reconciliation of such funded status to the amounts reported in the Company’s Consolidated Balance Sheets is as follows:
| U.S. Plans |  | Non-U.S. Plans
| December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Funded status — (deficit) surplus | $ | (14.4) |  |  | $ | (36.6) |  |  | $ | 5.7 |  |  | $ | (9.8) |
Recorded as: |  |  |  |  |  |  |
Other assets | $ | 18.9 |  |  | $ | — |  |  | $ | 33.9 |  |  | $ | 21.5 |
Accrued expenses and other | $ | 2.6 |  |  | $ | 2.5 |  |  | $ | 0.7 |  |  | $ | 0.7 |
Other liabilities | $ | 30.7 |  |  | $ | 34.1 |  |  | $ | 27.5 |  |  | $ | 30.6 |
Defined Benefit Plan, Assumptions | Weighted-average assumptions used to determine net periodic benefit costs are as follows:
| U. S. Plans |  | Non-U.S. Plans
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.1 | % |  | 5.5 | % |  | 2.8 | % |  | 3.7 | % |  | 4.0 | % |  | 2.1 | %
Salary increases | N/A |  | N/A |  | N/A |  | 2.0 | % |  | 2.0 | % |  | 2.0 | %
Expected long term rate of return | 6.0 | % |  | 6.0 | % |  | 4.5 | % |  | 4.1 | % |  | 5.3 | % |  | 3.6 | %
Cash balance interest credit rate | 4.0 | % |  | 4.0 | % |  | 4.0 | % |  | N/A |  | N/A |  | N/A
Weighted-average assumptions used to determine net periodic benefit obligations are as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.6 | % |  | 5.1 | % |  | 5.2 | % |  | 4.3 | %
Salary increases | N/A |  | N/A |  | 2.0 | % |  | 2.0 | %
The allocation of the plan assets by asset category is as follows:
|  | December 31, 2024
|  | U.S. Plans |  | Non-U.S. Plans
Equity securities |  | 18.3 | % |  | 11.3 | %
Debt securities |  | 77.3 | % |  | 68.7 | %
Annuities |  | — | % |  | 15.1 | %
Real estate |  | 1.9 | % |  | 3.6 | %
Other |  | 2.5 | % |  | 1.3 | %
The target allocation of the plan assets by asset category is as follows:
|  | December 31, 2024 |  |  |  |
|  | U.S. Plans |  | Non-U.S. Plans |  |
Equity securities |  | 13.0 | % | to | 25.5 | % |  | 10.0% | to | 20.0% |  |  |  |
Debt securities |  | 67.0 | % | to | 87.0 | % |  | 60.0% | to | 70.0% |  |  |  |
Annuities |  | — | % | to | — | % |  | 10.0% | to | 20.0% |  |  |  |
Real estate |  | 0.5 | % | to | 4.3 | % |  | —% | to | 5.0% |  |  |  |
Other |  | — | % | to | 5.0 | % |  | —% | to | 5.0% |  |  |  |
Schedule of Defined Benefit Plans Disclosures | At December 31, 2024, the estimated benefit payments, which were used in the calculation of projected benefit obligations, are expected to be paid as follows:
| December 31, 2024
| U.S. Plans |  | Non-U.S. Plans
2025 | $ | 21.9 |  |  | $ | 15.9 |
2026 | $ | 21.6 |  |  | $ | 17.1 |
2027 | $ | 21.1 |  |  | $ | 17.4 |
2028 | $ | 20.8 |  |  | $ | 17.9 |
2029 | $ | 20.0 |  |  | $ | 18.6 |
Years 2030 to 2034 | $ | 88.2 |  |  | $ | 97.0 |
The effect on operations of the post-retirement medical plan is shown in the following table:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest cost on benefit obligation | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.1 |
Net amortization and deferral | (0.2) |  |  | — |  |  | 0.2 |
Post-retirement medical plan costs | $ | — |  |  | $ | 0.2 |  |  | $ | 0.3 |
A summary of the changes in the accumulated post-retirement benefit obligation follows:
| Year Ended December 31,
| 2024 |  | 2023
Beginning balance | $ | 3.6 |  |  | $ | 3.9 |
Interest cost on benefit obligation | 0.2 |  |  | 0.2 |
Actuarial loss | (0.2) |  |  | (0.2) |
Benefits paid | (0.4) |  |  | (0.3) |
Ending balance | $ | 3.2 |  |  | $ | 3.6 |
Recorded as: |  |  |
Accrued expenses and other | $ | 0.5 |  |  | $ | 0.6 |
Other liabilities | 2.7 |  |  | 3.0 |
| $ | 3.2 |  |  | $ | 3.6 |
Defined Benefit Plan Fair Value Of Plan Assets By Category | The fair values of the assets by asset category are as follows:
| December 31, 2024
Asset Category | Level of Valuation Input |  | Fair Value |  | Investments valued using NAV per share |  | Total
U.S Plans |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | $ | 4.9 |  |  | $ | — |  |  | $ | 4.9 |
U.S. equity index funds |  |  | — |  |  | 25.9 |  |  | 25.9 |
International equity index funds |  |  | — |  |  | 10.6 |  |  | 10.6 |
Real estate |  |  | — |  |  | 3.8 |  |  | 3.8 |
General bond index funds |  |  | — |  |  | 153.8 |  |  | 153.8 |
Total fair value |  |  | $ | 4.9 |  |  | $ | 194.1 |  |  | $ | 199.0 |
Non-U.S. Plans |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | $ | 4.1 |  |  | $ | — |  |  | $ | 4.1 |
Annuities | Level 3 |  | 45.8 |  |  | — |  |  | 45.8 |
Pooled investment funds |  |  | — |  |  | 253.8 |  |  | 253.8 |
Total fair value |  |  | $ | 49.9 |  |  | $ | 253.8 |  |  | $ | 303.7 |
| December 31, 2023
Asset Category | Level of Valuation Input |  | Fair Value |  | Investments valued using NAV per share |  | Total
U.S Plans |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | $ | 3.3 |  |  | $ | — |  |  | $ | 3.3 |
U.S. equity index funds |  |  | — |  |  | 27.3 |  | 27.3
International equity index funds |  |  | — |  |  | 11.4 |  |  | 11.4 |
Real estate index fund |  |  | — |  |  | 4.0 |  |  | 4.0 |
General bond index funds |  |  | — |  |  | 149.3 |  |  | 149.3 |
Total fair value |  |  | $ | 3.3 |  |  | $ | 192.0 |  |  | $ | 195.3 |
Non-U.S. Plans |  |  |  |  |  |  |
Cash and cash equivalents | Level 1 |  | $ | 46.2 |  |  | $ | — |  |  | $ | 46.2 |
Annuities | Level 3 |  | 52.8 |  |  | — |  |  | 52.8 |
Pooled investment funds |  |  | — |  |  | 236.9 |  |  | 236.9 |
Total fair value |  |  | $ | 99.0 |  |  | $ | 236.9 |  |  | $ | 335.9 |
The fair market value of index funds and pooled investment funds are valued using the net asset value (NAV) unit price provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund. The fair value of annuity investments are based on discounted cash flow techniques using unobservable valuation inputs such as discount rates and actuarial mortality tables.
Fair Value Measurement of Level 3 Pension Assets |  | Annuities
Balance at January 1, 2023 |  | $ | 50.1 |
Actual return on plan assets |  | 2.7 |
Balance at December 31, 2023 |  | 52.8 |
Actual return on plan assets |  | (7.0) |
Balance at December 31, 2024 |  | $ | 45.8 |
Assumed Benefit Payments By Year | The following assumed benefit payments under the Company’s post-retirement benefit plan, which reflect expected future service, as appropriate, and which were used in the calculation of projected benefit obligations, are expected to be paid as follows:
| December 31, 2024
2025 | $ | 0.5 |
2026 | $ | 0.4 |
2027 | $ | 0.3 |
2028 | $ | 0.3 |
2029 | $ | 0.3 |
Years 2030 to 2034 | $ | 0.9 |

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