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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
Defined contribution plans | We recorded the following contributions to our defined contribution plans (in millions):
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Contributions to defined contribution plans | $ | 22.5 |  |  | $ | 22.7 |  |  | $ | 19.9 |
Pension and postretirement benefit plans recognized in financial statements | The following tables set forth amounts recognized in our financial statements and the plans’ funded status for our pension and post-retirement benefit plans (dollars in millions):
| Pension Benefits |  |
| 2023 |  | 2022 |  |  |  |
Accumulated benefit obligation | $ | 176.9 |  |  | $ | 171.6 |  |  |  |  |
Changes in projected benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 174.3 |  |  | $ | 269.2 |  |  |  |  |
Service cost | 2.1 |  |  | 3.8 |  |  |  |  |
Interest cost | 8.9 |  |  | 6.2 |  |  |  |  |
Actuarial loss (gain) | 4.5 |  |  | (74.6) |  |  |  |  |
Effect of exchange rates | 1.1 |  |  | (3.4) |  |  |  |  |
Adjustment upon sale of businesses | (4.8) |  |  | — |  |  |  |  |
Settlements | (0.5) |  |  | (21.7) |  |  |  |  |
Benefits paid | (6.5) |  |  | (5.2) |  |  |  |  |
Benefit obligation at end of year | $ | 179.1 |  |  | $ | 174.3 |  |  |  |  |
Changes in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 131.1 |  |  | $ | 184.3 |  |  |  |  |
Actual return on plan assets | 16.4 |  |  | (45.4) |  |  |  |  |
Employer contributions | 15.0 |  |  | 22.5 |  |  |  |  |
Effect of exchange rates | 1.0 |  |  | (3.4) |  |  |  |  |
Plan settlements | (0.5) |  |  | (21.7) |  |  |  |  |
Benefits paid | (6.5) |  |  | (5.2) |  |  |  |  |
Fair value of plan assets at end of year | 156.5 |  |  | 131.1 |  |  |  |  |
Funded status / net amount recognized | $ | (22.6) |  |  | $ | (43.2) |  |  |  |  |
Net amount recognized consists of: |  |  |  |  |  |  |
Non-current assets | $ | 11.1 |  |  | $ | 2.7 |  |  |  |  |
Current liability | (11.2) |  |  | (5.8) |  |  |  |  |
Non-current liability | (22.5) |  |  | (40.1) |  |  |  |  |
Net amount recognized | $ | (22.6) |  |  | $ | (43.2) |  |  |  |  |
Schedule of non-current pension liability plan |
| For the Years Ended December 31,
| 2023 |  | 2022
Pension plans with a benefit obligation in excess of plan assets: |  |  |
Projected benefit obligation | $ | 38.9 |  |  | $ | 152.1 |
Accumulated benefit obligation | 36.9 |  |  | 149.6 |
Fair value of plan assets | — |  |  | 106.2 |
Components of net periodic benefit cost | Our U.S.-based pension plans comprised approximately 86% of the projected benefit obligation and 84% of plan assets as of December 31, 2023.
| Pension Benefits |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |  |  |
Components of net periodic benefit cost as of December 31: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 2.1 |  |  | $ | 3.8 |  |  | $ | 6.1 |  |  |  |  |  |  |
Interest cost | 8.9 |  |  | 6.2 |  |  | 5.1 |  |  |  |  |  |  |
Expected return on plan assets | (9.4) |  |  | (9.1) |  |  | (8.6) |  |  |  |  |  |  |
Amortization of prior service costs | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  |  |  |  |  |
Recognized actuarial loss | 1.1 |  |  | 5.3 |  |  | 7.7 |  |  |  |  |  |  |
Settlements | 0.8 |  |  | (0.2) |  |  | 1.2 |  |  |  |  |  |  |
Other | (0.4) |  |  | (0.1) |  |  | (0.4) |  |  |  |  |  |  |
Net periodic benefit cost | $ | 3.2 |  |  | $ | 6.0 |  |  | $ | 11.3 |  |  |  |  |  |  |
Summary of amounts recognized in AOCI in our financial statements | The following table sets forth amounts recognized in AOCL and Other comprehensive income (loss) in our financial statements for 2023 and 2022 (in millions):
| Pension Benefits |  |
| 2023 |  | 2022 |  |  |  |
Amounts recognized in AOCL: |  |  |  |  |  |  |
Prior service costs | $ | (0.3) |  |  | $ | (0.4) |  |  |  |  |
Pension adjustments upon sale of businesses | (1.8) |  |  | — |  |  |  |  |
Actuarial loss | (52.6) |  |  | (57.7) |  |  |  |  |
Subtotal | (54.7) |  |  | (58.1) |  |  |  |  |
Deferred taxes | 14.7 |  |  | 15.8 |  |  |  |  |
Net amount recognized | $ | (40.0) |  |  | $ | (42.3) |  |  |  |  |
Changes recognized in other comprehensive loss: |  |  |  |  |  |  |
Current year actuarial gain | (1.8) |  |  | (19.4) |  |  |  |  |
Effect of exchange rates | 0.4 |  |  | (0.9) |  |  |  |  |
Amortization of prior service costs | (0.1) |  |  | (0.1) |  |  |  |  |
Amortization of actuarial loss, including settlements and other | (1.5) |  |  | (5.1) |  |  |  |  |
Total recognized in other comprehensive income (loss) | $ | (3.0) |  |  | $ | (25.5) |  |  |  |  |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 0.2 |  |  | $ | (19.5) |  |  |  |  |
Summary of health care cost trend rates | The following table sets forth the healthcare trend rate assumptions used:
| 2023 |  | 2022
Assumed health care cost trend rates as of December 31: |  |  |
Health care cost trend rate assumed for next year | 6.50 | % |  | 6.50 | %
Rate to which the cost rate is assumed to decline (the ultimate trend rate) | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate | 2030 |  | 2029
Summary of expected future benefit payments | Expected future benefit payments are shown in the table below (in millions):
| For the Years Ended December 31,
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029-2033
Pension benefits | $ | 16.7 |  |  | $ | 7.4 |  |  | $ | 8.7 |  |  | $ | 21.8 |  |  | $ | 11.4 |  |  | $ | 57.3 |
Summary of weighted-average asset allocations | Our U.S. pension plans’ weighted-average asset allocations as of December 31, 2023 and 2022, by asset category, were as follows:
| Plan Assets as of December 31,
Asset Category: | 2023 |  | 2022
U.S. equity | — | % |  | 31.3 | %
International equity | — | % |  | 18.7 | %
Fixed income | 100.0 | % |  | 49.2 | %
Money market/cash | — | % |  | 0.8 | %
Total | 100.0 | % |  | 100.0 | %
Summary of target allocation percentage of assets | Our U.S. pension plans’ assets were invested according to the following targets:
Asset Category: | Target
U.S. equity | — | %
International equity | — | %
Fixed income | 100.0 | %
Summary of fair value of pension plan asset, by asset category | The fair values of our pension plan assets, by asset category, were as follows (in millions):
| Fair Value Measurements as of December 31, 2023 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |
Commingled pools / Collective trusts: |  |  |  |  |  |  |  |
Fixed income (3) | — |  |  | 130.8 |  |  | — |  |  | 130.8 |  |
Balanced pension trust: (4) |  |  |  |  |  |  |  |
International equity | — |  |  | 0.5 |  |  | — |  |  | 0.5 |  |
Fixed income | — |  |  | 11.1 |  |  | — |  |  | 11.1 |  |
Pension fund: |  |  |  |  |  |  |  |
Fixed income (5) | — |  |  | 14.0 |  |  | — |  |  | 14.0 |  |
Total | $ | 0.1 |  |  | $ | 156.4 |  |  | $ | — |  |  | $ | 156.5 |  |
| Fair Value Measurements as of December 31, 2022 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |  |
Commingled pools / Collective trusts: |  |  |  |  |  |  |  |
U.S. equity (1) | — |  |  | 33.3 |  |  | — |  |  | 33.3 |  |
International equity (2) | — |  |  | 19.8 |  |  | — |  |  | 19.8 |  |
Fixed income (3) | — |  |  | 52.5 |  |  | — |  |  | 52.5 |  |
Balanced pension trust: (4) |  |  |  |  |  |  |  |
International equity | — |  |  | 3.3 |  |  | — |  |  | 3.3 |  |
Fixed income | — |  |  | 8.3 |  |  | — |  |  | 8.3 |  |
Pension fund: |  |  |  |  |  |  |  |
Fixed income (5) | — |  |  | 13.0 |  |  | — |  |  | 13.0 |  |
Total | $ | 0.9 |  |  | $ | 130.2 |  |  | $ | — |  |  | $ | 131.1 |  |
Summary of additional information about asset measured at net asset value per share | Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):
| As of December 31, 2023
| Fair Value |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Asset Category: |  |  |  |  |
Commingled pools / Collective trusts: |  |  |  |  |
Fixed income (3) | $ | 130.8 |  |  | Daily |  | 5 days
Balanced pension trust: (4) |  |  |  |  |
International equity | 0.5 |  |  | Daily |  | 3-5 days
Fixed income | 11.1 |  |  | Daily |  | 3-5 days
Pension fund: |  |  |  |  |
Fixed income (5) | 14.0 |  |  | Daily |  | 1-3 days
Total | $ | 156.4 |  |  |  |  |
| As of December 31, 2022
| Fair Value |  | Redemption Frequency (if currently eligible) |  | Redemption Notice Period
Asset Category: |  |  |  |  |
Commingled pools / Collective trusts: |  |  |  |  |
U.S. equity (1) | $ | 33.3 |  |  | Daily |  | 5 days
International equity (2) | 19.8 |  |  | Daily |  | 5 days
Fixed income (3) | 52.5 |  |  | Daily |  | 5 days
Balanced pension trust: (4) |  |  |  |  |
International equity | 3.3 |  |  | Daily |  | 3-5 days
Fixed income | 8.3 |  |  | Daily |  | 3-5 days
Pension fund: |  |  |  |  |
Fixed income (5) | 13.0 |  |  | Daily |  | 1-3 days
Total | $ | 130.2 |  |  |  |  |
(1) | This category includes investments primarily in U.S. equity securities that include large, mid and small capitalization companies.
(2) | This category includes investments primarily in international equity securities that include large, mid and small capitalization companies in large developed markets as well as emerging markets equities.
(3) | This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
(4) | The investment objectives of the plan are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The plan also holds a portion of its assets in international equities, a portion of which may be invested in U.S. securities.
(5) | This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer with a derivatives overlay and investment grade corporate bonds denominated in sterling. The plan also holds a portion of its assets in international instruments, a portion of which may be invested in U.S. securities.
UNITED STATES |
Defined Benefit Plan Disclosure [Line Items] |
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans | The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the U.S.-based plans in 2023 and 2022:
|  | Pension Benefits |  |
|  | 2023 |  | 2022 |  |  |  |
Weighted-average assumptions used to determine benefit obligations as of December 31: |  |  |  |  |  |  |  |
Discount rate |  | 5.23 | % |  | 5.50 | % |  |  |  |
Rate of compensation increase |  | 4.02 | % |  | 4.02 | % |  |  |  |
| Pension Benefits |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |  |  |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost | 5.39 | % |  | 2.53 | % |  | 1.85 | % |  |  |  |  |  |
Discount rate - interest cost | 5.38 | % |  | 2.48 | % |  | 2.16 | % |  |  |  |  |  |
Expected long-term return on plan assets | 6.50 | % |  | 6.50 | % |  | 6.50 | % |  |  |  |  |  |
Rate of compensation increase | 4.02 | % |  | 4.13 | % |  | 4.13 | % |  |  |  |  |  |
Foreign Plan [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans | The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the non-U.S.-based plans in 2023 and 2022:
| Pension Benefits
| 2023 |  | 2022
Weighted-average assumptions used to determine benefit obligations as of December 31: |  |  |
Discount rate | 4.30 | % |  | 4.72 | %
Rate of compensation increase | 3.07 | % |  | 3.11 | %
| Pension Benefits
| 2023 |  | 2022 |  | 2021
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: |  |  |  |  |
Discount rate - service cost | 3.75 | % |  | 0.86 | % |  | 0.42 | %
Discount rate - interest cost | 4.79 | % |  | 2.07 | % |  | 1.51 | %
Expected long-term return on plan assets | 4.94 | % |  | 2.75 | % |  | 2.10 | %
Rate of compensation increase | 3.11 | % |  | 3.14 | % |  | 3.17 | %

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