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RETIREMENT BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
RETIREMENT BENEFIT PLANS | NOTE 11. RETIREMENT BENEFIT PLANS Certain employees participate in noncontributory defined benefit pension plans. In general, our policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plan’s funded status, the anticipated deductibility of the contribution, local practices, market conditions, interest rates, and other factors. Our U.S. pension plans are frozen, and as such, there are no ongoing benefit accruals associated with the U.S. pension plans. The following describes our significant pension plans as of December 31, 2023 and 2022. The following sets forth the funded status of our plans and amounts recorded in Accumulated other comprehensive income (loss) as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in pension benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 33.1 |  |  | $ | 46.4 |  |  | $ | 230.7 |  |  | $ | 340.8 |
Service cost | — |  |  | — |  |  | 2.6 |  |  | 3.5 |
Interest cost | 1.7 |  |  | 1.1 |  |  | 8.8 |  |  | 3.4 |
Employee contributions | — |  |  | — |  |  | 1.4 |  |  | 1.3 |
Benefits paid and other plan costs | (2.1) |  |  | (2.2) |  |  | (11.4) |  |  | (10.1) |
Actuarial loss (gain) | 0.5 |  |  | (12.2) |  |  | 12.5 |  |  | (81.0) |
Amendments, settlements and curtailments | — |  |  | — |  |  | (1.8) |  |  | (4.6) |
Plan acquisitions and other | — |  |  | — |  |  | (0.4) |  |  | 1.4 |
Foreign exchange rate impact | — |  |  | — |  |  | 11.0 |  |  | (24.0) |
Benefit obligation at end of year | 33.2 |  |  | 33.1 |  |  | 253.4 |  |  | 230.7 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 25.9 |  |  | 31.9 |  |  | 162.7 |  |  | 223.1 |
Actual return on plan assets | 2.3 |  |  | (5.7) |  |  | 6.4 |  |  | (40.2) |
Employer contributions | 1.4 |  |  | 1.9 |  |  | 10.9 |  |  | 10.7 |
Employee contributions | — |  |  | — |  |  | 1.4 |  |  | 1.3 |
Amendments and settlements | — |  |  | — |  |  | (1.2) |  |  | (4.7) |
Benefits paid and other plan costs | (2.0) |  |  | (2.2) |  |  | (11.4) |  |  | (10.1) |
Plan acquisitions and other | — |  |  | — |  |  | (0.3) |  |  | (0.4) |
Foreign exchange rate impact | — |  |  | — |  |  | 8.3 |  |  | (17.0) |
Fair value of plan assets at end of year | 27.6 |  |  | 25.9 |  |  | 176.8 |  |  | 162.7 |
Funded status | $ | (5.6) |  |  | $ | (7.2) |  |  | $ | (76.6) |  |  | $ | (68.0) |
The difference between the accumulated benefit obligation and the projected benefit obligation as of December 31, 2023 and 2022 is immaterial.
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Amounts recorded in the Consolidated Balance Sheets as of December 31 |  |  |  |  |  |  |
Other assets | $ | — |  |  | $ | — |  |  | $ | 11.1 |  |  | $ | 7.1 |
Accrued expenses and other current liabilities | (0.6) |  |  | (0.6) |  |  | (4.0) |  |  | (3.8) |
Other long-term liabilities | (5.0) |  |  | (6.6) |  |  | (83.7) |  |  | (71.3) |
Net amount | $ | (5.6) |  |  | $ | (7.2) |  |  | $ | (76.6) |  |  | $ | (68.0) |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Amounts recorded in AOCI as of December 31 |  |  |  |  |  |  |
Prior service cost | $ | — |  |  | $ | — |  |  | $ | (1.2) |  |  | $ | (2.0) |
Net gain (loss) | 2.1 |  |  | 1.6 |  |  | (48.3) |  |  | (34.2) |
Total pre-tax amount | $ | 2.1 |  |  | $ | 1.6 |  |  | $ | (49.5) |  |  | $ | (36.2) |
Weighted average assumptions used to determine benefit obligations at date of measurement
| U.S. Pension Plans |  | Non-U.S. Pension Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 5.14 | % |  | 5.42 | % |  | 3.33 | % |  | 3.94 | %
Rate of compensation increase (a) | N/A |  | N/A |  | 2.65 | % |  | 2.73 | %
(a) The frozen U.S. pension plans do not use the rate of compensation increase as an input in determining the benefit obligations at date of measurement.
Components of net periodic pension cost The following sets forth the components of net periodic pension cost for our plans for the years ended December 31 ($ in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | 3.5 |  |  | $ | 4.1 |
Interest cost | 1.7 |  |  | 1.1 |  |  | 1.0 |  |  | 8.8 |  |  | 3.4 |  |  | 2.8 |
Expected return on plan assets | (1.4) |  |  | (1.4) |  |  | (1.0) |  |  | (7.1) |  |  | (5.2) |  |  | (5.0) |
Amortization of net loss | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.7 |  |  | 2.6 |  |  | 3.9 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  | 0.3 |
Net curtailment and settlement loss recognized | — |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | (1.2) |  |  | 0.2 |
Net periodic pension cost | $ | 0.4 |  |  | $ | (0.2) |  |  | $ | — |  |  | $ | 5.1 |  |  | $ | 3.3 |  |  | $ | 6.3 |
Weighted average assumptions used to determine net periodic pension cost at date of measurement
| U.S. Pension Plans |  | Non-U.S. Pension Plans
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.42 | % |  | 2.82 | % |  | 2.65 | % |  | 3.94 | % |  | 1.31 | % |  | 0.99 | %
Expected return on plan assets | 6.47 | % |  | 5.20 | % |  | 4.32 | % |  | 4.36 | % |  | 2.58 | % |  | 2.34 | %
Rate of compensation increase (a) | N/A |  | N/A |  | N/A |  | 2.73 | % |  | 2.43 | % |  | 2.36 | %
(a) The frozen U.S. pension plans do not use the rate of compensation increase as an input in determining the net periodic pension cost at date of measurement.
The discount rates reflect the market rate on December 31 for high-quality fixed-income investments with maturities corresponding to our benefit obligations and are subject to change each year. Rates appropriate for each plan are determined based on investment grade instruments with maturities approximately equal to the average expected benefit payout under the plan. The expected rates of return reflect the asset allocation of the plans and ranged from 1.50% to 6.47% in 2023, 1.25% to 5.20% in 2022, and 1.25% to 4.32% in 2021. The domestic plan rate is based primarily on broad publicly-traded-equity and fixed-income indices and forward-looking estimates of active portfolio and investment management. The expected rates of return on asset assumptions for the non-U.S. plans were determined on a plan-by-plan basis based on the composition of assets. Plan Assets Plan assets are invested in various mutual funds, insurance contracts, and other private investments as determined by the administrator of each plan. Certain mutual funds and other private investments, are valued using the net asset value (“NAV”) method as a practical expedient. The investments valued using the NAV method are allocated across a broad array of funds and diversify the portfolio. The value of the plan assets directly affects the funded status of our pension plans recorded in the financial statements. The fair values of our pension plan assets as of December 31, 2023, by asset category were as follows ($ in millions):
| Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 8.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.4 |
Mutual funds | — |  |  | 19.4 |  |  | — |  |  | 19.4 |
Insurance contracts | — |  |  | 25.3 |  |  | — |  |  | 25.3 |
Total | $ | 8.4 |  |  | $ | 44.7 |  |  | $ | — |  |  | $ | 53.1 |
Investments measured at NAV(a): |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  | 111.8 |
Other private investments |  |  |  |  |  |  | 39.5 |
Total assets at fair value |  |  |  |  |  |  | $ | 204.4 |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets.
The fair values of our pension plan assets as of December 31, 2022, by asset category were as follows ($ in millions):
| Quoted Prices in Active Market (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash and equivalents | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.7 |
Mutual funds | — |  |  | 18.4 |  |  | — |  |  | 18.4 |
Insurance contracts | — |  |  | 19.9 |  |  | — |  |  | 19.9 |
Total | $ | 5.7 |  |  | $ | 38.3 |  |  | $ | — |  |  | $ | 44.0 |
Investments measured at NAV(a): |  |  |  |  |  |  |
Mutual funds |  |  |  |  |  |  | 98.6 |
Other private investments |  |  |  |  |  |  | 46.0 |
Total assets at fair value |  |  |  |  |  |  | $ | 188.6 |
(a) The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets.
Certain mutual funds are valued at the quoted closing price reported on the active market on which the individual securities are traded. Common stock, corporate bonds, and mutual funds that are not traded on an active market are valued at quoted prices reported by investment brokers and dealers based on the underlying terms of the security and comparison to similar securities traded on an active market. Certain mutual funds and other private investments are valued using NAV based on the information provided by the asset fund managers, which reflects the plan’s share of the fair value of the net assets of the investment. Expected Contributions During 2023, we contributed $1 million and $11 million to our U.S. and non-U.S. defined benefit pension plans, respectively. During 2024, our cash contribution requirements for our U.S. and non-U.S. defined benefit pension plans are expected to be approximately $1 million and $9 million, respectively. The following sets forth benefit payments to participants, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):
| U.S. Pension Plans |  | Non-U.S. Pension Plans |  | All Pension Plans
2024 | $ | 2.3 |  |  | $ | 11.5 |  |  | $ | 13.8 |
2025 | 2.4 |  |  | 10.5 |  |  | 12.9 |
2026 | 2.5 |  |  | 10.3 |  |  | 12.8 |
2027 | 2.5 |  |  | 10.7 |  |  | 13.2 |
2028 | 2.5 |  |  | 11.4 |  |  | 13.9 |
2029-2033 | 12.4 |  |  | 51.7 |  |  | 64.1 |
Defined Contribution Plans We administer and maintain 401(k) programs and contributions to the 401(k) programs are determined based on a percentage of compensation. We recognized compensation expense for our participating U.S. employees in the 401(k) programs totaling $61 million in 2023, $60 million in 2022, and $57 million in 2021.

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