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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of the Funded Status of the Non-U.S. Plans | 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) |
Schedule of Weighted Average Assumptions Used | 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.
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.
Schedule of Net Periodic Pension Costs | 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 |
Schedule of Fair Value of Pension Plan Assets | 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.
Schedule of Expected Benefit Payments | 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 |

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