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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Estimated Useful Lives of Depreciable Assets | The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows:
Category |  | Useful Life
Buildings |  | 30 years
Leased assets and leasehold improvements |  | Amortized over the lesser of the economic life of the asset or the term of the lease
Machinery, equipment and other |  | 3 – 10 years
The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions):
| 2023 |  | 2022
Land and improvements | $ | 54.4 |  |  | $ | 54.3 |
Buildings and leasehold improvements | 317.2 |  |  | 312.3 |
Machinery, equipment and other | 877.2 |  |  | 809.8 |
Gross property, plant and equipment | 1,248.8 |  |  | 1,176.4 |
Less: accumulated depreciation | (809.0) |  |  | (754.5) |
Property, plant and equipment, net | $ | 439.8 |  |  | $ | 421.9 |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | The changes in AOCI by component are summarized below ($ in millions):
| Foreign currency translation adjustments |  | Pension & post- retirement plan benefit adjustments (b) |  | Total
Balance, December 31, 2020 | $ | (54.0) |  |  | $ | (87.1) |  |  | $ | (141.1) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |
Increase (decrease) | (68.7) |  |  | 27.7 |  |  | (41.0) |
Income tax impact | — |  |  | (6.2) |  |  | (6.2) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (68.7) |  |  | 21.5 |  |  | (47.2) |
Amounts reclassified from AOCI into income: |  |  |  |  |
Increase (decrease) | — |  |  | 4.3 |  | (a) | 4.3 |
Income tax impact | — |  |  | (1.0) |  |  | (1.0) |
Amounts reclassified from AOCI into income, net of income taxes: | — |  |  | 3.3 |  |  | 3.3 |
Net current period other comprehensive income (loss): | (68.7) |  |  | 24.8 |  |  | (43.9) |
Balance, December 31, 2021 | $ | (122.7) |  |  | $ | (62.3) |  |  | $ | (185.0) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |
Increase (decrease) | (181.4) |  |  | 47.6 |  |  | (133.8) |
Income tax impact | — |  |  | (10.3) |  |  | (10.3) |
Other comprehensive income (loss) before reclassifications, net of income taxes | (181.4) |  |  | 37.3 |  |  | (144.1) |
Amounts reclassified from AOCI into income: |  |  |  |  |
Increase (decrease) | 2.7 |  |  | 0.9 |  | (a) | 3.6 |
Income tax impact | — |  |  | (0.2) |  |  | (0.2) |
Amounts reclassified from AOCI into income, net of income taxes | 2.7 |  |  | 0.7 |  |  | 3.4 |
Net current period other comprehensive income (loss) | (178.7) |  |  | 38.0 |  |  | (140.7) |
Balance, December 31, 2022 | $ | (301.4) |  |  | $ | (24.3) |  |  | $ | (325.7) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |
Increase (decrease) | 9.7 |  |  | (13.9) |  |  | (4.2) |
Income tax impact | — |  |  | 3.8 |  |  | 3.8 |
Other comprehensive income (loss) before reclassifications, net of income taxes | 9.7 |  |  | (10.1) |  |  | (0.4) |
Amounts reclassified from AOCI into income: |  |  |  |  |
Increase (decrease) | — |  |  | 0.1 |  | (a) | 0.1 |
Income tax impact | — |  |  | (0.1) |  |  | (0.1) |
Amounts reclassified from AOCI into income, net of income taxes | — |  |  | — |  |  | — |
Net current period other comprehensive income (loss) | 9.7 |  |  | (10.1) |  |  | (0.4) |
Balance, December 31, 2023 | $ | (291.7) |  |  | $ | (34.4) |  |  | $ | (326.1) |
(a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11).
(b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.

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