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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets | The following table provides a reconciliation of the changes in the benefit obligation and fair value of plan assets over the two-year period ended December 31, 2023 and a statement of the funded status at December 31 for both years.
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1 | $ | 8.3 |  |  | $ | 75.7 |  |  | $ | 10.6 |  |  | $ | 104.3 |  |  | $ | 16.4 |  |  | $ | 23.6 |
Service cost | 0.1 |  |  | 1.2 |  |  | 0.1 |  |  | 1.8 |  |  | 0.4 |  |  | 0.7 |
Interest cost | 0.4 |  |  | 2.8 |  |  | 0.2 |  |  | 1.0 |  |  | 0.8 |  |  | 0.5 |
Plan amendments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid | (0.7) |  |  | (1.4) |  |  | (0.6) |  |  | (0.8) |  |  | (0.9) |  |  | (1.0) |
Actuarial loss (gain) | 0.4 |  |  | 6.2 |  |  | (2.0) |  |  | (27.8) |  |  | 0.5 |  |  | (7.3) |
Currency translation | — |  |  | 5.2 |  |  | — |  |  | (6.1) |  |  | — |  |  | (0.1) |
Settlements | — |  |  | (3.0) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |
Curtailments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | 1.0 |  |  | — |  |  | 2.7 |  |  | — |  |  | — |
Other | 0.4 |  |  | 0.8 |  |  | — |  |  | 0.7 |  |  | — |  |  | — |
Obligation at December 31 | $ | 8.9 |  |  | $ | 88.5 |  |  | $ | 8.3 |  |  | $ | 75.7 |  |  | $ | 17.2 |  |  | $ | 16.4 |
CHANGE IN PLAN ASSETS |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 4.7 |  |  | $ | 37.8 |  |  | $ | 17.0 |  |  | $ | 46.1 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (0.3) |  |  | 0.9 |  |  | (2.0) |  |  | (10.5) |  |  | — |  |  | — |
Employer contributions | 0.4 |  |  | 3.3 |  |  | 0.4 |  |  | 2.8 |  |  | 0.9 |  |  | 1.0 |
Benefits paid | (0.7) |  |  | (1.4) |  |  | (0.6) |  |  | (0.8) |  |  | (0.9) |  |  | (1.0) |
Currency translation | — |  |  | 3.2 |  |  | — |  |  | (2.5) |  |  | — |  |  | — |
Settlements | — |  |  | (3.0) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | — |
Other | 0.2 |  |  | 0.9 |  |  | (10.1) |  |  | 0.8 |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 4.3 |  |  | $ | 41.7 |  |  | $ | 4.7 |  |  | $ | 37.8 |  |  | $ | — |  |  | $ | — |
Funded status at December 31 | $ | (4.6) |  |  | $ | (46.8) |  |  | $ | (3.6) |  |  | $ | (37.9) |  |  | $ | (17.2) |  |  | $ | (16.4) |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other noncurrent assets | — |  |  | 1.5 |  |  | — |  |  | 0.5 |  |  | — |  |  | — |
Current liabilities | (0.7) |  |  | (1.7) |  |  | (0.7) |  |  | (1.5) |  |  | (1.1) |  |  | (1.1) |
Other noncurrent liabilities | (3.9) |  |  | (46.6) |  |  | (2.9) |  |  | (36.9) |  |  | (16.1) |  |  | (15.3) |
Net asset (liability) at December 31 | $ | (4.6) |  |  | $ | (46.8) |  |  | $ | (3.6) |  |  | $ | (37.9) |  |  | $ | (17.2) |  |  | $ | (16.4) |
Schedule of Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2023 and 2022 were as follows:
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 4.93 | % |  | 5.17 | % |  | 3.01 | % |  | 3.75 | % |  | 4.90 | % |  | 5.21 | %
Rate of compensation increase | — | % |  | — | % |  | 2.55 | % |  | 2.44 | % |  | — | % |  | — | %
Cash balance interest credit rate | — | % |  | — | % |  | 1.43 | % |  | 2.42 | % |  | — | % |  | — | %
The assumptions used in determining the net periodic cost (benefit) were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.17 | % |  | 2.52 | % |  | 2.14 | % |  | 3.75 | % |  | 1.25 | % |  | 0.95 | %
Expected return on plan assets | 4.65 | % |  | 2.63 | % |  | 2.40 | % |  | 4.17 | % |  | 2.87 | % |  | 2.41 | %
Rate of compensation increase | — | % |  | — | % |  | — | % |  | 2.44 | % |  | 2.31 | % |  | 2.32 | %
| Other Benefits
| 2023 |  | 2022 |  | 2021
Discount rate | 5.21 | % |  | 2.70 | % |  | 2.20 | %
Expected return on plan assets | — | % |  | — | % |  | — | %
Rate of compensation increase | — | % |  | — | % |  | — | %
Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows:
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
Prior service cost (credit) | $ | 0.2 |  |  | $ | (0.4) |  |  | $ | 0.1 |  |  | $ | (0.5) |  |  | $ | (0.3) |  |  | $ | (0.4) |
Net loss (gain) | 2.7 |  |  | 1.8 |  |  | 1.9 |  |  | (5.5) |  |  | (8.6) |  |  | (9.9) |
Total | $ | 2.9 |  |  | $ | 1.4 |  |  | $ | 2.0 |  |  | $ | (6.0) |  |  | $ | (8.9) |  |  | $ | (10.3) |
The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2023 is as follows:
| Pension Benefits |  | Other Benefits
| U.S. |  | Non-U.S. |  |
Net loss in current year | $ | (0.9) |  |  | $ | (6.9) |  |  | $ | (0.4) |
Prior service cost | (0.1) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | (0.1) |  |  | (0.1) |
Amortization of net loss (gain) | 0.1 |  |  | (0.5) |  |  | (0.9) |
Exchange rate effect on amounts in other comprehensive income | — |  |  | 0.1 |  |  | — |
Total | $ | (0.9) |  |  | $ | (7.4) |  |  | $ | (1.4) |
Schedule of Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | The components of the net periodic cost (benefit) for the plans in 2023, 2022 and 2021 are as follows:
| Pension Benefits
| 2023 |  | 2022 |  | 2021
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 0.1 |  |  | $ | 1.2 |  |  | $ | 0.1 |  |  | $ | 1.8 |  |  | $ | 0.1 |  |  | $ | 2.0 |
Interest cost | 0.4 |  |  | 2.8 |  |  | 0.2 |  |  | 1.0 |  |  | 0.3 |  |  | 0.7 |
Expected return on plan assets | (0.2) |  |  | (1.6) |  |  | (0.2) |  |  | (1.3) |  |  | (0.9) |  |  | (1.0) |
Settlement (gain) loss recognized | — |  |  | (0.1) |  |  | — |  |  | — |  |  | 10.5 |  |  | — |
Net amortization | 0.1 |  |  | (0.6) |  |  | 0.3 |  |  | 0.6 |  |  | 0.4 |  |  | 2.1 |
Net periodic cost | $ | 0.4 |  |  | $ | 1.7 |  |  | $ | 0.4 |  |  | $ | 2.1 |  |  | $ | 10.4 |  |  | $ | 3.8 |
| Other Benefits
| 2023 |  | 2022 |  | 2021
Service cost | $ | 0.4 |  |  | $ | 0.7 |  |  | $ | 0.7 |
Interest cost | 0.8 |  |  | 0.5 |  |  | 0.4 |
Curtailment gain recognized | — |  |  | — |  |  | (2.0) |
Net amortization | (0.9) |  |  | (0.5) |  |  | (0.6) |
Net periodic cost (benefit) | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | (1.5) |
Schedule of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value | The Company’s pension plan weighted average asset allocations at December 31, 2023 and 2022, by asset category, were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Equity securities | 9 | % |  | 9 | % |  | 10 | % |  | 13 | %
Fixed income securities | 79 | % |  | 84 | % |  | 22 | % |  | 19 | %
Cash/Commingled Funds/Other (1) | 12 | % |  | 7 | % |  | 68 | % |  | 68 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2023 and 2022 is summarized as follows:
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2023 |
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 2.1 |  |  | — |  |  | 2.1 |  |  | — |
International | 2.4 |  |  | 0.8 |  |  | 1.6 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 2.5 |  |  | — |  |  | 2.5 |  |  | — |
U.S. Long Term | 3.3 |  |  | — |  |  | 3.3 |  |  | — |
U.S. High Yield | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
International | 6.4 |  |  | 0.2 |  |  | 6.2 |  |  | — |
Other Commingled Funds(1) | 25.8 |  |  | — |  |  | — |  |  | 25.8 |
Cash and Equivalents | 1.1 |  |  | 0.6 |  |  | 0.5 |  |  | — |
Other | 1.7 |  |  | — |  |  | 1.7 |  |  | — |
| $ | 46.0 |  |  | $ | 1.8 |  |  | $ | 18.4 |  |  | $ | 25.8 |
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2022 |
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 2.5 |  |  | — |  |  | 2.5 |  |  | — |
International | 2.5 |  |  | 0.8 |  |  | 1.7 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 1.6 |  |  | — |  |  | 1.6 |  |  | — |
U.S. Long Term | 3.8 |  |  | — |  |  | 3.8 |  |  | — |
U.S. High Yield | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
International | 5.4 |  |  | 0.2 |  |  | 5.2 |  |  | — |
Other Commingled Funds(1) | 23.7 |  |  | — |  |  | — |  |  | 23.7 |
Cash and Equivalents | 1.0 |  |  | 0.4 |  |  | 0.6 |  |  | — |
Other | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
| $ | 42.5 |  |  | $ | 1.6 |  |  | $ | 17.2 |  |  | $ | 23.7 |
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.
Schedule of Expected Benefit Payments | The future estimated benefit payments for the next five years and the five years thereafter are as follows:
Estimated Future Benefits |  |
2024 |  | $ | 6.9 |
2025 |  | 6.6 |
2026 |  | 6.6 |
2027 |  | 6.6 |
2028 |  | 6.6 |
2029 to 2033 |  | 33.0 |
Total Estimated Future Benefit Payments |  | $ | 66.3 |

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