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Retirement Benefit Plans (Tables) - Pension Plan | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Net Periodic Benefit Cost Information and the Related Assumptions Used to Measure the Net Periodic Benefit Cost | The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
| U.S. Plans | International Plans
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Components of net periodic benefit cost: |  |  |  |  |  |
Service cost | $ | 0.7 |  | $ | 0.8 |  | $ | 6.9 |  | $ | 1.9 |  | $ | 1.6 |  | $ | 1.6 |
Interest cost | 17.1 |  | 17.9 |  | 17.7 |  | 10.2 |  | 10.4 |  | 5.7 |
Expected return on plan assets | (7.6) |  | (8.5) |  | (18.9) |  | (9.6) |  | (10.4) |  | (9.3) |
Amortization of prior service cost | 0.1 |  | 0.2 |  | 1.2 |  | 0.2 |  | 0.2 |  | 0.1 |
Recognition of net actuarial (gains) losses | (1.3) |  | 9.2 |  | 22.6 |  | 0.6 |  | 12.4 |  | (6.6) |
Curtailment gain | — |  | — |  | — |  | (0.1) |  | — |  | — |
Net periodic benefit cost (credit) | $ | 9.0 |  | $ | 19.6 |  | $ | 29.5 |  | $ | 3.2 |  | $ | 14.2 |  | $ | (8.5) |
Schedule of Assumptions Used to Measure the Benefit Obligation for the Defined Benefit Pension Plans |
Assumptions | 2024 | 2023 | 2022
U.S. Plans: |  |  |
Discount rate | 5.37% to 5.53% | 5.62% to 5.74% | 3.03% to 4.95%
Future compensation assumption | 3.25% | 2.50% to 3.50% | 2.50% to 3.50%
Expected long-term return on plan assets | 2.09% to 4.67% | 4.31% to 4.91% | 4.35% to 5.65%
International Plans: |  |  |
Discount rate | 3.15% to 11.70% | 3.70% to 10.70% | 1.00% to 9.50%
Future compensation assumption | 3.00% to 8.00% | 2.80% to 8.00% | 2.10% to 8.00%
Expected long-term return on plan assets | 2.50% to 8.90% | 2.50% to 8.90% | 2.00% to 8.90%
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions | 2024 | 2023
U.S. Plans: |  |
Discount rate | 5.78% to 5.84% | 5.37% to 5.53%
Future compensation assumption | 3.00% | 3.25 | %
International Plans: |  |
Discount rate | 3.35% to 11.40% | 3.15% to 11.70%
Future compensation assumption | 2.62% to 8.00% | 3.00% to 8.00%
Schedule of Change in Benefit Obligations | The following tables set forth the change in the benefit obligation and plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans as of December 31, 2024 and 2023:
| U.S. Plans | International Plans
| 2024 | 2023 | 2024 | 2023
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year | $ | 333.2 |  | $ | 335.3 |  | $ | 242.3 |  | $ | 218.1 |
Service cost | 0.7 |  | 0.8 |  | 1.9 |  | 1.6 |
Interest cost | 17.1 |  | 17.9 |  | 10.2 |  | 10.4 |
Plan amendments | — |  | — |  | 0.3 |  | — |
Actuarial (gains) losses | (12.6) |  | 10.8 |  | (14.9) |  | 10.8 |
International plan exchange rate change | — |  | — |  | (6.9) |  | 10.4 |
Curtailments | — |  | — |  | (0.1) |  | — |
Benefits paid | (21.0) |  | (31.6) |  | (15.0) |  | (14.7) |
Acquisitions | — |  | — |  | — |  | 3.9 |
Other | — |  | — |  | 0.4 |  | 1.8 |
Benefit obligation at end of year | $ | 317.4 |  | $ | 333.2 |  | $ | 218.2 |  | $ | 242.3 |
Schedule of Change in Plan Assets |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year | $ | 199.2 |  | $ | 201.6 |  | $ | 196.8 |  | $ | 185.5 |
Actual return on plan assets | (3.7) |  | 10.1 |  | (5.9) |  | 8.8 |
Company contributions / payments | 20.5 |  | 19.1 |  | 4.1 |  | 8.0 |
International plan exchange rate change | — |  | — |  | (4.1) |  | 9.2 |
Benefits paid | (21.0) |  | (31.6) |  | (15.0) |  | (14.7) |
Fair value of plan assets at end of year | 195.0 |  | 199.2 |  | 175.9 |  | 196.8 |
Funded status at end of year | $ | (122.4) |  | $ | (134.0) |  | $ | (42.3) |  | $ | (45.5) |
Schedule of Amounts Recognized on the Consolidated Balance Sheets |
Amounts recognized on the Consolidated Balance Sheets: |  |  |  |
Current liabilities | $ | (4.9) |  | $ | (4.8) |  | $ | (2.1) |  | $ | (2.4) |
Non-current liabilities | (117.5) |  | (129.2) |  | (40.2) |  | (43.1) |
| $ | (122.4) |  | $ | (134.0) |  | $ | (42.3) |  | $ | (45.5) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Income) and Changes in Prior Service Cost Recognized in Accumulated Other Comprehensive Loss (Income) |
Amounts recognized in accumulated other comprehensive loss: |  |  |  |
Net prior service cost | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
Accumulated other comprehensive loss | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
Changes in prior service cost recognized in accumulated other comprehensive loss: |  |  |  |
Accumulated other comprehensive loss at beginning of year | $ | 0.1 |  | $ | 0.3 |  | $ | 3.6 |  | $ | 3.6 |
Prior service cost | — |  | — |  | 0.3 |  | — |
Recognized prior service cost | (0.1) |  | (0.2) |  | (0.2) |  | (0.2) |
Foreign currency impact | — |  | — |  | (0.1) |  | 0.2 |
Total recognized in accumulated other comprehensive loss at December 31 | $ | — |  | $ | 0.1 |  | $ | 3.6 |  | $ | 3.6 |
Schedule of Target Allocation for Pension Plan Assets and Actual Pension Plan Asset Allocations | The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2024 and 2023, was as follows:
| Current Target Allocation | Percentage of Pension Plan Assets at December 31, |
Asset Category |  |  |  | 2024 | 2023 |
Equity securities | 10% | to | 14% | 13% | 13% |
Fixed income securities | 78% | to | 90% | 83% | 84% |
Other investments | 2% | to | 6% | 4% | 3% |
Total |  |  |  | 100% | 100% |
Schedule of Fair Value Hierarchy for Investments of Pension Assets Measured at Fair Value on a Recurring Basis | The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
| December 31, 2024 | December 31, 2023
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 14.0 |  | $ | — |  | $ | — |  | $ | 14.0 |  | $ | 28.0 |  | $ | — |  | $ | — |  | $ | 28.0 |
Government and agency securities | 8.0 |  | — |  | — |  | 8.0 |  | 9.0 |  | — |  | — |  | 9.0 |
Equity securities - U.S. companies | 0.1 |  | — |  | — |  | 0.1 |  | 0.1 |  | — |  | — |  | 0.1 |
Common collective funds - fixed income | — |  | — |  | — |  | — |  | 31.0 |  | — |  | — |  | 31.0 |
Mutual funds - fixed income | 28.8 |  | — |  | — |  | 28.8 |  | 30.5 |  | — |  | — |  | 30.5 |
| $ | 50.9 |  | $ | — |  | $ | — |  | $ | 50.9 |  | $ | 98.6 |  | $ | — |  | $ | — |  | $ | 98.6 |
Investments measured at net asset value: |  |  |  |  |  |  |  |
Common collective funds - international equities |  |  |  | 47.3 |  |  |  |  | 45.8 |
Common collective funds - fixed income |  |  |  | 132.2 |  |  |  |  | 166.1 |
Limited partnerships |  |  |  | 4.2 |  |  |  |  | 5.4 |
Real estate partnerships |  |  |  | 2.3 |  |  |  |  | 3.5 |
Other liability-driven investments |  |  |  | 109.1 |  |  |  |  | 51.6 |
Other assets |  |  |  | 24.9 |  |  |  |  | 25.0 |
Total Assets |  |  |  | $ | 370.9 |  |  |  |  | $ | 396.0 |
Schedule of Employer Contributions to Defined Benefit Plans |
Employer Contributions to Defined Benefit Plans |
2023 | $ | 27.1 |
2024 | 24.6 |
2025 (estimated) | 37.6 |
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
Benefit Payments |
2025 | $ | 56.4 |
2026 | 48.5 |
2027 | 44.2 |
2028 | 42.6 |
2029 | 41.7 |
2030-2034 | 211.3 |

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