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RETIREMENT PLANS AND OTHER BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | Information regarding the Company’s plans, including U.S. SERP, was as follows (in millions, except percent values):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Accumulated benefit obligation at end of year | $ | 32.2 |  |  | $ | 32.7 |  |  | $ | 103.7 |  |  | $ | 95.0 |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 32.7 |  |  | $ | 43.6 |  |  | $ | 96.5 |  |  | $ | 151.3 |  |  | $ | 1.4 |  |  | $ | 2.1 |
Service cost | — |  |  | — |  |  | 1.2 |  |  | 1.1 |  |  | — |  |  | — |
Interest cost | 1.7 |  |  | 1.2 |  |  | 4.6 |  |  | 2.6 |  |  | 0.1 |  |  | 0.1 |
Plan amendments | — |  |  | — |  |  | 0.1 |  |  | 0.5 |  |  | — |  |  | — |
Actuarial loss (gain)(1) | 0.3 |  |  | (9.7) |  |  | 3.5 |  |  | (36.0) |  |  | (0.1) |  |  | (0.6) |
Benefits paid | (2.5) |  |  | (2.4) |  |  | (5.7) |  |  | (7.6) |  |  | (0.1) |  |  | (0.2) |
Foreign exchange effect | — |  |  | — |  |  | 5.5 |  |  | (15.4) |  |  | — |  |  | — |
Benefit obligation at end of year | 32.2 |  |  | 32.7 |  |  | 105.7 |  |  | 96.5 |  |  | 1.3 |  |  | 1.4 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |  |  | 81.2 |  |  | 145.2 |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | — |  |  | 2.7 |  |  | (47.7) |  |  | — |  |  | — |
Employer contribution | 2.5 |  |  | 2.4 |  |  | 7.2 |  |  | 6.3 |  |  | 0.1 |  |  | 0.2 |
Employee contribution | — |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |
Benefits paid | (2.5) |  |  | (2.4) |  |  | (5.7) |  |  | (7.6) |  |  | (0.1) |  |  | (0.2) |
Foreign exchange effect | — |  |  | — |  |  | 4.9 |  |  | (15.3) |  |  | — |  |  | — |
Fair value of plan assets at end of year | — |  |  | — |  |  | 90.6 |  |  | 81.2 |  |  | — |  |  | — |
Funded status | $ | (32.2) |  |  | $ | (32.7) |  |  | $ | (15.1) |  |  | $ | (15.3) |  |  | $ | (1.3) |  |  | $ | (1.4) |
Amounts recognized in the statement of financial position are included in: |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other current liabilities | $ | 2.5 |  |  | $ | 2.4 |  |  | $ | 0.7 |  |  | $ | 0.7 |  |  | $ | 0.2 |  |  | $ | 0.2 |
Other non-current liabilities | 29.7 |  |  | 30.3 |  |  | 14.4 |  |  | 14.6 |  |  | 1.1 |  |  | 1.2 |
Total liabilities | $ | 32.2 |  |  | $ | 32.7 |  |  | $ | 15.1 |  |  | $ | 15.3 |  |  | $ | 1.3 |  |  | $ | 1.4 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Actuarial net (gain) loss | $ | (4.0) |  |  | $ | (4.3) |  |  | $ | 54.8 |  |  | $ | 50.0 |  |  | $ | (0.5) |  |  | $ | (0.5) |
Prior service cost | — |  |  | — |  |  | 2.8 |  |  | 2.7 |  |  | — |  |  | — |
Total amounts recognized in accumulated other comprehensive loss | $ | (4.0) |  |  | $ | (4.3) |  |  | $ | 57.6 |  |  | $ | 52.7 |  |  | $ | (0.5) |  |  | $ | (0.5) |
(1) Actuarial loss related to U.S. and non-U.S. pension benefits for the years ended December 31, 2023 and 2022 were due primarily to lower discount rates when compared to the rate used in the prior year.
Schedule of Assumptions Used |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted-average assumptions as of December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(1) | 5.34 | % |  | 5.43 | % |  | 2.80 | % |  | 4.35 | % |  | 4.68 | % |  | 1.93 | % |  | 5.38 | % |  | 5.33 | % |  | 2.58 | %
Expected return on plan assets | N/A |  | N/A |  | N/A |  | 3.93 | % |  | 3.94 | % |  | 3.93 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase(1) | N/A |  | N/A |  | N/A |  | 0.31 | % |  | 0.26 | % |  | 0.18 | % |  | N/A |  | N/A |  | N/A
(1) The weighted average assumptions as of December 31 are used to calculate the funded status at the end of the current year and the net periodic cost for the subsequent year.
Schedule of Net Periodic Benefit Cost Not yet Recognized |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.7 |  |  | 1.2 |  |  | 1.1 |  |  | 4.6 |  |  | 2.6 |  |  | 2.3 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | (3.4) |  |  | (5.1) |  |  | (5.3) |  |  | — |  |  | — |  |  | — |
Recognition of prior service cost | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | (0.2) |  |  | 0.2 |  |  | 0.3 |  |  | 2.3 |  |  | 1.1 |  |  | 2.1 |  |  | (0.1) |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | (0.3) |  |  | (0.3) |  |  | (0.2) |  |  | — |  |  | — |  |  | — |
Net periodic cost | $ | 1.5 |  |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 4.6 |  |  | $ | (0.5) |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss | $ | 0.1 |  |  | $ | (9.7) |  |  | $ | 4.2 |  |  | $ | 16.8 |  |  | $ | (0.1) |  |  | $ | (0.5) |
Amortization of actuarial gain (loss) | 0.2 |  |  | (0.2) |  |  | (2.3) |  |  | (1.2) |  |  | 0.1 |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | 3.2 |  |  | (3.8) |  |  | — |  |  | — |
Total recognized in other comprehensive income (loss) | $ | 0.3 |  |  | $ | (9.9) |  |  | $ | 4.9 |  |  | $ | 11.7 |  |  | $ | — |  |  | $ | (0.5) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | For the Company’s plans, including the U.S. SERP, that have accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation | $ | 32.2 |  |  | $ | 32.7 |  |  | $ | 105.7 |  |  | $ | 96.5 |
Accumulated benefit obligation | $ | 32.2 |  |  | $ | 32.7 |  |  | $ | 103.7 |  |  | $ | 95.0 |
Fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 90.6 |  |  | $ | 81.2 |
Schedule of Fair Value of Plan Assets by Measurement Levels | The fair value of the Company’s plan assets at December 31, 2023 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | — |
U.S. equities |  |  |  |  |  |  |  |  | 3.7 |  |  | — |  |  | 3.7 |  |  | — |
Non-U.S. equities |  |  |  |  |  |  |  |  | 2.2 |  |  | — |  |  | 2.2 |  |  | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2.3 |  |  | — |  |  | 2.3 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 36.0 |  |  | — |  |  | 36.0 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 20.5 |  |  | — |  |  | — |  |  | 20.5 |
Real estate |  |  |  |  |  |  |  |  | 3.2 |  |  | — |  |  | 3.2 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 21.5 |  |  | — |  |  | 21.5 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 90.6 |  |  | $ | 1.2 |  |  | $ | 68.9 |  |  | $ | 20.5 |
The fair value of the Company’s plan assets at December 31, 2022 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 2.5 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | — |
U.S. equities |  |  |  |  |  |  |  |  | 12.0 |  |  | — |  |  | 12.0 |  |  | — |
Non-U.S. equities |  |  |  |  |  |  |  |  | 8.2 |  |  | — |  |  | 8.2 |  |  | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2.0 |  |  | — |  |  | 2.0 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 18.5 |  |  | — |  |  | 18.5 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 20.6 |  |  | — |  |  | — |  |  | 20.6 |
Real estate |  |  |  |  |  |  |  |  | 3.3 |  |  | — |  |  | 3.3 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 14.1 |  |  | — |  |  | 14.1 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 81.2 |  |  | $ | 2.5 |  |  | $ | 58.1 |  |  | $ | 20.6 |
Schedule of changes in fair value measurements of Level 3 investments | Changes in fair value measurements of Level 3 investments during the years ended December 31, 2023 and 2022 are as follows (in millions):
|  | December 31, 2023 |  | December 31, 2022
Balance at beginning of year |  | $ | 20.6 |  |  | $ | 34.1 |
Actuarial gain (loss) |  | 0.4 |  |  | (7.7) |
Interest Income |  | 0.8 |  |  | 0.1 |
Transfers into (out of) Level 3 |  | (2.4) |  |  | (2.3) |
Foreign exchange effect |  | 1.1 |  |  | (3.6) |
Balance at end of year |  | $ | 20.5 |  |  | $ | 20.6 |
Schedule of Expected Benefit Payments | The Company’s estimated future benefit payments under its plans are as follows (in millions):
Year Ending December 31, |  | U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
2024 |  | $ | 2.5 |  |  | $ | 5.7 |  |  | $ | 0.2 |
2025 |  | $ | 2.5 |  |  | $ | 5.7 |  |  | $ | 0.1 |
2026 |  | $ | 2.5 |  |  | $ | 5.9 |  |  | $ | 0.1 |
2027 |  | $ | 2.5 |  |  | $ | 6.0 |  |  | $ | 0.1 |
2028 |  | $ | 2.5 |  |  | $ | 6.1 |  |  | $ | 0.1 |
2029-2033 |  | $ | 11.9 |  |  | $ | 31.9 |  |  | $ | 0.4 |

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