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PENSION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Changes in benefit obligation and plan assets | Changes in the benefit obligation and plan assets were as follows:
| December 31, 2023 |  | December 31, 2022
| U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
Change in Benefit Obligation | ($ in millions)
Benefit obligation - beginning of year | $ | 1,868.4 |  |  | $ | 251.1 |  |  | $ | 2,119.5 |  |  | $ | 2,506.0 |  |  | $ | 382.3 |  |  | $ | 2,888.3 |
Service cost | 0.3 |  |  | 5.4 |  |  | 5.7 |  |  | 0.5 |  |  | 7.9 |  |  | 8.4 |
Interest cost | 96.3 |  |  | 9.1 |  |  | 105.4 |  |  | 57.3 |  |  | 4.1 |  |  | 61.4 |
Actuarial loss (gain) | 47.1 |  |  | 14.9 |  |  | 62.0 |  |  | (556.1) |  |  | (113.7) |  |  | (669.8) |
Benefits paid | (141.0) |  |  | (5.9) |  |  | (146.9) |  |  | (139.3) |  |  | (6.1) |  |  | (145.4) |
Plan participant’s contributions | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.3 |  |  | 0.3 |
Settlements | — |  |  | (7.5) |  |  | (7.5) |  |  | — |  |  | — |  |  | — |
Foreign currency translation adjustments | — |  |  | 9.8 |  |  | 9.8 |  |  | — |  |  | (23.7) |  |  | (23.7) |
Benefit obligation - end of year | $ | 1,871.1 |  |  | $ | 277.1 |  |  | $ | 2,148.2 |  |  | $ | 1,868.4 |  |  | $ | 251.1 |  |  | $ | 2,119.5 |
| December 31, 2023 |  | December 31, 2022
| U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
Change in Plan Assets | ($ in millions)
Fair value of plan assets - beginning of year | $ | 1,824.9 |  |  | $ | 63.3 |  |  | $ | 1,888.2 |  |  | $ | 2,429.6 |  |  | $ | 76.1 |  |  | $ | 2,505.7 |
Actual return on plans’ assets | 173.1 |  |  | 4.0 |  |  | 177.1 |  |  | (465.6) |  |  | (7.6) |  |  | (473.2) |
Employer contributions | 0.2 |  |  | 1.0 |  |  | 1.2 |  |  | 0.2 |  |  | 1.4 |  |  | 1.6 |
Benefits paid | (141.0) |  |  | (2.8) |  |  | (143.8) |  |  | (139.3) |  |  | (3.1) |  |  | (142.4) |
Settlements | — |  |  | (7.1) |  |  | (7.1) |  |  | — |  |  | — |  |  | — |
Foreign currency translation adjustments | — |  |  | 2.4 |  |  | 2.4 |  |  | — |  |  | (3.5) |  |  | (3.5) |
Fair value of plan assets - end of year | $ | 1,857.2 |  |  | $ | 60.8 |  |  | $ | 1,918.0 |  |  | $ | 1,824.9 |  |  | $ | 63.3 |  |  | $ | 1,888.2 |
| December 31, 2023 |  | December 31, 2022
| U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
Funded Status | ($ in millions)
Qualified plans | $ | (11.9) |  |  | $ | (214.6) |  |  | $ | (226.5) |  |  | $ | (41.4) |  |  | $ | (185.7) |  |  | $ | (227.1) |
Non-qualified plans | (2.0) |  |  | (1.7) |  |  | (3.7) |  |  | (2.1) |  |  | (2.1) |  |  | (4.2) |
Total funded status | $ | (13.9) |  |  | $ | (216.3) |  |  | $ | (230.2) |  |  | $ | (43.5) |  |  | $ | (187.8) |  |  | $ | (231.3) |
Amounts recognized in consolidated balance sheets | Amounts recognized in the consolidated balance sheets consisted of:
| December 31, 2023 |  | December 31, 2022
| U.S. |  | Foreign |  | Total |  | U.S. |  | Foreign |  | Total
| ($ in millions)
Prepaid benefit cost in noncurrent assets | $ | — |  |  | $ | 1.8 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 3.9 |  |  | $ | 3.9 |
Accrued benefit in current liabilities | (0.6) |  |  | (5.6) |  |  | (6.2) |  |  | (0.5) |  |  | (0.2) |  |  | (0.7) |
Accrued benefit in noncurrent liabilities | (13.3) |  |  | (212.5) |  |  | (225.8) |  |  | (43.0) |  |  | (191.5) |  |  | (234.5) |
Accumulated other comprehensive loss | 558.3 |  |  | (5.4) |  |  | 552.9 |  |  | 558.1 |  |  | (21.4) |  |  | 536.7 |
Net balance sheet impact | $ | 544.4 |  |  | $ | (221.7) |  |  | $ | 322.7 |  |  | $ | 514.6 |  |  | $ | (209.2) |  |  | $ | 305.4 |
Schedule of Expected Benefit Payments | At December 31, 2023, future benefit payments for qualified and non-qualified plans were as follows:
| Non-qualified Plans |  | Qualified Plans
Expected Benefit Payments | ($ in millions)
2024 | $ | 0.6 |  |  | $ | 152.2 |
2025 | 0.4 |  |  | 143.6 |
2026 | 0.4 |  |  | 137.8 |
2027 | 0.3 |  |  | 132.3 |
2028 | 0.2 |  |  | 126.0 |
Schedule of projected and accumulated benefit obligation, and fair value of plan assets |
| December 31,
| 2023 |  | 2022
| ($ in millions)
Projected benefit obligation | $ | 2,148.2 |  |  | $ | 2,119.5 |
Accumulated benefit obligation | 2,131.7 |  |  | 2,107.5 |
Fair value of plans’ assets | 1,918.0 |  |  | 1,888.2 |
Components of net periodic benefit income (loss) |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Components of Net Periodic Benefit Income | ($ in millions)
Service cost | $ | 5.7 |  |  | $ | 8.4 |  |  | $ | 11.4 |
Interest cost | 105.4 |  |  | 61.4 |  |  | 51.3 |
Expected return on plans’ assets | (131.4) |  |  | (136.7) |  |  | (142.3) |
Amortization of prior service cost | (0.4) |  |  | (0.7) |  |  | (0.6) |
Recognized actuarial loss | — |  |  | 34.6 |  |  | 52.7 |
Net periodic benefit income | $ | (20.7) |  |  | $ | (33.0) |  |  | $ | (27.5) |
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Included in Pretax Other Comprehensive Income (Loss) | ($ in millions)
Liability adjustment | $ | 16.4 |  |  | $ | (59.9) |  |  | $ | (245.9) |
Amortization of prior service costs and actuarial losses | 0.4 |  |  | (33.9) |  |  | (52.1) |
Assumptions used in calculations |
| U.S. Pension Benefits |  | Foreign Pension Benefits
Weighted-average Assumptions | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate—periodic benefit cost | 5.50 | % | (1) | 2.90 | % |  | 2.40 | % |  | 3.70 | % |  | 1.40 | % |  | 0.80 | %
Expected return on plans’ assets | 6.75 | % |  | 6.75 | % |  | 7.25 | % |  | 4.40 | % |  | 3.80 | % |  | 4.20 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 3.40 | % |  | 3.00 | % |  | 3.00 | %
Discount rate—benefit obligation | 5.20 | % |  | 5.50 | % |  | 2.90 | % |  | 3.20 | % |  | 3.70 | % |  | 1.40 | %
(1) The discount rate—periodic benefit cost for our domestic qualified pension plan is comprised of the discount rate used to determine interest costs of 5.3% and the discount rate used to determine service costs of 5.5%.
Schedule of rate of returns by asset class considered in setting the long-term rate of return assumption | The following rates of return by asset class were considered in setting the long-term rate of return assumption:
Asset Class | Rate of Return
U.S. equities | 7% |  | to |  | 11%
Non-U.S. equities | 8% |  | to |  | 12%
Fixed income/cash | 3% |  | to |  | 7%
Alternative investments | 5% |  | to |  | 15%
Plan Asset Allocation by Type | Our pension plan asset allocations at December 31, 2023 and 2022 by asset class were as follows:
| Percentage of Plan Assets
Asset Class | 2023 |  | 2022
U.S. equities | 3 | % |  | 4 | %
Non-U.S. equities | 4 | % |  | 11 | %
Fixed income/cash | 50 | % |  | 38 | %
Alternative investments | 43 | % |  | 47 | %
Target allocation and ranges | As of December 31, 2023, the following target allocation and ranges have been set for each asset class:
Asset Class | Target Allocation |  | Target Range
U.S. equities(1) | 15 | % |  | 5-25
Non-U.S. equities(1) | 10 | % |  | 0-30
Fixed income/cash(1) | 75 | % |  | 30-95
Alternative investments | — | % |  | 0-30
(1) The target allocation for these asset classes includes alternative investments, primarily hedge funds, based on the underlying investments in each hedge fund.
Pension plan asset allocation by asset class | The following table summarizes our domestic and foreign defined benefit pension plans assets measured at fair value as of December 31, 2023:
Asset Class | Investments Measured at Net Asset Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Equity Securities | ($ in millions)
U.S. equities | $ | 12.2 |  |  | $ | 36.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 48.8 |
Non-U.S. equities | 85.4 |  |  | 0.1 |  |  | 0.5 |  |  | — |  |  | 86.0 |
Fixed Income/Cash |  |  |  |  |  |  |  |  |
Cash | — |  |  | 227.7 |  |  | — |  |  | — |  |  | 227.7 |
Government treasuries | — |  |  | — |  |  | 244.9 |  |  | — |  |  | 244.9 |
Corporate debt instruments | 286.3 |  |  | — |  |  | 0.5 |  |  | — |  |  | 286.8 |
Asset-backed securities | 192.7 |  |  | — |  |  | 14.8 |  |  | — |  |  | 207.5 |
Alternative Investments |  |  |  |  |  |  |  |  |
Hedge fund of funds | 599.5 |  |  | — |  |  | — |  |  | — |  |  | 599.5 |
Real estate funds | 20.1 |  |  | — |  |  | — |  |  | — |  |  | 20.1 |
Private equity funds | 196.7 |  |  | — |  |  | — |  |  | — |  |  | 196.7 |
Total assets | $ | 1,392.9 |  |  | $ | 264.4 |  |  | $ | 260.7 |  |  | $ | — |  |  | $ | 1,918.0 |
The following table summarizes our domestic and foreign defined benefit pension plans assets measured at fair value as of December 31, 2022:
Asset Class | Investments Measured at Net Asset Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Equity Securities | ($ in millions)
U.S. equities | $ | 19.2 |  |  | $ | 54.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 73.6 |
Non-U.S. equities | 206.4 |  |  | 0.2 |  |  | 0.1 |  |  | — |  |  | 206.7 |
Fixed Income/Cash |  |  |  |  |  |  |  |  |
Cash | — |  |  | 102.2 |  |  | — |  |  | — |  |  | 102.2 |
Government treasuries | — |  |  | — |  |  | 171.2 |  |  | — |  |  | 171.2 |
Corporate debt instruments | 345.2 |  |  | — |  |  | 0.5 |  |  | — |  |  | 345.7 |
Asset-backed securities | 90.1 |  |  | — |  |  | 19.0 |  |  | — |  |  | 109.1 |
Alternative Investments |  |  |  |  |  |  |  |  |
Hedge fund of funds | 685.1 |  |  | — |  |  | — |  |  | — |  |  | 685.1 |
Real estate funds | 25.2 |  |  | — |  |  | — |  |  | — |  |  | 25.2 |
Private equity funds | 169.4 |  |  | — |  |  | — |  |  | — |  |  | 169.4 |
Total assets | $ | 1,540.6 |  |  | $ | 156.8 |  |  | $ | 190.8 |  |  | $ | — |  |  | $ | 1,888.2 |

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