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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Information Regarding Defined Benefit Pension Plans
 Years Ended December 31,
 20212020
(in millions)
Change in projected benefit obligation:  
Beginning of year$126.2 $105.2 
Service cost6.5 6.3 
Interest cost0.4 0.5 
Participant contributions1.5 1.5 
Actuarial loss(6.1)2.9 
Benefits paid(2.5)(0.6)
Plan amendment(0.5)— 
Currency exchange rate changes and other(7.6)10.4 
End of year$117.9 $126.2 
Change in fair value of plan assets:  
Beginning of year$73.3 $63.2 
Actual return on plan assets5.8 0.4 
Employer contributions3.1 2.8 
Participant contributions1.5 1.5 
Benefits paid(2.5)(0.6)
Currency exchange rate changes and other(4.3)6.0 
End of year$76.9 $73.3 
Funded Status  
Projected benefit obligation$(117.9)$(126.2)
Plan assets at fair value76.9 73.3 
Underfunded status$(41.0)$(52.9)
Net amounts recognized on the consolidated balance sheet:  
Other long-term liabilities$41.0 $52.9 
Accumulated other comprehensive loss, net of tax:  
Net actuarial loss$(16.4)$(30.8)
Net prior service cost6.0 6.6 
Deferred income tax benefit2.4 4.6 
Total$(8.0)$(19.6)
Schedule of Net Periodic Benefit Cost
The components of net periodic pension benefit cost are as follows (in millions):

 Years Ended December 31,
 202120202019
Service cost, net$6.5 $6.3 $5.2 
Interest cost0.4 0.5 0.9 
Expected return on plan assets(1.1)(1.0)(1.4)
Amortization of actuarial loss1.7 1.6 0.9 
Amortization of prior service credit (0.7)(0.7)(0.2)
Net periodic pension benefit cost$6.8 $6.7 $5.4 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations
The weighted-average assumptions used to determine the benefit obligations are as follows:
 December 31,
 20212020
Discount rate0.5 %0.3 %
Rate of compensation increase2.6 %2.6 %
Cash balance interest crediting rate2.5 %2.5 %
Social securities increase1.6 %1.6 %
Pension increase1.8 %1.8 %

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:
 Years ended December 31,
 202120202019
Discount rate0.3 %0.5 %0.9 %
Expected return on plan assets1.5 %1.5 %2.3 %
Rate of compensation increase2.6 %2.7 %2.8 %
Cash balance interest crediting rate2.5 %1.5 %1.5 %
Social securities increase1.6 %1.6 %1.8 %
Pension increase1.8 %1.8 %1.8 %
Schedule of Target Weighted-Average Asset Allocations and Fair Value Target weighted-average asset allocations at December 31, 2021, by asset category, are as follows:
Equity securities28.3 %
Debt securities41.7 %
Real estate9.8 %
Other20.2 %
Total100.0 %

The fair values of the Company's defined benefit plan assets at December 31, 2021 and 2020, by asset category, are as follows (in millions):
December 31, 2021Level 1Level 2Level 3Total
Asset Category    
Cash$5.4 $— $— $5.4 
Equity securities:    
United States equities1.6 — — 1.6 
International equities16.3 — — 16.3 
Debt securities:    
United States government bonds6.2 — — 6.2 
International government bonds26.3 — — 26.3 
Real estate— 7.6 — 7.6 
Mortgages— 3.5 — 3.5 
Insurance contracts— — 0.9 0.9 
Total plan assets measured at fair value
$55.8 $11.1 $0.9 $67.8 
Alternative investments measured at net asset value (a)9.1 
Total plan assets
$76.9 
 
December 31, 2020Level 1Level 2Level 3Total
Asset Category
Cash$3.0 $— $— $3.0 
Equity securities:
United States equities3.3 — — 3.3 
International equities16.1 — — 16.1 
Debt securities:
United States government bonds7.4 — — 7.4 
International government bonds26.0 — — 26.0 
Real estate— 5.6 — 5.6 
Mortgages— 3.1 — 3.1 
Insurance contracts— — 1.0 1.0 
Total plan assets $55.8 $8.7 $1.0 $65.5 
Alternative investments measured at net asset value (a)7.8 
Total plan assets $73.3 
_______________________________________
(a)     Certain investments that were measured at net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total plan assets.
Summary of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3
The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2021 and 2020 (in millions):

 Insurance
Contracts
Balance at December 31, 2019$0.9 
Currency exchange rate impact0.1 
Balance at December 31, 20201.0 
Currency exchange rate impact(0.1)
Balance at December 31, 2021$0.9 
Schedule of Benefit Payments Which Reflect Expected Future Service
The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2021, are expected to be paid (in millions):

2022$5.4 
20236.7 
20245.6 
20255.2 
20266.1 
2024-202636.1