Post Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit costs

The components of net periodic benefit costs included in the accompanying consolidated statements of income were as follows (in millions):

	2023			2022			2021
Components of net periodic benefit costs:
Service cost	$	5.5		$	6.5		$	8.1
Interest cost		5.2			1.0			0.5
Expected return on plan assets		(4.4	)		(1.7	)		(1.8	)
Settlement (gain) loss recognized		—			(0.3	)		0.1
Amortization of prior service (credit) cost		(0.8	)		(0.2	)		0.9
Amortization of actuarial losses		0.1			2.2			2.6
Net periodic benefit costs	$	5.6		$	7.5		$	10.4

Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans

The changes in benefit obligations and plan assets under the defined benefit pension plans, projected benefit obligation and funded status of the plans were as follows (in millions):

	2023			2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	197.8		$	253.9
Service cost		5.5			6.5
Interest cost		5.2			1.0
Plan participant contributions		6.4			5.1
Plan amendments		(2.4	)		(2.9	)
Plan settlements		—			(6.8	)
Benefits paid		(6.8	)		(2.1	)
Actuarial gain		27.5			(48.8	)
Premiums paid		(2.3	)		(1.7	)
Plan combinations / acquisitions		6.1			0.8
Impact of foreign currency exchange rates		19.1			(7.2	)
Benefit obligation at end of year		256.1			197.8
Change in plan assets:
Fair value of plan assets at beginning of year		150.3			147.8
Return on plan assets		1.5			2.5
Plan participant and employer contributions		14.4			11.9
Benefits paid		(6.8	)		(2.1	)
Plan settlements		—			(6.8	)
Premiums paid		(2.3	)		(1.7	)
Plan combinations / acquisitions		4.8			0.4
Impact of foreign currency exchange rates		15.5			(1.7	)
Fair value of plan assets at end of year		177.4			150.3
Net under-funded status	$	(78.7	)	$	(47.5	)

Schedule of amounts recognized in consolidated balance sheets

The following amounts were recognized in the accompanying consolidated balance sheets for the Company’s defined benefit plans (in millions):

	2023			2022
Current liabilities	$	(2.1	)	$	(1.8	)
Non-current liabilities		(76.6	)		(45.7	)
Net benefit obligation	$	(78.7	)	$	(47.5	)

Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss)

The following pre-tax amounts were recognized in accumulated other comprehensive income for the Company’s defined benefit plans (in millions):

	2023			2022			2021
Reconciliation of amounts recognized in the consolidated balance sheets:
Prior service cost	$	14.6		$	12.0		$	9.4
Net actuarial gain (loss)		(27.4	)		4.2			(50.1	)
Accumulated other comprehensive gain (loss)		(12.8	)		16.2			(40.7	)
Accumulated contributions in excess of net periodic benefit cost		(65.9	)		(63.7	)		(65.4	)
Net amount recognized	$	(78.7	)	$	(47.5	)	$	(106.1	)

Schedule of the range of assumptions used to determine the net periodic benefit costs and the projected benefit obligations

The assumptions used to determine the net periodic benefit costs and the projected benefit obligations are as follows:

2023	Japan			France			Switzerland			Germany			Thailand
Annual discount rate—defined benefit obligation		1.1	%		3.2	%		1.4	%		3.6	%		3.5	%
Annual discount rate—defined benefit cost		0.9	%		3.8	%		2.4	%		3.9	%		3.7	%
Expected return on plan assets		—	%		3.0	%		2.7	%		—	%		—	%
Expected rate of compensation increase		3.0	%		3.0	%		2.2	%		2.6	%		5.6	%
2022	Japan			France			Switzerland			Germany			Thailand
Annual discount rate—defined benefit obligation		0.9	%		3.8	%		2.4	%		3.9	%		3.7	%
Annual discount rate—defined benefit cost		0.4	%		1.0	%		0.4	%		0.8	%		2.5	%
Expected return on plan assets		—	%		3.0	%		1.2	%		—	%		—	%
Expected rate of compensation increase		3.0	%		3.0	%		2.3	%		2.6	%		5.6	%
2021	Japan			France			Switzerland			Germany			Thailand
Annual discount rate—defined benefit obligation		0.4	%		1.0	%		0.4	%		0.8	%		—	%
Annual discount rate—defined benefit cost		0.4	%		0.6	%		0.1	%		0.5	%		—	%
Expected return on plan assets		—	%		3.0	%		1.2	%		—	%		—	%
Expected rate of compensation increase		3.0	%		2.0	%		1.0	%		2.6	%		—	%

Schedule of the fair value of the Company's pension plan assets, by asset category and by level in the fair value hierarchy

The fair value of the Company’s pension plan assets by asset category and by level in the fair value hierarchy, is as follows (in millions):

December 31, 2023	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Group BPCE Life (a)	$	—	$	—	$	—	$	—
Swiss Life Collective BVG Foundation (b)		177.4		—		—		177.4
Total plan assets	$	177.4	$	—	$	—	$	177.4
December 31, 2022	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Group BPCE Life (a)	$	0.1	$	—	$	—	$	0.1
Swiss Life Collective BVG Foundation (b)		150.2		—		—		150.2
Total plan assets	$	150.3	$	—	$	—	$	150.3

(a)The Company’s pension plan in France is invested in a larger fund that invests in a variety of instruments. The assets are not directly dedicated to the French pension plan. The Group BPCE Life fund invests in debt securities of foreign corporations and governments, equity securities of foreign government funds and private real estate funds. The French Plan Assets are expected to be fully utilized by the end of 2024 and the Company will fund the benefit payments as they become due and payable.

(b)The Company’s pension plan in Switzerland is outsourced to Swiss Life AG, an outside insurance provider. Under the insurance contract, the plan assets are invested in Swiss Life Collective BVG Foundation (the Foundation), which is an umbrella fund for which the retirement savings and interest rates are guaranteed a minimum of 1.25% on the mandatory withdrawal portion, as defined by Swiss law, and 0.50% on the non-mandatory portion starting 2024. The Foundation utilizes plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. The target allocations are 65% bonds, 2.5% cash, 7.5% equity investments and 25% real estate and mortgages. Should the Foundation yield a return greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with Swiss Life AG retaining 10%. All investments and insurance risks are fully covered and there is a 100% capital and interest rate guarantee provided by Swiss Life. The withdrawal benefits and interest allocations are secured at all times by Swiss Life AG.

Schedule of estimated future benefit payments

The following benefit payments reflect future employee service as appropriate (in millions):

2024	9.5
2025	9.8
2026	10.0
2027	11.2
2028	12.1
2029-2033	63.0