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PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Retirement Plan Expense
Retirement plan expense for our non-U.S. plans includes the following components:
Non-U.S. Plans
December 31, 2023December 31, 2022December 31, 2021
Company defined benefit plans:
Service cost$2.9 $2.9 $3.5 
Interest cost3.6 2.4 2.0 
Expected return on plan assets(0.9)(0.7)(0.8)
Net amortization(0.4)0.3 0.6 
Net periodic pension expense5.2 4.9 5.3 
Curtailment— — (1.9)
Settlement1.2 (0.1)(0.1)
Defined contribution plans2.4 2.6 3.5 
Total$8.8 $7.4 $6.8 
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Details of the changes in the actuarial present value of the projected benefit obligation and the fair value of plan assets for our non-U.S. defined benefit pension plans follow:
Non-U.S. Plans
December 31, 2023December 31, 2022
Projected benefit obligation, beginning$67.9 $87.4 
Service cost2.9 2.9 
Interest cost3.6 2.4 
Actuarial (gain) loss6.3 (14.9)
Benefits paid(2.7)(1.5)
Participant contributions0.2 0.2 
Settlements(5.7)(0.2)
Foreign currency translation and other4.4 (8.4)
Projected benefit obligation, ending$76.9 $67.9 
Fair value of plan assets, beginning14.7 13.8 
Actual return on plan assets0.8 (0.1)
Employer contributions6.3 2.7 
Participants’ contributions0.2 0.3 
Benefits paid(2.7)(1.5)
Settlements(5.7)(0.2)
Foreign currency translation and other1.1 (0.3)
Fair value of plan assets, ending$14.7 $14.7 
Net amount recognized in the balance sheet$(62.2)$(53.2)
Amounts recognized in the balance sheet:
Noncurrent asset$0.5 $0.3 
Current liability(3.3)(2.9)
Noncurrent liability(59.4)(50.6)
Net amount recognized in the balance sheet$(62.2)$(53.2)
Pretax accumulated other comprehensive (income) loss$1.6 $(4.4)
Schedule of Retirement Plans with Accumulated Benefit Obligations in Excess of Plan Assets n in excess of plan assets were as follows:
December 31, 2023December 31, 2022
Projected benefit obligation$65.8 $51.6 
Accumulated benefit obligation55.6 45.4 
Fair value of plan assets3.0 — 
Schedule of Future Expected Benefit Payments by Plan
Future expected benefit payments are as follows:
Non-U.S. Plans
2024$4.5 
20254.2 
20264.3 
20274.8 
20285.1 
2029 through 203336.4 
Total future expected benefit payments$59.3 
Schedule of Weighted-Average Assumptions Used in Valuation of Pension Benefits
The weighted-average assumptions used in the valuation of pension benefits are as follows:
Non-U.S. Plans
December 31, 2023December 31, 2022
Net pension expense
Discount rate5.29 %2.96 %
Expected return on plan assets5.76 %5.12 %
Rate of compensation increase4.03 %3.83 %
Benefit obligations
Discount rate5.41 %5.29 %
Rate of compensation increase4.25 %4.03 %
Schedule of Allocation and Fair Value of Plan Assets
The Company’s non-U.S. Plan asset allocations at December 31, 2023 and 2022 follow:
Non-U.S. Plans
December 31, 2023December 31, 2022
Debt securities23 %20 %
Insurance arrangements20 %1 %
Cash— %38 %
Other57 %41 %
Total100 %100 %
Schedule of Fair Value of Defined Benefit Plan Assets
The fair values of defined benefit plan assets, organized by asset class and by the fair value hierarchy of ASC 820 as outlined in “Note 1 - Summary of Significant Accounting Policies” follow:
Level 1Level 2Level 3TotalPercentage
December 31, 2023
Debt securities$— $3.4 $— $3.4 23 %
Insurance arrangements— — 3.0 3.0 20 %
Other— — 8.3 8.3 57 %
Total$— $3.4 $11.3 $14.7 100 %
December 31, 2022
Debt securities$— $3.0 $— $3.0 20 %
Insurance arrangements— — 0.1 0.1 1 %
Cash5.6 — — 5.6 38 %
Other— 3.3 2.7 6.0 41 %
Total$5.6 $6.3 $2.8 $14.7 100 %
Schedule of Changes in Value for Level 3 Assets
Details of the changes in value for Level 3 assets are as follows:
20232022
Level 3, beginning balance January 1,$2.8 $3.0 
Gains (losses) on assets held3.3 (0.7)
Purchases, sales and settlements, net5.2 0.5 
Level 3, ending balance December 31,$11.3 $2.8