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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plan Information
The following table sets forth aggregated information related to the Company’s pension benefits and other postretirement benefits, including changes in the benefit obligations, changes in plan assets, funded status, amounts recognized in the balance sheet, amounts recognized in accumulated other comprehensive income, and actuarial assumptions that the Company considered in its determination of benefit obligations and plan costs.
(In millions)Pension BenefitsOther Benefits
 2023202220232022
Accumulated benefit obligation, end of year$136.4 $133.2 $5.6 $6.0 
Change in projected benefit obligation:    
Benefit obligation, beginning of year$135.2 $175.2 $6.0 $7.7 
Service cost0.6 0.7 — — 
Interest cost6.4 3.3 0.3 0.1 
Actuarial (gain)/loss4.2 (32.5)— (1.1)
Settlements paid(0.5)(0.3)— — 
Benefits paid(8.9)(9.7)(0.7)(0.7)
Foreign currency exchange0.5 (1.5)— — 
Benefit obligation, end of year$137.5 $135.2 $5.6 $6.0 
Change in plan assets:    
Fair value of assets, beginning of year$113.4 $143.9 $— $— 
Actual return on plan assets6.9 (20.9)— — 
Company contributions0.6 0.5 0.7 0.7 
Settlements paid(0.4)(0.3)— — 
Benefits paid(8.9)(9.7)(0.7)(0.7)
Foreign currency exchange0.1 (0.1)— — 
Plan assets, end of year$111.7 $113.4 $— $— 
Funded status$(25.8)$(21.8)$(5.6)$(6.0)
Amounts recognized in balance sheet:    
Non current assets$4.2 $3.6 $— $— 
Current liabilities(0.5)(0.5)(0.7)(0.7)
Non current liabilities(29.5)(24.9)(4.9)(5.3)
Net liability, end of year$(25.8)$(21.8)$(5.6)$(6.0)
Amount recognized in accumulated other comprehensive income/(loss):    
Prior service cost$— $— $— $— 
Net actuarial loss(42.1)(40.4)0.3 0.3 
Settlement— — — — 
Total recognized in accumulated other comprehensive income/(loss)$(42.1)$(40.4)$0.3 $0.3 

As of December 31, 2023, the pension benefits' aggregate accumulated benefit obligation and benefit obligation in excess of plan assets was $33.3 million and $34.4 million, respectively and as of December 31, 2022, was $27.9 million and $29.8 million, respectively. As of December 31, 2023 and December 31, 2022, the aggregate fair value of plan assets related to the accumulated benefit obligation and benefit obligation was $4.4 million and $4.4 million, respectively.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table sets forth other changes in plan assets and benefit obligation recognized in other comprehensive income for 2023 and 2022:
(In millions)Pension BenefitsOther Benefits
 2023202220232022
Net actuarial (gain)/loss$4.4 $(5.5)$— $(1.1)
Amortization of:    
Net actuarial loss(2.1)(5.6)— (0.1)
Prior service credit— — — — 
Settlement recognition— — — — 
Deferred tax asset(0.6)3.3 — 0.3 
Foreign currency exchange— (0.1)— — 
Total recognized in other comprehensive income$1.7 $(7.9)$— $(0.9)
Weighted-Average Assumptions
Weighted-average assumptions used to determine domestic benefit obligations:
 Pension BenefitsOther Benefits
 2023202220232022
Discount rate4.90 %5.15 %4.88 %5.08 %
Rate of increase in future compensation— %*— %*
2.00 - 9.00%
(Graded)
2.00 - 9.00%
(Graded)

*No rate of increases in future compensation were used in the assumptions for 2023 and 2022, as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation. The weighted-average interest crediting rate of the cash balance component of the domestic Pension Plan was 4.5 percent for 2023, 2022, and 2021 and is based on the approximate 30-year Treasury rate as of November of the prior year with a minimum of 4.5 percent.

Assumptions used to determine domestic periodic benefit cost:
 Pension BenefitsOther Benefits
 202320222021202320222021
Discount rate5.14 %2.79 %2.41 %5.08 %2.57 %2.12 %
Rate of increase in future compensation— %*— %*— %*
2.00 - 9.00%
(Graded)
2.00 - 9.00%
(Graded)
2.00 - 9.00%
(Graded)
Expected long-term rate of return on plan assets5.70 %4.50 %4.00 %— %— %— %

*No rate of increases in future compensation were used in the assumptions for 2023, 2022, and 2021, as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation.
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost
The following table sets forth the aggregated net periodic benefit cost for all defined benefit plans for 2023, 2022, and 2021:
(In millions)Pension BenefitsOther Benefits
 202320222021202320222021
Service cost$0.6 $0.7 $0.7 $— $— $— 
Interest cost6.4 3.3 2.7 0.3 0.1 0.1 
Expected return on assets(7.2)(6.1)(5.5)— — — 
Amortization of:
Transition obligation— — — — — — 
Settlement cost— — — — — — 
Prior service cost— — — — — — 
Actuarial loss2.1 5.6 4.3 — 0.1 0.2 
Settlement cost— — — — — — 
Net periodic benefit cost$1.9 $3.5 $2.2 $0.3 $0.2 $0.3 
Schedule of Allocation of Plan Assets As of December 31, 2023 and December 31, 2022, funds were invested in equity, fixed income, and other investments as follows:
Target PercentagePlan Asset Allocation at Year-End
Asset Category
at Year-End 2023
2023
2022
Equity securities16 %16 %18 %
Fixed income securities79 %79 %78 %
Other5 %5 %4 %
Total100 %100 %100 %

The Company does not see any particular concentration of risk within the plans, nor any plan assets that pose difficulties for fair value assessment. The Company currently has no allocation to potentially illiquid or potentially difficult to value assets such as hedge funds, venture capital, private equity, and real estate.

The Company works with actuaries and consultants in making its determination of the asset rate of return assumption and also the discount rate assumption. 

Asset class assumptions are set using a combination of empirical and forward-looking analysis for long-term rate of return on plan assets. A variety of models are applied for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long-term relationships between asset classes before a return estimate is finalized. This provides an
additional means for correcting for the effect of unrealistic or unsustainable short-term valuations or trends, opting instead for return levels and behavior that are more likely to prevail over long periods. With that, the Company has assumed an expected long-term rate of return on plan assets of 6.20 percent for the 2024 net periodic benefit cost, up from 5.70 percent in the prior year.

The Company uses the Aon Hewitt AA Above Median curve to determine the discount rate. All cash flow obligations under the plan are matched to bonds in the Aon Hewitt universe of liquid, high-quality, non-callable / non-puttable corporate bonds with outliers removed. From that matching exercise, a discount rate is determined.

The Company’s German pension plans are funded by insurance contract policies whereby the insurance company guarantees a fixed minimum return. Due to tax legislation, individual pension benefits can only be financed using direct insurance policies up to certain maximums. These maximum amounts in respect of each member are paid into such an arrangement on a yearly basis.
 
The Company designated all equity and most domestic fixed income plan assets as Level 1, as they are mutual funds with prices that are readily available. The U.S. Treasury securities and German plan assets are designated as Level 2 inputs. The fair value of the German plan assets are measured by the reserve that is supervised by the German Federal Financial Supervisory Authority. The U.S. Treasury securities are administered by the United States government.

The fair values of the Company’s pension plan assets for 2023 and 2022 by asset category are as follows:
(In millions)2023Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable
 Inputs
(Level 3)
Equity
International equity mutual funds$18.3 $18.3 $— $— 
Fixed income
U.S. treasury and government agency securities12.3 — 12.3 — 
Fixed income mutual funds76.0 76.0 — — 
Other
Insurance contracts4.4 — 4.4 — 
Cash and equivalents0.7 0.7 — — 
Total$111.7 $95.0 $16.7 $— 
(In millions)2022Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable
 Inputs
(Level 3)
Equity
International equity mutual funds$20.1 $20.1 $— $— 
Fixed income
U.S. treasury and government agency securities19.2 — 19.2 — 
Fixed income mutual funds69.0 69.0 — — 
Other
Insurance contracts4.4 — 4.4 — 
Cash and equivalents0.7 0.7 — — 
Total$113.4 $89.8 $23.6 $— 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in accordance with the following schedule:
(In millions)Pension BenefitsOther Benefits
2024$10.0 $0.6 
2025$9.9 $0.6 
2026$15.6 $0.6 
2027$15.3 $0.6 
2028$14.5 $0.5 
Years 2029 through 2033$43.5 $2.2 
Schedule of Company Contributions to Defined Contribution Plans
The following table sets forth Company contributions to the defined contribution plans:
(In millions)202320222021
Company contributions to the plans$11.5 $11.4 $8.9