Retirement and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Expenses

Net periodic expense for our U.S. and European qualified and nonqualified defined benefit pension plans and our retirement savings plans for the three years ended December 31, 2023 is detailed in the table below.

(In millions)	2023		2022		2021
Defined benefit retirement plans	$	5.7	$	5.7	$	2.6
Union sponsored multi-employer pension plan		1.5		1.3		1.8
Retirement savings plans-matching contributions		10.5		9.6		8.0
Retirement savings plans-profit sharing contributions		9.6		5.3		5.4
Net periodic expense	$	27.3	$	21.9	$	17.8

Schedule of Net Periodic Cost of Defined Benefit Retirement and Postretirement Plans

Net periodic cost of our defined benefit retirement and postretirement plans for the three years ended December 31, 2023, were:

(In millions)	U.S. Plans						European Plans
Defined Benefit Retirement Plans	2023		2022		2021		2023			2022			2021
Service cost	$	1.3	$	1.2	$	1.1	$	0.5		$	0.7		$	0.9
Interest cost		0.9		0.4		0.2		4.9			2.1			2.2
Expected return on plan assets		—		—		—		(4.7	)		(2.1	)		(3.6	)
Net amortization		0.1		1.0		0.8		2.5			2.1			1.1
Net periodic pension cost (income)	$	2.3	$	2.6	$	2.1	$	3.2		$	2.8		$	0.6

(In millions)
U.S. Postretirement Plans	2023			2022			2021
Interest cost	$	-		$	-		$	-
Net amortization and deferral		(0.8	)		(1.1	)		(0.8	)
Net periodic postretirement benefit income	$	(0.8	)	$	(1.1	)	$	(0.8	)

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

	Defined Benefit Retirement Plans
(In millions)	U.S. Plans						European Plans						Postretirement Plans
Other Changes in Plan Assets and Benefit Obligations    Recognized in Other Comprehensive Loss	2023			2022			2023			2022			2023			2022
Net loss (gain)	$	(3.3	)	$	(2.3	)	$	4.9		$	(4.3	)	$	(0.1	)	$	(0.5	)
Amortization of actuarial (losses) gains		—			(0.8	)		(70.5	)		(2.1	)		0.8			1.1
Prior service cost		(0.1	)		0.1			(1.1	)		—			—			—
Effect of foreign exchange		—			—			1.8			(8.3	)		—			—
Total recognized in other comprehensive income (loss), (pre-tax)	$	(3.4	)	$	(3.0	)	$	(64.9	)	$	(14.7	)	$	0.7		$	0.6

Schedule of Benefit Obligation, Fair Value of Plan Assets, Funded Status and Amounts Recognized in the Consolidated Financial Statements

The benefit obligation, fair value of plan assets, funded status, and amounts recognized in the consolidated financial statements for our defined benefit retirement plans and postretirement plans, as of and for the years ended December 31, 2023 and 2022, were:

	Defined Benefit Retirement Plans
	U.S. Plans						European Plans						Postretirement Plans
(In millions)	2023			2022			2023			2022			2023			2022
Change in benefit obligation:
Benefit obligation - beginning of year	$	19.9		$	24.0		$	128.8		$	240.6		$	1.2		$	1.8
Service cost		1.3			1.2			0.5			0.7			—			—
Interest cost		0.9			0.4			4.9			2.1			—			—
Plan participants’ contributions		—			—			—			—			—			—
Actuarial loss (gain)		(3.3	)		(2.3	)		(14.8	)		(85.8	)		(0.1	)		(0.5	)
Plan amendments and acquisitions		—			0.2			—			—			—			—
Curtailments and settlements		—			(2.9	)		(99.8	)		(0.1	)		—			—
Benefits and expenses paid		(0.7	)		(0.7	)		(4.7	)		(5.9	)		(0.1	)		(0.1	)
Currency translation adjustments		—			—			2.8			(22.8	)		—			—
Benefit obligation - end of year	$	18.1		$	19.9		$	17.7		$	128.8		$	1.0		$	1.2
Change in plan assets:
Fair value of plan assets - beginning of year	$	—		$	—		$	122.1		$	231.4		$	—		$	—
Actual return on plan assets		—			—			(15.6	)		(81.5	)		—			—
Employer contributions		0.7			3.6			(0.9	)		0.7			0.1			0.1
Plan participants’ contributions		—			—			—			—			—			—
Benefits and expenses paid		(0.7	)		(0.6	)		(4.7	)		(5.9	)		(0.1	)		(0.1	)
Curtailments and settlements		—			(3.0	)		(99.8	)		(0.1	)		—			—
Currency translation adjustments		—			—			3.5			(22.5	)		—			—
Fair value of plan assets - end of year	$	—		$	—		$	4.6		$	122.1		$	—		$	—
Amounts recognized in Consolidated Balance    Sheets:
Non-current assets	$	—		$	—		$	—		$	5.6		$	—		$	—
Current liabilities	$	1.3		$	1.4		$	0.8		$	0.1		$	0.2		$	0.2
Non-current liabilities		16.8			18.5			12.3			12.1			0.9			1.0
Total liabilities (a)	$	18.1		$	19.9		$	13.1		$	12.2		$	1.1		$	1.2
Amounts recognized in Accumulated Other    Comprehensive Loss:
Actuarial net (loss) gain	$	—		$	(0.7	)	$	0.8		$	64.6		$	0.3		$	0.9
Prior service cost		(0.1	)		(0.1	)		—			1.1			—			—
Total amounts recognized in accumulated other   comprehensive loss	$	(0.1	)	$	(0.8	)	$	0.8		$	65.7		$	0.3		$	0.9
(a) The current and non-current portions of the accrued benefit costs for the defined benefit retirement plans and postretirement benefit plans are included within “accrued compensation and benefits” and “retirement obligations”, respectively, in the accompanying consolidated balance sheets.

Schedule of Expected Benefit Payments for the Plan

Benefit payments for the plans are expected to be as follows:

			European		Postretirement
(In millions)	U.S. Plans		Plans		Plans
2024	$	0.7	$	1.6	$	0.2
2025		8.1		1.0		0.2
2026		7.4		2.1		0.2
2027		0.6		1.8		0.2
2028		0.5		2.1		0.1
2029-2033		1.8		7.1		0.3
	$	19.0	$	15.7	$	1.2

Schedule of Pension Assets Measured at Fair Value

The following table presents pension assets measured at fair value at December 31, 2023 and 2022 utilizing the fair value hierarchy discussed in Note 19:

			Fair Value Measurements at
(In millions)	December 31,		December 31, 2023
Description	2023		Level 1		Level 2		Level 3
Insurance contracts	$	2.4	$	—	$	—	$	2.4
Diversified investment funds		2.2		—		—		2.2
Total assets	$	4.6	$	—	$	—	$	4.6

			Fair Value Measurements at
	December 31,		December 31, 2022
Description	2022		Level 1		Level 2		Level 3
Insurance contracts	$	112.9	$	—	$	—	$	112.9
Index linked gilts		0.8		—		0.8		—
Diversified investment funds		8.1		—		6.3		1.8
Cash and cash equivalents		0.3		0.3		—		—
Total assets	$	122.1	$	0.3	$	7.1	$	114.7

Prior to the buy-out, the U.K. Plan invested funds which were not exchange-listed and were, therefore, classified as Level 3.

	Balance at		Actual			Purchases,			Changes due			Balance at
(In millions)	January 1,		return on			sales and			to exchange			December 31,
Reconciliation of Level 3 Assets	2023		plan assets			settlements			rates			2023
Diversified investment funds	$	1.8	$	0.1		$	0.2		$	0.1		$	2.2
Insurance contracts		112.9		(16.5	)		(97.2	)		3.2		$	2.4
Total level 3 assets	$	114.7	$	(16.4	)	$	(97.0	)	$	3.3		$	4.6
	Balance at		Actual			Purchases,			Changes due			Balance at
	January 1,		return on			sales and			to exchange			December 31,
Reconciliation of Level 3 Assets	2022		plan assets			settlements			rates			2022
Diversified investment funds	$	2.3	$	(0.2	)	$	(0.2	)	$	(0.1	)	$	1.8
Insurance contracts		218.0		(78.6	)		(5.3	)		(21.2	)		112.9
Total level 3 assets	$	220.3	$	(78.8	)	$	(5.5	)	$	(21.3	)	$	114.7

Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class

The actual allocations for the pension assets at December 31, 2023 and 2022, and target allocations by asset class, are as follows:

	Percentage			Target			Percentage			Target
	of Plan Assets			Allocations			of Plan Assets			Allocations
Asset Class	2023			2023			2022			2022
Diversified growth funds		47.0	%		5.2	%		5.2	%		5.2	%
Index linked gilts		—			0.6			0.6			0.6
Diversified investment funds		—			1.5			1.5			1.5
Insurance contracts		53.0			92.5			92.5			92.5
Cash and cash equivalents		—			0.2			0.2			0.2
Total		100	%		100	%		100	%		100	%

Schedule of Assumptions Used to Estimate the Actuarial Present Value of Benefit Obligations

Assumptions used to estimate the actuarial present value of benefit obligations at December 31, 2023, 2022 and 2021 are shown in the following table. These year-end values are the basis for determining net periodic costs for the following year.

	2023	2022	2021
U.S. defined benefit retirement plans:
Discount rates	4.7% - 4.8%	5.0% - 5.1%	1.0% - 2.4%
Rate of increase in compensation	3%	3%	3%
European defined benefit retirement plans:
Discount rates	3.6% - 5.2%	3.1% - 3.95%	0.3% - 0.95%
Rates of increase in compensation	3.2%-3.5%	3.2%-3.5%	0.03
Expected long-term rates of return on plan assets	2.0% – 3.0%	2.0% – 3.95%	0.95% – 3.0%
Postretirement benefit plans:
Discount rates	4.7%	2.0%	1.3%

Schedule of Impact of One-Percentage-Point Change in Expected Long-term Rate of Return and Discount Rate on Pension Expense and Retirement Obligation

The following table presents the impact that a one-percentage-point increase and a one-percentage-point decrease in the expected long-term rate of return and discount rate would have on the 2023 pension expense, and the impact on our retirement obligation as of December 31, 2023 for a one-percentage-point change in the discount rate:

	U.S. Non-Qualified			U.S. Retiree
(In millions)	Pension Plans			Medical Plans
Periodic pension expense
One-percentage-point increase:
Expected long-term rate of return	N/A			N/A
Discount rate	$	—		$	—
One-percentage-point decrease:
Expected long-term rate of return	N/A			N/A
Discount rate	$	—		$	—
Retirement obligation
One-percentage-point increase in discount rate	$	(0.4	)	$	(0.1	)
One-percentage-point decrease in discount rate	$	0.5		$	0.1