Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets

The following table provides a reconciliation of the changes in the benefit obligation and fair value of plan assets over the two-year period ended December 31, 2023 and a statement of the funded status at December 31 for both years.


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	8.3	$	75.7	$	10.6	$	104.3	$	16.4	$	23.6
Service cost	0.1		1.2		0.1		1.8		0.4		0.7
Interest cost	0.4		2.8		0.2		1.0		0.8		0.5
Plan amendments	—		—		—		—		—		—
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Actuarial loss (gain)	0.4		6.2		(2.0)		(27.8)		0.5		(7.3)
Currency translation	—		5.2		—		(6.1)		—		(0.1)
Settlements	—		(3.0)		—		(0.1)		—		—
Curtailments	—		—		—		—		—		—
Acquisition/Divestiture	—		1.0		—		2.7		—		—
Other	0.4		0.8		—		0.7		—		—
Obligation at December 31	$	8.9	$	88.5	$	8.3	$	75.7	$	17.2	$	16.4
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	4.7	$	37.8	$	17.0	$	46.1	$	—	$	—
Actual return on plan assets	(0.3)		0.9		(2.0)		(10.5)		—		—
Employer contributions	0.4		3.3		0.4		2.8		0.9		1.0
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Currency translation	—		3.2		—		(2.5)		—		—
Settlements	—		(3.0)		—		(0.1)		—		—
Acquisition/Divestiture	—		—		—		2.0		—		—
Other	0.2		0.9		(10.1)		0.8		—		—
Fair value of plan assets at December 31	$	4.3	$	41.7	$	4.7	$	37.8	$	—	$	—
Funded status at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	$	—	$	—	$	—	$	—	$	—	$	—
Other noncurrent assets	—		1.5		—		0.5		—		—
Current liabilities	(0.7)		(1.7)		(0.7)		(1.5)		(1.1)		(1.1)
Other noncurrent liabilities	(3.9)		(46.6)		(2.9)		(36.9)		(16.1)		(15.3)
Net asset (liability) at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)

Schedule of Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2023 and 2022 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2023		2022		2023		2022		2023		2022
Discount rate	4.93	%	5.17	%	3.01	%	3.75	%	4.90	%	5.21	%
Rate of compensation increase	—	%	—	%	2.55	%	2.44	%	—	%	—	%
Cash balance interest credit rate	—	%	—	%	1.43	%	2.42	%	—	%	—	%

The assumptions used in determining the net periodic cost (benefit) were as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Discount rate	5.17	%	2.52	%	2.14	%	3.75	%	1.25	%	0.95	%
Expected return on plan assets	4.65	%	2.63	%	2.40	%	4.17	%	2.87	%	2.41	%
Rate of compensation increase	—	%	—	%	—	%	2.44	%	2.31	%	2.32	%


	Other Benefits
	2023		2022		2021
Discount rate	5.21	%	2.70	%	2.20	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	—	%	—	%	—	%

Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows:


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service cost (credit)	$	0.2	$	(0.4)	$	0.1	$	(0.5)	$	(0.3)	$	(0.4)
Net loss (gain)	2.7		1.8		1.9		(5.5)		(8.6)		(9.9)
Total	$	2.9	$	1.4	$	2.0	$	(6.0)	$	(8.9)	$	(10.3)

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2023 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
Net loss in current year	$	(0.9)	$	(6.9)	$	(0.4)
Prior service cost	(0.1)		—		—
Amortization of prior service credit	—		(0.1)		(0.1)
Amortization of net loss (gain)	0.1		(0.5)		(0.9)
Exchange rate effect on amounts in other comprehensive income	—		0.1		—
Total	$	(0.9)	$	(7.4)	$	(1.4)

Schedule of Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans

The components of the net periodic cost (benefit) for the plans in 2023, 2022 and 2021 are as follows:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.2	$	0.1	$	1.8	$	0.1	$	2.0
Interest cost	0.4		2.8		0.2		1.0		0.3		0.7
Expected return on plan assets	(0.2)		(1.6)		(0.2)		(1.3)		(0.9)		(1.0)
Settlement (gain) loss recognized	—		(0.1)		—		—		10.5		—
Net amortization	0.1		(0.6)		0.3		0.6		0.4		2.1
Net periodic cost	$	0.4	$	1.7	$	0.4	$	2.1	$	10.4	$	3.8


	Other Benefits
	2023		2022		2021
Service cost	$	0.4	$	0.7	$	0.7
Interest cost	0.8		0.5		0.4
Curtailment gain recognized	—		—		(2.0)
Net amortization	(0.9)		(0.5)		(0.6)
Net periodic cost (benefit)	$	0.3	$	0.7	$	(1.5)

Schedule of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The Company’s pension plan weighted average asset allocations at December 31, 2023 and 2022, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Equity securities	9	%	9	%	10	%	13	%
Fixed income securities	79	%	84	%	22	%	19	%
Cash/Commingled Funds/Other (1)	12	%	7	%	68	%	68	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2023 and 2022 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2023
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.1		—		2.1		—
International	2.4		0.8		1.6		—
Fixed Income
U.S. Intermediate	2.5		—		2.5		—
U.S. Long Term	3.3		—		3.3		—
U.S. High Yield	0.5		—		0.5		—
International	6.4		0.2		6.2		—
Other Commingled Funds(1)	25.8		—		—		25.8
Cash and Equivalents	1.1		0.6		0.5		—
Other	1.7		—		1.7		—
	$	46.0	$	1.8	$	18.4	$	25.8

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2022
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.5		—		2.5		—
International	2.5		0.8		1.7		—
Fixed Income
U.S. Intermediate	1.6		—		1.6		—
U.S. Long Term	3.8		—		3.8		—
U.S. High Yield	0.4		—		0.4		—
International	5.4		0.2		5.2		—
Other Commingled Funds(1)	23.7		—		—		23.7
Cash and Equivalents	1.0		0.4		0.6		—
Other	1.4		—		1.4		—
	$	42.5	$	1.6	$	17.2	$	23.7

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

Schedule of Expected Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:


Estimated Future Benefits
2024	$	6.9
2025	6.6
2026	6.6
2027	6.6
2028	6.6
2029 to 2033	33.0
Total Estimated Future Benefit Payments	$	66.3