Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Net Periodic Pension Income

The components of net periodic pension income are as follows:


	U.S. Plans						International Plans
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023
Interest cost	$	2.4	$	1.7	$	1.7	$	1.2
Service cost	$	—	$	—	$	—	$	0.7
Expected return on plan assets	(3.3)		(4.3)		(3.8)		(1.3)
Amortization of net loss	0.9		0.5		1.0		—
Total net periodic pension income	$	—	$	(2.1)	$	(1.1)	$	0.6

Schedule of Changes in Projected Benefit Obligation and Plan Assets, Funded Status and Amounts Recognized on the Balance Sheet

Each component of net periodic pension income is included in selling, general and administrative expenses in the consolidated statements of income. The other changes in plan assets and projected benefit obligations recognized in other comprehensive (loss) income are as follows:


	U.S. Plans				International Plans
	Year Ended December 31,				Year Ended December 31,
	2023		2022		2023
Net actuarial (gain) loss	$	(5.9)	$	1.7	$	0.1
Net amortization	(0.9)		(0.5)		—
Effect of foreign exchange rates	—		—		4.7
Total recognized in other comprehensive (loss) income	$	(6.8)	$	1.2	$	4.8

The changes in the projected benefit obligation and plan assets, the funded status of the plans and the amounts recognized in the consolidated balance sheets are as follows:


	U.S. Plans				International Plans
	December 31,				December 31,
	2023		2022		2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	50.0	$	63.5	$	—
Acquisition of Howden (1)	—		—		41.1
Interest cost	2.4		1.7		1.2
Service cost	—		—		0.7
Benefits paid	(3.1)		(3.0)		(2.0)
Actuarial (gains) losses	(1.2)		(12.2)		0.4
Foreign exchange rate impact	—		—		1.6
Projected benefit obligation at year end	48.1		50.0		43.0
Accumulated benefit obligation at year end	48.1		50.0		41.2
Change in plan assets:
Fair value of plan assets at beginning of year	49.1		61.9		—
Acquisition of Howden (1)	—		—		38.7
Actual return	8.0		(9.8)		1.6
Employer contributions	—		—		1.9
Benefits paid	(3.1)		(3.0)		(2.0)
Foreign exchange rate impact	—		—		1.6
Fair value of plan assets at year end	54.0		49.1		41.8
Funded status (Accrued pension asset (liability))	$	5.9	$	(0.9)	$	(1.2)
Amounts recognized on the consolidated balance sheet at December 31:
Non-current assets	$	5.9	$	—	$	5.8
Current liabilities	—		—		(0.3)
Non-current liabilities	—		(0.9)		(6.7)
Recognized accrued pension asset (liability)	$	5.9	$	(0.9)	$	(1.2)
Unrecognized actuarial loss recognized in accumulated other comprehensive loss	$	3.5	$	10.3	$	0.1

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(1)The 2023 changes in the projected benefit obligation and plan assets reflect the effect of the Howden Acquisition.

Schedule of Accumulated and Projected Benefit Obligations

Howden Plans with accumulated benefit obligations in excess of plan assets consist of the following:


	International Plans
	December 31,
	2023
Projected benefit obligation	$	6.7
Accumulated benefit obligation	5.7
Fair value of plan assets	0.3

Howden Plans with projected benefit obligations in excess of plan assets consist of the following:


	International Plans
	December 31,
	2023
Projected benefit obligation	$	10.2
Accumulated benefit obligation	8.4
Fair value of plan assets	3.4

Schedule of Assumptions Used

The actuarial assumptions used in determining pension plan information are as follows:


	U.S. Plans						International Plans
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023
Assumptions used to determine the projected obligation at year end:
Discount rate	5.0	%	4.9	%	2.7	%	3.4	%
Rate of increase in compensation levels for active pension plans	—	%	—	%	—	%	4.1	%
Assumptions used to determine net periodic benefit cost:
Discount rate	4.9	%	2.7	%	2.4	%	3.4	%
Expected long-term weighted-average rate of return on plan assets	7.0	%	7.0	%	7.0	%	4.5	%
Rate of increase in compensation levels for active pension plans	—	%	—	%	—	%	4.1	%

Schedule of Target Allocation by Asset Category and Fair Value

The Chart Plan’s target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:


		U.S. Plans
	Target Allocations by Asset Category	Fair Value
		Total				Level 2				Level 3
Plan Assets:		2023		2022		2023		2022		2023		2022
Equity funds	30%	$	16.5	$	35.0	$	16.5	$	35.0	$	—	$	—
Fixed income funds	62%	34.0		13.0		34.0		13.0		—		—
Other investments	8%	3.5		1.1		—		—		3.5		1.1
Total		$	54.0	$	49.1	$	50.5	$	48.0	$	3.5	$	1.1

The Howden Plans’ target allocations by asset category and fair values of the plan assets by asset class at December 31 are as follows:


		International Plans
	Target Allocations by Asset Category	Fair Value
		Total		Level 1	Level 2
Plan Assets:		2023			2023		2023
Cash and cash equivalents	0%	$	0.2		$	0.2	$	—
Insurance contracts	7%	2.9			—		2.9
Investments funds	93%	38.7			—		38.7
Total		$	41.8		$	0.2	$	41.6

Rollforward of Unobservable Inputs

The following table represents changes in the fair value of plan assets categorized as Level 3 from the preceding table:


	U.S. Plans
Balance at December 31, 2021	$	2.0
Purchases, sales and settlements, net	(3.4)
Transfers, net	2.5
Balance at December 31, 2022	1.1
Purchases, sales and settlements, net	(2.9)
Transfers, net	5.3
Balance at December 31, 2023	$	3.5

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid by the plan in each of the next five years and in the aggregate for the subsequent five years:


	U.S. Plans		International Plans
2024	$	3.5	$	2.5
2025	3.6		2.2
2026	3.6		2.7
2027	3.6		2.2
2028	3.6		2.6
In aggregate during five years thereafter	17.5		12.6