v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Summary of Defined Benefit Pension Plan The following table summarizes information for the defined benefit pension plans:

 

 

December 31,

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning

 

$

9.4

 

 

$

12.5

 

 

$

183.3

 

 

$

275.5

 

Service cost

 

 

—

 

 

 

—

 

 

 

5.6

 

 

 

5.7

 

Interest cost

 

 

0.4

 

 

 

0.3

 

 

 

7.9

 

 

 

3.7

 

Actuarial loss (gain)

 

 

0.4

 

 

 

(2.6

)

 

 

2.2

 

 

 

(68.7

)

Benefits paid

 

 

(0.8

)

 

 

(0.8

)

 

 

(4.1

)

 

 

(4.5

)

Settlements

 

 

—

 

 

 

—

 

 

 

(9.7

)

 

 

(6.2

)

Curtailment

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

Foreign exchange and other

 

 

—

 

 

 

—

 

 

 

7.1

 

 

 

(22.2

)

Benefit obligation, ending

 

$

9.4

 

 

$

9.4

 

 

$

192.2

 

 

$

183.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning

 

$

—

 

 

$

—

 

 

$

181.2

 

 

$

279.4

 

Employer and plan participant contributions

 

 

0.8

 

 

 

0.8

 

 

 

7.3

 

 

 

6.4

 

Return on plan assets

 

 

—

 

 

 

—

 

 

 

7.6

 

 

 

(69.9

)

Benefits paid

 

 

(0.8

)

 

 

(0.8

)

 

 

(4.1

)

 

 

(4.5

)

Settlements

 

 

—

 

 

 

—

 

 

 

(9.7

)

 

 

(6.2

)

Foreign exchange and other

 

 

—

 

 

 

—

 

 

 

7.1

 

 

 

(24.0

)

Fair value of plan assets, ending

 

$

—

 

 

$

—

 

 

$

189.4

 

 

$

181.2

 

Funded status, net liability

 

$

9.4

 

 

$

9.4

 

 

$

2.8

 

 

$

2.1

 
Balance Sheet Location of Pension and Postretirement Liabilities and Assets

The following table presents the balance sheet location of the Company's pension liabilities and assets:

 

 

December 31,

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Accrued and other liabilities

 

$

(0.9

)

 

$

(0.9

)

 

$

(0.9

)

 

$

(0.7

)

Other noncurrent liabilities

 

 

(8.5

)

 

 

(8.5

)

 

 

(16.5

)

 

 

(15.3

)

Other noncurrent assets

 

 

 

 

 

—

 

 

 

14.6

 

 

 

13.9

 
Summary of Company's Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:

 

 

December 31,

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Projected benefit obligation

 

$

9.4

 

 

$

9.4

 

 

$

46.7

 

 

$

44.1

 

Accumulated benefit obligation

 

 

9.4

 

 

 

9.4

 

 

 

44.2

 

 

 

41.3

 

Fair value of plan assets

 

 

—

 

 

 

—

 

 

 

29.4

 

 

 

28.4

 
Summary of Pretax Amounts Included in Accumulated Other Comprehensive Loss

The following table summarizes pretax amounts included in accumulated other comprehensive loss:

 

 

December 31,

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Unrecognized net actuarial gain (loss)

 

$

0.6

 

 

$

1.0

 

 

$

(17.8

)

 

$

(16.5

)

Unrecognized prior service cost

 

 

—

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Total

 

$

0.6

 

 

$

1.0

 

 

$

(17.3

)

 

$

(16.5

)
Pretax Amounts for Net Periodic Benefit Cost and Other Amounts Included in Other Comprehensive Income (Loss) for the Defined Benefit Pension and Other Postretirement Benefit Plans

Actuarial gains and losses are amortized using a corridor approach. The corridor is equal to 10% of the greater of the benefit obligation and the fair value of the assets. Gains and losses in excess of the corridor are generally amortized over the average remaining life of the plan participants. Pretax amounts for net periodic benefit cost and other amounts included in other comprehensive income (loss) for the defined benefit pension plans consisted of the following components:

 

 

Year Ended December 31,

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5.6

 

 

$

5.7

 

 

$

6.8

 

Interest cost

 

 

0.4

 

 

 

0.3

 

 

 

0.3

 

 

 

7.9

 

 

 

3.7

 

 

 

3.1

 

Recognized actuarial loss

 

 

—

 

 

 

0.1

 

 

 

0.1

 

 

 

0.6

 

 

 

0.1

 

 

 

1.6

 

Expected return on plan assets

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7.2

)

 

 

(4.9

)

 

 

(6.4

)

Settlement loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.9

 

 

 

1.6

 

 

 

0.3

 

Curtailment gain

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

(2.5

)

Net periodic benefit cost

 

$

0.4

 

 

$

0.4

 

 

$

0.4

 

 

$

7.7

 

 

$

6.2

 

 

$

2.9

 

Changes in plan assets and benefit obligations
    included in other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrecognized net actuarial loss (gain)

 

$

0.4

 

 

$

(2.7

)

 

$

(0.6

)

 

$

1.3

 

 

$

2.9

 

 

$

(28.0

)

Change in unrecognized prior service cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.5

)

 

 

(0.1

)

 

 

(0.4

)

Curtailment and settlements

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.8

)

Total included in other comprehensive income (loss)

 

$

0.4

 

 

$

(2.7

)

 

$

(0.6

)

 

$

0.8

 

 

$

2.8

 

 

$

(30.2

)

Total recognized in net periodic benefit cost and
    included in other comprehensive income (loss)

 

$

0.8

 

 

$

(2.3

)

 

$

(0.2

)

 

$

8.5

 

 

$

9.0

 

 

$

(27.3

)
Significant Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost

Significant weighted average assumptions used in determining benefit obligations and net periodic benefit cost are as follows:

 

 

U.S. Plans

 

 

 

Non-U.S. Plans

 

 

 

 

2023

 

 

 

2022

 

 

 

2021

 

 

 

2023

 

 

 

2022

 

 

 

2021

 

 

Benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.77

 

%

 

 

4.99

 

%

 

 

2.55

 

%

 

 

4.01

 

%

 

 

4.37

 

%

 

 

1.47

 

%

Rate of compensation increase

 

 

—

 

%

 

 

—

 

%

 

 

—

 

%

 

 

3.31

 

%

 

 

3.36

 

%

 

 

3.79

 

%

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.99

 

%

 

 

2.55

 

%

 

 

2.07

 

%

 

 

4.37

 

%

 

 

1.47

 

%

 

 

1.02

 

%

Rate of return on plan assets

 

 

—

 

%

 

 

—

 

%

 

 

—

 

%

 

 

4.57

 

%

 

 

4.03

 

%

 

 

1.96

 

%

Rate of compensation increase

 

 

—

 

%

 

 

—

 

%

 

 

—

 

%

 

 

3.36

 

%

 

 

3.79

 

%

 

 

3.59

 

%

 
Summary of the Company's Plan Assets for Estimated Fair Values and the Valuation Input Levels

The Company had no U.S. defined benefit pension plan assets as of December 31, 2023 or 2022. The estimated fair values and the valuation input levels of the Company’s non-U.S. defined benefit pension plan assets are as follows:

 

 

 

December 31, 2023

 

 

 

Non-U.S. Plans

 

 

 

Level 1
Fair Value

 

 

Level 2
Fair Value

 

Mutual funds:

 

 

 

 

 

 

International equity

 

$

30.6

 

 

$

—

 

International debt

 

 

30.6

 

 

 

95.1

 

Other

 

 

3.0

 

 

 

30.1

 

Total

 

$

64.2

 

 

$

125.2

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Non-U.S. Plans

 

 

 

Level 1
Fair Value

 

 

Level 2
Fair Value

 

Mutual funds:

 

 

 

 

 

 

International equity

 

$

19.7

 

 

$

7.7

 

International debt

 

 

36.8

 

 

 

76.0

 

Absolute return

 

 

—

 

 

 

3.8

 

Other

 

 

7.7

 

 

 

29.5

 

Total

 

$

64.2

 

 

$

117.0

 
Summarizes Projected Benefit Payments from Pension and Other Postretirement Benefit Plans

The following table summarizes projected benefit payments from pension plans through 2033, including benefits attributable to estimated future service (in millions):

 

U.S. Plans

 

 

Non-U.S. Plans

 

2024

$

0.9

 

 

$

17.1

 

2025

 

0.9

 

 

 

10.1

 

2026

 

0.9

 

 

 

14.2

 

2027

 

0.8

 

 

 

11.4

 

2028

 

0.8

 

 

 

11.0

 

2029-2033

 

3.7

 

 

 

61.4