Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Following is a summary of the status of the Company's foreign defined benefit pension plans and the net periodic pension cost (in millions):


	Year Ended December 31,
	2023			2022			2021
Service cost	$	4.7		$	8.1		$	11.7
Interest cost	6.3			4.0			4.5
Expected return on plan assets	(4.7)			(4.3)			(6.5)

Curtailment gain	—			—			(0.4)
Actuarial (gains) losses	4.0			(22.1)			(21.4)
Total net periodic pension (gain) cost	$	10.3		$	(14.3)		$	(12.1)
Weighted average assumptions
Discount rate used for net periodic pension costs	3.27		%	1.54		%	1.31		%
Discount rate used for pension benefit obligations	3.63		%	3.63		%	1.54		%
Expected return on plan assets	3.46		%	2.98		%	3.04		%
Rate of compensation increase	4.26		%	3.43		%	3.45		%

Summary of Status Of Foreign Pension Plans


	As of December 31,
	2023		2022
Change in projected benefit obligation (PBO)
Projected benefit obligation at the beginning of the year	$	185.5	$	293.6
Divestiture of businesses	—		(41.3)
Service cost	4.7		8.1
Interest cost	6.3		4.0
Net actuarial (gain) loss	7.8		(38.3)
Benefits paid by plan assets	(10.7)		(5.3)
Benefits paid by the Company	(3.2)		(3.4)
Participant contributions	0.1		0.1

Translation and other (gain) loss	0.6		(32.0)
Projected benefit obligation at the end of the year	$	191.1	$	185.5
Accumulated benefit obligation at the end of the year	$	157.3	$	153.8
Change in plan assets
Fair value of plan assets at the beginning of the year	$	131.7	$	189.7



Divestiture of businesses	—		(21.9)
Actual return on plan assets	8.5		(11.9)
Benefits paid from plan assets	(10.7)		(5.3)
Employer contributions	11.3		2.3

Translation and other gain (loss)	(0.5)		(21.2)
Fair value of plan assets at the end of the year	$	140.3	$	131.7

	As of December 31,
	2023		2022
Plans with underfunded or non-funded projected benefit obligation
Projected benefit obligation	$	118.2	$	121.1
Fair value of plan assets	50.2		54.2
Plans with underfunded or non-funded accumulated benefit obligation
Accumulated benefit obligation	$	87.7	$	84.2
Fair value of plan assets	50.2		44.9
Amounts recognized in the balance sheet consist of
Current assets	$	0.7	$	0.7
Non-current assets	16.4		12.4
Current liabilities	(1.4)		(0.4)
Non-current liabilities	(66.5)		(66.5)
Funded status	$	(50.8)	$	(53.8)

Schedule of Fair Value Measurement of Plan Assets

The following table sets forth, by level within the fair value hierarchy, a summary of investments measured at fair value and the asset allocations of the plan assets in the Company's foreign pension plans (in millions):



	As of December 31, 2023
	Allocation		Total		Level 1		Level 2		Level 3
Asset Category
Cash/Money Markets	2	%	$	3.5	$	3.5	$	—	$	—
Foreign Government/Treasury Securities (1)	7	%	9.9		9.9		—		—
Corporate Bonds, Debentures (2)	31	%	43.2		—		43.2		—
Equity Securities (3)	22	%	31.3		—		31.3		—
Mutual Funds	9	%	11.9		—		11.9		—
Investment and Insurance Contracts (4)	29	%	40.5		—		16.0		24.5
	100	%	$	140.3	$	13.4	$	102.4	$	24.5


	As of December 31, 2022
	Allocation		Total		Level 1		Level 2		Level 3
Asset Category
Cash/Money Markets	2	%	$	3.0	$	3.0	$	—	$	—
Foreign Government/Treasury Securities (1)	10	%	13.4		13.4		—		—
Corporate Bonds, Debentures (2)	26	%	33.4		—		33.4		—
Equity Securities (3)	23	%	30.2		—		30.2		—
Mutual Funds	7	%	9.3		—		9.3		—
Investment and Insurance Contracts (4)	32	%	42.4		—		18.6		23.8
	100	%	$	131.7	$	16.4	$	91.5	$	23.8

_______________________

(1)Includes investments primarily in guaranteed return securities.

(2) Includes investments in government bonds and corporate bonds of developed countries, emerging market government bonds, emerging market corporate bonds and convertible bonds.

(3) Includes investments in equity securities of developed countries and emerging markets.

(4) Includes certain investments with insurance companies that guarantee a minimum rate of return on the investment.

Schedule of Activity of Plan Assets With Fair Value Measurement Using Significant Unobservable Inputs

Activity during the years ended December 31, 2023 and 2022, respectively, for plan assets with fair value measurement using significant unobservable inputs (Level 3) were as follows (in millions):


	Investment and Insurance Contracts
Balance at December 31, 2021	$	50.6
Actual return on plan assets	(2.8)
Purchase, sales and settlements, net	(21.7)
Foreign currency impact	(2.3)
Balance at December 31, 2022	$	23.8
Actual return on plan assets	1.2
Purchase, sales and settlements, net	(1.3)
Foreign currency impact	0.8
Balance at December 31, 2023	$	24.5

Schedule of Expected Benefit Payments

The expected benefit payments from the Company's defined benefit plans from 2024 through 2028 and the five years thereafter are as follows (in millions):


2024	$	7.1
2025	9.4
2026	8.2
2027	11.4
2028	13.0
Five years thereafter	68.4
Total	$	117.5