SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Estimated Useful Lives of Depreciable Assets

The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows:


Category						Useful Life
Buildings						30 years
Leased assets and leasehold improvements						Amortized over the lesser of the economic life of the asset or the term of the lease
Machinery, equipment and other						3 – 10 years

The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions):


	2023		2022
Land and improvements	$	54.4	$	54.3
Buildings and leasehold improvements	317.2		312.3
Machinery, equipment and other	877.2		809.8
Gross property, plant and equipment	1,248.8		1,176.4
Less: accumulated depreciation	(809.0)		(754.5)
Property, plant and equipment, net	$	439.8	$	421.9

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in AOCI by component are summarized below ($ in millions):


	Foreign currency translation adjustments		Pension & post- retirement plan benefit adjustments (b)			Total
Balance, December 31, 2020	$	(54.0)	$	(87.1)		$	(141.1)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	(68.7)		27.7			(41.0)
Income tax impact	—		(6.2)			(6.2)
Other comprehensive income (loss) before reclassifications, net of income taxes	(68.7)		21.5			(47.2)
Amounts reclassified from AOCI into income:
Increase (decrease)	—		4.3		(a)	4.3
Income tax impact	—		(1.0)			(1.0)
Amounts reclassified from AOCI into income, net of income taxes:	—		3.3			3.3
Net current period other comprehensive income (loss):	(68.7)		24.8			(43.9)
Balance, December 31, 2021	$	(122.7)	$	(62.3)		$	(185.0)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	(181.4)		47.6			(133.8)
Income tax impact	—		(10.3)			(10.3)
Other comprehensive income (loss) before reclassifications, net of income taxes	(181.4)		37.3			(144.1)
Amounts reclassified from AOCI into income:
Increase (decrease)	2.7		0.9		(a)	3.6
Income tax impact	—		(0.2)			(0.2)
Amounts reclassified from AOCI into income, net of income taxes	2.7		0.7			3.4
Net current period other comprehensive income (loss)	(178.7)		38.0			(140.7)
Balance, December 31, 2022	$	(301.4)	$	(24.3)		$	(325.7)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	9.7		(13.9)			(4.2)
Income tax impact	—		3.8			3.8
Other comprehensive income (loss) before reclassifications, net of income taxes	9.7		(10.1)			(0.4)
Amounts reclassified from AOCI into income:
Increase (decrease)	—		0.1		(a)	0.1
Income tax impact	—		(0.1)			(0.1)
Amounts reclassified from AOCI into income, net of income taxes	—		—			—
Net current period other comprehensive income (loss)	9.7		(10.1)			(0.4)
Balance, December 31, 2023	$	(291.7)	$	(34.4)		$	(326.1)

(a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 11).
(b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.