SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

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):


	2024		2023
Land and improvements	$	45.1	$	54.4
Buildings and leasehold improvements	284.0		317.2
Machinery, equipment and other	932.6		877.2
Gross property, plant and equipment	1,261.7		1,248.8
Less: accumulated depreciation	(828.6)		(809.0)
Property, plant and equipment, net	$	433.1	$	439.8

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, 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)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)	(152.9)			0.8			(152.1)
Income tax impact	6.2			(0.6)			5.6
Other comprehensive income (loss) before reclassifications, net of income taxes	(146.7)			0.2			(146.5)
Amounts reclassified from AOCI into income:
Increase (decrease)	7.0		(c)	0.3		(a)	7.3
Income tax impact	—			(0.1)			(0.1)
Amounts reclassified from AOCI into income, net of income taxes	7.0			0.2			7.2
Net current period other comprehensive income (loss)	(139.7)			0.4			(139.3)
Balance, December 31, 2024	$	(431.4)		$	(34.0)		$	(465.4)

(a) This component of AOCI is included in the computation of net periodic pension cost (refer to Note 10).
(b) Includes balances relating to defined benefit plans, supplemental executive retirement plans, and other postretirement employee benefit plans.
(c) This amount relates to the cumulative translation adjustment recognized in earnings upon the Invetech Divestiture. Refer to Note 3 for additional details.