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PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Retirement Plan Expense
Retirement plan expense for our non-U.S. plans includes the following components:
Non-U.S. Plans
December 31, 2022December 31, 2021December 31, 2020
Company defined benefit plans:
Service cost$2.9 $3.5 $3.1 
Interest cost2.4 2.0 2.1 
Expected return on plan assets(0.7)(0.8)(0.8)
Net amortization0.3 0.6 0.4 
Net periodic pension expense4.9 5.3 4.8 
Curtailment— (1.9)— 
Settlement(0.1)(0.1)— 
Defined contribution plans2.6 3.5 2.1 
Total$7.4 $6.8 $6.9 
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Details of the changes in the actuarial present value of the projected benefit obligation and the fair value of plan assets for our non-U.S. defined benefit pension plans follow:
Non-U.S. Plans
December 31, 2022December 31, 2021
Projected benefit obligation, beginning$87.4 $103.5 
Service cost2.9 3.5 
Interest cost2.4 2.0 
Actuarial (gain) loss(14.9)(6.3)
Benefits paid(1.5)(2.6)
Participant contributions0.2 0.3 
Settlements(0.2)(2.2)
Curtailment— (2.5)
Plan Amendments— (0.4)
Acquisition/Divestiture— (1.3)
Foreign currency translation and other(8.4)(6.6)
Projected benefit obligation, ending$67.9 $87.4 
Fair value of plan assets, beginning13.8 15.5 
Actual return on plan assets(0.1)0.7 
Employer contributions2.7 2.6 
Participants’ contributions0.3 0.3 
Benefits paid(1.5)(2.6)
Settlements(0.2)(2.2)
Foreign currency translation and other(0.3)(0.5)
Fair value of plan assets, ending$14.7 $13.8 
Net amount recognized in the balance sheet$(53.2)$(73.6)
Amounts recognized in the balance sheet:
Noncurrent asset$0.3 $0.1 
Current liability(2.9)(2.9)
Noncurrent liability(50.6)(70.8)
Net amount recognized in the balance sheet$(53.2)$(73.6)
Pretax accumulated other comprehensive (income) loss$(4.4)$10.3 
Schedule of Retirement Plans with Accumulated Benefit Obligations in Excess of Plan Assets Also, as of the respective measurement dates, the total projected benefit obligation and accumulated benefit obligation were as follows:
December 31, 2022December 31, 2021
Projected benefit obligation$52.2 $71.3 
Accumulated benefit obligation46.0 64.0 
Schedule of Future Expected Benefit Payments by Plan
Future expected benefit payments are as follows:
Non-U.S. Plans
2023$3.9 
20243.6 
20253.8 
20264.0 
20274.8 
2028 through 203229.9 
Total future expected benefit payments$50.0 
Schedule of Weighted-Average Assumptions Used in Valuation of Pension Benefits
The weighted-average assumptions used in the valuation of pension benefits are as follows:
Non-U.S. Plans
December 31, 2022December 31, 2021
Net pension expense
Discount rate2.96 %2.04 %
Expected return on plan assets5.12 %5.23 %
Rate of compensation increase3.83 %3.41 %
Benefit obligations
Discount rate5.29 %2.96 %
Rate of compensation increase4.03 %3.83 %
Schedule of Allocation and Fair Value of Plan Assets
The Company’s non-U.S. Plan asset allocations at December 31, 2022 and 2021 follow:
Non-U.S. Plans
December 31, 2022December 31, 2021
Equity securities— %21 %
Debt securities20 %35 %
Insurance arrangements1 %3 %
Cash38 %2 %
Other41 %39 %
Total100 %100 %
Schedule of Fair Value of Defined Benefit Plan Assets
The fair values of defined benefit plan assets, organized by asset class and by the fair value hierarchy of ASC 820 as outlined in “Note 1 - Summary of Significant Accounting Policies” follow:
Level 1Level 2Level 3TotalPercentage
December 31, 2022
Debt securities$— $3.0 $— $3.0 20 %
Insurance arrangements— — 0.1 0.1 1 %
Cash5.6 — — 5.6 38 %
Other— 3.3 2.7 6.0 41 %
Total$5.6 $6.3 $2.8 $14.7 100 %
December 31, 2021
Equity securities$2.9 $— $— $2.9 21 %
Debt securities2.0 2.8 — 4.8 35 %
Insurance arrangements— — 0.4 0.4 3 %
Cash0.3 — — 0.3 2 %
Other— 2.8 2.6 5.4 39 %
Total$5.2 $5.6 $3.0 $13.8 100 %
Schedule of Changes in Value for Level 3 Assets
Details of the changes in value for Level 3 assets are as follows:
20222021
Level 3, beginning balance January 1,$3.0 $2.9 
Gains (losses) on assets held(0.7)(0.1)
Purchases, sales and settlements, net0.5 0.2 
Level 3, ending balance December 31,$2.8 $3.0