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RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits, Description [Abstract]  
Schedule of defined benefit plan obligations and assets
The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows:
Retirement Plans
(in millions)20232022
Benefit obligation$(325.8)$(303.0)
Fair value of plan assets350.1 335.8 
Funded status$24.3 $32.8 
Amounts recognized in the Consolidated Balance Sheets:
Other assets$27.0 $39.7 
Accrued compensation and benefits(2.7)(6.9)
Funded status$24.3 $32.8 
Changes in defined benefit plan obligations
Changes in the benefit obligations were as follows:

Retirement Plans
(in millions)20232022
January 1$303.0 $512.8 
Service cost0.2 — 
Interest cost14.0 8.8 
Actuarial (gains)/losses5.0 (154.3)
Exchange difference17.2 (50.7)
Benefits paid(13.6)(13.6)
December 31$325.8 $303.0 
Schedule of assumptions used to determine defined benefit obligations The weighted average assumptions used to determine defined benefit obligations at December 31, 2023, and 2022 are as follows:
Retirement Plans
20232022
Discount rate4.37 %4.55 %
Expected rate of salary increases2.87 %2.97 %
Future pension trend rate increases3.28 %3.35 %
Changes in the fair value of plan assets
Changes in the fair value of plan assets in the current period were as follows:

Retirement Plans
(in millions)20232022
January 1$335.8 $577.0 
Actual return on plan assets8.4 (195.0)
Foreign currency changes19.3 (57.6)
Contributions from the company0.2 25.0 
Benefits paid(13.6)(13.6)
December 31$350.1 $335.8 
Breakdown of amount recognized in accumulated other comprehensive income
The components of the amount recognized in accumulated other comprehensive income at December 31, 2023 and 2022 are as follows:
Retirement Plans
(in millions)20232022
Prior service cost/(credit)$5.6 $5.6 
Net actuarial loss/(gain)156.5 149.5 
Total$162.1 $155.1 
Schedule of amounts recognized in other comprehensive income (loss), expected to be amortized
The amounts in accumulated other comprehensive income expected to be amortized into the Consolidated Income Statement during the year ending December 31, 2024 are as follows:

(in millions)Retirement Plans
Prior service cost/(credit)$0.2 
Net actuarial loss/(gain)4.9 
Total$5.1 
Schedule of benefit obligations in excess of plan assets
The total accumulated and projected benefit obligation and fair value of plan assets for plans with accumulated and projected benefit obligations in excess of plan assets are as follows:

Retirement Plans
(in millions)20232022
Plans with accumulated and projected benefit obligation in excess of plan assets:
  Accumulated and projected benefit obligation$4.2 $41.7 
  Fair value of plan assets$1.5 $34.8 
Schedule of defined benefit plans
The components of net periodic benefit cost in respect of these defined benefit plans are as follows:

Retirement Plans
(in millions)202320222021
Service cost$0.2 $— $0.6 
Interest cost14.0 8.8 8.9 
Expected return on plan assets(14.7)(13.5)(16.8)
Amortization of prior service cost/(credit)0.5 0.2 0.2 
Amortization of net actuarial (gain)/loss3.8 0.8 2.7 
Settlement— — 4.4 
Curtailment (gain)/loss— — (0.3)
Net periodic benefit cost/(credit)$3.8 $(3.7)$(0.3)
Schedule of assumptions used to determine net periodic benefit cost
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 are:
Retirement Plans
202320222021
Discount rate4.55 %1.91 %1.83 %
Expected return on plan assets4.13 %3.28 %3.01 %
Expected rate of salary increases2.97 %3.10 %2.85 %
Future pension rate increases3.35 %3.29 %2.64 %
Analysis of plan assets
The analysis of the plan assets as of December 31, 2023 was as follows:

(in millions)Retirement Plans% of Plan Assets
Cash and cash equivalents$36.9 10.5 %
Fund investments75.6 21.6 %
Equity securities15.7 4.5 %
Government debt securities16.3 4.7 %
Guaranteed investments contracts97.0 27.7 %
Other investments108.6 31.0 %
Total$350.1 100.0 %

The analysis of the plan assets as of December 31, 2022 was as follows:

(in millions)Retirement Plans% of Plan Assets
Cash and cash equivalents$33.1 9.8 %
Fund investments86.3 25.7 %
Equity securities14.9 4.4 %
Government debt securities9.6 2.9 %
Guaranteed investments contracts96.0 28.6 %
Other investments95.9 28.6 %
Total$335.8 100.0 %
Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter
The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows:

(in millions)Retirement Plans
Expected benefit payments:
2024$9.6 
2025$9.9 
2026$10.3 
2027$10.5 
2028$10.9 
Thereafter in the succeeding five years$62.4