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Retirement Benefit Plans (Tables) - Pension Plan
12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures
The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
U.S. PlansInternational Plans
 202220212020202220212020
Components of net periodic benefit cost:
Service cost$6.9 $9.5 $10.7 $1.6 $2.0 $1.8 
Interest cost17.7 17.6 21.0 5.7 4.4 5.5 
Expected return on plan assets(18.9)(23.2)(25.3)(9.3)(10.2)(8.7)
Amortization of prior service cost1.2 1.2 1.6 0.1 0.2 0.2 
Recognition of net actuarial losses
   (gains)
22.6 13.9 (3.9)(6.6)(9.5)20.1 
Curtailment losses — 0.9  — — 
Net periodic benefit cost (credit)$29.5 $19.0 $5.0 $(8.5)$(13.1)$18.9 
Schedule of Defined Benefit Plan, Assumptions
Assumptions202220212020
U.S. Plans:
Discount rate
3.03% to 4.95%
2.71% to 2.91%
3.04% to 3.55%
Future compensation assumption
    2.50% to 3.50%
2.50 %2.50 %
Expected long-term return on plan assets
4.35% to 5.65%
4.15% to 4.90%
4.50% to 6.25%
International Plans:
Discount rate
1.00% to 9.50%
0.25% to 7.75%
0.75% to 9.00%
Future compensation assumption
2.10% to 8.00%
1.90% to 8.18%
2.00% to 8.20%
Expected long-term return on plan assets
2.00% to 8.90%
2.00% to 9.00%
1.75% to 9.00%
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions20222021
U.S. Plans:
Discount rate
5.62% to 5.74%
3.03% to 3.09%
Future compensation assumption
2.50%
2.50% to 3.50%
International Plans:
Discount rate
3.70% to 10.70%
1.00% to 9.50%
Future compensation assumption
2.80% to 10.00%
2.10% to 8.00%
Schedule of Changes in Projected Benefit Obligations
The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2022 and 2021:
U.S. PlansInternational Plans
 2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$566.3 $663.1 $343.1 $379.7 
Service cost6.9 9.5 1.6 2.0 
Interest cost17.7 17.6 5.7 4.4 
Plan amendments —  0.5 
Actuarial gains(116.4)(4.4)(88.2)(19.6)
International plan exchange rate change — (32.6)(8.7)
Benefits paid(139.2)(119.5)(14.7)(15.2)
Acquisitions — 3.2 — 
Benefit obligation at end of year$335.3 $566.3 $218.1 $343.1 
Schedule of Changes in Fair Value of Plan Assets
Change in plan assets:
Fair value of plan assets at beginning of year$455.7 $553.3 $296.8 $312.8 
Actual return on plan assets(120.1)4.9 (72.3)0.1 
Company contributions / payments5.2 17.0 6.0 3.4 
International plan exchange rate change — (30.3)(4.3)
Benefits paid(139.2)(119.5)(14.7)(15.2)
Fair value of plan assets at end of year201.6 455.7 185.5 296.8 
Funded status at end of year$(133.7)$(110.6)$(32.6)$(46.3)
Schedule of Defined Benefit Plans Amounts recognized on the Consolidated Balance Sheets
Amounts recognized on the Consolidated Balance Sheets:
Non-current assets$ $1.1 $0.3 $3.9 
Current liabilities(4.8)(4.9)(1.5)(1.4)
Non-current liabilities(128.9)(106.8)(31.4)(48.8)
$(133.7)$(110.6)$(32.6)$(46.3)
Schedule of Defined Benefit Plans Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive
     loss (income):
Net prior service cost$0.3 $1.5 $3.6 $4.2 
Accumulated other comprehensive loss (income)$0.3 $1.5 $3.6 $4.2 
Changes in prior service cost recognized in accumulated other comprehensive loss (income):
Accumulated other comprehensive loss (income) at beginning
     of year
$1.5 $2.7 $4.2 $3.9 
Prior service cost —  0.5 
Recognized prior service cost(1.2)(1.2)(0.1)(0.2)
Foreign currency impact — (0.5)— 
Total recognized in accumulated other comprehensive
     loss (income) at December 31
$0.3 $1.5 $3.6 $4.2 
Schedule of Target Assets Allocation and Actual Asset Allocations for US Pension Plan Assets
The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2022 and 2021, was as follows: 
Current Target
Allocation
Percentage of Pension Plan
Assets at December 31,
Asset Category20222021
Equity securities16%to22%18%19%
Fixed income securities72%to82%77%78%
Other investments2%to6%5%3%
Total100%100%
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash and cash equivalents$22.9 $ $ $22.9 $13.8 $— $— $13.8 
Government and agency securities10.7 0.9  11.6 22.7 2.7 — 25.4 
Corporate bonds - investment grade 31.5  31.5 — 82.7 — 82.7 
Equity securities - U.S. companies0.1   0.1 — — — — 
Common collective funds - fixed income29.9   29.9 42.5 — — 42.5 
Mutual funds - fixed income31.6   31.6 51.8 — — 51.8 
Mutual funds - international equity21.5   21.5 41.0 — — 41.0 
$116.7 $32.4 $ $149.1 $171.8 $85.4 $— $257.2 
Investments measured at net asset value:
Equity securities - international companies $0.4 $0.3 
Common collective funds - domestic equities 19.9 45.9 
Common collective funds - international equities 17.5 33.6 
Common collective funds - fixed income 82.6 216.6 
Common collective funds - diversified growth12.1 18.5 
Limited partnerships 6.8 10.4 
Real estate partnerships5.2 6.6 
Other liability-driven investments68.6 138.1 
Other assets 24.9 25.3 
   Total Assets$387.1 $752.5 
Employer Contributions to Defined Benefit Plans
Employer Contributions to Defined Benefit Plans
2021$20.4 
202211.2 
2023 (estimated)25.0 
Schedule of Future Pension Benefit Payments
Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
Benefit Payments 
2023$49.6 
202443.0 
202544.0 
202645.3 
202742.7 
2028-2032203.3