Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Pension Plans, Defined Benefit

Schedule of Changes in Benefit Obligations and Plan Assets

CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE PERIODS ENDED DECEMBER 31

	U.S.						Non-U.S.
	2020			2019			2020			2019
Benefit obligation at beginning of year	$	400.1		$	332.1		$	252.6		$	216.9
Service cost		7.5			6.9			12.2			10.7
Interest cost		12.2			14.2			5.8			6.4
Actuarial (gain) loss due to:
Change in discount rate		46.4			67.8			12.9			27.7
Experience		(5.0	)		3.0			0.1			(1.2	)
Other assumption changes		3.2			(0.4	)		(11.2	)		(1.0	)
Benefits paid		(3.8	)		(23.5	)		(9.0	)		(8.4	)
Plan settlements		(34.4	)		—			(0.4	)		(1.2	)
Special termination benefits		—			—			0.0			0.5
Other		—			—			1.5			1.6
Translation difference		—			—			14.9			0.6
Benefit obligation at end of year	$	426.2		$	400.1		$	279.4		$	252.6
Fair value of plan assets at beginning of year	$	323.8		$	273.0		$	88.7		$	77.8
Actual return on plan assets		52.5			67.0			8.8			8.9
Company contributions		16.5			7.3			9.7			9.5
Benefits paid		(3.8	)		(23.5	)		(9.0	)		(8.4	)
Plan settlements		(34.4	)		—			(0.4	)		(1.2	)
Translation difference		—			—			5.0			2.1
Fair value of plan assets at end of year	$	354.6		$	323.8		$	102.8		$	88.7
Funded status recognized in the balance sheet	$	(71.6	)	$	(76.3	)	$	(176.6	)	$	(163.9	)

Schedule of Components of Net Periodic Benefit Cost

COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS

	U.S.
(Dollars in millions)	2020			2019			2018
Service cost	$	7.5		$	6.9		$	8.7
Interest cost		12.2			14.2			12.8
Expected return on plan assets		(16.3	)		(13.5	)		(20.4	)
Amortization of prior service credit		0.0			0.0			0.1
Amortization of actuarial loss		2.8			1.9			2.2
Settlement loss		7.2			—			—
Net periodic benefit cost	$	13.4		$	9.5		$	3.4

	Non-U.S.
(Dollars in millions)	2020			2019			2018
Service cost	$	12.2		$	10.7		$	10.8
Interest cost		5.8			6.4			5.7
Expected return on plan assets		(1.7	)		(1.9	)		(2.0	)
Amortization of prior service costs		0.4			0.3			0.3
Amortization of actuarial loss		2.3			0.9			1.4
Settlement loss		0.1			0.6			0.2
Special termination benefits		0.0			0.5			0.5
Net periodic benefit cost	$	19.1		$	17.5		$	16.9

Schedule of Components of Accumulated Other Comprehensive Income Before Tax

COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX AS OF DECEMBER 31

	U.S.				Non-U.S.
(Dollars in millions)	2020		2019		2020		2019
Net actuarial loss	$	61.5	$	63.1	$	41.9	$	47.6
Prior service cost		0.0		0.1		3.5		3.7
Total accumulated other comprehensive income    recognized in the balance sheet	$	61.5	$	63.2	$	45.4	$	51.3

Schedule of Changes in Accumulated Other Comprehensive Income Before Tax

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX FOR THE PERIODS ENDED DECEMBER 31

	U.S.						Non-U.S.
(Dollars in millions)	2020			2019			2020			2019
Total retirement benefit recognized in accumulated    other comprehensive income at beginning of year	$	63.2		$	48.1		$	51.3		$	33.9
Net actuarial (gain) loss		8.3			16.9			(5.2	)		19.1
Amortization of prior service credit (cost)		0.0			0.0			(0.4	)		(0.3	)
Amortization of actuarial loss		(10.0	)		(1.8	)		(2.3	)		(1.5	)
Translation difference		—			—			2.0			0.1
Total retirement benefit recognized in accumulated    other comprehensive income at end of year	$	61.5		$	63.2		$	45.4		$	51.3

Schedule of Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets

PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31

	U.S.				Non-U.S.
(Dollars in millions)	2020		2019		2020		2019
Projected Benefit Obligation (PBO)	$	426.2	$	400.1	$	179.2	$	169.3
Accumulated Benefit Obligation (ABO)		419.1		384.3		142.7		127.2
Fair value of plan assets		354.6		323.8		4.0		3.8

Schedule of Assumptions Used

ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31

	U.S.				Non-U.S.1)
% WEIGHTED AVERAGE	2020		2019		2020	2019
Discount rate		2.35		3.25	0.25-2.70	0.25-2.70
Rate of increases in compensation level		2.65		2.65	1.80-4.00	2.00-5.00

ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR YEARS ENDED DECEMBER 31

	U.S.
% WEIGHTED AVERAGE	2020		2019		2018
Discount rate		3.25		4.35		3.55
Rate of increases in compensation level		2.65		2.65		2.65
Expected long-term rate of return on assets		5.05		5.05		7.08

	Non-U.S.1)
% WEIGHTED AVERAGE	2020	2019	2018
Discount rate	0.25-2.70	0.50-3.25	0.25-3.25
Rate of increases in compensation level	2.00-5.00	2.00-5.00	2.00-5.00
Expected long-term rate of return on assets	1.50-2.25	2.25-2.50	2.25-2.50

1) The Non-U.S. weighted average plan ranges in the tables above have been prepared using significant plans only, which in total represent around 83% of the total Non-U.S. projected benefit obligation.

Schedule of Fair Value of Total Plan Assets

FAIR VALUE OF TOTAL PLAN ASSETS FOR YEARS ENDED DECEMBER 31

	U.S.		U.S.				Non-U.S.
ASSETS CATEGORY IN % WEIGHTED AVERAGE	Target allocation		2020		2019		2020		2019
Equity securities		40		42		40		0		0
Debt instruments		60		57		60		77		79
Other assets		—		1		0		23		21
Total		100		100		100		100		100

Schedule of Fair Value of Company's Plan Assets

The following table summarizes the fair value of the Company’s U.S. and non-U.S. defined benefit pension plan assets (dollars in millions):

(Dollars in millions)	Fair value measurement at December 31, 2020		Fair value measurement at December 31, 2019
Assets
Non-U.S. Bonds
Corporate	$	79.6	$	70.4
Insurance Contracts		17.5		14.7
Other Investments		9.6		6.2
Assets at fair value Level 2		106.7		91.3
Investments measured at net asset value (NAV):
Common collective trusts		350.7		321.2
Total	$	457.4	$	412.5

Schedule of Expected Benefits Payments

PENSION BENEFITS EXPECTED PAYMENTS (dollars in millions)	U.S.		Non-U.S.
2021		21		9
2022		22		11
2023		23		11
2024		29		12
2025		26		13
Years 2026-2030		131		76

Postretirement Benefits Other Than Pensions

Schedule of Changes in Benefit Obligations and Plan Assets

CHANGES IN BENEFIT OBLIGATION FOR POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31

(Dollars in millions)	2020			2019
Benefit obligation at beginning of year	$	18.4		$	15.5
Service cost		0.2			0.2
Interest cost		0.6			0.6
Actuarial loss (gain)		2.1			2.2
Benefits paid		(0.4	)		(0.3	)
Other		0.3			0.2
Benefit obligation at end of year	$	21.2		$	18.4

Schedule of Components of Net Periodic Benefit Cost

COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE POST RETIREMENT BENEFIT PLANS OTHER THAN PENSIONS

PERIOD ENDED DECEMBER 31 (Dollars in millions)	2020			2019			2018
Service cost	$	0.2		$	0.2		$	0.3
Interest cost		0.6			0.6			0.6
Amortization of prior service cost		(2.1	)		(2.2	)		(2.2	)
Amortization of actuarial loss		(0.0	)		(0.3	)		(0.3	)
Net periodic benefit (credit)	$	(1.3	)	$	(1.7	)	$	(1.6	)

Schedule of Components of Accumulated Other Comprehensive Income Before Tax

COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME BEFORE TAX ASSOCIATED WITH POSTRETIREMENT BENEFIT PLANS OTHER THAN PENSIONS AS OF DECEMBER 31

	U.S.
(Dollars in millions)	2020			2019
Net actuarial loss (gain)	$	(0.1	)	$	2.0
Prior service cost (credit)		4.0			6.1
Total accumulated other comprehensive loss (income)    recognized in the balance sheet	$	3.9		$	8.1

Schedule of Expected Benefits Payments

The estimated future benefit payments for the postretirement benefits set forth below reflect expected future service as appropriate (dollars in millions).

POSTRETIREMENT BENEFITS (Dollars in millions)	EXPECTED PAYMENTS
2021		0.5
2022		0.6
2023		0.6
2024		0.7
2025		0.7
Years 2026–2030		3.9