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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

We recorded the following contributions to the defined contribution plans (in millions):



	For the Years Ended December 31,
	2019		2018		2017
Contributions to defined contribution plans	$	19.1	$	18.8	$	18.1

Pension and postretirement benefit plans recognized in financial statements

The following tables set forth amounts recognized in our financial statements and the plans’ funded status for our pension and post-retirement benefit plans (dollars in millions):



	Pension Benefits
	2019			2018
Accumulated benefit obligation	$	237.3		$	368.0

Changes in projected benefit obligation:
Benefit obligation at beginning of year	$	371.9		$	405.5
Service cost	4.9			5.3
Interest cost	10.2			12.3
Other	—			0.3
Actuarial (gain) loss	38.9			(26.4		)
Effect of exchange rates	1.1			(2.7		)
Settlements	(173.5		)	(1.3		)
Benefits paid	(12.0		)	(21.1		)
Benefit obligation at end of year	$	241.5		$	371.9

Changes in plan assets:
Fair value of plan assets at beginning of year	$	291.0		$	318.6
Actual gain (loss) return on plan assets	45.7			(23.3		)
Employer contributions	1.8			20.6
Effect of exchange rates	1.3			(2.5		)
Plan settlements	(173.5		)	(1.3		)
Benefits paid	(12.0		)	(21.1		)
Fair value of plan assets at end of year	154.3			291.0
Funded status / net amount recognized	$	(87.2	)	$	(80.9	)

Net amount recognized consists of:
Non-current assets	$	3.5		$	3.3
Current liability	(3.3		)	(1.4		)
Non-current liability	(87.4		)	(82.8		)
Net amount recognized	$	(87.2	)	$	(80.9	)

Schedule of non-current pension liability plan



	For the Years Ended December 31,
	2019		2018
Pension plans with a benefit obligation in excess of plan assets:
Projected benefit obligation	$	204.5	$	357.2
Accumulated benefit obligation	200.5		353.4
Fair value of plan assets	113.9		275.0

Components of net periodic benefit cost

Our U.S.-based pension plans comprised approximately 81% of the projected benefit obligation and 74% of plan assets as of December 31, 2019.



	Pension Benefits
	2019			2018			2017
Components of net periodic benefit cost as of December 31:
Service cost	$	4.9		$	5.3		$	5.0
Interest cost	10.2			12.3			12.6
Expected return on plan assets	(13.4		)	(18.8		)	(21.3		)
Amortization of prior service costs	0.1			0.1			0.2
Recognized actuarial loss	5.6			9.2			8.1
Settlements	99.2			0.4			—
Other	(0.5		)	0.3			0.7
Net periodic benefit cost	$	106.1		$	8.8		$	5.3

Summary of amounts recognized in AOCI in our financial statements

The following table sets forth amounts recognized in AOCL and Other comprehensive income (loss) in our financial statements for 2019 and 2018 (in millions):



	Pension Benefits
	2019			2018
Amounts recognized in AOCL:
Prior service costs	$	(0.8	)	$	(0.9	)
Actuarial loss	(101.6		)	(199.4		)
Subtotal	(102.4		)	(200.3		)
Deferred taxes	24.7			49.5
Net amount recognized	$	(77.7	)	$	(150.8	)
Changes recognized in other comprehensive (loss) income:
Current year prior service costs	—			0.3
Current year actuarial (gain) loss	(5.1		)	15.7
Effect of exchange rates	0.5			(1.1		)
Amortization of prior service costs	(0.1		)	(0.1		)
Amortization of actuarial loss, including settlements	(93.1		)	(9.9		)
Total recognized in other comprehensive (loss) income	$	(97.8	)	$	4.9
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	8.3		$	13.7

Summary of health care cost trend rates

The following table sets forth the healthcare trend rate assumptions used:



	2019		2018
Assumed health care cost trend rates as of December 31:
Health care cost trend rate assumed for next year	6.50	%	6.50	%
Rate to which the cost rate is assumed to decline (the ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2022		2022

Summary of expected future benefit payments

Expected future benefit payments are shown in the table below (in millions):



	For the Years Ended December 31,
	2020		2021		2022		2023		2024		2025-2029
Pension benefits	$	6.0	$	11.5	$	6.2	$	7.0	$	11.7	$	92.6

Summary of weighted-average asset allocations

Our U.S. pension plans’ weighted-average asset allocations as of December 31, 2019 and 2018, by asset category, were as follows:



	Plan Assets as of December 31,
Asset Category:	2019		2018
U.S. equity	44.6	%	24.6	%
International equity	7.3	%	15.5	%
Fixed income	48.0	%	57.2	%
Money market/cash	0.1	%	2.7	%
Total	100.0	%	100.0	%

Summary of target allocation percentage of assets

U.S. pension plans’ assets were invested according to the following targets:



Asset Category:	Target
U.S. equity	44.0	%
International equity	6.0	%
Fixed income	50.0	%

Summary of fair value of pension plan asset, by asset category

The fair values of our pension plan assets, by asset category, were as follows (in millions):



	Fair Value Measurements as of December 31, 2019
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Category:
Cash and cash equivalents	$	0.2	$	—	$	—	$	0.2
Commingled pools / Collective Trusts:
U.S. equity ⁽¹⁾	—		50.8		—		50.8
International equity⁽²⁾	—		8.3		—		8.3
Fixed income⁽³⁾	—		54.6		—		54.6
Balanced pension trust:⁽⁴⁾
International equity	—		4.8		—		4.8
Fixed income	—		13.6		—		13.6
Pension fund:
Fixed income⁽⁶⁾	—		22.0		—		22.0
Total	$	0.2	$	154.1	$	—	$	154.3



	Fair Value Measurements as of December 31, 2018
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Category:
Cash and cash equivalents	$	7.2	$	—	$	—	$	7.2
Commingled pools / Collective Trusts:
U.S. equity ⁽¹⁾	—		62.7		—		62.7
International equity⁽²⁾	—		39.5		—		39.5
Fixed income⁽³⁾	—		146.2		—		146.2
Balanced pension trust:⁽⁴⁾
International equity	—		4.0		—		4.0
Fixed income	—		12.0		—		12.0
Pension fund:
International equity⁽⁵⁾	—		2.7		—		2.7
Fixed income⁽⁶⁾	—		8.9		—		8.9
Blend ⁽⁷⁾	—		7.8		—		7.8
Total	$	7.2	$	283.8	$	—	$	291.0

Summary of additional information about asset measured at net asset value per share

Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):



	As of December 31, 2019
	Fair Value		Redemption Frequency (if currently eligible)	Redemption Notice Period
Asset Category:
Commingled pools / Collective Trusts:
U.S. equity ⁽¹⁾	$	50.8	Daily	5 days
International equity⁽²⁾	8.3		Daily	5 days
Fixed income⁽³⁾	54.6		Daily	5-15 days
Balanced pension trust:⁽⁴⁾
International equity	4.8		Daily	3-5 days
Fixed income	13.6		Daily	3-5 days
Pension fund:
Fixed income⁽⁶⁾	22.0		Daily	1-3 days
Total	$	154.1



	As of December 31, 2018
	Fair Value		Redemption Frequency (if currently eligible)	Redemption Notice Period
Asset Category:
Commingled pools / Collective Trusts:
U.S. equity ⁽¹⁾	$	62.7	Daily	5 days
International equity⁽²⁾	39.5		Daily	5 days
Fixed income⁽³⁾	146.2		Daily	5-15 days
Balanced pension trust:⁽⁴⁾
International equity	4.0		Daily	3-5 days
Fixed income	12.0		Daily	3-5 days
Pension fund:
International equity⁽⁵⁾	2.7		Daily	1-3 days
Fixed income⁽⁶⁾	8.9		Daily	1-3 days
Blend ⁽⁷⁾	7.8		Daily	1-3 days
Total	$	283.8



⁽¹⁾	This category includes investments primarily in U.S. equity securities that include large, mid and small capitalization companies.
⁽²⁾	This category includes investments primarily in international equity securities that include large, mid and small capitalization companies in large developed markets as well as emerging markets equities.
⁽³⁾	This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
⁽⁴⁾	The investment objectives of the plan are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The plan also holds a portion of its assets in international equities, a portion of which may be invested in U.S. securities.
⁽⁵⁾	This category includes investments in international equity securities, a portion of which may be invested in U.S. securities and aims to provide returns consistent with the markets in which it invests and provide broad exposure to countries around the world.
⁽⁶⁾	This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer with a derivatives overlay and investment grade corporate bonds denominated in sterling.
⁽⁷⁾	This category includes investments in pooled funds where the fund manager has discretion for the asset allocation and can invest in a wide range of international and US asset classes including equity, credit markets, sovereign debt and alternative assets (including derivative-based strategies).

UNITED STATES

Defined Benefit Plan Disclosure [Line Items]

Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans

The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the U.S.-based plans in 2019 and 2018:



	Pension Benefits
	2019		2018
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate	3.19	%	4.32	%
Rate of compensation increase	4.23	%	4.23	%



	Pension Benefits
	2019		2018		2017
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate - service cost	3.96	%	3.48	%	3.96	%
Discount rate - interest cost	3.67	%	3.22	%	3.51	%
Expected long-term return on plan assets	6.50	%	6.50	%	7.50	%
Rate of compensation increase	4.23	%	4.23	%	4.23	%

Foreign Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans

The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the non-U.S.-based plans in 2019 and 2018:



	Pension Benefits
	2019		2018
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate	2.15	%	2.93	%
Rate of compensation increase	3.20	%	3.77	%



	Pension Benefits
	2019		2018		2017
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate - service cost	1.60	%	1.32	%	1.34	%
Discount rate - interest cost	2.98	%	2.67	%	2.75	%
Expected long-term return on plan assets	3.92	%	4.19	%	4.40	%
Rate of compensation increase	3.77	%	3.62	%	3.78	%