Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Components of Net Pension Expense

The components of net pension expense for our defined benefit retirement plans were as follows (in millions):

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2022			2021			2020			2022			2021			2020
Service cost	$	0.7		$	0.9		$	0.7		$	22.7		$	24.7		$	24.7
Interest cost		11.7			10.5			13.9			5.4			4.9			5.4
Expected return on plan assets		(30.8	)		(29.8	)		(32.9	)		(14.3	)		(15.6	)		(13.3	)
Settlements		-			6.4			0.5			(5.0	)		0.5			(0.5	)
Amortization of prior service cost		0.3			0.3			0.3			(4.1	)		(4.3	)		(4.2	)
Amortization of unrecognized actuarial loss		7.8			8.6			7.2			0.8			2.5			1.3
Net periodic (income) benefit expense	$	(10.3	)	$	(3.1	)	$	(10.3	)	$	5.5		$	12.7		$	13.4

Weighted Average Actuarial Assumptions Used to Determine Net Pension Expense for Our Defined Benefit Retirement Plans

The weighted average actuarial assumptions used to determine net pension expense for our defined benefit retirement plans were as follows:

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2022			2021			2020			2022			2021			2020
Discount rate		2.86	%		2.04	%		3.40	%		0.67	%		0.63	%		0.73	%
Rate of compensation increase	-			-			-				2.27	%		2.39	%		2.28	%
Expected long-term rate of return on    plan assets		6.75	%		6.75	%		7.75	%		1.83	%		2.09	%		2.17	%

Changes in Projected Benefit Obligations

Changes in projected benefit obligations and plan assets were (in millions):

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2022			2021			2022			2021
Projected benefit obligation - beginning of year	$	503.1		$	516.9		$	807.9		$	819.3
Service cost		0.7			0.9			22.7			24.7
Interest cost		11.7			10.5			5.4			4.9
Employee contributions		-			-			24.5			23.4
Benefits paid		(23.5	)		(13.3	)		(64.1	)		(41.7	)
Actuarial loss		(125.2	)		3.0			(186.2	)		6.1
Expenses paid		-			-			(0.2	)		(0.2	)
Settlement		-			(14.9	)		(2.3	)		(3.0	)
Translation (gain) loss		-			-			(39.8	)		(25.6	)
Projected benefit obligation - end of year	$	366.8		$	503.1		$	567.9		$	807.9

Changes in Fair Value of Plan Assets

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2022			2021			2022			2021
Plan assets at fair market value - beginning of year	$	499.5		$	474.1		$	821.2		$	756.7
Actual return on plan assets		(81.5	)		50.5			(93.8	)		86.6
Employer contributions		1.7			3.1			19.8			22.4
Employee contributions		-			-			24.5			23.4
Settlements		-			(14.9	)		(2.3	)		(3.0	)
Benefits paid		(23.5	)		(13.3	)		(64.1	)		(41.7	)
Expenses paid		-			-			(0.2	)		(0.2	)
Translation (loss) gain		-			-			(37.9	)		(23.0	)
Plan assets at fair market value - end of year	$	396.2		$	499.5		$	667.2		$	821.2
Funded status	$	29.4		$	(3.6	)	$	99.3		$	13.3

Summary of Amounts Recognized in Balance Sheet

	For the Years Ended December 31,
	U.S. and Puerto Rico						Foreign
	2022			2021			2022			2021
Amounts recognized in consolidated balance sheet:
Prepaid pension	$	30.9		$	2.7		$	119.9		$	54.9
Short-term accrued benefit liability		(0.1	)		(0.1	)		(1.4	)		(1.3	)
Long-term accrued benefit liability		(1.4	)		(6.2	)		(19.2	)		(40.3	)
Net amount recognized	$	29.4		$	(3.6	)	$	99.3		$	13.3

Weighted Average Actuarial Assumptions Used to Determine Projected Benefit Obligation for Defined Benefit Retirement Plans

The weighted average actuarial assumptions used to determine the projected benefit obligation for our defined benefit retirement plans were as follows:

	For the Years Ended December 31,
	U.S. and Puerto Rico									Foreign
	2022			2021			2020			2022			2021			2020
Discount rate		5.37	%		2.70	%		2.70	%		2.65	%		0.73	%		0.61	%
Rate of compensation increase		-			-			-			2.25	%		2.48	%		2.36	%

Plans with Benefit Obligations in Excess of Plan Assets

Plans with projected benefit obligations in excess of plan assets were as follows (in millions):

	As of December 31,
	U.S. and Puerto Rico				Foreign
	2022		2021		2022		2021
Projected benefit obligation	$	1.5	$	468.5	$	26.8	$	38.8
Plan assets at fair market value		-		462.2		7.9		8.1

Total Accumulated Benefit Obligations and Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Total accumulated benefit obligations and plans with accumulated benefit obligations in excess of plan assets were as follows (in millions):

	As of December 31,
	U.S. and Puerto Rico				Foreign
	2022		2021		2022		2021
Total accumulated benefit obligations	$	366.8	$	503.1	$	548.6	$	783.0
Plans with accumulated benefit obligations in excess    of plan assets:
Accumulated benefit obligation		1.5		468.5		24.5		36.4
Plan assets at fair market value		-		462.2		7.9		8.1

Summary of Benefits Expected to be Paid Out

The benefits expected to be paid out in each of the next five years and for the five years combined thereafter are as follows (in millions):

For the Years Ending December 31,	U.S. and Puerto Rico		Foreign
2023	$	23.7	$	32.4
2024		24.2		32.0
2025		25.2		31.5
2026		25.6		30.8
2027		25.8		31.3
2028-2032		132.3		145.8

Reconciliation of Beginning and Ending Balances of Foreign Pension Plan Assets Measured at Fair Value

The following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs (Level 3) (in millions):

	December 31, 2022
Beginning Balance	$	160.6
Change in fair value of assets		8.0
Net purchases and sales		(0.9	)
Translation gain		(2.2	)
Ending Balance	$	165.5

U.S. and Puerto Rico [Member]

Fair Value of Pension Plan Assets

The fair value of our U.S. and Puerto Rico pension plan assets by asset category was as follows (in millions):

	As of December 31, 2022
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	5.0	$	5.0	$	-	$	-
Equity securities		263.2		-		263.2		-
Intermediate fixed income securities		128.0		-		128.0		-
Total	$	396.2	$	5.0	$	391.2	$	-

	As of December 31, 2021
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3.8	$	3.8	$	-	$	-
Equity securities		342.1		-		342.1		-
Intermediate fixed income securities		153.6		-		153.6		-
Total	$	499.5	$	3.8	$	495.7	$	-

Foreign [Member]

Fair Value of Pension Plan Assets

The fair value of our foreign pension plan assets was as follows (in millions):

	As of December 31, 2022
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	21.9	$	21.9	$	-	$	-
Equity securities		136.0		122.6		13.4		-
Fixed income securities		168.8		-		168.8		-
Other types of investments		175.0		-		175.0		-
Real estate		165.5		-		-		165.5
Total	$	667.2	$	144.5	$	357.2	$	165.5

	As of December 31, 2021
			Fair Value Measurements at Reporting Date Using:
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	56.6	$	56.6	$	-	$	-
Equity securities		185.5		149.6		35.9		-
Fixed income securities		195.5		-		195.5		-
Other types of investments		223.0		-		223.0		-
Real estate		160.6		-		-		160.6
Total	$	821.2	$	206.2	$	454.4	$	160.6