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Long-term Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the years ended December 31, 2021 and 2020 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2021 and 2020 for our defined benefit pension plans:
Year Ended December 31,
20212020
Change in benefit obligation:
Projected benefit obligation at beginning of year$704.0 $640.7 
Service cost7.6 7.6 
Interest cost7.7 9.7 
Participant contributions1.1 1.3 
Actuarial (gain) loss, net(27.5)41.9 
Plan curtailments, settlements and special termination benefits(11.0)(15.4)
Benefits paid(23.9)(22.8)
Business combinations and other adjustments(0.2)1.5 
Foreign currency translation(30.7)39.5 
Projected benefit obligation at end of year627.1 704.0 
Change in plan assets:
Fair value of plan assets at beginning of year386.7 356.9 
Actual return on plan assets17.7 26.8 
Employer contributions18.4 24.1 
Participant contributions1.1 1.3 
Benefits paid(23.9)(22.8)
Settlements(11.3)(16.7)
Business combinations and other adjustments(0.1)0.6 
Foreign currency translation(7.7)16.5 
Fair value of plan assets at end of year380.9 386.7 
Funded status, net$(246.2)$(317.3)
Amounts recognized in the consolidated balance sheets consist of:
Other assets$34.9 $5.5 
Other accrued liabilities(11.8)(12.9)
Accrued pensions(269.3)(309.9)
Net amount recognized$(246.2)$(317.3)
Schedule of Accumulated and Projected Benefit Obligations
The following table reflects the ABO for all defined benefit pension plans at December 31, 2021 and 2020. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets.
Year Ended December 31,
20212020
ABO$604.5 $675.1 
Plans with PBO in excess of plan assets:
PBO$388.9 $493.8 
ABO$366.6 $464.9 
Fair value plan assets$107.8 $171.0 
Plans with ABO in excess of plan assets:
PBO$387.8 $488.8 
ABO$365.9 $460.7 
Fair value plan assets$106.8 $166.4 
Schedule of Net Periodic Benefit Cost Not yet Recognized
The pre-tax amounts not yet reflected in net periodic benefit cost and included in AOCI include the following related to defined benefit plans:
Year Ended December 31,
20212020
Accumulated net actuarial losses$(86.7)$(123.8)
Accumulated prior service credit1.5 1.6 
Total$(85.2)$(122.2)
Schedule of Net Benefit Costs
The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the years ended December 31, 2021, 2020 and 2019.
 Year Ended December 31,
202120202019
Components of net periodic benefit cost and amounts recognized in comprehensive income:
Net periodic benefit cost:
Service cost$7.6 $7.6 $7.2 
Interest cost7.7 9.7 13.1 
Expected return on plan assets(13.6)(12.8)(13.9)
Amortization of actuarial loss, net4.9 3.4 1.9 
Amortization of prior service credit(0.1)— (0.1)
Curtailment gain— (4.2)(2.3)
Settlement loss— 2.3 1.1 
Special termination benefit loss0.4 1.5 0.3 
Net periodic benefit cost6.9 7.5 7.3 
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss, net(32.1)28.4 46.7 
Amortization of actuarial loss, net(4.9)(3.4)(1.9)
Prior service credit— (0.3)— 
Amortization of prior service credit0.1 — 0.1 
Curtailment gain— 4.2 2.3 
Settlement loss— (2.3)(1.1)
Other adjustments(0.1)(1.3)— 
Total (gain) loss recognized in other comprehensive income(37.0)25.3 46.1 
Total recognized in net periodic benefit cost and comprehensive income$(30.1)$32.8 $53.4 
Schedule of Assumptions Used
We used the following assumptions in determining the benefit obligations and net periodic benefit cost of our defined benefit plans:
202120202019
Weighted-average assumptions:
Discount rate to determine benefit obligation1.65 %1.12 %1.58 %
Discount rate to determine net cost1.12 %1.58 %2.27 %
Rate of future compensation increases to determine benefit obligation2.84 %2.71 %2.73 %
Rate of future compensation increases to determine net cost2.71 %2.73 %2.68 %
Rate of return on plan assets to determine net cost3.55 %3.71 %4.21 %
Cash balance interest credit rate to determine benefit obligation0.44 %0.40 %0.49 %
Cash balance interest credit rate to determine net cost0.40 %0.49 %1.13 %
Schedule of Expected Benefit Payments
The following reflects the total benefit payments expected to be paid for defined benefits:
Year ended December 31,Benefits
2022$28.7 
2023$29.3 
2024$34.5 
2025$35.8 
2026$35.5 
2027 - 2031$195.7 
Schedule of Allocation of Plan Assets The table below summarizes the weighted average actual and target pension plan asset allocations at December 31st for all funded Axalta defined benefit plans.
Asset Category20212020Target Allocation
Equity securities
15-20%
20-25%
15-20%
Debt securities
30-35%
30-35%
30-35%
Real estate
0-5%
0-5%
0-5%
Other
40-45%
40-45%
40-45%
The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 1, at December 31, 2021 and 2020, respectively. Defined benefit pension plan assets measured using NAV have not been categorized in the fair value hierarchy.
Fair value measurements at
December 31, 2021
TotalLevel 1Level 2Level 3
Asset Category:
Cash and cash equivalents$11.1 $11.1 $— $— 
U.S. equity securities29.8 29.6 — 0.2 
Non-U.S. equity securities39.6 36.0 0.4 3.2 
Debt securities—government issued79.6 53.1 22.2 4.3 
Debt securities—corporate issued55.3 44.9 8.2 2.2 
Private market securities and other120.8 0.1 0.2 120.5 
Total carried at fair value$336.2 $174.8 $31.0 $130.4 
Investments measured at NAV44.7 
Total$380.9 
Fair value measurements at
December 31, 2020
TotalLevel 1Level 2Level 3
Asset Category:
Cash and cash equivalents$5.8 $5.8 $— $— 
U.S. equity securities38.1 37.9 — 0.2 
Non-U.S. equity securities48.4 45.2 0.4 2.8 
Debt securities—government issued77.9 54.0 20.2 3.7 
Debt securities—corporate issued41.5 28.5 10.3 2.7 
Private market securities and other136.0 0.2 1.7 134.1 
Total carried at fair value$347.7 $171.6 $32.6 $143.5 
Investments measured at NAV39.0 
Total$386.7 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets The table below presents a roll forward of activity for these assets for the years ended December 31, 2021 and 2020.
Level 3 assets
TotalPrivate
market
securities		Debt and equityReal
estate investments
Ending balance at December 31, 2019$134.1 $123.8 $10.0 $0.3 
Change in unrealized gain12.5 11.5 0.9 0.1 
Purchases, sales, issues and settlements(3.8)(2.2)(1.5)(0.1)
Transfers into Level 30.7 0.7 — — 
Ending balance at December 31, 2020$143.5 $133.8 $9.4 $0.3 
Change in unrealized gain(9.7)(10.1)0.4 — 
Purchases, sales, issues and settlements(3.4)(3.5)0.1 — 
Ending balance at December 31, 2021$130.4 $120.2 $9.9 $0.3