XML 48 R35.htm IDEA: XBRL DOCUMENT v3.22.0.1
Pension Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plan Expense
Retirement plan expense for our Non-U.S. plans includes the following components:
Non-U.S. Plans
December 31, 2021December 31, 2020December 31, 2019
Company defined benefit plans:
Service cost$3.5 $3.1 $2.4 
Interest cost2.0 2.1 2.4 
Expected return on plan assets(0.8)(0.8)(0.9)
Net amortization0.6 0.4 — 
Net periodic pension expense5.3 4.8 3.9 
Curtailment(1.9)— — 
Settlement(0.1)— — 
Defined contribution plans3.5 2.1 2.8 
Total$6.8 $6.9 $6.7 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Details of the changes in the actuarial present value of the projected benefit obligation and the fair value of plan assets for our Non-U.S. defined benefit pension plans follow:
Non-U.S. Plans
December 31, 2021December 31, 2020
Projected benefit obligation, beginning$103.5 $90.6 
Service cost3.5 3.1 
Interest cost2.0 2.1 
Actuarial (gain) loss(6.3)3.5 
Benefits paid(2.6)(2.8)
Participant contributions0.3 0.3 
Settlements(2.2)(0.5)
Curtailment(2.5)— 
Plan Amendments(0.4)— 
Acquisition/Divestiture(1.3)— 
Foreign currency translation and other(6.6)7.2 
Projected benefit obligation, ending$87.4 $103.5 
Fair value of plan assets, beginning15.5 14.9 
Actual return on plan assets0.7 1.2 
Employer contributions2.6 2.6 
Participants' contributions0.3 0.3 
Benefits paid(2.6)(2.7)
Settlements(2.2)(0.5)
Foreign currency translation and other(0.5)(0.3)
Fair value of plan assets, ending$13.8 $15.5 
Net amount recognized in the balance sheet$(73.6)$(88.0)
Amounts recognized in the balance sheet:
Noncurrent asset$0.1 $0.4 
Current liability(2.9)(2.3)
Noncurrent liability(70.8)(86.1)
Net amount recognized in the balance sheet$(73.6)$(88.0)
Pretax accumulated other comprehensive (income) loss$10.3 $19.1 
Retirement Plans with Accumulated Benefit Obligations in Excess of Plan Assets Also, as of the respective measurement dates, the total projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for retirement plans with accumulated benefit obligations in excess of plan assets were as follows:
December 31, 2021December 31, 2020
Projected benefit obligation$71.3 $96.8 
Accumulated benefit obligation64.0 87.1 
Fair value of plan assets— 9.6 
Schedule of Future Expected Benefit Payments by Plan
Future expected benefit payments are as follows:
U.S. PlansNon-U.S. Plans
2022$0.1 $3.6 
20230.1 3.5 
20240.1 3.7 
20250.1 3.8 
20260.1 4.1 
2027 through 20310.2 28.2 
Total future expected benefit payments$0.7 $46.9 
Weighted-Average Assumptions Used in Valuation of Pension Benefits
The weighted-average assumptions used in the valuation of pension benefits are as follows:
U.S. PlansNon-U.S. Plans
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Net pension expense
Discount rate2.15 %2.95 %2.04 %2.51 %
Expected return on plan assets— %— %5.23 %6.10 %
Rate of compensation increase— %— %3.41 %3.46 %
Benefit obligations
Discount rate2.40 %2.15 %2.96 %2.04 %
Rate of compensation increase— %— %3.83 %3.41 %
Allocation and Fair Value of Plan Assets
The Company's Non-U.S. Plan asset allocations at December 31, 2021 and 2020 follow:
Non-U.S. Plans
December 31, 2021December 31, 2020
Equity securities21 %23 %
Debt securities35 %33 %
Insurance arrangements3 %3 %
Cash2 %3 %
Other39 %38 %
Total100 %100 %
Schedule of Fair Value of Defined Benefit Plan Assets
The fair values of defined benefit plan assets, organized by asset class and by the fair value hierarchy of ASC 820 as outlined in "Note 1 - Summary of Significant Accounting Policies" follow:
Level 1Level 2Level 3TotalPercentage
December 31, 2021
Equity securities$2.9 $— $— $2.9 21 %
Debt securities2.0 2.8 — 4.8 35 %
Insurance arrangements— — 0.4 0.4 3 %
Cash0.3 — — 0.3 2 %
Other— 2.8 2.6 5.4 39 %
Total$5.2 $5.6 $3.0 $13.8 100 %
December 31, 2020
Equity securities$3.5 $— $— $3.5 23 %
Debt securities2.2 3.0 — 5.2 33 %
Insurance arrangements— — 0.4 0.4 3 %
Cash0.4 — — 0.4 3 %
Other— 3.5 2.5 6.0 38 %
Total$6.1 $6.5 $2.9 $15.5 100 %
Changes in Value for Level 3 Assets
Details of the changes in value for Level 3 assets are as follows:
20212020
Level 3, beginning balance January 1,$2.9 $2.8 
Gains (losses) on assets held(0.1)0.1 
Purchases, sales and settlements, net0.2 — 
Level 3, ending balance December 31,$3.0 $2.9