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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Accumulated Other Comprehensive Income (Loss) Pretax Amounts Not Yet Reclassified in Net Periodic Benefit Cost
Included in accumulated other comprehensive loss as of December 31, 2021 and 2020 are:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)2021202020212020
Unrecognized actuarial (gain) loss$(59.9)$33.9 $21.7 $5.7 
Unrecognized prior service cost (credit)6.6 (1.4)(3.7)0.6 
Total$(53.3)$32.5 $18.0 $6.3 
Change in Accumulated Income (Loss) Relating to Defined Benefit Pension and Other Postretirement Benefits The increase in accumulated other comprehensive loss in 2021 relating to pension benefits and other postretirement benefits consists of:
(In millions)Pension BenefitsOther Postretirement Benefits
Unrecognized actuarial (gain) loss$(102.2)$16.2 
Amortization of actuarial gain/(loss)7.6 (0.2)
Unrecognized prior service credit (cost)8.0 (4.3)
Amortization of prior service costs(0.5)— 
Impact of foreign currency translation1.3 — 
Net change$(85.8)$11.7 
Net Periodic Benefit Cost
Components of net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 were as follows:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)202120202019202120202019
Service cost$38.6 $23.5 $20.7 $3.4 $1.2 $0.6 
Interest cost31.6 13.5 13.6 2.6 1.4 1.5 
Expected return on plan assets(66.1)(19.9)(12.1)— — — 
Plan curtailment, settlement and termination(16.5)1.1 (0.3)— — 3.2 
Amortization of prior service costs0.9 — 0.9 — — — 
Recognized net actuarial losses (gains) 1.3 0.4 (0.8)0.2 0.3 0.2 
Net periodic benefit cost$(10.2)$18.6 $22.0 $6.2 $2.9 $5.5 
During the year ended December 31, 2021, the Company recognized a settlement gain as a result of cash payments from lump sum elections related to the U.S. and Puerto Rico pension plans.
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The table below presents components of the change in projected benefit obligation, change in plan assets and funded status at December 31, 2021 and 2020.
Pension BenefitsOther Postretirement Benefits
(In millions)2021202020212020
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year$2,145.8 $674.7 $188.8 $33.8 
Service cost38.6 23.5 3.4 1.1 
Interest cost31.6 13.5 2.6 1.4 
Participant contributions2.0 1.8 2.4 0.1 
Acquisitions4.0 1,389.4 — 153.1 
Plan settlements and terminations(128.6)(23.1)(4.3)(0.2)
Actuarial (gains) losses (26.1)37.2 16.2 1.1 
Benefits paid(52.8)(24.6)(20.7)(1.6)
Impact of foreign currency translation(67.9)53.4 — — 
Projected benefit obligation, end of year$1,946.6 $2,145.8 $188.4 $188.8 
Change in Plan Assets
Fair value of plan assets, beginning of year$1,354.6 $315.7 $— $— 
Actual return on plan assets141.7 46.0 — — 
Company contributions97.0 58.2 18.3 1.7 
Participant contributions2.0 1.8 2.4 0.1 
Acquisitions(2.1)959.3 — — 
Plan settlements(128.9)(23.1)— (0.2)
Benefits paid(52.8)(24.6)(20.7)(1.6)
Impact of foreign currency translation(45.1)21.3 — — 
Fair value of plan assets, end of year1,366.4 1,354.6 — — 
Funded status of plans$(580.2)$(791.2)$(188.4)$(188.8)
Net Accrued Benefit Costs Classification on Balance Sheet
Net accrued benefit costs for pension plans and other postretirement benefits are reported in the following components of the Company’s consolidated balance sheets at December 31, 2021 and 2020:
Pension BenefitsOther Postretirement Benefits
December 31,December 31,
(In millions)2021202020212020
Noncurrent assets$117.2 $70.7 $— $— 
Current liabilities(14.6)(15.1)(16.1)(16.3)
Noncurrent liabilities(682.8)(846.8)(172.3)(172.5)
Net accrued benefit costs$(580.2)$(791.2)$(188.4)$(188.8)
Plans with Accumulated Benefit Obligation in Excess of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of the fair value of plan assets at December 31, 2021 and 2020 were as follows:
December 31,
(In millions)20212020
Plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$1,591.8 $1,747.2 
Accumulated benefit obligation1,546.4 1,678.2 
Fair value of plan assets904.1 893.9 
Schedule of Allocation of Plan Assets The table below presents total plan assets by investment category as of December 31, 2021 and 2020 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:
December 31, 2021
(In millions)Level 1Level 2Level 3Total
Cash and cash equivalents$63.1 $1.9 $— $65.0 
Equity securities53.9 497.2 — 551.1 
Fixed income securities211.4 405.5 — 616.9 
Assets held by insurance companies and other10.2 41.6 81.6 133.4 
Total$338.6 $946.2 $81.6 $1,366.4 
December 31, 2020
(In millions)Level 1Level 2Level 3Total
Cash and cash equivalents$51.2 $0.6 $— $51.8 
Equity securities145.3 468.1 — 613.4 
Fixed income securities292.6 299.4 — 592.0 
Assets held by insurance companies and other4.0 20.0 73.4 97.4 
Total$493.1 $788.1 $73.4 $1,354.6 
Schedule of Assumptions Used
The following weighted average assumptions were used to determine the benefit obligations for the Company’s defined benefit pension and other postretirement plans as of December 31, 2021 and 2020:
Pension BenefitsOther Postretirement Benefits
2021202020212020
Discount rate2.3 %1.9 %2.5 %1.9 %
Expected return on plan assets5.1 %4.3 %— %— %
Rate of compensation increase3.1 %2.9 %— %— %
The following weighted average assumptions were used to determine the net periodic benefit cost for the Company’s defined benefit pension and other postretirement benefit plans for the three years in the period ended December 31, 2021:
Pension BenefitsOther Postretirement Benefits
202120202019202120202019
Discount rate1.9 %1.6 %2.3 %1.9 %3.3 %4.3 %
Expected return on plan assets5.1 %4.3 %4.3 %— %— %— %
Rate of compensation increase2.9 %2.7 %2.9 %— %— %— %
Schedule of Expected Benefit Payments
Estimated benefit payments over the next ten years for the Company’s pension plans and retiree health plan are as follows:
(In millions)Pension BenefitsOther Postretirement Benefits
2022$101.8 $16.1 
202397.1 16.5 
2024103.0 16.9 
2025100.7 16.8 
2026104.3 16.6 
Thereafter528.5 73.0 
Total$1,035.4 $155.9