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Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Postemployment Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Plan Assets
The following table sets forth the changes in our benefit obligations and plan assets for our pension and postretirement plans. The table also presents the line items in the consolidated balance sheet where the related assets and liabilities are recorded:
Pension plansPostretirement benefit obligations
Year ended December 31, 2021Year ended December 31, 2020Year ended December 31, 2021Year ended December 31, 2020
Change in benefit obligation:
Benefit obligation at beginning of year$(1,900.3)$(1,770.3)$(1.6)$(2.0)
Service cost(5.2)(1.8)— — 
Interest cost(27.4)(42.2)— — 
Benefits paid94.1 86.8 0.2 0.8 
Acquisitions(87.4)— — — 
Plan amendment0.3 
Settlement0.1 7.7 — — 
Plan participants' contributions(0.9)(0.1)— (0.1)
Actuarial (loss) gain85.3 (168.9)0.1 (0.3)
Effect of changes in foreign currency exchange rates9.0 (11.5)— — 
Benefit obligation at end of year$(1,832.4)$(1,900.3)$(1.3)$(1.6)
Change in plan assets:
Fair value of plan assets at beginning of year$1,620.4 $1,570.9 $— $— 
Actual return on plan assets143.7 128.0 — — 
Acquisitions22.0 — — — 
Employer contributions7.5 5.3 0.2 0.7 
Plan participants' contributions0.9 0.1 — 0.1 
Benefits paid(94.1)(86.8)(0.2)(0.8)
Settlement— (7.7)— — 
Effect of changes in foreign currency exchange rates(4.0)10.6 — — 
Fair value of plan assets at end of year$1,696.4 $1,620.4 $— $— 
Net funded status of plan$(136.0)$(279.9)$(1.3)$(1.6)
Pension plansPostretirement benefit obligations
December 31,
2021		December 31,
2020		December 31,
2021		December 31,
2020
Amounts recorded in the consolidated balance sheets:
Prepaid pension assets (1)$36.6 $4.3 $— $— 
Short-term pension and postretirement benefits (2)(1.2)(0.4)(0.2)(0.2)
Long-term pension and postretirement benefits (3)(171.4)(283.8)(1.1)(1.4)
Net amount recognized$(136.0)$(279.9)$(1.3)$(1.6)
Accumulated benefit obligation$1,819.3 $1,890.6 N/AN/A
Amount recognized in accumulated other comprehensive loss consists of:
Actuarial loss (gain)$14.5 $161.9 $0.1 $0.2 
Prior service cost (credit)0.1 0.5 (2.2)(2.6)
Total amount recognized - pretax$14.6 $162.4 $(2.1)$(2.4)
(1)Included within other non-current assets in the consolidated balance sheet.
(2)Included within accrued payroll in the consolidated balance sheet.
(3)Included within long-term pension and postretirement benefits in the consolidated balance sheet.
Schedule of Underfunded or Unfunded Accumulated Benefit Obligation and Related Projected Benefit Obligation
At December 31, 2021 and December 31, 2020, our underfunded or unfunded accumulated benefit obligation and the related projected benefit obligation were as follows:
20212020
Accumulated benefit obligation$1,494.7 $1,864.2 
Fair value of plan assets1,328.1 1,588.4 
Unfunded accumulated benefit obligation$166.6 $275.8 
Projected benefit obligation$1,500.8 $1,872.5 
Schedule of Components of Net Periodic Cost (Income)
The following table sets forth the components of the net periodic cost (income) associated with our pension plans and our postretirement benefit obligations:
Pension plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Components of net periodic cost (income):
Service cost$5.2 $1.8 $1.5 $0.3 $— $— $— $— 
Interest cost27.4 42.2 47.2 6.8 — — 0.1 — 
Expected return on plan assets(83.0)(88.0)(83.8)(10.6)— — — — 
Amortization of prior service cost (credit)2.3 — — — (0.4)(0.4)— (0.1)
Recognized actuarial loss (gain)— — — 4.0 — — — (0.1)
Net periodic cost (income)$(48.1)$(44.0)$(35.1)$0.5 $(0.4)$(0.4)$0.1 $(0.2)
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
The following table sets forth other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Pension plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Actuarial (loss) gain arising during the year, before tax benefit (expense) of $(38.3), $32.2 and $8.1 for the year ended December 31, 2021, the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively (1)
$145.1 $(127.3)$(34.6)$— $0.1 $(0.4)$0.2 $— 
Prior service credit (cost) arising during the year, before tax benefit (expense) of $(0.1), $0.1 and $(0.8) for the year ended December 31, 2021, the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively (1)
$0.3 $(0.5)$— $— $— $(0.1)$3.1 $— 
Less:
Amortization of actuarial (loss) gain, before tax benefit (expense) of $0.6 and $(22.2) for the year ended December 31, 2021 and period from January 1 to February 7, 2019 respectively (2)
$(2.3)$— $— $(87.7)$— $— $— $0.1 
Amortization of prior service (cost) credit, before tax benefit (expense) of less than $(0.1) and $(0.1) for the years ended December 31, 2021 and 2020
$— $— $— $— $0.4 $0.4 $— $0.1 
(1)In connection with the Take-Private Transaction, we have remeasured our global pension and postretirement plans on February 8, 2019 in accordance with the guidance within ASC 805 and ASC 715 to recognize as part of the transaction an asset or a liability representing the funded status of each of the plans. The unrecognized actuarial losses or gains were set to zero as of February 8, 2019 as a result of purchase accounting.
(2)For the period from January 1 to February 7, 2019, amortization of actuarial loss included the impact of the settlement charge related to the U.S. Non-Qualified plans.
Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligations and Periodic Benefit Cost
The following table sets forth the significant weighted-average assumptions we used to determine the projected benefit obligation and the periodic benefit cost:
Pension plansPostretirement benefit obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Discount rate for determining projected benefit obligation at December 312.38 %1.98 %2.79 %3.57 %1.80 %1.20 %2.35 %3.64 %
Discount rate in effect for determining service cost1.89 %2.10 %3.11 %3.16 %N/AN/AN/AN/A
Discount rate in effect for determining interest cost1.47 %2.48 %3.28 %3.51 %1.20 %2.10 %3.25 %3.52 %
Weighted average expected long-term return on plan assets5.70 %6.18 %6.70 %6.56 %N/AN/AN/AN/A
Rate of compensation increase for determining projected benefit obligation at December 312.88 %3.00 %3.00 %3.00 %N/AN/AN/AN/A
Rate of compensation increase for determining net pension cost3.04 %3.00 %3.07 %3.04 %N/AN/AN/AN/A
Schedule of Plan Assets at Fair Value
The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2021:
Asset categoryQuoted prices in active markets for identical assets (Level I)Significant other observable inputs
(Level II)		Significant unobservable inputs
(Level III)		Total
Short-term investment funds$16.7 $— $— $16.7 
Aon Collective Investment Trust Funds:
Equity funds$390.7 $— $— $390.7 
Fixed income funds577.3 — — 577.3 
Real estate funds0.6 — — 0.6 
Total Aon Collective Investment Trust Funds$968.6 $— $— $968.6 
Total$985.3 $— $— $985.3 
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds$159.1 
Aon Alternative Investment Funds:
Fixed income funds$155.1 
Venture Capital Fund5.3 
Other Non-U.S. commingled equity and fixed income391.6 
Total other investments measured at net asset value$552.0 
Total investments at fair value$1,696.4 
The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2020:
Asset categoryQuoted prices in active markets for identical assets (Level I)Significant other observable inputs
(Level II)		Significant unobservable inputs
(Level III)		Total
Short-term investment funds$21.2 $— $— $21.2 
Aon Collective Investment Trust Funds:
Equity funds$448.5 $— $— $448.5 
Fixed income funds475.3 — — 475.3 
Real estate funds6.8 — — 6.8 
Total Aon Collective Investment Trust Funds$930.6 $— $— $930.6 
Total$951.8 $— $— $951.8 
Other Investments Measured at Net Asset Value
Aon Collective Investment Trust Funds$147.5 
Aon Alternative Investment Funds:
Fixed income funds$137.3 
Venture Capital Fund4.7 
Other Non-U.S. commingled equity and fixed income379.1 
Total other investments measured at net asset value$521.1 
Total investments at fair value$1,620.4 
Schedule of Weighted Average Asset Allocations and Target Asset Allocations by Asset Category
The following table sets forth the weighted average asset allocations and target asset allocations by asset category, as of the measurement dates of the plans:
Asset allocationsTarget asset allocations
December 31, 2021December 31, 2020December 31, 2021December 31, 2020
Return-seeking assets 52 %58 %49 %56 %
Liability-hedging assets48 %42 %51 %44 %
Total100 %100 %100 %100 %
Schedule of Expected Benefit Payments
The following table summarizes expected benefit payments from our pension plans and postretirement plans through 2031. Actual benefit payments may differ from expected benefit payments. These amounts are net of expected plan participant contributions:
Pension plansPostretirement benefit plans
2022$96.0 $0.2 
2023$98.0 $0.2 
2024$99.7 $0.2 
2025$100.7 $0.1 
2026$101.7 $0.1 
2027 - 2031$514.2 $0.4 
Schedule of Healthcare Trend Assumptions
The following table presents healthcare trend assumptions used to determine the year end benefit obligation:
20212020
Medical (1)N/A5.3 %
Prescription drug (1)N/A8.5 %
(1)    The rates are assumed to decrease to 5.0% in 2026 and remain at that level thereafter.