Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet

The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheet as of December 31, 2019 and 2018.

	2019									2018
	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Fair value of plan assets	$	320.5		$	1.3		$	321.8		$	278.4		$	2.9		$	281.3
Projected benefit obligation	408.8			116.6			525.4			381.2			118.6			499.8
Funded status	$	(88.3	)	$	(115.3	)	$	(203.6	)	$	(102.8	)	$	(115.7	)	$	(218.5	)
Amounts reported within:
Non-current assets	$	24.5		$	—		$	24.5		$	1.7		$	—		$	1.7
Accrued liabilities	(4.9		)	(9.3		)	(14.2		)	(4.1		)	(7.9		)	(12.0		)
Non-current liabilities	(107.9		)	(106.0		)	(213.9		)	(100.4		)	(107.8		)	(208.2		)

Amount Recognized in Accumulated Other Comprehensive Income Loss

The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2019 and 2018.

	2019								2018
	Pension		Other Benefits			Total			Pension		Other Benefits			Total
Net actuarial loss	$	143.4	$	37.8		$	181.2		$	148.7	$	36.7		$	185.4
Prior service cost (benefit)	0.4		(32.2		)	(31.8		)	1.1		(39.0		)	(37.9		)
Total	$	143.8	$	5.6		$	149.4		$	149.8	$	(2.3	)	$	147.5

Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans

The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans for the years ended December 31, 2019 and 2018.

	2019												2018
	U.S.			Int’l			Other Benefits			Total			U.S.			Int’l			Other Benefits			Total
Change in benefit obligation
Benefit obligation – January 1	$	291.8		$	89.4		$	118.6		$	499.8		$	325.7		$	93.3		$	138.1		$	557.1
Service cost	0.2			1.2			0.7			2.1			0.4			1.3			0.9			2.6
Interest cost	11.1			1.5			4.0			16.6			10.1			1.4			4.5			16.0
Amendments	—			—			1.7			1.7			—			(0.1		)	—			(0.1		)
Actuarial loss (gain)	31.0			10.4			3.6			45.0			(18.9		)	0.9			(15.8		)	(33.8		)
Benefits paid	(23.7		)	(3.0		)	(12.0		)	(38.7		)	(19.6		)	(3.0		)	(9.1		)	(31.7		)
Acquired	—			0.5			—			0.5			—			—			—			—
Settlement	—			—			—			—			(5.9		)	(0.4		)	—			(6.3		)
Foreign currency translation	—			(1.6		)	—			(1.6		)	—			(4.0		)	—			(4.0		)
Benefit obligation – December 31	$	310.4		$	98.4		$	116.6		$	525.4		$	291.8		$	89.4		$	118.6		$	499.8

Changes in Fair Value of Plan Assets of Pension Plans

	2019												2018
	U.S.			Int’l			Other Benefits			Total			U.S.			Int’l			Other Benefits			Total
Change in plan assets
Plan assets – January 1	$	277.8		$	0.6		$	2.9		$	281.3		$	320.9		$	0.6		$	5.2		$	326.7
Actual return on plan assets	57.7			—			0.4			58.1			(16.8		)	—			(0.1		)	(16.9		)
Employer contributions	9.9			3.0			10.0			22.9			0.9			3.4			6.9			11.2
Benefits and expenses paid	(25.5		)	(3.0		)	(12.0		)	(40.5		)	(21.3		)	(3.0		)	(9.1		)	(33.4		)
Settlement	—			—			—			—			(5.9		)	(0.4		)	—			(6.3		)
Plan assets – December 31	$	319.9		$	0.6		$	1.3		$	321.8		$	277.8		$	0.6		$	2.9		$	281.3
Funded status at end of year	$	9.5		$	(97.8	)	$	(115.3	)	$	(203.6	)	$	(14.0	)	$	(88.8	)	$	(115.7	)	$	(218.5	)

Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.

	2019		2018
Projected benefit obligation	$	112.8	$	233.2
Accumulated benefit obligation	110.3		231.0
Fair value of plan assets	—		128.6

Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss)

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2019, 2018 and 2017 as they pertain to our defined benefit pension plans.

	2019									2018									2017
	U.S.			Int’l			Total			U.S.			Int’l			Total			U.S.			Int’l			Total
Net periodic postretirement cost - pension
Service cost	$	0.2		$	1.2		$	1.4		$	0.4		$	1.3		$	1.7		$	1.5		$	1.4		$	2.9
Interest cost	11.1			1.5			12.6			10.1			1.4			11.5			10.5			1.6			12.1
Expected return on plan assets	(14.8		)	—			(14.8		)	(15.8		)	—			(15.8		)	(15.2		)	—			(15.2		)
Amortization of net actuarial loss	4.3			0.8			5.1			4.9			0.9			5.8			6.6			1.0			7.6
Amortization of prior service cost	0.7			—			0.7			0.9			—			0.9			1.0			—			1.0
Net periodic postretirement cost	1.5			3.5			5.0			0.5			3.6			4.1			4.4			4.0			8.4
Curtailment or settlement charges	—			—			—			1.7			—			1.7			3.7			—			3.7
Total net periodic postretirement cost	1.5			3.5			5.0			2.2			3.6			5.8			8.1			4.0			12.1
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	(10.2		)	10.3			0.1			15.4			0.8			16.2			(7.9		)	(0.3		)	(8.2		)
Prior service cost	—			—			—			—			(0.1		)	(0.1		)	1.6			—			1.6
Amortization of net actuarial loss	(4.3		)	(0.8		)	(5.1		)	(6.6		)	(0.9		)	(7.5		)	(6.6		)	(1.0		)	(7.6		)
Amortization of prior service cost	(0.7		)	—			(0.7		)	(0.9		)	—			(0.9		)	(4.7		)	—			(4.7		)
Foreign currency translation	—			(0.3		)	(0.3		)	—			(1.0		)	(1.0		)	—			2.9			2.9
Total change recognized in other comprehensive income	(15.2		)	9.2			(6.0		)	7.9			(1.2		)	6.7			(17.6		)	1.6			(16.0		)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	(13.7	)	$	12.7		$	(1.0	)	$	10.1		$	2.4		$	12.5		$	(9.5	)	$	5.6		$	(3.9	)

In 2018, we recorded a settlement loss of $1.7 related to retiree lump sum pension payments in our Industrial Process segment. In 2017, we recorded a curtailment loss of $3.7 related to a freeze of benefit accruals for certain employees at our Industrial Process segment.

Weighted Average Assumptions used to Determine Benefit Obligations

The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost, as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.

	2019						2018
	U.S.		Int’l		Other Benefits		U.S.		Int’l		Other Benefits
Obligation Assumptions:
Discount rate	3.2	%	1.0	%	3.2	%	4.3	%	1.7	%	4.3	%
Rate of future compensation increase	N/A		3.0	%	N/A		N/A		3.2	%	N/A
Cost Assumptions:
Discount rate	4.3	%	1.7	%	4.3	%	3.6	%	1.7	%	3.6	%
Expected return on plan assets	6.0	%	1.0	%	6.0	%	6.0	%	1.0	%	6.0	%

Actual Versus Expected Long Term Returns for Our Domestic Pension Plans

The chart below shows actual returns compared to the expected long-term returns for our postretirement plans that were utilized in the calculation of the net periodic postretirement cost for each respective year.

	2019		2018		2017
Expected rate of return on plan assets	6.0	%	6.0	%	7.0	%
Actual rate of return on plan assets	21.7	%	(5.4	)%	18.0	%

Asset Allocation Range

The following table provides the allocation of postretirement benefit plan assets by asset category, as of December 31, 2019 and 2018, and the current asset allocation ranges by asset category.

	2019		2018		Asset Allocation Range
U.S. equities	—	%	18	%	0-50 %
International equities	—	%	9	%	0-25 %
Fixed income	74	%	72	%	50-100 %
Cash and other	26	%	1	%	0-50 %

Fair Value of Plan Assets Held by Our Postretirement Benefits Plans

The following table provides the investments at fair value held by our postretirement benefit plans at December 31, 2019 and 2018, by asset class.

	Pension						Other Benefits
2019	Level 1		Measured at NAV		Total		Level 1		Total
Collective Trusts:
Fixed income	$	—	$	238.8	$	238.8	$	—	$	—
Mutual funds	—		—		—		1.3		1.3
Cash and other	81.7		—		81.7		—		—
Total	$	81.7	$	238.8	$	320.5	$	1.3	$	1.3

	Pension						Other Benefits
2018	Level 1		Measured at NAV		Total		Level 1		Total
Collective Trusts:
U.S. equity	$	—	$	49.4	$	49.4	$	—	$	—
International equity	—		25.1		25.1		—		—
Fixed income	—		201.8		201.8		—		—
Mutual funds	—		—		—		2.9		2.9
Cash and other	2.1		—		2.1		—		—
Total	$	2.1	$	276.3	$	278.4	$	2.9	$	2.9

Estimated Future Benefit Payments

The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.

	U.S. Pension(a)		Int’l Pension		Other Benefits
2020	$	23.5	$	4.0	$	10.4
2021	23.1		3.8		9.3
2022	22.4		3.5		8.9
2023	21.6		3.7		8.5
2024	20.9		3.9		8.2
2025 - 2029	96.9		19.1		35.4

Other Postretirement Benefit Plan, Defined Benefit [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss)

The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2019, 2018 and 2017 as they pertain to other employee-related defined benefit plans.

	2019			2018			2017
Net periodic postretirement cost - other postretirement
Service cost	$	0.7		$	0.9		$	0.8
Interest cost	4.0			4.5			4.4
Expected return on plan assets	(0.2		)	(0.1		)	(0.3		)
Amortization of net actuarial loss	2.3			4.0			4.4
Amortization of prior service credit	(5.1		)	(5.3		)	(5.8		)
Total net periodic postretirement cost	1.7			4.0			3.5
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss	3.4			(15.6		)	1.0
Prior service cost	1.7			—			0.5
Amortization of net actuarial loss	(2.3		)	(4.0		)	(4.4		)
Amortization of prior service credit	5.1			5.3			5.8
Total changes recognized in other comprehensive income	7.9			(14.3		)	2.9
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	9.6		$	(10.3	)	$	6.4