Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019.

	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Fair value of plan assets	$	0.5	$	—	$	0.5	$	320.5	$	1.3	$	321.8
Projected benefit obligation	124.5		118.3		242.8		408.8		116.6		525.4
Funded status	$	(124.0)	$	(118.3)	$	(242.3)	$	(88.3)	$	(115.3)	$	(203.6)
Amounts reported within:
Non-current assets	$	0.2	$	—	$	0.2	$	24.5	$	—	$	24.5
Accrued liabilities	(5.8)		(9.2)		(15.0)		(4.9)		(9.3)		(14.2)
Non-current liabilities	(118.4)		(109.1)		(227.5)		(107.9)		(106.0)		(213.9)

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, 2020 and 2019.

	2020						2019
	Pension		Other Benefits		Total		Pension		Other Benefits		Total
Net actuarial loss	$	40.9	$	39.2	$	80.1	$	143.4	$	37.8	$	181.2
Prior service cost (benefit)	0.4		(27.1)		(26.7)		0.4		(32.2)		(31.8)
Total	$	41.3	$	12.1	$	53.4	$	143.8	$	5.6	$	149.4

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, 2020 and 2019.

	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in benefit obligation
Benefit obligation – January 1	$	310.4	$	98.4	$	116.6	$	525.4	$	291.8	$	89.4	$	118.6	$	499.8
Service cost	—		1.5		0.8		2.3		0.2		1.2		0.7		2.1
Interest cost	6.9		1.0		2.8		10.7		11.1		1.5		4.0		16.6
Amendments	—		—		—		—		—		—		1.7		1.7
Actuarial loss(a)	45.0		3.3		4.0		52.3		31.0		10.4		3.6		45.0
Benefits paid	(18.9)		(3.6)		(5.9)		(28.4)		(23.7)		(3.0)		(12.0)		(38.7)
Acquired	—		—		—		—		—		0.5		—		0.5
Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—
Foreign currency translation	—		9.0		—		9.0		—		(1.6)		—		(1.6)
Benefit obligation – December 31	$	15.5	$	109.0	$	118.3	$	242.8	$	310.4	$	98.4	$	116.6	$	525.4

(a)In 2020, the actuarial loss is primarily due to a decrease in discount rates in addition to the annuity premium in connection with the U.S. qualified pension plan termination. In 2019, the actuarial loss was primarily due to a reduction in the discount rate used to measure the benefit obligations.

Changes in Fair Value of Plan Assets of Pension Plans

	2020								2019
	U.S. Pension		Int’l Pension		Other Benefits		Total		U.S. Pension		Int’l Pension		Other Benefits		Total
Change in plan assets
Plan assets – January 1	$	319.9	$	0.6	$	1.3	$	321.8	$	277.8	$	0.6	$	2.9	$	281.3
Actual return on plan assets	20.0		—		—		20.0		57.7		—		0.4		58.1
Employer contributions	9.3		4.1		4.6		18.0		9.9		3.0		10.0		22.9
Benefits and expenses paid	(21.3)		(3.6)		(5.9)		(30.8)		(25.5)		(3.0)		(12.0)		(40.5)
Settlement	(327.9)		(0.6)		—		(328.5)		—		—		—		—
Plan assets – December 31	$	—	$	0.5	$	—	$	0.5	$	319.9	$	0.6	$	1.3	$	321.8
Funded status at end of year	$	(15.5)	$	(108.5)	$	(118.3)	$	(242.3)	$	9.5	$	(97.8)	$	(115.3)	$	(203.6)

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.

	2020		2019
Projected benefit obligation	$	124.2	$	112.8
Accumulated benefit obligation	121.3		110.3
Fair value of plan assets	—		—

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, 2020, 2019 and 2018 as they pertain to our defined benefit pension plans.

	2020						2019						2018
	U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total		U.S. Pension		Int’l Pension		Total
Net periodic postretirement cost - pension
Service cost	$	—	$	1.5	$	1.5	$	0.2	$	1.2	$	1.4	$	0.4	$	1.3	$	1.7
Interest cost	6.9		1.0		7.9		11.1		1.5		12.6		10.1		1.4		11.5
Expected return on plan assets	(7.2)		—		(7.2)		(14.8)		—		(14.8)		(15.8)		—		(15.8)
Amortization of net actuarial loss	4.8		1.5		6.3		4.3		0.8		5.1		4.9		0.9		5.8
Amortization of prior service cost	—		—		—		0.7		—		0.7		0.9		—		0.9
Net periodic postretirement cost	4.5		4.0		8.5		1.5		3.5		5.0		0.5		3.6		4.1
Settlement charges	136.9		0.1		137.0		—		—		—		1.7		—		1.7
Total net periodic postretirement cost	141.4		4.1		145.5		1.5		3.5		5.0		2.2		3.6		5.8
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	34.7		3.2		37.9		(10.2)		10.3		0.1		15.4		0.8		16.2
Prior service cost	—		—		—		—		—		—		—		(0.1)		(0.1)
Amortization of net actuarial loss	(141.7)		(1.6)		(143.3)		(4.3)		(0.8)		(5.1)		(6.6)		(0.9)		(7.5)
Amortization of prior service cost	—		—		—		(0.7)		—		(0.7)		(0.9)		—		(0.9)
Foreign currency translation	—		2.9		2.9		—		(0.3)		(0.3)		—		(1.0)		(1.0)
Total change recognized in other comprehensive income	(107.0)		4.5		(102.5)		(15.2)		9.2		(6.0)		7.9		(1.2)		6.7
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	34.4	$	8.6	$	43.0	$	(13.7)	$	12.7	$	(1.0)	$	10.1	$	2.4	$	12.5

In 2020, the Company recorded a settlement charge of $136.9 related to the termination and sale of the U.S. qualified pension plan. In 2018, we recorded a settlement charge of $1.7 related to retiree lump sum pension payments in 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.

	2020						2019
	U.S. Pension		Int’l Pension		Other Benefits		U.S. Pension		Int’l Pension		Other Benefits
Obligation Assumptions:
Discount rate	2.4	%	0.7	%	2.4	%	3.2	%	1.0	%	3.2	%
Rate of future compensation increase	N/A		2.9	%	N/A		N/A		3.0	%	N/A
Cost Assumptions:
Discount rate	3.2	%	1.0	%	3.2	%	4.3	%	1.7	%	4.3	%
Expected return on plan assets	4.0	%	1.0	%	6.0	%	6.0	%	1.0	%	6.0	%

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, by asset class.

	Pension						Other  Benefits
	Level 1		Measured at NAV		Total		Level 1
Fixed income - collective trusts	$	—	$	238.8	$	238.8	$	—
Mutual funds	—		—		—		1.3
Cash and other	81.7		—		81.7		—
Total	$	81.7	$	238.8	$	320.5	$	1.3

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		Int’l Pension		Other Benefits
2021	$	0.9	$	4.8	$	9.3
2022	0.9		3.8		8.8
2023	0.9		4.0		8.4
2024	0.9		4.2		8.1
2025	0.9		3.8		7.7
2026 - 2030	4.4		20.3		33.5

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, 2020, 2019 and 2018 as they pertain to other employee-related defined benefit plans.

	2020		2019		2018
Net periodic postretirement cost - other postretirement
Service cost	$	0.8	$	0.7	$	0.9
Interest cost	2.8		4.0		4.5
Expected return on plan assets	—		(0.2)		(0.1)
Amortization of net actuarial loss	2.6		2.3		4.0
Amortization of prior service credit	(5.1)		(5.1)		(5.3)
Total net periodic postretirement cost	1.1		1.7		4.0
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial loss (gain)	3.9		3.4		(15.6)
Prior service cost	—		1.7		—
Amortization of net actuarial loss	(2.6)		(2.3)		(4.0)
Amortization of prior service credit	5.1		5.1		5.3
Total changes recognized in other comprehensive income	6.4		7.9		(14.3)
Total impact from net periodic postretirement cost and changes in other comprehensive income	$	7.5	$	9.6	$	(10.3)