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Employee Retirement Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Net Periodic Pension and OPEB Cost (Benefit)
 
For the years ended
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
Pension
 
OPEB
 
Consolidated
 
(In millions)
Service cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
4.0

 
$
7.0

 
$
11.0

 
$
5.5

 
$
9.3

 
$
14.8

 
$
7.7

 
$
10.9

 
$
18.6

Other pension and postretirement costs (benefits), net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest cost
161.9

 
25.5

 
187.4

 
161.8

 
25.8

 
187.6

 
205.6

 
30.6

 
236.2

Expected return on plan assets, net of expenses
(217.3
)
 
0.5

 
(216.8
)
 
(232.8
)
 
0.5

 
(232.3
)
 
(287.9
)
 
0.4

 
(287.5
)
Amortization of prior service cost (benefit)
1.1

 
(0.7
)
 
0.4

 
0.7

 
(0.2
)
 
0.5

 
0.5

 
—

 
0.5

Amortization of net actuarial loss (gain)
10.4

 
(14.1
)
 
(3.7
)
 
7.6

 
(1.7
)
 
5.9

 
12.2

 
—

 
12.2

Curtailment, settlement or special termination benefit loss (gain)(1)
30.5

 
—

 
30.5

 
0.8

 
0.1

 
0.9

 
(5.4
)
 
(2.9
)
 
(8.3
)
Expected participant contributions
(0.7
)
 
—

 
(0.7
)
 
(0.8
)
 
—

 
(0.8
)
 
(0.5
)
 
—

 
(0.5
)
Total other pension and postretirement cost (benefits), net
$
(14.1
)
 
$
11.2

 
$
(2.9
)
 
$
(62.7
)
 
$
24.5

 
$
(38.2
)
 
$
(75.5
)
 
$
28.1

 
$
(47.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net periodic pension and OPEB cost (benefit)
$
(10.1
)
 
$
18.2

 
$
8.1

 
$
(57.2
)
 
$
33.8

 
$
(23.4
)
 
$
(67.8
)
 
$
39.0

 
$
(28.8
)

(1)
During the fourth quarter of 2019, we utilized plan assets to purchase buy-out annuity contracts for a portion of our Canadian pension plans and recognized a pension settlement charge of $29.8 million.
Schedule of Changes in Projected Benefit Obligation Plan, Assets and Funded Status of Pension Plans
Obligations and Changes in Funded Status
 
For the year ended December 31, 2019
 
For the year ended December 31, 2018
 
Pension
 
OPEB
 
Total
 
Pension
 
OPEB
 
Total
 
(In millions)
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Prior year benefit obligation
$
4,904.7

 
$
672.1

 
$
5,576.8

 
$
5,584.4

 
$
803.6

 
$
6,388.0

Service cost, net of expected employee contributions
3.3

 
7.0

 
10.3

 
4.7

 
9.3

 
14.0

Interest cost
161.9

 
25.5

 
187.4

 
161.8

 
25.8

 
187.6

Actual employee contributions
0.5

 
—

 
0.5

 
0.6

 
—

 
0.6

Actuarial loss (gain)
533.4

 
7.4

 
540.8

 
(342.3
)
 
(108.8
)
 
(451.1
)
Amendments and special termination benefits
(1.4
)
 
—

 
(1.4
)
 
10.7

 
(3.2
)
 
7.5

Benefits paid
(350.6
)
 
(44.1
)
 
(394.7
)
 
(296.8
)
 
(44.1
)
 
(340.9
)
Curtailment and settlement
(192.9
)
 
(0.2
)
 
(193.1
)
 
(0.6
)
 
—

 
(0.6
)
Foreign currency exchange rate change
139.7

 
4.8

 
144.5

 
(217.8
)
 
(10.5
)
 
(228.3
)
Benefit obligation at end of year
$
5,198.6

 
$
672.5

 
$
5,871.1

 
$
4,904.7

 
$
672.1

 
$
5,576.8

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Prior year fair value of assets
$
5,217.3

 
$
—

 
$
5,217.3

 
$
5,897.7

 
$
—

 
$
5,897.7

Actual return on plan assets
712.2

 
—

 
712.2

 
(156.1
)
 
—

 
(156.1
)
Employer contributions
5.1

 
44.1

 
49.2

 
8.9

 
44.1

 
53.0

Actual employee contributions
0.5

 
—

 
0.5

 
0.6

 
—

 
0.6

Settlement
(192.9
)
 
—

 
(192.9
)
 
(0.6
)
 
—

 
(0.6
)
Benefits and plan expenses paid
(350.6
)
 
(44.1
)
 
(394.7
)
 
(296.8
)
 
(44.1
)
 
(340.9
)
Foreign currency exchange rate change
150.5

 
—

 
150.5

 
(236.4
)
 
—

 
(236.4
)
Fair value of plan assets at end of year
$
5,542.1

 
$
—

 
$
5,542.1

 
$
5,217.3

 
$
—

 
$
5,217.3

Funded status:
$
343.5

 
$
(672.5
)
 
$
(329.0
)
 
$
312.6

 
$
(672.1
)
 
$
(359.5
)
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
 
 
 
Other non-current assets
$
434.3

 
$
—

 
$
434.3

 
$
416.7

 
$
—

 
$
416.7

Accounts payable and other current liabilities
(4.1
)
 
(42.6
)
 
(46.7
)
 
(4.5
)
 
(45.1
)
 
(49.6
)
Pension and postretirement benefits
(86.7
)
 
(629.9
)
 
(716.6
)
 
(99.6
)
 
(627.0
)
 
(726.6
)
Net amounts recognized
$
343.5

 
$
(672.5
)
 
$
(329.0
)
 
$
312.6

 
$
(672.1
)
 
$
(359.5
)
The accumulated benefit obligation for our defined benefit pension plans was approximately $5.2 billion and $4.9 billion as of December 31, 2019 and December 31, 2018, respectively. The $30.5 million decrease in the net underfunded status of our aggregate pension and OPEB plans from December 31, 2018 to December 31, 2019, was primarily driven by strong asset returns. Separately, as discussed above, in the fourth quarter of 2019 we purchased buy-out annuity contracts for a portion of our Canadian pension plans resulting in a decrease to our projected benefit obligation and a corresponding reduction to our plan assets.
As of December 31, 2019 and December 31, 2018, our defined benefit plan in the U.K. and certain defined benefit plans in the U.S. and Canada were overfunded as a result of our ongoing de-risking strategy. Information for our defined benefit plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
 
As of
 
December 31, 2019
 
December 31, 2018
 
(In millions)
Accumulated benefit obligation
$
793.6

 
$
742.1

Projected benefit obligation
$
794.0

 
$
742.4

Fair value of plan assets
$
703.2

 
$
638.3


Information for OPEB plans with an accumulated postretirement benefit obligation in excess of plan assets has been disclosed above in "Obligations and Changes in Funded Status" as all of our OPEB plans are unfunded.
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI not yet recognized as components of net periodic pension and OPEB cost, pretax, were as follows:
 
As of December 31, 2019
 
As of December 31, 2018
 
Pension
 
OPEB
 
Total
 
Pension
 
OPEB
 
Total
 
(In millions)
Net actuarial loss (gain)
$
685.7

 
$
(167.5
)
 
$
518.2

 
$
687.8

 
$
(191.7
)
 
$
496.1

Net prior service cost (benefit)
7.1

 
(4.9
)
 
2.2

 
10.2

 
(5.6
)
 
4.6

Total not yet recognized
$
692.8

 
$
(172.4
)
 
$
520.4

 
$
698.0

 
$
(197.3
)
 
$
500.7
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in plan assets and benefit obligations recognized in OCI, pretax, were as follows:
 
Pension
 
OPEB
 
Total
 
(In millions)
Accumulated other comprehensive loss (income) as of December 31, 2017
$
646.9

 
$
(84.9
)
 
$
562.0

Amortization of prior service (costs) benefit
(0.7
)
 
0.2

 
(0.5
)
Amortization of net actuarial (loss) gain
(7.6
)
 
1.7

 
(5.9
)
Net prior service cost
9.8

 
(4.1
)
 
5.7

Settlement
—

 
(0.1
)
 
(0.1
)
Current year actuarial loss (gain)
46.8

 
(107.9
)
 
(61.1
)
Foreign currency exchange rate change
2.8

 
(2.2
)
 
0.6

Accumulated other comprehensive loss (income) as of December 31, 2018
$
698.0

 
$
(197.3
)
 
$
500.7

Amortization of prior service (costs) benefit
(1.1
)
 
0.7

 
(0.4
)
Amortization of net actuarial (loss) gain
(10.4
)
 
14.1

 
3.7

Net prior service cost
(2.0
)
 
—

 
(2.0
)
Settlement and curtailment
(29.8
)
 
(0.2
)
 
(30.0
)
Current year actuarial loss (gain)
38.5

 
7.4

 
45.9

Foreign currency exchange rate change
(0.4
)
 
2.9

 
2.5

Accumulated other comprehensive loss (income) as of December 31, 2019
$
692.8

 
$
(172.4
)
 
$
520.4
Schedule of Assumptions Used
Periodic pension and OPEB cost is actuarially calculated annually for each individual plan based on data available and assumptions made at the beginning of each year. Assumptions used in the calculation include the settlement discount rate selected and disclosed at the end of the previous year as well as other assumptions detailed in the table below. The weighted-average rates used in determining the periodic pension and OPEB cost for the fiscal years 2019, 2018 and 2017 were as follows:
 
For the years ended
 
December 31, 2019
 
December 31, 2018
 
December 31, 2017
 
Pension
 
OPEB
 
Pension
 
OPEB
 
Pension
 
OPEB
Weighted-average assumptions:
 
 
 
 
 
 
 
 
 
 
 
Settlement discount rate
3.44%
 
3.92%
 
3.01%
 
3.34%
 
3.36%
 
3.76%
Rate of compensation increase
2.00%
 
N/A
 
2.00%
 
N/A
 
2.00%
 
N/A
Expected return on plan assets(1)
4.38%
 
N/A
 
4.10%
 
N/A
 
4.83%
 
N/A
Health care cost trend rate
N/A
 
Ranging ratably from 6.5% in 2019 to 4.5% in 2037
 
N/A
 
Ranging ratably from 6.75% in 2018 to 4.5% in 2037
 
N/A
 
Ranging ratably from 7.0% in 2017 to 4.5% in 2037

(1)
We develop our EROA assumptions annually with input from independent investment specialists including our actuaries, investment consultants, plan trustee and other specialists. Each EROA assumption is based on historical data, including historical returns, historical market rates and is calculated for each plan's individual asset class. The calculation includes inputs for interest, inflation, credit, and risk premium (active investment management) rates and fees paid to service providers. We consider our EROA to be a significant management estimate. Any material changes in the inputs to our methodology used in calculating our EROA could have a significant impact on our reported defined benefit pension plans' expense.
Benefit obligations are actuarially calculated annually at the end of each year based on the assumptions detailed in the table below. Obligations under the OPEB plans are determined by the application of the terms of medical, dental, vision and life insurance plans, together with relevant actuarial assumptions and heath care cost trend rates. The weighted-average rates used in determining the projected benefit obligation for defined pension plans and the accumulated postretirement benefit obligation for OPEB plans, as of December 31, 2019 and December 31, 2018, were as follows:
 
As of December 31, 2019
 
As of December 31, 2018
 
Pension
 
OPEB
 
Pension
 
OPEB
Weighted-average assumptions:
 
 
 
 
 
 
 
Settlement discount rate
2.55%
 
2.91%
 
3.44%
 
3.92%
Rate of compensation increase
2.00%
 
N/A
 
2.00%
 
N/A
Health care cost trend rate
N/A
 
Ranging ratably from 6.25% in 2020 to 3.57% in 2040
 
N/A
 
Ranging ratably from 6.5% in 2019 to 4.5% in 2037

The change to the weighted-average discount rates used for our defined benefit pension plans and postretirement plans as of December 31, 2019 from December 31, 2018, is primarily the result of declining interest rates during 2019.
Schedule of Defined Benefit Plan, Assets Target and Actual Allocations
The following compares target asset allocation percentages with actual asset allocations on a weighted-average asset basis as of December 31, 2019:
 
Target
allocations
 
Actual
allocations
Equities
9.7%
 
7.2%
Fixed income
64.6%
 
70.1%
Real estate
6.3%
 
5.5%
Annuities
15.0%
 
15.1%
Other
4.4%
 
2.1%
Schedule of Fair Value of Plan Assets by Measurement
The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions)
 
 
 
Fair value measurements as of December 31, 2019
 
Total as of
December 31, 2019
 
Quoted prices
in active
markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents
 
 
 
 
 
 
 
Cash
$
107.2

 
$
107.2

 
$
—

 
$
—

Trades awaiting settlement
17.2

 
17.2

 
—

 
—

Bank deposits, short-term bills and notes
16.4

 
—

 
16.4

 
—

Debt


 
 
 
 
 
 
Government securities
711.8

 
—

 
711.8

 
—

Corporate debt securities
272.3

 
—

 
272.3

 
—

Interest and inflation linked assets
948.1

 
—

 
938.8

 
9.3

Annuities


 
 
 
 
 
 
Buy-in annuities
748.1

 
—

 
—

 
748.1

Other


 
 
 
 
 
 
Equity options
6.3

 
6.3

 
—

 
—

Repurchase agreements
(923.2
)
 
(923.2
)
 
—

 
—

Recoverable taxes
0.5

 
0.5

 
—

 
—

Private equity
72.8

 
—

 
—

 
72.8

Total fair value of investments excluding NAV per share practical expedient
$
1,977.5


$
(792.0
)

$
1,939.3


$
830.2

The following presents our total fair value of plan assets including the NAV per share practical expedient for our defined benefit pension plan assets:
 
Total as of
December 31, 2019
 
(In millions)
Fair value of investments excluding NAV per share practical expedient
$
1,977.5

Fair value of investments using NAV per share practical expedient
 
Debt funds
1,636.7

Equity funds
1,820.5

Real estate funds
20.4

Private equity funds
87.0

Total fair value of plan assets
$
5,542.1

The following presents our fair value hierarchy for our defined benefit pension plan assets excluding investments using the NAV per share practical expedient (in millions):
 
 
 
Fair value measurements as of December 31, 2018
 
Total as of
December 31, 2018
 
Quoted prices
in active
markets
(Level 1)
 
Significant
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Cash and cash equivalents
 
 
 
 
 
 
 
Cash
$
297.3

 
$
297.3

 
$
—

 
$
—

Trades awaiting settlement
(11.2
)
 
(11.2
)
 
—

 
—

Bank deposits, short-term bills and notes
34.6

 
—

 
34.6

 
—

Debt


 
 
 
 
 
 
Government securities
1,695.8

 
—

 
1,695.8

 
—

Corporate debt securities
1,235.5

 
—

 
1,235.5

 
—

Interest and inflation linked assets
1,112.4

 
—

 
1,065.8

 
46.6

Collateralized debt securities
7.2

 
—

 
—

 
7.2

Equities


 
 
 
 
 
 
Common stock
299.0

 
299.0

 
—

 
—

Investment funds
 
 
 
 
 
 
 
Private equity
23.8

 
—

 
—

 
23.8

Annuities
 
 
 
 
 
 
 
Buy-in annuities
481.1

 
—

 
—

 
481.1

Other


 
 
 
 
 
 
Repurchase agreements
(1,448.8
)
 
(1,448.8
)
 
—

 
—

Recoverable taxes
0.4

 
0.4

 
—

 
—

Private equity
137.0

 
—

 
—

 
137.0

Total fair value of investments excluding NAV per share practical expedient
$
3,864.1


$
(863.3
)

$
4,031.7


$
695.7



The following presents our fair value hierarchy including the NAV per share practical expedient for our defined benefit pension plan assets:
 
Total as of
December 31, 2018
 
(In millions)
Fair value of investments excluding NAV per share practical expedient
$
3,864.1

Fair value of investments using NAV per share practical expedient
 
Debt funds
818.8

Equity funds
420.9

Real estate funds
20.0

Private equity funds
93.5

Total fair value of plan assets
$
5,217.3
Schedule of Effect of Significant Unobservable Inputs Changes in Defined Benefit Pension Plan Assets
The following presents our Level 3 Rollforward for our defined pension plan assets excluding investments using the NAV per share practical expedient:
 
Amount
 
(In millions)
Balance as of December 31, 2017
$
469.0

Total gain or loss (realized/unrealized):
 
Realized gain (loss)
13.8

Unrealized gain (loss) included in AOCI
(18.8
)
Purchases, issuances, settlements
272.2

Foreign exchange translation (loss)/gain
(40.5
)
Balance as of December 31, 2018
$
695.7

Total gain or loss (realized/unrealized):
 
Realized gain (loss)
15.3

Unrealized gain (loss) included in AOCI
(19.6
)
Purchases, issuances, settlements
105.2

Foreign exchange translation (loss)/gain
33.6

Balance as of December 31, 2019
$
830.2
Schedule of Expected Benefit Payments
Expected future benefit payments for defined benefit pension and OPEB plans, based on foreign exchange rates as of December 31, 2019, are as follows:
Expected benefit payments
 
Pension
 
OPEB
 
 
(In millions)
2020
 
$
308.1

 
$
42.6

2021
 
$
308.7

 
$
42.8

2022
 
$
308.7

 
$
42.3

2023
 
$
309.5

 
$
41.7

2024
 
$
309.6

 
$
42.5

2025-2029
 
$
1,426.7

 
$
198.5