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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans

Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets

The following table provides the changes in the benefit obligation and fair value of plan assets and the funded status of the plans.


	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2021		2020		2021		2020		2021		2020
	(in millions of dollars)
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	$	2,277.2	$	2,106.9	$	300.0	$	256.9	$	120.5	$	127.2
Service Cost	9.6		11.0		—		—		—		—
Interest Cost	65.0		73.0		4.2		4.9		3.0		4.1
Plan Participant Contributions	—		—		—		—		0.1		0.1
Actuarial (Gain) Loss (1)	(57.9)		212.4		(18.0)		33.8		(3.0)		(0.3)
Benefits and Expenses Paid	(86.4)		(126.1)		(5.2)		(5.1)		(10.3)		(10.6)

Curtailment Gain	—		—		—		(0.7)		—		—
Change in Foreign Exchange Rates	—		—		(2.7)		10.2		—		—
Benefit Obligation at End of Year	$	2,207.5	$	2,277.2	$	278.3	$	300.0	$	110.3	$	120.5

Accumulated Benefit Obligation at December 31	$	2,207.5	$	2,277.2	$	276.5	$	297.5	N/A		N/A

Change in Fair Value of Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	1,710.9	$	1,600.0	$	294.1	$	252.8	$	9.3	$	9.9
Actual Return on Plan Assets	167.6		227.9		18.0		36.4		0.1		0.1
Employer Contributions	9.6		9.1		—		—		9.8		9.8
Plan Participant Contributions	—		—		—		—		0.1		0.1
Benefits and Expenses Paid	(86.4)		(126.1)		(5.2)		(5.1)		(10.3)		(10.6)
Change in Foreign Exchange Rates	—		—		(3.2)		10.0		—		—
Fair Value of Plan Assets at End of Year	$	1,801.7	$	1,710.9	$	303.7	$	294.1	$	9.0	$	9.3

Underfunded (Overfunded) Status	$	405.8	$	566.3	$	(25.4)	$	5.9	$	101.3	$	111.2

(1) The actuarial gains recognized in 2021 for the U.S. and U.K. pension plans were primarily driven by increases in the discount rate assumption. The actuarial losses recognized in 2020 for the U.S. and U.K. pension plans were primarily driven by decreases in the discount rate assumption.

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in our consolidated balance sheets for our pension and OPEB plans at December 31, 2021 and 2020 are as follows.


	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2021		2020		2021		2020		2021		2020
	(in millions of dollars)
Current Liability	$	8.4	$	8.0	$	—	$	—	$	1.4	$	1.5
Noncurrent Liability	397.4		558.3		—		5.9		99.9		109.7
Noncurrent Asset	—		—		(25.4)		—		—		—
Underfunded (Overfunded) Status	$	405.8	$	566.3	$	(25.4)	$	5.9	$	101.3	$	111.2

Unrecognized Pension and Postretirement Benefit Costs
Net Actuarial Gain (Loss)	$	(621.8)	$	(767.9)	$	(42.9)	$	(70.5)	$	13.6	$	11.0
Prior Service Credit (Cost)	(0.6)		(0.6)		(0.2)		(0.2)		2.7		2.9
	(622.4)		(768.5)		(43.1)		(70.7)		16.3		13.9
Income Tax	239.2		273.9		9.1		16.0		4.9		5.4
Total Included in Accumulated Other Comprehensive Income (Loss)	$	(383.2)	$	(494.6)	$	(34.0)	$	(54.7)	$	21.2	$	19.3

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table provides the changes recognized in other comprehensive income for the years ended December 31, 2021 and 2020.


	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2021		2020		2021		2020		2021		2020
	(in millions of dollars)
Accumulated Other Comprehensive Income (Loss) at Beginning of Year	$	(494.6)	$	(455.4)	$	(54.7)	$	(48.9)	$	19.3	$	19.5
Net Actuarial Gain (Loss)
Amortization	21.3		18.7		1.3		1.1		—		—
All Other Changes	124.8		(91.2)		26.3		(8.5)		2.6		(0.1)
Prior Service Credit (Cost)
Amortization	—		0.1		—		—		(0.2)		(0.2)
Curtailment Gain	—		—		—		0.1		—		—

Change in Income Tax	(34.7)		33.2		(6.9)		1.5		(0.5)		0.1
Accumulated Other Comprehensive Income (Loss) at End of Year	$	(383.2)	$	(494.6)	$	(34.0)	$	(54.7)	$	21.2	$	19.3

Schedule of Assumptions Used

We use a December 31 measurement date for each of our plans. The weighted average assumptions used in the measurement of our benefit obligations as of December 31 and our net periodic benefit costs for the years ended December 31 are as follows:


	Pension Benefits
	U.S. Plans				U.K. Plan				OPEB
	2021		2020		2021		2020		2021		2020
Benefit Obligations
Discount Rate	3.10	%	2.90	%	2.00	%	1.40	%	2.90	%	2.60	%
Rate of Compensation Increase	N/A		N/A		2.90	%	2.80	%	N/A		N/A

Net Periodic Benefit Cost
Discount Rate	2.90	%	3.60	%	1.40	%	2.00	%	2.60	%	3.40	%
Expected Return on Plan Assets	6.00	%	7.00	%	3.50	%	4.10	%	5.75	%	5.75	%
Rate of Compensation Increase	N/A		N/A		2.80	%	2.90	%	N/A		N/A

Schedule of Net Benefit Costs

Net Periodic Benefit Cost

The following table provides the components of the net periodic benefit cost (credit) for the years ended December 31.


	Pension Benefits
	U.S. Plans						U.K. Plan						OPEB
	2021		2020		2019		2021		2020		2019		2021		2020		2019
	(in millions of dollars)
Service Cost	$	9.6	$	11.0	$	10.9	$	—	$	—	$	—	$	—	$	—	$	—
Interest Cost	65.0		73.0		83.3		4.2		4.9		6.1		3.0		4.1		5.3
Expected Return on Plan Assets	(100.6)		(106.7)		(99.4)		(9.8)		(9.5)		(8.9)		(0.5)		(0.5)		(0.6)
Amortization of:
Net Actuarial Loss (Gain)	21.3		18.7		20.2		1.3		1.1		0.9		—		—		(2.5)
Prior Service Credit	—		0.1		—		—		—		—		(0.2)		(0.2)		(0.2)
Curtailment Gain	—		—		—		—		0.1		—		—		—		—
Total Net Periodic Benefit Cost (Credit)	$	(4.7)	$	(3.9)	$	15.0	$	(4.3)	$	(3.4)	$	(1.9)	$	2.3	$	3.4	$	2.0

Schedule of Expected Benefit Payments

The following table provides expected benefit payments, which reflect expected future service, as appropriate.


	Pension Benefits
	U.S. Plans		U.K. Plan		OPEB
	(in millions of dollars)
Year					Gross		Subsidy Payments		Net
2022	$	79.9	$	5.2	$	10.6	$	0.1	$	10.5
2023	83.2		5.3		10.1		0.1		10.0
2024	86.9		5.5		9.5		0.1		9.4
2025	90.8		5.6		9.1		0.1		9.0
2026	95.7		5.8		8.5		—		8.5
2027-2031	534.6		31.0		36.2		0.1		36.1

Pension Plan | UNITED STATES

Defined Benefit Plans and Other Postretirement Benefit Plans

Defined Benefit Plan, Plan Assets, Category

The categorization of fair value measurements by input level for the invested assets in our U.S. pension plans is shown below. The carrying values of investment-related receivables and payables approximate fair value due to the short-term nature of the securities and are not included in the following chart. Investments valued using net asset value (NAV) as a practical expedient are not required to be categorized by input level, but these investments are included as follows to reconcile to total invested assets.


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
	(in millions of dollars)
Invested Assets
Equity Securities:
U.S. Large Cap	$	—	$	—	$	—	$	144.9	$	144.9
U.S. Small Cap	32.8		—		—		30.5		63.3
Global	—		—		—		388.7		388.7

Emerging Markets	—		—		—		59.8		59.8
Fixed Income Securities:
U.S. Government and Agencies1	419.3		—		—		—		419.3
Corporate	—		—		—		103.3		103.3

Opportunistic Credits	—		—		—		212.5		212.5
Real Estate	—		—		—		132.1		132.1
Alternative Investments:
Private Equity Direct Investments	—		—		—		80.4		80.4
Private Equity Funds of Funds	—		—		—		50.5		50.5
Cash Equivalents	146.9		—		—		—		146.9
Total Invested Assets	$	599.0	$	—	$	—	$	1,202.7	$	1,801.7

1 U.S. Government and Agencies Fixed Income Securities includes derivative assets.


	December 31, 2020
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
	(in millions of dollars)
Invested Assets
Equity Securities:
U.S. Large Cap	$	—	$	—	$	—	$	112.6	$	112.6
U.S. Small Cap	25.8		—		—		33.2		59.0
Global	—		—		—		307.9		307.9
International	—		—		—		31.6		31.6
Emerging Markets	—		—		—		62.3		62.3
Fixed Income Securities:
U.S. Government and Agencies	227.8		—		—		—		227.8
Corporate	—		445.6		—		—		445.6
State and Municipal Securities	—		3.7		—		—		3.7
Opportunistic Credits	—		—		—		200.4		200.4
Real Estate	—		—		—		108.9		108.9
Alternative Investments:
Private Equity Direct Investments	—		—		—		62.1		62.1
Private Equity Funds of Funds	—		—		—		39.2		39.2

Cash Equivalents	46.3		—		—		—		46.3
Total Invested Assets	$	299.9	$	449.3	$	—	$	958.2	$	1,707.4

Pension Plan | UNITED KINGDOM

Defined Benefit Plans and Other Postretirement Benefit Plans

Defined Benefit Plan, Plan Assets, Category

The categorization of fair value measurements by input level for the invested assets in our U.K. pension plan is shown below. Investments valued using NAV as a practical expedient are not required to be categorized by input level, but these investments are included as follows to reconcile to total invested assets.


	December 31, 2021
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
	(in millions of dollars)
Plan Assets
Diversified Growth Assets	$	113.1	$	—	$	—	$	44.2	$	157.3
Fixed Interest and Index-linked Securities	124.1		—		—		—		124.1
Alternative Investments	—		—		—		18.2		18.2
Cash Equivalents	4.1		—		—		—		4.1
Total Plan Assets	$	241.3	$	—	$	—	$	62.4	$	303.7


	December 31, 2020
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		NAV as a Practical Expedient		Total
	(in millions of dollars)
Plan Assets
Diversified Growth Assets	$	—	$	—	$	—	$	176.0	$	176.0
Fixed Interest and Index-linked Securities	116.8		—		—		—		116.8
Cash Equivalents	1.3		—		—		—		1.3
Total Plan Assets	$	118.1	$	—	$	—	$	176.0	$	294.1