XML 1067 R45.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Summary of Pension Obligations And Funded Status
A summary of our pension obligations and funded status as of December 31 is as follows:
202120202019
Change in benefit obligation   
Benefit obligation, beginning of period$286.5 $259.1 $219.8 
Service cost5.1 5.1 4.0 
Interest cost6.0 7.2 8.5 
Plan participants’ contributions.5.5.5
Actuarial (gain) loss 1
(10.8)27.7 36.7 
Benefits paid(15.6)(14.2)(13.8)
Plan amendments.1 (.4)1.9 
Curtailments and settlements(1.1)— — 
Foreign currency exchange rate changes(.3)1.5 1.5 
Benefit obligation, end of period$270.4 $286.5 $259.1 
Change in plan assets
Fair value of plan assets, beginning of period$215.3 $201.5 $181.8 
Actual return on plan assets25.6 24.1 30.0 
Employer contributions2.8 2.2 1.5 
Plan participants’ contributions.5 .5 .5 
Benefits paid(15.6)(14.2)(13.8)
Settlements(.8)— — 
Foreign currency exchange rate changes(.1)1.2 1.5 
Fair value of plan assets, end of period$227.7 $215.3 $201.5 
Net funded status$(42.7)$(71.2)$(57.6)
Funded status recognized in the Consolidated Balance Sheets 
Other assets—sundry$2.8 $.9 $1.4 
Other current liabilities(.3)(.4)(.4)
Other long-term liabilities(45.2)(71.7)(58.6)
Net funded status$(42.7)$(71.2)$(57.6)

1 Year-over-year fluctuations in "Actuarial (gain) loss" are primarily driven by changes in the weighted average discount rate assumptions.
Schedule of Accumulated Other Comprehensive Income Amounts and activity included in accumulated other comprehensive income associated with pensions are reflected below:
December 31, 20202021
Amortization		2021
Net
Actuarial
Loss		2021
Foreign
Currency
Exchange
Rates
Change		2021
Income
Tax
Change		December 31, 2021
Net (loss) gain (before tax)$(82.0)$5.3 $24.0 $— $(.4)$(53.1)
Deferred income taxes21.8 — — — (7.2)14.6 
Accumulated other comprehensive income (loss) (net of tax)$(60.2)$5.3 $24.0 $— $(7.6)$(38.5)
Components of Net Pension (Expense) Benefit Components of net pension expense (income) for the years ended December 31 were as follows:
202120202019
Service cost$5.1 $5.1 $4.0 
Interest cost6.0 7.2 8.5 
Expected return on plan assets(12.5)(11.9)(11.3)
Recognized net actuarial loss5.3 4.0 2.9 
Prior service cost— (.4)1.7 
Curtailments and settlements(.2)— — 
Net pension expense$3.7 $4.0 $5.8 
Weighted average assumptions for pension costs:
Discount rate used in net pension costs2.1 %2.8 %3.9 %
Rate of compensation increase used in pension costs3.5 %3.4 %3.0 %
Expected return on plan assets5.9 %6.1 %6.4 %
Weighted average assumptions for benefit obligation:
Discount rate used in benefit obligation2.5 %2.1 %2.8 %
Rate of compensation increase used in benefit obligation3.5 %3.5 %3.4 %
Schedule of Fair Value Of Pension Plan Assets
Presented below are our major categories of investments for the periods presented:
 Year Ended December 31, 2021Year Ended December 31, 2020
 Level 1Level 2Level 3
Assets Measured at NAV 1
TotalLevel 1Level 2Level 3
Assets Measured at NAV 1
Total
Mutual and pooled funds          
Fixed income$34.1 $21.3 $— $— $55.4 $35.3 $16.5 $— $— $51.8 
Equities127.0 8.4 — — 135.4 114.0 10.4 — — 124.4 
Stable value funds— 31.6 — — 31.6 — 30.9 — — 30.9 
Money market funds, cash and other— — — 5.3 5.3 — — — 8.2 8.2 
Total investments at fair value$161.1 $61.3 $— $5.3 $227.7 $149.3 $57.8 $— $8.2 $215.3 
 
1Certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Allocation of Plan Assets The aggregate allocation of these investments is as follows:
20212020
Asset Category 
Equity securities60 %58 %
Debt securities24 24 
Stable value funds14 14 
Other, including cash2 4 
Total100 %100 %
Schedule of Estimated Benefit Payments
Estimated benefit payments expected over the next 10 years are as follows:
2022$15.2 
202313.3 
202414.0 
202514.8 
202614.9 
2027-203172.2 
Schedule of Costs of Retirement Plans
Total expense for defined contribution plans was as follows: 
202120202019
401(k) Plan$6.8 $6.8 $6.9 
Other defined contribution plans4.6 4.9 5.3 
$11.4 $11.7 $12.2