XML 63 R50.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Components of Period Benefit Costs

The components of periodic benefit costs for the years ended December 31, 2021, 2020 and 2019 are as follows:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement Medical
and Other

 

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Service cost - benefits earned
   during the year

 

$

 

 

$

 

 

$

 

 

$

2.3

 

 

$

2.1

 

 

$

1.8

 

 

$

0.1

 

 

$

0.2

 

 

$

0.2

 

Interest cost of projected
   benefit obligation

 

 

2.8

 

 

 

4.0

 

 

 

5.1

 

 

 

1.5

 

 

 

1.8

 

 

 

2.2

 

 

 

0.2

 

 

 

0.4

 

 

 

0.8

 

Expected return on assets

 

 

(4.9

)

 

 

(5.2

)

 

 

(4.3

)

 

 

(1.0

)

 

 

(1.1

)

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

Amortization of prior service
   cost

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

 

 

0.1

 

 

 

(2.7

)

 

 

(2.7

)

 

 

(2.8

)

Amortization of actuarial net
   loss (gain)

 

 

3.2

 

 

 

2.8

 

 

 

3.3

 

 

 

1.8

 

 

 

1.7

 

 

 

1.3

 

 

 

(0.3

)

 

 

 

 

 

 

Pension settlement charge
   (gain) loss

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$

1.1

 

 

$

1.6

 

 

$

4.1

 

 

$

3.8

 

 

$

4.6

 

 

$

4.0

 

 

$

(2.7

)

 

$

(2.1

)

 

$

(1.8

)

Weighted average
   assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective discount rate for
   benefit obligations

 

 

2.4

%

 

 

3.3

%

 

 

4.3

%

 

 

1.2

%

 

 

1.6

%

 

 

2.5

%

 

 

2.0

%

 

 

2.9

%

 

 

4.1

%

Effective interest rate on
   benefit obligation

 

 

2.0

%

 

 

2.9

%

 

 

4.0

%

 

 

1.2

%

 

 

1.6

%

 

 

2.5

%

 

 

1.3

%

 

 

2.6

%

 

 

3.7

%

Expected return on
   plan assets

 

 

4.3

%

 

 

5.2

%

 

 

5.2

%

 

 

1.6

%

 

 

2.3

%

 

 

3.5

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation
   increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

4.1

%

 

 

3.1

%

 

 

3.6

%

 

N/A

 

 

N/A

 

 

N/A

 

 

Reconciliation of the Changes in Benefit Obligation, the Changes in Plan Assets, and the Funded Status

The following is a reconciliation of the changes in benefit obligation, plan assets, and funded status as of December 31, 2021 and 2020:

 

 

 

US Pension Plans

 

 

Non-US Pension Plans

 

 

Postretirement
Medical and Other

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

151.9

 

 

$

142.3

 

 

$

104.9

 

 

$

90.6

 

 

$

15.8

 

 

$

18.4

 

Service cost

 

 

 

 

 

 

 

 

2.3

 

 

 

2.1

 

 

 

0.1

 

 

 

0.2

 

Interest cost

 

 

2.8

 

 

 

4.0

 

 

 

1.5

 

 

 

1.8

 

 

 

0.2

 

 

 

0.4

 

Participant contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Plan curtailment

 

 

 

 

 

 

 

 

(0.3

)

 

 

(0.1

)

 

 

 

 

 

 

Actuarial (gain) loss

 

 

(5.4

)

 

 

13.4

 

 

 

(3.7

)

 

 

9.7

 

 

 

(1.0

)

 

 

(1.3

)

Currency translation adjustment

 

 

 

 

 

 

 

 

(4.2

)

 

 

5.3

 

 

 

 

 

 

 

 

Pension settlement

 

 

 

 

 

 

 

 

(1.9

)

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(8.1

)

 

 

(7.8

)

 

 

(4.1

)

 

 

(4.5

)

 

 

(1.7

)

 

 

(2.2

)

Benefit obligation, end of year

 

$

141.2

 

 

$

151.9

 

 

$

94.5

 

 

$

104.9

 

 

$

13.7

 

 

$

15.8

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

113.7

 

 

$

99.6

 

 

$

52.3

 

 

$

45.2

 

 

$

 

 

$

 

Actual return on plan assets

 

 

8.5

 

 

 

12.7

 

 

 

0.6

 

 

 

6.0

 

 

 

 

 

 

 

Employer contributions

 

 

0.5

 

 

 

9.2

 

 

 

3.9

 

 

 

3.9

 

 

 

1.4

 

 

 

1.9

 

Participant contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Currency translation adjustment

 

 

 

 

 

 

 

 

(0.6

)

 

 

1.7

 

 

 

 

 

 

 

Pension settlement

 

 

 

 

 

 

 

 

(1.9

)

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(8.1

)

 

 

(7.8

)

 

 

(4.1

)

 

 

(4.5

)

 

 

(1.7

)

 

 

(2.2

)

Fair value of plan assets, end of year

 

 

114.6

 

 

 

113.7

 

 

 

50.2

 

 

 

52.3

 

 

 

 

 

 

 

Funded status

 

$

(26.6

)

 

$

(38.2

)

 

$

(44.3

)

 

$

(52.6

)

 

$

(13.7

)

 

$

(15.8

)

Amounts recognized in the Consolidated
   Balance Sheets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term pension obligation

 

$

(0.5

)

 

$

(0.5

)

 

$

(1.0

)

 

$

(1.1

)

 

$

 

 

$

 

Long-term pension obligation

 

 

(26.1

)

 

 

(37.7

)

 

 

(43.3

)

 

 

(51.5

)

 

 

 

 

 

 

Short-term postretirement medical and other
   benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.6

)

 

 

(1.8

)

Long-term postretirement medical and other
   benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12.1

)

 

 

(14.0

)

Net amount recognized

 

$

(26.6

)

 

$

(38.2

)

 

$

(44.3

)

 

$

(52.6

)

 

$

(13.7

)

 

$

(15.8

)

Weighted-Average Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.8

%

 

 

2.4

%

 

 

1.4

%

 

 

1.1

%

 

 

2.5

%

 

 

2.0

%

Expected return on plan assets

 

 

4.3

%

 

 

5.2

%

 

 

1.6

%

 

 

2.3

%

 

N/A

 

 

N/A

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

4.1

%

 

 

3.1

%

 

N/A

 

 

N/A

 

 

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss as of December 31, 2021 and 2020, are summarized as follows:

 

 

 

Pensions

 

 

Postretirement
Medical and Other

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net actuarial gain (loss)

 

$

(51.3

)

 

$

(69.3

)

 

$

4.0

 

 

$

3.3

 

Prior service credit (cost)

 

 

(0.4

)

 

 

(0.4

)

 

 

1.4

 

 

 

4.1

 

Total amount recognized

 

$

(51.7

)

 

$

(69.7

)

 

$

5.4

 

 

$

7.4

 

 

Summary of the Sensitivity of Retirement Obligations and Retirement Benefit Costs of Plans to Changes in the Key Assumptions

The following table summarizes the sensitivity of our December 31, 2021 retirement obligations and 2022 retirement benefit costs of our plans to changes in the key assumptions used to determine those results:

 

Change in assumption:

 

Estimated
increase
(decrease) in
2022 pension
cost

 

 

Estimated
increase
(decrease) in
Projected
Benefit
Obligation
for the
year ended
December
31, 2021

 

 

Estimated increase
(decrease) in
2022 Other
Postretirement
Benefit
costs

 

 

Estimated
increase
(decrease) in
Other
Postretirement
Benefit
Obligation for
the year ended
December 31,
2021

 

0.50% increase in discount rate

 

$

(1.0

)

 

$

(14.2

)

 

N/A

 

 

$

(0.4

)

0.50% decrease in discount rate

 

 

1.1

 

 

 

15.8

 

 

N/A

 

 

 

0.4

 

0.50% increase in long-term return on assets

 

 

(0.8

)

 

N/A

 

 

N/A

 

 

N/A

 

0.50% decrease in long-term return on assets

 

 

0.8

 

 

N/A

 

 

N/A

 

 

N/A

 

1.0% increase in medical trend rates

 

N/A

 

 

N/A

 

 

0.1

 

 

 

0.4

 

1.0% decrease in medical trend rates

 

N/A

 

 

N/A

 

 

 

(0.1

)

 

 

(0.4

)

Schedule of the Weighted-Average Asset Allocations of the Pension Plans

The weighted-average asset allocations of the U.S. pension plans as of December 31, 2021 and 2020, by asset category are as follows:

 

 

 

2021

 

 

2020

 

Equity

 

 

52.7

%

 

 

53.3

%

Fixed income

 

 

38.2

%

 

 

38.8

%

Other

 

 

9.1

%

 

 

7.9

%

Total

 

 

100.0

%

 

 

100.0

%

 

The weighted-average asset allocations of the Non-U.S. pension plans as of December 31, 2021 and 2020, by asset category are as follows:

 

 

 

2021

 

 

2020

 

Equity

 

 

0.0

%

 

 

0.0

%

Fixed income

 

 

41.3

%

 

 

45.6

%

Other*

 

 

58.7

%

 

 

54.4

%

Total

 

 

100.0

%

 

 

100.0

%

*Includes diversified investments that have equity and
   fixed income holdings.

 

 

 

 

 

 

 

Schedule of the Actual Allocations for the Pension Assets and Target Allocations by Asset Class

The actual and target allocations for the pension assets as of December 31, 2021, by asset class, are as follows:

 

 

 

Target Allocations

 

 

Weighted Average Asset
Allocations

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

Equity Securities

 

 

50

%

 

 

0

%

 

 

52.7

%

 

 

0.0

%

Debt Securities

 

 

40

%

 

40%

 

 

 

38.2

%

 

 

41.3

%

Other

 

 

10

%

 

60%

 

 

 

9.1

%

 

 

58.7

%

Schedule of Plan Assets Using the Fair Value Hierarchy The following table presents the Company’s plan assets using the fair value hierarchy as of December 31, 2021 and 2020. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 5, “Fair Value of Financial Instruments,” for definitions of each fair value level.

 

 

 

December 31, 2021

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

 

 

$

 

 

$

 

 

$

32.7

 

 

$

32.7

 

International equity

 

 

 

 

 

 

 

 

 

 

 

31.9

 

 

 

31.9

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

 

 

 

 

 

 

 

 

 

27.1

 

 

 

27.1

 

Government and agency bonds

 

 

 

 

 

 

 

 

 

 

 

34.7

 

 

 

34.7

 

Commingled funds

 

 

 

 

 

 

 

 

 

 

 

18.9

 

 

 

18.9

 

International fixed income

 

 

 

 

 

 

 

 

 

 

 

2.2

 

 

 

2.2

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

Money market funds

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

0.7

 

Annuity contracts

 

 

 

 

 

 

 

 

12.6

 

 

 

 

 

 

12.6

 

Other

 

 

 

 

 

 

 

 

 

 

 

3.3

 

 

 

3.3

 

Total

 

$

0.7

 

 

$

0.7

 

 

$

12.6

 

 

$

150.8

 

 

$

164.8

 

*Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

 

 

 

December 31, 2020

 

Assets

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Net Asset Value ("NAV")*

 

 

Total

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity

 

$

 

 

$

 

 

$

 

 

$

32.3

 

 

$

32.3

 

International equity

 

 

 

 

 

 

 

 

 

 

 

30.6

 

 

 

30.6

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds and notes

 

 

 

 

 

 

 

 

 

 

 

35.7

 

 

 

35.7

 

Government and agency bonds

 

 

 

 

 

 

 

 

 

 

 

30.1

 

 

 

30.1

 

Commingled funds

 

 

 

 

 

 

 

 

 

 

 

17.8

 

 

 

17.8

 

International fixed income

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

0.5

 

Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

Money market funds

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

0.7

 

Annuity contracts

 

 

 

 

 

 

 

 

12.9

 

 

 

 

 

 

12.9

 

Other

 

 

 

 

 

 

 

 

 

 

 

4.8

 

 

 

4.8

 

Total

 

$

0.6

 

 

$

0.7

 

 

$

12.9

 

 

$

151.8

 

 

$

166.0

 

*Certain assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

Reconciliation of the Fair Values Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3) from the Beginning of the Year to the End of the Year

A reconciliation of the fair value measurements of plan assets using significant unobservable inputs (Level 3) from the beginning of the year to the end of the year is as follows:

 

 

 

Insurance Contracts
Year Ended December 31,

 

 

 

2021

 

 

2020

 

Beginning Balance

 

$

12.9

 

 

$

12.6

 

Actual return on assets

 

 

0.7

 

 

 

0.9

 

Benefit payments

 

 

(0.9

)

 

 

(1.0

)

Foreign currency impact

 

 

(0.1

)

 

 

0.4

 

Ending Balance

 

$

12.6

 

 

$

12.9

 

Schedule of Projected Future Benefit Payments from the Plans Projected future benefit payments from the plans as of December 31, 2021 are estimated as follows:

 

 

 

U.S Pension
Plans

 

 

Non-U.S.
Pension
Plans

 

 

Postretirement
Medical and
Other

 

2022

 

$

8.7

 

 

$

2.8

 

 

$

1.6

 

2023

 

 

8.7

 

 

 

3.0

 

 

 

1.5

 

2024

 

 

8.8

 

 

 

3.2

 

 

 

1.4

 

2025

 

 

8.8

 

 

 

3.7

 

 

 

1.3

 

2026

 

 

8.7

 

 

 

3.9

 

 

 

1.2

 

Thereafter

 

 

41.7

 

 

 

22.8

 

 

 

4.6

 

Total

 

$

85.4

 

 

$

39.4

 

 

$

11.6

 

Schedule of Fair Value of Plan Assets for which the Accumulated Benefit Obligation is in Excess of Plan Assets

The fair value of plan assets for which the accumulated benefit obligation is in excess of the plan assets as of December 31, 2021 and 2020 is as follows:

 

 

 

U.S Pension Plans

 

 

Non U.S. Pension Plans

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Projected benefit obligation

 

$

141.2

 

 

$

151.9

 

 

$

93.5

 

 

$

104.9

 

Accumulated benefit obligation

 

 

141.2

 

 

 

151.9

 

 

 

89.1

 

 

 

99.3

 

Fair value of plan assets

 

 

114.6

 

 

 

113.7

 

 

 

50.2

 

 

 

52.3