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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans
The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2021 and 2020:
 Pension plansOther post-retirement
plans
In millions2021202020212020
Change in benefit obligations
Benefit obligation beginning of year
$120.8 $112.1 $13.8 $14.6 
Service cost2.8 3.3 — — 
Interest cost2.0 2.9 0.2 0.4 
Actuarial (gain) loss(2.1)9.3 (1.4)0.1 
Foreign currency translation(0.6)1.4 — — 
Benefits paid(6.8)(8.2)(1.3)(1.3)
Benefit obligation end of year$116.1 $120.8 $11.3 $13.8 
Change in plan assets
Fair value of plan assets beginning of year
$33.7 $31.0 $— $— 
Actual return on plan assets(0.3)3.0 — — 
Company contributions8.1 7.1 1.3 1.3 
Foreign currency translation(0.3)0.8 — — 
Benefits paid(6.8)(8.2)(1.3)(1.3)
Fair value of plan assets end of year
$34.4 $33.7 $— $— 
Funded status
Benefit obligations in excess of the fair value of plan assets
$(81.7)$(87.1)$(11.3)$(13.8)
Amounts Recognized in Consolidated Balance Sheets
Amounts recorded in the Consolidated Balance Sheets were as follows:
 Pension plansOther post-retirement
plans
In millions2021202020212020
Current liabilities$(5.7)$(5.6)$(1.3)$(1.5)
Non-current liabilities(76.0)(81.5)(10.0)(12.3)
Benefit obligations in excess of the fair value of plan assets
$(81.7)$(87.1)$(11.3)$(13.8)
Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
 Projected benefit obligation
exceeds the fair value
of plan assets
Accumulated benefit  obligation
exceeds the fair value of
plan assets
In millions2021202020212020
Projected benefit obligation$116.1 $120.8 $116.1 $120.8 
Fair value of plan assets34.4 33.7 34.4 33.7 
Accumulated benefit obligationN/AN/A112.7 119.3 
Components of Net Periodic Benefit Cost
Components of net periodic benefit expense for our pension plans for the years ended December 31 were as follows:
In millions202120202019
Service cost$2.8 $3.3 $2.6 
Interest cost2.0 2.9 7.3 
Expected return on plan assets(0.5)(0.8)(3.9)
Net actuarial (gain) loss(1.5)6.8 (4.1)
Net periodic benefit expense$2.8 $12.2 $1.9 
Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost
The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost as they pertain to our pension and other post-retirement plans.
 Pension plansOther post-retirement
plans
202120202019202120202019
Benefit obligation assumptions
Discount rate2.21 %1.74 %2.68 %2.34 %1.77 %2.81 %
Rate of compensation increase
3.61 %3.62 %3.68 %N/AN/AN/A
Net periodic benefit expense assumptions
Discount rate1.74 %2.68 %3.70 %1.77 %2.81 %3.95 %
Expected long-term return on plan assets
2.60 %3.32 %4.37 %N/AN/AN/A
Rate of compensation increase
3.62 %3.68 %3.72 %N/AN/AN/A
Assumed Health Care Cost Trend Rates
The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:
20212020
Healthcare cost trend rate assumed for following year5.5 %5.4 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.0 %4.4 %
Year the cost trend rate reaches the ultimate trend rate20462038
Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals
Our actual overall asset allocation for our pension plans as compared to our investment policy goals as of December 31 was as follows:
 ActualTarget
2021202020212020
Fixed income67 %70 %68 %71 %
Alternative32 %30 %32 %29 %
Cash%— %— %— %
Plan Assets Using Fair Value Hierarchy
The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2021 and December 31, 2020 were as follows:
 December 31, 2021
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$0.3 $— $— $0.3 
Other investments— — 11.0 11.0 
Total investments at fair value$0.3 $— $11.0 $11.3 
Investments measured at NAV23.1 
Total$34.4 

 December 31, 2020
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$0.1 $— $— $0.1 
Other investments— — 10.0 10.0 
Total investments at fair value$0.1 $— $10.0 $10.1 
Investments measured at NAV23.6 
Total$33.7 
Expected Future Service to Be Paid by Plans
The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:
In millionsPension plansOther post-
retirement
plans
2022$7.4 $1.4 
20237.5 1.3 
20247.8 1.2 
20257.6 1.1 
20267.4 1.0 
2027 - 203137.7 3.7