Benefit Plans and Other Postretirement Benefits (Tables) - Pension Benefits

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure

Schedule of change in projected benefit obligation and plan assets

	U.S. Plans						Foreign Plans						Total
		2019			2018			2019			2018			2019		2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	448.9		$	486.7		$	235.3		$	255.0		$	684.2	$	741.7
Service cost		5.4			4.5			2.6			2.8			8.0		7.3
Interest cost		16.8			14.9			4.7			4.7			21.5		19.6
Plan amendments		4.8			0.2			—			0.8			4.8		1.0
Actuarial (gain) loss		47.1			(33.1)			24.8			(3.1)			71.9		(36.2)
Foreign exchange translation		—			—			1.6			(13.0)			1.6		(13.0)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Projected benefit obligation at end of year		496.5			448.9			261.4			235.3			757.9		684.2
Change in plan assets:
Fair value of plan assets at beginning of year		418.2			389.6			95.9			108.3			514.1		497.9
Actual return on plan assets		80.5			(28.8)			11.4			(0.9)			91.9		(29.7)
Employer contributions		1.0			81.7			5.6			6.6			6.6		88.3
Foreign exchange translation		—			—			2.5			(6.2)			2.5		(6.2)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Fair value of plan assets at end of year		473.2			418.2			107.8			95.9			581.0		514.1
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	1.0		$	3.2		$	2.9		$	4.2	$	3.9
Accrued pension and postretirement benefit obligations		22.3			29.7			150.4			136.5			172.7		166.2
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Accumulated other comprehensive loss, net	$	(131.5)		$	(140.2)		$	(62.0)		$	(52.7)		$	(193.5)	$	(192.9)
Weighted average assumptions used to determine projected benefit obligations:
Discount rate		3.11	%		4.14	%		1.59	%		2.28	%
Rate of compensation increase		2.60	%		3.00	%		1.78	%		1.77	%

Schedule of amounts recognized in the balance sheet

	U.S. Plans						Foreign Plans						Total
		2019			2018			2019			2018			2019		2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	448.9		$	486.7		$	235.3		$	255.0		$	684.2	$	741.7
Service cost		5.4			4.5			2.6			2.8			8.0		7.3
Interest cost		16.8			14.9			4.7			4.7			21.5		19.6
Plan amendments		4.8			0.2			—			0.8			4.8		1.0
Actuarial (gain) loss		47.1			(33.1)			24.8			(3.1)			71.9		(36.2)
Foreign exchange translation		—			—			1.6			(13.0)			1.6		(13.0)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Projected benefit obligation at end of year		496.5			448.9			261.4			235.3			757.9		684.2
Change in plan assets:
Fair value of plan assets at beginning of year		418.2			389.6			95.9			108.3			514.1		497.9
Actual return on plan assets		80.5			(28.8)			11.4			(0.9)			91.9		(29.7)
Employer contributions		1.0			81.7			5.6			6.6			6.6		88.3
Foreign exchange translation		—			—			2.5			(6.2)			2.5		(6.2)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Fair value of plan assets at end of year		473.2			418.2			107.8			95.9			581.0		514.1
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	1.0		$	3.2		$	2.9		$	4.2	$	3.9
Accrued pension and postretirement benefit obligations		22.3			29.7			150.4			136.5			172.7		166.2
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Accumulated other comprehensive loss, net	$	(131.5)		$	(140.2)		$	(62.0)		$	(52.7)		$	(193.5)	$	(192.9)
Weighted average assumptions used to determine projected benefit obligations:
Discount rate		3.11	%		4.14	%		1.59	%		2.28	%
Rate of compensation increase		2.60	%		3.00	%		1.78	%		1.77	%

Schedule of weighted average assumptions used to determine projected benefit obligations

	U.S. Plans						Foreign Plans						Total
		2019			2018			2019			2018			2019		2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	448.9		$	486.7		$	235.3		$	255.0		$	684.2	$	741.7
Service cost		5.4			4.5			2.6			2.8			8.0		7.3
Interest cost		16.8			14.9			4.7			4.7			21.5		19.6
Plan amendments		4.8			0.2			—			0.8			4.8		1.0
Actuarial (gain) loss		47.1			(33.1)			24.8			(3.1)			71.9		(36.2)
Foreign exchange translation		—			—			1.6			(13.0)			1.6		(13.0)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Projected benefit obligation at end of year		496.5			448.9			261.4			235.3			757.9		684.2
Change in plan assets:
Fair value of plan assets at beginning of year		418.2			389.6			95.9			108.3			514.1		497.9
Actual return on plan assets		80.5			(28.8)			11.4			(0.9)			91.9		(29.7)
Employer contributions		1.0			81.7			5.6			6.6			6.6		88.3
Foreign exchange translation		—			—			2.5			(6.2)			2.5		(6.2)
Benefits paid		(26.5)			(24.3)			(7.6)			(11.9)			(34.1)		(36.2)
Fair value of plan assets at end of year		473.2			418.2			107.8			95.9			581.0		514.1
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Amounts recognized on the balance sheet as of December 31:
Other accrued expenses	$	1.0		$	1.0		$	3.2		$	2.9		$	4.2	$	3.9
Accrued pension and postretirement benefit obligations		22.3			29.7			150.4			136.5			172.7		166.2
Underfunded status at end of year	$	23.3		$	30.7		$	153.6		$	139.4		$	176.9	$	170.1
Accumulated other comprehensive loss, net	$	(131.5)		$	(140.2)		$	(62.0)		$	(52.7)		$	(193.5)	$	(192.9)
Weighted average assumptions used to determine projected benefit obligations:
Discount rate		3.11	%		4.14	%		1.59	%		2.28	%
Rate of compensation increase		2.60	%		3.00	%		1.78	%		1.77	%

Schedule of amounts, before tax, included in Accumulated other comprehensive loss that have not yet been recognized as expense

	U.S. Plans				Foreign Plans				Total
		2019		2018		2019		2018		2019		2018
Actuarial losses, net	$	164.3	$	178.8	$	76.9	$	63.4	$	241.2	$	242.2
Prior service cost		8.7		5.7		0.8		0.8		9.5		6.5

Schedule of components of net pension expense

	U.S. Plans									Foreign Plans									Total
	2019			2018			2017			2019			2018			2017			2019		2018		2017
Components of net pension expense:
Service cost	$	5.4		$	4.5		$	6.7		$	2.6		$	2.8		$	2.9		$	8.0	$	7.3	$	9.6
Interest cost		16.8			14.9			15.3			4.7			4.7			4.7			21.5		19.6		20.0
Expected return on plan assets		(33.2)			(34.5)			(27.2)			(3.7)			(3.8)			(3.5)			(36.9)		(38.3)		(30.7)
Amortization of prior service cost		1.7			2.3			2.7			0.1			—			—			1.8		2.3		2.7
Settlements		—			—			—			—			0.6			—			—		0.6		—
Amortization of actuarial losses		14.4			19.0			18.3			4.1			4.2			4.6			18.5		23.2		22.9
Net pension expense	$	5.1		$	6.2		$	15.8		$	7.8		$	8.5		$	8.7		$	12.9	$	14.7	$	24.5
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		4.14	%		3.48	%		3.93	%		2.28	%		2.21	%		2.28	%
Expected long-term return on assets		7.50	%		7.75	%		7.75	%		3.75	%		3.69	%		3.80	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%		1.77	%		1.70	%		1.63	%

Schedule of weighted average assumptions used to determine net benefit cost/expense

	U.S. Plans									Foreign Plans									Total
	2019			2018			2017			2019			2018			2017			2019		2018		2017
Components of net pension expense:
Service cost	$	5.4		$	4.5		$	6.7		$	2.6		$	2.8		$	2.9		$	8.0	$	7.3	$	9.6
Interest cost		16.8			14.9			15.3			4.7			4.7			4.7			21.5		19.6		20.0
Expected return on plan assets		(33.2)			(34.5)			(27.2)			(3.7)			(3.8)			(3.5)			(36.9)		(38.3)		(30.7)
Amortization of prior service cost		1.7			2.3			2.7			0.1			—			—			1.8		2.3		2.7
Settlements		—			—			—			—			0.6			—			—		0.6		—
Amortization of actuarial losses		14.4			19.0			18.3			4.1			4.2			4.6			18.5		23.2		22.9
Net pension expense	$	5.1		$	6.2		$	15.8		$	7.8		$	8.5		$	8.7		$	12.9	$	14.7	$	24.5
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		4.14	%		3.48	%		3.93	%		2.28	%		2.21	%		2.28	%
Expected long-term return on assets		7.50	%		7.75	%		7.75	%		3.75	%		3.69	%		3.80	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%		1.77	%		1.70	%		1.63	%

Fair values of Company's pension plan assets by asset category

									Assets Measured at
Asset Category	Total		Level 1		Level 2		Level 3		Net Asset Value (a)
December 31, 2019
Equity securities:
U.S. equities — large cap	$	112.0	$	56.9	$	55.1	$	—	$	—
U.S. equities — small/mid cap and other		36.4		—		36.4		—		—
International equities — growth		56.9		51.8		5.1		—		—
International equities — other		74.9		—		41.0		—		33.9
Alternative investment funds		21.1		—		—		—		21.1
Fixed income securities:
U.S. fixed income securities — short term		18.1		—		18.1		—		—
U.S. fixed income securities — intermediate term		26.8		26.8		—		—		—
U.S. fixed income securities — long term		118.6		—		118.6		—		—
U.S. fixed income securities — high yield		14.2		—		14.2		—		—
International fixed income securities — other		24.0		—		24.0		—		—
Insurance contracts		37.0		—		—		37.0		—
Real estate funds		10.7		—		—		10.7		—
Cash and cash equivalents (b)		30.3		30.3		—		—		—
Total	$	581.0	$	165.8	$	312.5	$	47.7	$	55.0
December 31, 2018
Equity securities:
U.S. equities — large cap	$	139.3	$	104.9	$	34.4	$	—	$	—
U.S. equities — small/mid cap and other		27.5		—		27.5		—		—
International equities — growth		32.7		28.0		4.7		—		—
International equities — other		84.9		—		34.0		—		50.9
Alternative investment funds		19.9		—		—		—		19.9
Fixed income securities:
U.S. fixed income securities — short term		11.2		—		—		—		11.2
U.S. fixed income securities — intermediate term		77.7		77.7		—		—		—
U.S. fixed income securities — high yield		26.4		—		26.4		—		—
International fixed income securities — other		45.9		—		45.9		—		—
Insurance contracts		35.1		—		—		35.1		—
Real estate funds		10.2		—		—		10.2		—
Cash and cash equivalents		3.3		3.3		—		—		—
Total	$	514.1	$	213.9	$	172.9	$	45.3	$	82.0

(a) Certain investments measured at fair value using the net asset value (NAV) practical expedient have been removed from the fair value hierarchy but included in the table above in order to permit the reconciliation of the fair value hierarchy to total plan assets.

(b) The majority of the cash and cash equivalents on hand at December 31, 2019, which is primarily within the U.S. Plans, was subsequently invested, in early January 2020, in certain equity securities within the International equities-other category.

Reconciliation of fair value measurements using significant unobservable inputs (Level 3)

		2019		2018
Balance on January 1	$	45.3	$	44.9
Unrealized gains (losses), net		4.0		1.2
Purchases, sales and settlements, net		(1.2)		0.9
Foreign currency translation		(0.4)		(1.7)
Balance on December 31	$	47.7	$	45.3

Benefit payments related to the pension plans, including amounts to be paid out of Company assets and reflecting future expected service

	U.S.		Foreign
Year	Plans		Plans		Total
2020	$	26.7	$	6.9	$	33.6
2021		27.9		7.3		35.2
2022		28.9		8.6		37.5
2023		29.8		8.4		38.2
2024		30.5		9.6		40.1
2025-2029		152.7		53.1		205.8