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

12 Months Ended

Dec. 31, 2021

Schedule of change in projected benefit obligation and plan assets


	U.S. Plans						Foreign Plans						Total
		2021			2020			2021			2020			2021		2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	526.4		$	496.5		$	302.0		$	261.4		$	828.4	$	757.9
Service cost		4.2			4.5			3.3			3.0			7.5		7.5
Interest cost		8.6			13.2			2.7			3.5			11.3		16.7
Plan amendments		0.4			—			—			0.1			0.4		0.1
Actuarial (gain) loss		(16.9)			38.5			(20.4)			24.1			(37.3)		62.6
Foreign exchange translation		—			—			(12.3)			17.9			(12.3)		17.9
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Projected benefit obligation at end of year		495.3			526.4			265.9			302.0			761.2		828.4

Change in plan assets:
Fair value of plan assets at beginning of year		515.7			473.2			116.6			107.8			632.3		581.0
Actual return on plan assets		38.2			67.8			6.3			6.3			44.5		74.1
Employer contributions		1.0			1.0			5.8			5.5			6.8		6.5
Foreign exchange translation		—			—			(2.8)			5.0			(2.8)		5.0
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Fair value of plan assets at end of year		527.5			515.7			116.5			116.6			644.0		632.3

Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Amounts recognized on the balance sheet as of December 31:
Other long-term assets	$	50.0		$	7.8		$	0.7		$	0.3		$	50.7	$	8.1

Other accrued expenses		1.1			1.0			3.1			3.3			4.2		4.3
Accrued pension and postretirement benefit obligations		16.7			17.5			147.0			182.4			163.7		199.9
Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Accumulated other comprehensive loss, net	$	(83.0)		$	(118.2)		$	(51.8)		$	(74.3)		$	(134.8)	$	(192.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.69	%		2.30	%		1.58	%		1.12	%
Rate of compensation increase		2.40	%		2.40	%		1.75	%		1.75	%

Schedule of amounts recognized in the balance sheet


	U.S. Plans						Foreign Plans						Total
		2021			2020			2021			2020			2021		2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	526.4		$	496.5		$	302.0		$	261.4		$	828.4	$	757.9
Service cost		4.2			4.5			3.3			3.0			7.5		7.5
Interest cost		8.6			13.2			2.7			3.5			11.3		16.7
Plan amendments		0.4			—			—			0.1			0.4		0.1
Actuarial (gain) loss		(16.9)			38.5			(20.4)			24.1			(37.3)		62.6
Foreign exchange translation		—			—			(12.3)			17.9			(12.3)		17.9
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Projected benefit obligation at end of year		495.3			526.4			265.9			302.0			761.2		828.4

Change in plan assets:
Fair value of plan assets at beginning of year		515.7			473.2			116.6			107.8			632.3		581.0
Actual return on plan assets		38.2			67.8			6.3			6.3			44.5		74.1
Employer contributions		1.0			1.0			5.8			5.5			6.8		6.5
Foreign exchange translation		—			—			(2.8)			5.0			(2.8)		5.0
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Fair value of plan assets at end of year		527.5			515.7			116.5			116.6			644.0		632.3

Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Amounts recognized on the balance sheet as of December 31:
Other long-term assets	$	50.0		$	7.8		$	0.7		$	0.3		$	50.7	$	8.1

Other accrued expenses		1.1			1.0			3.1			3.3			4.2		4.3
Accrued pension and postretirement benefit obligations		16.7			17.5			147.0			182.4			163.7		199.9
Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Accumulated other comprehensive loss, net	$	(83.0)		$	(118.2)		$	(51.8)		$	(74.3)		$	(134.8)	$	(192.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.69	%		2.30	%		1.58	%		1.12	%
Rate of compensation increase		2.40	%		2.40	%		1.75	%		1.75	%

Schedule of weighted average assumptions used to determine projected benefit obligations


	U.S. Plans						Foreign Plans						Total
		2021			2020			2021			2020			2021		2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	526.4		$	496.5		$	302.0		$	261.4		$	828.4	$	757.9
Service cost		4.2			4.5			3.3			3.0			7.5		7.5
Interest cost		8.6			13.2			2.7			3.5			11.3		16.7
Plan amendments		0.4			—			—			0.1			0.4		0.1
Actuarial (gain) loss		(16.9)			38.5			(20.4)			24.1			(37.3)		62.6
Foreign exchange translation		—			—			(12.3)			17.9			(12.3)		17.9
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Projected benefit obligation at end of year		495.3			526.4			265.9			302.0			761.2		828.4

Change in plan assets:
Fair value of plan assets at beginning of year		515.7			473.2			116.6			107.8			632.3		581.0
Actual return on plan assets		38.2			67.8			6.3			6.3			44.5		74.1
Employer contributions		1.0			1.0			5.8			5.5			6.8		6.5
Foreign exchange translation		—			—			(2.8)			5.0			(2.8)		5.0
Benefits paid		(27.4)			(26.3)			(9.4)			(8.0)			(36.8)		(34.3)
Fair value of plan assets at end of year		527.5			515.7			116.5			116.6			644.0		632.3

Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Amounts recognized on the balance sheet as of December 31:
Other long-term assets	$	50.0		$	7.8		$	0.7		$	0.3		$	50.7	$	8.1

Other accrued expenses		1.1			1.0			3.1			3.3			4.2		4.3
Accrued pension and postretirement benefit obligations		16.7			17.5			147.0			182.4			163.7		199.9
Over (under) funded status at end of year	$	32.2		$	(10.7)		$	(149.4)		$	(185.4)		$	(117.2)	$	(196.1)

Accumulated other comprehensive loss, net	$	(83.0)		$	(118.2)		$	(51.8)		$	(74.3)		$	(134.8)	$	(192.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.69	%		2.30	%		1.58	%		1.12	%
Rate of compensation increase		2.40	%		2.40	%		1.75	%		1.75	%

Pension plans with an accumulated benefit obligation in excess of plan assets

The following summarizes information for defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2021 and 2020:


	U.S. Plans				Foreign Plans
		2021		2020		2021		2020
Accumulated benefit obligation	$	29.2	$	29.8	$	254.1	$	287.6
Fair value of plan assets		12.0		11.7		110.3		110.7

Pension plans with a projected benefit obligation in excess of plan assets

The following summarizes information for defined benefit plans with a projected benefit obligation in excess of plan assets as of December 31, 2021 and 2020:


	U.S. Plans				Foreign Plans
		2021		2020		2021		2020
Projected benefit obligation	$	29.6	$	30.1	$	260.6	$	296.4
Fair value of plan assets		12.0		11.7		110.3		110.7

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
	2021		2020		2021		2020		2021		2020
Actuarial losses, net	$	103.6	$	148.9	$	64.7	$	98.8	$	168.3	$	247.7
Prior service cost		5.1		6.6		0.7		0.8		5.8		7.4

Schedule of components of net pension expense


	U.S. Plans									Foreign Plans									Total
	2021			2020			2019			2021			2020			2019			2021		2020		2019
Components of net pension expense:
Service cost	$	4.2		$	4.5		$	5.4		$	3.3		$	3.0		$	2.6		$	7.5	$	7.5	$	8.0
Interest cost		8.6			13.2			16.8			2.7			3.5			4.7			11.3		16.7		21.5
Expected return on plan assets		(28.1)			(33.8)			(33.2)			(3.1)			(3.4)			(3.7)			(31.2)		(37.2)		(36.9)
Amortization of prior service cost		1.9			2.1			1.7			0.2			—			0.1			2.1		2.1		1.8
Amortization of actuarial losses		17.8			19.8			14.4			7.0			5.4			4.1			24.8		25.2		18.5
Net pension expense	$	4.4		$	5.8		$	5.1		$	10.1		$	8.5		$	7.8		$	14.5	$	14.3	$	12.9

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.30	%		3.11	%		4.14	%		1.12	%		1.59	%		2.28	%
Expected long-term return on assets		6.00	%		7.50	%		7.50	%		2.71	%		3.25	%		3.75	%
Rate of compensation increase		2.40	%		2.60	%		3.00	%		1.75	%		1.78	%		1.77	%

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


	U.S. Plans									Foreign Plans									Total
	2021			2020			2019			2021			2020			2019			2021		2020		2019
Components of net pension expense:
Service cost	$	4.2		$	4.5		$	5.4		$	3.3		$	3.0		$	2.6		$	7.5	$	7.5	$	8.0
Interest cost		8.6			13.2			16.8			2.7			3.5			4.7			11.3		16.7		21.5
Expected return on plan assets		(28.1)			(33.8)			(33.2)			(3.1)			(3.4)			(3.7)			(31.2)		(37.2)		(36.9)
Amortization of prior service cost		1.9			2.1			1.7			0.2			—			0.1			2.1		2.1		1.8
Amortization of actuarial losses		17.8			19.8			14.4			7.0			5.4			4.1			24.8		25.2		18.5
Net pension expense	$	4.4		$	5.8		$	5.1		$	10.1		$	8.5		$	7.8		$	14.5	$	14.3	$	12.9

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.30	%		3.11	%		4.14	%		1.12	%		1.59	%		2.28	%
Expected long-term return on assets		6.00	%		7.50	%		7.50	%		2.71	%		3.25	%		3.75	%
Rate of compensation increase		2.40	%		2.60	%		3.00	%		1.75	%		1.78	%		1.77	%

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, 2021
Equity securities:
U.S. equities — large cap	$	62.7	$	30.1	$	32.6	$	—	$	—
U.S. equities — small/mid cap and other		15.9		—		15.9		—		—
International equities — growth		31.8		25.5		6.3		—		—
International equities — other		70.9		—		45.7		—		25.2

Alternative investment funds		25.5		—		—		—		25.5

Fixed income securities:
U.S. fixed income securities — intermediate term		97.3		—		97.3		—		—
U.S. fixed income securities — long term		266.1		—		266.1		—		—
International fixed income securities — other		30.2		—		30.2		—		—

Insurance contracts		34.1		—		—		34.1		—
Cash and cash equivalents		9.5		9.5		—		—		—

Total	$	644.0	$	65.1	$	494.1	$	34.1	$	50.7

December 31, 2020
Equity securities:
U.S. equities — large cap	$	124.9	$	63.5	$	61.4	$	—	$	—
U.S. equities — small/mid cap and other		37.7		—		37.7		—		—
International equities — growth		67.5		61.6		5.9		—		—
International equities — other		96.2		—		41.3		—		54.9

Alternative investment funds		22.4		—		—		—		22.4

Fixed income securities:
U.S. fixed income securities — intermediate term		29.2		29.2		—		—		—
U.S. fixed income securities — long term		130.5		—		130.5		—		—
U.S. fixed income securities — high yield		15.5		—		15.5		—		—
International fixed income securities — other		49.5		—		49.5		—		—

Insurance contracts		40.0		—		—		40.0		—
Real estate funds		10.8		—		—		10.8		—
Cash and cash equivalents		8.1		8.1		—		—		—

Total	$	632.3	$	162.4	$	341.8	$	50.8	$	77.3

(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.

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


		2021		2020
Balance on January 1	$	50.8	$	47.7
Unrealized (losses) gains, net		(0.1)		1.1
Purchases, sales and settlements, net		(14.2)		(1.0)
Foreign currency translation		(2.4)		3.0
Balance on December 31	$	34.1	$	50.8

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
2022	$	28.2	$	8.9	$	37.1
2023		29.0		8.5		37.5
2024		29.6		9.6		39.2
2025		30.0		9.6		39.6
2026		30.2		10.1		40.3
2027-2031		147.5		54.4		201.9