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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Employee Benefit Plans  
Schedule of the Fair Value of Plan Assets by Asset Class Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2021 and 2020, along with the current targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:
Domestic Pension Plans
Actual
Allocations
Mid-point of Target
Allocation Range
202120202021
Fixed income common trust funds67 %68 %65 %
Commingled global fund allocation%11 %%
Global equity common trust funds15 %%15 %
U.S. Government securities10 %%12 %
Short-term investments and other (1)
%%%
Total100 %100 %100 %
___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
Foreign Pension Plans
Actual
Allocations
Mid-point of Target
Allocation Range
202120202021
Global equity common trust funds%%%
Fixed income common trust funds61 %65 %66 %
Commingled global fund allocation27 %25 %25 %
Non-U.S. Government securities— %— %— %
Short-term investments (1)
%%— %
Total100 %100 %100 %
___________________________________________________________________
(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.
Schedule of Net Periodic Benefit (Income) Expense Net periodic pension benefit expense (income) for our domestic and foreign pension plans included the following components:
Domestic Pension Plans
 Year ended December 31,
202120202019
Service cost$— $— $— 
Interest cost8.4 10.8 13.3 
Expected return on plan assets(8.7)(9.5)(9.8)
Amortization of unrecognized prior service credits(0.1)(0.1)(0.1)
Recognized net actuarial (gains) losses (1)
(4.2)4.7 6.5 
Total net periodic pension benefit (income) expense$(4.6)$5.9 $9.9 
___________________________________________________________________
(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains (losses).
Foreign Pension Plans
Year ended December 31,
202120202019
Service cost$— $— $— 
Interest cost3.4 3.8 4.8 
Expected return on plan assets(5.8)(5.7)(6.7)
Recognized net actuarial (gains) losses (1)
(1.8)0.2 1.0 
Total net periodic pension benefit income$(4.2)$(1.7)$(0.9)
___________________________________________________________________
(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.
Pension plans  
Employee Benefit Plans  
Schedule of the Fair Value of Plan Assets by Asset Class The fair values of pension plan assets at December 31, 2021, by asset class, were as follows:
TotalQuoted Prices in Active
Markets for Identical
Assets
(Level 1)
Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)
$291.2 $— $291.2 $— 
Non-U.S. Government securities0.3 — 0.3 — 
U.S. Government securities25.8 — 25.8 — 
Equity securities:
Global equity common trust funds (1) (3)
58.0 — 58.0 — 
Alternative investments:
Commingled global fund allocations (1) (4)
67.4 — 67.4 — 
Other:
Short-term investments (5)
10.4 10.4 — — 
Other
0.9 — — 0.9 
Total$454.0 $10.4 $442.7 $0.9 
The fair values of pension plan assets at December 31, 2020, by asset class, were as follows:
TotalQuoted Prices in Active
Markets for Identical
Assets (Level 1)
Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)
$315.4 $— $315.4 $— 
Non-U.S. Government securities0.3 — 0.3 — 
U.S. Government securities25.2 — 25.2 — 
Equity securities:
Global equity common trust funds (1) (3)
32.1 — 32.1 — 
Alternative Investments:
Commingled global fund allocations (1) (4)
81.7 — 81.7 — 
Other:
Short-term investments (5)
22.5 22.5 — — 
Other
0.9 — — 0.9 
Total$478.1 $22.5 $454.7 $0.9 
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(1)Common/commingled trust funds are similar to mutual funds, with a daily net asset value per share measured by the fund sponsor and used as the basis for current transactions. These investments, however, are not registered with the U.S. Securities and Exchange Commission and participation is not open to the public. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
(2)This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal and government securities, interest rate swaps, options and futures.
(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.
(4)This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.
(5)Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.
Schedule of Estimated Minimum Benefit Payments Following is a summary, as of December 31, 2021, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2021 to measure our obligations and include benefits attributable to estimated future employee service.
Estimated future benefit payments:
(Domestic and foreign pension plans)
Domestic
Pension
Benefits
Foreign
Pension
Benefits
2022$26.7 $6.3 
202326.4 6.0 
202426.0 6.4 
202525.1 7.5 
202626.1 7.2 
Subsequent five years98.1 39.6 
Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:
Domestic Pension
Plans
Foreign Pension
Plans
2021202020212020
Change in projected benefit obligation:
Projected benefit obligation — beginning of year$364.7 $348.2 $192.2 $175.0 
Service cost— — — — 
Interest cost8.4 10.8 3.4 3.8 
Actuarial (gains) losses(12.9)30.4 (4.8)14.3 
Settlements(10.5)(10.3)(3.0)— 
Benefits paid(14.3)(14.4)(5.1)(6.7)
Foreign exchange and other— — (0.3)5.8 
Projected benefit obligation — end of year$335.4 $364.7 $182.4 $192.2 
The actuarial gains and losses for all pension plans in 2021 and 2020 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.
Domestic Pension
Plans
Foreign Pension
Plans
2021202020212020
Change in plan assets:
Fair value of plan assets — beginning of year$279.8 $263.6 $198.3 $178.1 
Actual return on plan assets(0.1)35.1 3.6 19.9 
Contributions (employer and employee)5.5 5.8 0.9 0.9 
Settlements(10.5)(10.3)(3.0)— 
Benefits paid(14.3)(14.4)(5.1)(6.7)
Foreign exchange and other— — (1.1)6.1 
Fair value of plan assets — end of year$260.4 $279.8 $193.6 $198.3 
Funded status at year-end(75.0)(84.9)11.2 6.1 
Amounts recognized in the consolidated balance sheets consist of:
Other assets$2.2 $2.6 $11.4 $8.6 
Accrued expenses(5.2)(5.4)— — 
Other long-term liabilities(72.0)(82.1)(0.2)(2.5)
Net amount recognized$(75.0)$(84.9)$11.2 $6.1 
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs(0.1)(0.2)1.2 1.2 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2021 and 2020:
Domestic Pension
Plans
Foreign Pension
Plans
2021202020212020
Projected benefit obligation$329.0 $357.9 $0.2 $50.9 
Accumulated benefit obligation329.0 357.9 0.2 50.9 
Fair value of plan assets251.8 270.4 — 48.4 
Schedule of Actuarial Assumptions Used in Accounting for Pension Plans Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:
Year ended December 31,
202120202019
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate2.35 %3.16 %4.29 %
Rate of increase in compensation levelsN/AN/AN/A
Expected long-term rate of return on assets3.22 %3.75 %4.25 %
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate2.83 %2.35 %3.16 %
Rate of increase in compensation levelsN/AN/AN/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate1.76 %2.27 %3.02 %
Rate of increase in compensation levelsN/AN/AN/A
Expected long-term rate of return on assets3.31 %3.81 %4.69 %
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate2.19 %1.76 %2.27 %
Rate of increase in compensation levelsN/AN/AN/A
Postretirement Plans  
Employee Benefit Plans  
Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:
Postretirement
Plans
20212020
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year$60.5 $63.6 
Interest cost1.0 1.6 
Actuarial (gains) losses(3.9)1.9 
Benefits paid(5.9)(6.6)
Projected postretirement benefit obligation — end of year$51.7 $60.5 
Funded status at year-end$(51.7)$(60.5)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses$(5.9)$(6.7)
Other long-term liabilities(45.8)(53.8)
Net amount recognized$(51.7)$(60.5)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits$(15.5)$(20.2)
Schedule of Net Periodic Benefit (Income) Expense
The net periodic postretirement benefit expense (income) included the following components:
Year ended December 31,
202120202019
Service cost$— $— $— 
Interest cost1.0 1.6 2.4 
Amortization of unrecognized prior service credits(4.7)(4.7)(4.0)
Recognized net actuarial (gains) losses (3.9)1.9 2.5 
Net periodic postretirement benefit (income) expense$(7.6)$(1.2)$0.9 
Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies Following is a summary, as of December 31, 2021, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2021 to measure our obligations and include benefits attributable to estimated future employee service.
Postretirement Payments
2022$6.0 
20235.4 
20244.9 
20254.4 
20264.0 
Subsequent five years14.8 
Schedule of Actuarial Assumptions Used in Accounting for Plans
Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:
Year ended December 31,
202120202019
Assumed health care cost trend rates:
Health care cost trend rate for next year6.25 %6.50 %6.75 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.00 %5.00 %5.00 %
Year that the rate reaches the ultimate trend rate202720272027
Discount rate used in determining net periodic postretirement benefit expense2.00 %2.97 %4.09 %
Discount rate used in determining year-end postretirement benefit obligation2.56 %2.00 %2.97 %