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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Benefit Plans [Abstract]  
Pension Obligation and Funded Status

The following table set forth Company's pension obligation and funded status at December 31:

  
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2020
    
2019
    
2020
    
2019
  
Change in benefit obligations:
                        
Beginning projected benefit obligation
  
$
484.4
    
$
416.3
    
$
5.9
    
$
5.7
  
Service cost
    
7.7
      
6.8
      
0.2
      
0.2
  
Interest cost
    
10.5
      
14.0
      
0.2
      
0.2
  
Actuarial (gain)/loss
    
56.5
      
63.9
      
(1.3
)
    
0.3
  
Benefits paid
    
(12.3
)
    
(18.6
)
    
(0.4
)
    
(0.5
)
Settlements
    
(18.4
)
    
(0.5
)
    
—
      
—
  
Foreign exchange impact
    
5.5
      
2.1
      
—
      
—
  
Other
    
0.4
      
0.4
      
—
      
—
  
Ending projected benefit obligation
    
534.3
      
484.4
      
4.6
      
5.9
  
                                 
Change in plan assets:
                                
Beginning fair value
    
340.0
      
296.7
      
—
      
—
  
Actual return on plan assets
    
31.1
      
52.4
      
—
      
—
  
Employer contributions
    
11.8
      
7.7
      
0.4
      
0.5
  
Plan participants' contributions
    
0.3
      
0.4
      
—
      
—
  
Benefits paid
    
(12.2
)
    
(18.6
)
    
(0.4
)
    
(0.5
)
Settlements
    
(16.9
)
    
(0.2
)
    
—
      
—
  
Foreign exchange impact
    
4.1
      
1.6
      
—
      
—
  
Ending fair value
    
358.2
      
340.0
      
—
      
—
  
                                 
Funded status of the plan
  
$
(176.1
)
  
$
(144.4
)
  
$
(4.6
)
  
$
(5.9
)
Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the consolidated balance sheet consist of:
Pension Benefits
  
Post-Retirement Benefits
  
(millions of dollars)
2020
  
2019
  
2020
  
2019
  
Current liability
  
$
(1.4
)
  
$
(1.1
)
  
$
(0.3
)
  
$
(0.4
)
Non-current liability
    
(174.7
)
    
(143.3
)
    
(4.3
)
    
(5.5
)
Recognized liability
  
$
(176.1
)
  
$
(144.4
)
  
$
(4.6
)
  
$
(5.9
)
Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of:
Pension Benefits
  
Post-Retirement Benefits
  
(millions of dollars)
2020
  
2019
  
2020
  
2019
  
Net actuarial (gain) loss
  
$
119.0
    
$
99.6
    
$
(4.2
)
  
$
(3.7
)
Prior service cost
    
0.1
      
0.1
      
—
      
—
  
Amount recognized end of year
  
$
119.1
    
$
99.7
    
$
(4.2
)
  
$
(3.7
)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Changes in the Plan assets and benefit obligations recognized in other comprehensive income:

  
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2020
    
2019
    
2020
    
2019
  
Current year actuarial gain (loss)
  
$
(29.6
)
  
$
(23.0
)
  
$
0.9
    
$
(0.2
)
Amortization of actuarial (gain) loss
    
10.5
      
7.7
      
(0.5
)
    
(0.6
)
Amortization of prior service credit (gain) loss
    
—
      
—
      
—
      
—
  
Total recognized in other comprehensive income
  
$
(19.1
)
  
$
(15.3
)
  
$
0.4
    
$
(0.8
)
Net Periodic Benefit Cost

The components of net periodic benefit costs are as follows:

  
Pension Benefits
    
Post-Retirement Benefits
  
(millions of dollars)
  
2020
    
2019
    
2018
    
2020
    
2019
    
2018
  
Service cost
  
$
7.7
    
$
6.8
    
$
8.1
    
$
0.2
    
$
0.2
    
$
0.2
  
Interest cost
    
10.5
      
14.0
      
13.0
      
0.2
      
0.2
      
0.2
  
Expected return on plan assets
    
(20.1
)
    
(18.2
)
    
(20.2
)
    
—
      
—
      
—
  
Amortization of prior service cost
    
—
      
—
      
—
      
—
      
—
      
(0.9
)
Recognized net actuarial (gain) loss
    
13.9
      
10.1
      
10.7
      
(0.9
)
    
(0.9
)
    
(0.8
)
Settlement/curtailment (gain) loss
    
6.4
      
(0.1
)
    
4.4
      
—
      
—
      
—
  
Net periodic benefit cost
  
$
18.4
    
$
12.6
    
$
16.0
    
$
(0.5
)
  
$
(0.5
)
  
$
(1.3
)
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation

The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2020, 2019 and 2018 are as follows:

  
Year Ended December 31,
  
   
2020
    
2019
    
2018
  
Discount rate
    
2.74
%
    
3.75
%
    
3.16
%
Expected return on plan assets
    
6.32
%
    
6.43
%
    
6.40
%
Rate of compensation increase
    
2.72
%
    
3.01
%
    
3.01
%
Interest crediting rate
    
3.75
%
    
2.57
%
    
3.70
%


The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2020, 2019 and 2018 are as follows:
Year Ended December 31,
  
 
2020
  
2019
  
2018
  
Discount rate
    
2.01
%
    
2.75
%
    
3.75
%
Rate of compensation increase
    
2.98
%
    
2.99
%
    
3.01
%
Weighted Average Asset Allocation Percentages

The Company's pension plan weighted average asset allocation percentages at December 31, 2020 and 2019 by asset category are as follows:

  
December 31,
  
   
2020
    
2019
  
Asset Category
            
Equity securities
    
55.8
%
    
55.1
%
Fixed income securities
    
27.8
%
    
29.1
%
Real estate
    
0.3
%
    
0.3
%
Other
    
16.1
%
    
15.5
%
Total
    
100.0
%
    
100.0
%
Fair Value of Plan Assets

The Company's pension plan fair values at December 31, 2020 and 2019 by asset category are as follows:

  
December 31,
  
(millions of dollars)
  
2020
    
2019
  
Asset Category
            
Equity securities
  
$
200.0
    
$
187.5
  
Fixed income securities
    
99.7
      
98.8
  
Real estate
    
1.0
      
0.9
  
Other
    
57.5
      
52.8
  
Total
  
$
358.2
    
$
340.0
  


The following table presents domestic and foreign pension plan assets information at December 31, 2020, 2019 and 2018 (the measurement date of pension plan assets):
U.S. Plans
  
International Plans
  
(millions of dollars)
2020
  
2019
  
2018
  
2020
  
2019
  
2018
  
Fair value of plan assets
  
$
271.6
    
$
261.5
    
$
227.1
    
$
86.6
    
$
78.5
    
$
69.6
  
Defined Benefit Pension Plan Assets Measured at Fair Value

The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2020:

 
Quoted Prices in
Active Markets for
Identical Assets
    
Significant
Other Observable
Inputs
    
Significant
Unobservable
Inputs
        
(millions of dollars)
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Pension Assets Fair Value as of December 31, 2020
                        
Equity securities
                        
US equities
  
$
182.0
    
$
—
    
$
—
    
$
182.0
  
Non-US equities
    
18.0
      
—
      
—
      
18.0
  
                                 
Fixed income securities
                                
Corporate debt instruments
    
80.4
      
19.3
      
—
      
99.7
  
                                 
Real estate and other
                                
Real estate
    
—
      
—
      
1.0
      
1.0
  
Other
    
0.3
      
49.9
      
7.3
      
57.5
  
                                 
Total assets
  
$
280.7
    
$
69.2
    
$
8.3
    
$
358.2
  


The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2019:

 
Quoted Prices in
Active Markets for
Identical Assets
    
Significant
Other Observable
Inputs
    
Significant
Unobservable
Inputs
        
(millions of dollars)
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Pension Assets Fair Value as of December 31, 2019
                        
Equity securities
                        
US equities
  
$
169.7
    
$
—
    
$
—
    
$
169.7
  
Non-US equities
    
17.8
      
—
      
—
      
17.8
  
                                 
Fixed income securities
                                
Corporate debt instruments
    
82.6
      
16.2
      
—
      
98.8
  
                                 
Real estate and other
                                
Real estate
    
—
      
—
      
0.9
      
0.9
  
Other
    
0.4
      
45.4
      
7.0
      
52.8
  
                                 
Total assets
  
$
270.5
    
$
61.6
    
$
7.9
    
$
340.0
  
Reconciliation of Changes in Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs

The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3):

(millions of dollars)
      
Beginning balance at December 31, 2018
  
$
20.0
  
Purchases, sales, settlements
    
—
  
Actual return on plan assets still held at reporting date
    
0.9
  
Foreign exchange impact
    
0.1
  
Ending balance at December 31, 2019
  
$
21.0
  
Purchases, sales, settlements
    
—
  
Actual return on plan assets still held at reporting date
    
(12.8
)
Foreign exchange impact
    
0.1
  
Ending balance at December 31, 2020
  
$
8.3
  
Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

(millions of dollars)
  
Pension Benefits
    
Other Benefits
  
2021
  
$
24.0
    
$
0.3
  
2022
  
$
25.2
    
$
0.3
  
2023
  
$
27.3
    
$
0.3
  
2024
  
$
27.1
    
$
0.3
  
2025
  
$
26.7
    
$
0.3
  
2026-2030
  
$
133.4
    
$
1.7