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Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Fair Value, Assets Measured on Recurring Basis
The following tables present the fair value hierarchy for those assets and liabilities on the Consolidated Balance Sheets measured at fair value on a recurring basis as of December 31, 2020 and 2019:
 December 31, 2020
  
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$320.3 $318.6 $1.7 $ 
Restricted cash0.8 0.8   
Short-term investments37.6  37.6  
Foreign currency hedges1.1  1.1  
Total Assets$359.8 $319.4 $40.4 $ 
Liabilities:
Foreign currency hedges$8.1 $ $8.1 $ 
Total Liabilities$8.1 $ $8.1 $ 
 December 31, 2019
  
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$160.7 $158.2 $2.5 $— 
Cash and cash equivalents measured at net
asset value
48.8 
Restricted cash6.7 6.7 — — 
Short-term investments25.7 — 25.7 — 
Short-term investments measured at net asset value0.1 
Foreign currency hedges7.6 — 7.6 — 
Total Assets$249.6 $164.9 $35.8 $— 
Liabilities:
Foreign currency hedges$1.4 $— $1.4 $— 
Total Liabilities$1.4 $— $1.4 $— 
Accrued pension cost  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Defined Benefit Plans Disclosures
The following tables summarize the net periodic benefit cost information and the related assumptions used to measure the net periodic benefit cost for the years ended December 31:
U.S. PlansInternational Plans
 202020192018202020192018
Components of net periodic benefit cost:
Service cost$10.7 $10.7 $12.6 $1.8 $1.5 $1.7 
Interest cost21.0 23.5 24.0 5.5 7.3 7.2 
Expected return on plan assets(25.3)(25.8)(29.3)(8.7)(10.2)(11.6)
Amortization of prior service cost1.6 1.6 1.7 0.2 0.2 0.1 
Recognition of net actuarial (gains)
losses
(3.9)(3.5)30.0 20.1 17.4 8.8 
Curtailment losses (gains)0.9 — (10.2) — — 
Net periodic benefit cost$5.0 $6.5 $28.8 $18.9 $16.2 $6.2 
Defined Benefit Plan, Assumptions
Assumptions202020192018
U.S. Plans:
Discount rate
3.04% to 3.55%
3.67% to 4.43%
3.75% to 3.94%
Future compensation assumption2.50 %2.50 %2.50 %
Expected long-term return on plan assets
4.50% to 6.25%
5.35% to 6.25%
5.75% to 6.50%
International Plans:
Discount rate
0.75% to 9.00%
1.50% to 11.00%
1.25% to 9.00%
Future compensation assumption
2.00% to 8.20%
2.00% to 8.23%
2.00% to 8.00%
Expected long-term return on plan assets
1.75% to 9.00%
2.50% to 9.00%
2.50% to 9.00%
The following table summarizes assumptions used to measure the benefit obligation for the defined benefit pension plans at December 31:
Assumptions20202019
U.S. Plans:
Discount rate
2.71% to 2.91%
3.04% to 3.55%
Future compensation assumption2.50 %2.50 %
International Plans:
Discount rate
0.25% to 7.75%
0.75 %
Future compensation assumption
1.90% to 8.18%
2.00% to 8.20%
Schedule of Changes in Projected Benefit Obligations
The following tables set forth the change in benefit obligation, change in plan assets, funded status and amounts recognized on the Consolidated Balance Sheets for the defined benefit pension plans as of December 31, 2020 and 2019:
U.S. PlansInternational Plans
 2020201920202019
Change in benefit obligation:
Benefit obligation at beginning of year$634.7 $586.6 $328.8 $300.3 
Service cost10.7 10.7 1.8 1.5 
Interest cost21.0 23.5 5.5 7.3 
Plan amendments0.1 —  — 
Actuarial losses56.6 74.9 43.9 29.1 
International plan exchange rate change — 14.1 7.6 
Curtailments0.3 —  — 
Benefits paid(60.3)(61.0)(14.4)(17.4)
Acquisitions —  0.4 
Benefit obligation at end of year$663.1 $634.7 $379.7 $328.8 
Schedule of Changes in Fair Value of Plan Assets
U.S. PlansInternational Plans
2020201920202019
Change in plan assets:
Fair value of plan assets at beginning of year$520.2 $448.3 $274.7 $254.6 
Actual return on plan assets85.8 104.2 32.5 21.9 
Company contributions / payments7.6 28.7 10.3 6.7 
International plan exchange rate change — 9.7 8.9 
Benefits paid(60.3)(61.0)(14.4)(17.4)
Fair value of plan assets at end of year553.3 520.2 312.8 274.7 
Funded status at end of year$(109.8)$(114.5)$(66.9)$(54.1)
Defined Benefit Plans Amounts recognized on the Consolidated Balance Sheets
Amounts recognized on the Consolidated Balance Sheets:
Non-current assets$1.8 $— $0.2 $3.4 
Current liabilities(14.2)(5.4)(1.5)(1.5)
Non-current liabilities(97.4)(109.1)(65.6)(56.0)
$(109.8)$(114.5)$(66.9)$(54.1)
Defined Benefit Plans Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive loss:
Net prior service cost$2.7 $4.8 $3.9 $3.9 
Accumulated other comprehensive loss$2.7 $4.8 $3.9 $3.9 
Changes in prior service cost recognized in accumulated other comprehensive loss:
Accumulated other comprehensive loss at beginning of year$4.8 $6.4 $3.9 $4.0 
Prior service cost0.1 —  — 
Recognized prior service cost(1.6)(1.6)(0.2)(0.2)
Loss recognized due to curtailment(0.6)—  — 
Foreign currency impact — 0.2 0.1 
Total recognized in accumulated other comprehensive loss
at December 31
$2.7 $4.8 $3.9 $3.9 
Target Assets Allocation and Actual Asset Allocations for US Pension Plan Assets
The Company’s target allocation for pension plan assets, as well as the actual pension plan asset allocations as of December 31, 2020 and 2019, was as follows: 
Current Target
Allocation
Percentage of Pension Plan
Assets at December 31,
Asset Category20202019
Equity securities18%to24%22%21%
Fixed income securities70%to82%75%74%
Other investments2%to4%3%5%
Total100%100%
Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value hierarchy for those investments of the Company’s pension assets measured at fair value on a recurring basis:
December 31, 2020December 31, 2019
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Cash and cash equivalents$37.1 $ $ $37.1 $17.1 $— $— $17.1 
Government and agency securities45.1 3.0  48.1 35.8 3.0 — 38.8 
Corporate bonds - investment grade 99.5  99.5 — 79.5 — 79.5 
Equity securities - U.S. companies    0.1 — — 0.1 
Common collective funds - fixed income44.5   44.5 42.0 — — 42.0 
Mutual funds - fixed income55.4   55.4 66.9 — — 66.9 
Mutual funds - international equity60.4   60.4 36.0 — — 36.0 
Mutual funds - domestic equity    3.2 — — 3.2 
Mutual funds - other assets    1.4 — — 1.4 
$242.5 $102.5 $ $345.0 $202.5 $82.5 $— $285.0 
Investments measured at net asset value:
Cash and cash equivalents $ $0.2 
Equity securities - international companies 0.3 1.0 
Common collective funds - domestic equities 63.2 76.3 
Common collective funds - international equities 42.6 31.9 
Common collective funds - fixed income 203.8 202.5 
Common collective funds - diversified growth20.1 17.9 
Limited partnerships 13.2 18.7 
Real estate partnerships7.7 11.2 
Other liability-driven investments144.4 128.2 
Other assets 25.8 22.0 
   Total Assets$866.1 $794.9 
Employer Contributions to Defined Benefit Plans
Employer Contributions to Defined Benefit Plans
2019$35.4 
202017.9 
2021 (estimated)16.0 
Future Pension Benefit Payments
Estimated future benefit payments, including estimated lump sum distributions, are expected to be as follows:
Benefit Payments 
2021$98 
202274 
202372 
202464 
202562 
2026-2030270