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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Defined Benefit Plan, Assumptions [Table Text Block]
Pension BenefitsOPEB
202220212020202220212020
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate5.50 %4.40 %2.90 %1.85 %2.50 %1.55 %5.50 %2.90 %2.55 %
Expected return on plan assets6.75 %4.00 %7.00 %4.00 %7.25 %4.00 %N/AN/AN/A
Rate of compensation increaseN/A3.25 %N/A3.70 %N/A3.15 %4.00 %4.00 %4.00 %
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
The following table summarizes the changes in projected benefit obligations and plan assets and reconciles the funded status of the benefit plans, which is the net benefit plan liability:
Pension BenefitsOPEB
December 31,December 31,
2022202120222021
(in millions)
Change in benefit obligation
Benefit obligation at beginning of year$674.1 $798.9 $509.6 $586.5 
Service cost1.7 2.0 0.3 0.3 
Interest cost16.5 17.3 8.4 8.4 
Plan amendments — (0.5)— 
Actuarial gain(175.9)(6.5)(101.3)(34.6)
Change in GM portion of OPEB obligation — (75.0)(36.8)
Participant contributions0.2 0.2  — 
Settlements (99.0) — 
Benefit payments(27.4)(34.4)(11.9)(14.2)
Tekfor acquisition14.3 —  — 
Currency fluctuations(21.1)(4.4) — 
Net change(191.7)(124.8)(180.0)(76.9)
Benefit obligation at end of year$482.4 $674.1 $329.6 $509.6 
Change in plan assets
Fair value of plan assets at beginning of year$573.8 $669.9 $ $— 
Actual return on plan assets(127.1)31.6  — 
Employer contributions2.5 7.8 11.9 14.2 
Participant contributions0.2 0.2  — 
Benefit payments(27.4)(34.4)(11.9)(14.2)
Settlements (99.0) — 
Tekfor acquisition7.5 —  — 
Currency fluctuations(22.6)(2.3) — 
Net change(166.9)(96.1) — 
Fair value of plan assets at end of year$406.9 $573.8 $ $— 
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
Amounts recognized in our Consolidated Balance Sheets are as follows:
Pension BenefitsOPEB
December 31,December 31,
2022202120222021
(in millions)
Noncurrent assets$5.1 $27.6 $ $— 
Current liabilities(7.1)(6.6)(24.8)(28.4)
Noncurrent liabilities(73.5)(121.3)(304.8)(481.2)
Net liability$(75.5)$(100.3)$(329.6)$(509.6)
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Pre-tax amounts recorded in accumulated other comprehensive income (loss) (AOCI), not yet recognized in net periodic benefit cost (credit) as of December 31, 2022 and 2021, consists of:
Pension BenefitsOPEB
December 31,December 31,
2022202120222021
(in millions)
Net actuarial gain (loss)$(200.0)$(225.4)$133.1 $31.3 
Net prior service credit (cost)(1.5)(1.6)1.2 1.6 
Total amounts recorded$(201.5)$(227.0)$134.3 $32.9 
Schedule of Net Benefit Costs [Table Text Block]
The components of net periodic benefit cost (credit) are as follows:
Pension BenefitsOPEB
202220212020202220212020
(in millions)
Service cost$1.7 $2.0 $2.0 $0.3 $0.3 $0.4 
Interest cost16.5 17.3 21.4 8.4 8.4 10.2 
Expected asset return(31.0)(39.0)(38.4) — — 
Amortized actuarial loss7.6 10.8 8.6 0.5 1.7 1.0 
Amortized prior service cost (credit)0.1 0.1 0.1 (0.9)(1.5)(1.5)
Settlement charge  42.3 0.5  — — 
Net periodic benefit cost (credit)$(5.1)$33.5 $(5.8)$8.3 $8.9 $10.1 
Schedule of Allocation of Plan Assets [Table Text Block]
U.S.Non-U.S.
TargetTarget
20222021Allocation20222021Allocation
Equity securities28.0 %27.9 %25% - 35%13.5 %21.6 %15% - 25%
Fixed income securities64.8 63.8 60% - 70%64.7 66.0 70% - 80%
Alternative assets6.1 7.5 0% - 10%15.6 9.9 5% - 15%
Cash1.1 0.8 0% - 5%6.2 2.5 0% - 5%
Total100.0 %100.0 %100.0 %100.0 %

The primary objective of our pension plan assets is to provide a source of retirement income for participants and beneficiaries. Our primary financial objectives for the pension plan assets have been established in conjunction with a comprehensive review of our current and projected financial requirements. These objectives include having the ability to pay all future benefits and expenses when due, maintaining flexibility and minimizing volatility. These objectives are based on a long-term investment horizon.
Defined Benefit Pension Plan Assets Investments in our defined benefit plans are stated at fair value. Level 1 assets are valued using quoted market prices that represent the asset value of the shares held by the trusts. The level 2 assets are investments in pooled funds, which are valued using a model to reflect the valuation of their underlying assets that are publicly traded with observable values. The fair values of our pension plan assets are as follows:
December 31, 2022
Asset CategoriesLevel 1Level 2Level 3Total
(in millions)
Cash and Cash Equivalents$8.6 $1.8 $ $10.4 
Equity
    U.S. Large Cap40.2 0.1  40.3 
    U.S. Small/Mid Cap12.8   12.8 
    World Equity40.7 3.4  44.1 
Fixed Income Securities
    Government & Agencies57.9 60.0  117.9 
    Corporate Bonds - Investment Grade123.5 0.5  124.0 
    Corporate Bonds - Non-investment Grade9.0 0.4  9.4 
    Emerging Market Debt8.2   8.2 
    Other1.7 2.3  4.0 
Other
    Property Funds (a)
   24.9 
    Other (a)
   10.9 
Total Plan Assets$302.6 $68.5 $ $406.9 
December 31, 2021
Asset CategoriesLevel 1Level 2Level 3Total
(in millions)
Cash and Cash Equivalents$7.8 $0.8 $— $8.6 
Equity
    U.S. Large Cap54.0 0.1 — 54.1 
    U.S. Small/Mid Cap15.2 — — 15.2 
    World Equity66.9 10.7 — 77.6 
Fixed Income Securities
    Government & Agencies80.2 52.7 — 132.9 
    Corporate Bonds - Investment Grade189.9 1.3 — 191.2 
    Corporate Bonds - Non-investment Grade15.7 0.5 — 16.2 
    Emerging Market Debt12.5 — — 12.5 
    Other11.2 5.8 — 17.0 
Other
    Property Funds (a)
— — — 38.2 
    Other (a)
— — — 10.3 
Total Plan Assets$453.4 $71.9 $— $573.8 
(a) In accordance with ASC 820 - Fair Value Measurement certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.