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

12 Months Ended

Dec. 31, 2020

Schedule of change in projected benefit obligation and plan assets


	U.S. Plans						Foreign Plans						Total
		2020			2019			2020			2019			2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	496.5		$	448.9		$	261.4		$	235.3		$	757.9	$	684.2
Service cost		4.5			5.4			3.0			2.6			7.5		8.0
Interest cost		13.2			16.8			3.5			4.7			16.7		21.5
Plan amendments		—			4.8			0.1			—			0.1		4.8
Actuarial loss		38.5			47.1			24.1			24.8			62.6		71.9
Foreign exchange translation		—			—			17.9			1.6			17.9		1.6
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Projected benefit obligation at end of year		526.4			496.5			302.0			261.4			828.4		757.9

Change in plan assets:
Fair value of plan assets at beginning of year		473.2			418.2			107.8			95.9			581.0		514.1
Actual return on plan assets		67.8			80.5			6.3			11.4			74.1		91.9
Employer contributions		1.0			1.0			5.5			5.6			6.5		6.6
Foreign exchange translation		—			—			5.0			2.5			5.0		2.5
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Fair value of plan assets at end of year		515.7			473.2			116.6			107.8			632.3		581.0

Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

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

Other accrued expenses		1.0			1.0			3.3			3.2			4.3		4.2
Accrued pension and postretirement benefit obligations		17.5			22.3			182.4			150.4			199.9		172.7
Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

Accumulated other comprehensive loss, net	$	(118.2)		$	(131.5)		$	(74.3)		$	(62.0)		$	(192.5)	$	(193.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.30	%		3.11	%		1.12	%		1.59	%
Rate of compensation increase		2.40	%		2.60	%		1.75	%		1.78	%

Schedule of amounts recognized in the balance sheet


	U.S. Plans						Foreign Plans						Total
		2020			2019			2020			2019			2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	496.5		$	448.9		$	261.4		$	235.3		$	757.9	$	684.2
Service cost		4.5			5.4			3.0			2.6			7.5		8.0
Interest cost		13.2			16.8			3.5			4.7			16.7		21.5
Plan amendments		—			4.8			0.1			—			0.1		4.8
Actuarial loss		38.5			47.1			24.1			24.8			62.6		71.9
Foreign exchange translation		—			—			17.9			1.6			17.9		1.6
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Projected benefit obligation at end of year		526.4			496.5			302.0			261.4			828.4		757.9

Change in plan assets:
Fair value of plan assets at beginning of year		473.2			418.2			107.8			95.9			581.0		514.1
Actual return on plan assets		67.8			80.5			6.3			11.4			74.1		91.9
Employer contributions		1.0			1.0			5.5			5.6			6.5		6.6
Foreign exchange translation		—			—			5.0			2.5			5.0		2.5
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Fair value of plan assets at end of year		515.7			473.2			116.6			107.8			632.3		581.0

Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

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

Other accrued expenses		1.0			1.0			3.3			3.2			4.3		4.2
Accrued pension and postretirement benefit obligations		17.5			22.3			182.4			150.4			199.9		172.7
Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

Accumulated other comprehensive loss, net	$	(118.2)		$	(131.5)		$	(74.3)		$	(62.0)		$	(192.5)	$	(193.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.30	%		3.11	%		1.12	%		1.59	%
Rate of compensation increase		2.40	%		2.60	%		1.75	%		1.78	%

Schedule of weighted average assumptions used to determine projected benefit obligations


	U.S. Plans						Foreign Plans						Total
		2020			2019			2020			2019			2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	496.5		$	448.9		$	261.4		$	235.3		$	757.9	$	684.2
Service cost		4.5			5.4			3.0			2.6			7.5		8.0
Interest cost		13.2			16.8			3.5			4.7			16.7		21.5
Plan amendments		—			4.8			0.1			—			0.1		4.8
Actuarial loss		38.5			47.1			24.1			24.8			62.6		71.9
Foreign exchange translation		—			—			17.9			1.6			17.9		1.6
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Projected benefit obligation at end of year		526.4			496.5			302.0			261.4			828.4		757.9

Change in plan assets:
Fair value of plan assets at beginning of year		473.2			418.2			107.8			95.9			581.0		514.1
Actual return on plan assets		67.8			80.5			6.3			11.4			74.1		91.9
Employer contributions		1.0			1.0			5.5			5.6			6.5		6.6
Foreign exchange translation		—			—			5.0			2.5			5.0		2.5
Benefits paid		(26.3)			(26.5)			(8.0)			(7.6)			(34.3)		(34.1)
Fair value of plan assets at end of year		515.7			473.2			116.6			107.8			632.3		581.0

Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

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

Other accrued expenses		1.0			1.0			3.3			3.2			4.3		4.2
Accrued pension and postretirement benefit obligations		17.5			22.3			182.4			150.4			199.9		172.7
Underfunded status at end of year	$	10.7		$	23.3		$	185.4		$	153.6		$	196.1	$	176.9

Accumulated other comprehensive loss, net	$	(118.2)		$	(131.5)		$	(74.3)		$	(62.0)		$	(192.5)	$	(193.5)

Weighted average assumptions used to determine projected benefit obligations:
Discount rate		2.30	%		3.11	%		1.12	%		1.59	%
Rate of compensation increase		2.40	%		2.60	%		1.75	%		1.78	%

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, 2020 and 2019:


	U.S. Plans				Foreign Plans
		2020		2019		2020		2019
Accumulated benefit obligation	$	29.8	$	495.0	$	287.6	$	253.4
Fair value of plan assets		11.7		473.2		110.7		107.8

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, 2020 and 2019:


	U.S. Plans				Foreign Plans
		2020		2019		2020		2019
Projected benefit obligation	$	30.1	$	496.5	$	296.4	$	261.4
Fair value of plan assets		11.7		473.2		110.7		107.8

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
		2020		2019		2020		2019		2020		2019
Actuarial losses, net	$	148.9	$	164.3	$	98.8	$	76.9	$	247.7	$	241.2
Prior service cost		6.6		8.7		0.8		0.8		7.4		9.5

Schedule of components of net pension expense


	U.S. Plans									Foreign Plans									Total
	2020			2019			2018			2020			2019			2018			2020		2019		2018
Components of net pension expense:
Service cost	$	4.5		$	5.4		$	4.5		$	3.0		$	2.6		$	2.8		$	7.5	$	8.0	$	7.3
Interest cost		13.2			16.8			14.9			3.5			4.7			4.7			16.7		21.5		19.6
Expected return on plan assets		(33.8)			(33.2)			(34.5)			(3.4)			(3.7)			(3.8)			(37.2)		(36.9)		(38.3)
Amortization of prior service cost		2.1			1.7			2.3			—			0.1			—			2.1		1.8		2.3
Settlements		—			—			—			—			—			0.6			—		—		0.6
Amortization of actuarial losses		19.8			14.4			19.0			5.4			4.1			4.2			25.2		18.5		23.2
Net pension expense	$	5.8		$	5.1		$	6.2		$	8.5		$	7.8		$	8.5		$	14.3	$	12.9	$	14.7

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.11	%		4.14	%		3.48	%		1.59	%		2.28	%		2.21	%
Expected long-term return on assets		7.50	%		7.50	%		7.75	%		3.25	%		3.75	%		3.69	%
Rate of compensation increase		2.60	%		3.00	%		3.00	%		1.78	%		1.77	%		1.70	%

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


	U.S. Plans									Foreign Plans									Total
	2020			2019			2018			2020			2019			2018			2020		2019		2018
Components of net pension expense:
Service cost	$	4.5		$	5.4		$	4.5		$	3.0		$	2.6		$	2.8		$	7.5	$	8.0	$	7.3
Interest cost		13.2			16.8			14.9			3.5			4.7			4.7			16.7		21.5		19.6
Expected return on plan assets		(33.8)			(33.2)			(34.5)			(3.4)			(3.7)			(3.8)			(37.2)		(36.9)		(38.3)
Amortization of prior service cost		2.1			1.7			2.3			—			0.1			—			2.1		1.8		2.3
Settlements		—			—			—			—			—			0.6			—		—		0.6
Amortization of actuarial losses		19.8			14.4			19.0			5.4			4.1			4.2			25.2		18.5		23.2
Net pension expense	$	5.8		$	5.1		$	6.2		$	8.5		$	7.8		$	8.5		$	14.3	$	12.9	$	14.7

Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.11	%		4.14	%		3.48	%		1.59	%		2.28	%		2.21	%
Expected long-term return on assets		7.50	%		7.50	%		7.75	%		3.25	%		3.75	%		3.69	%
Rate of compensation increase		2.60	%		3.00	%		3.00	%		1.78	%		1.77	%		1.70	%

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, 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

December 31, 2019
Equity securities:
U.S. equities — large cap	$	112.0	$	56.9	$	55.1	$	—	$	—
U.S. equities — small/mid cap and other		36.4		—		36.4		—		—
International equities — growth		56.9		51.8		5.1		—		—
International equities — other		74.9		—		41.0		—		33.9

Alternative investment funds		21.1		—		—		—		21.1

Fixed income securities:
U.S. fixed income securities — short term		18.1		—		18.1		—		—
U.S. fixed income securities — intermediate term		26.8		26.8		—		—		—
U.S. fixed income securities — long term		118.6		—		118.6		—		—
U.S. fixed income securities — high yield		14.2		—		14.2		—		—
International fixed income securities — other		24.0		—		24.0		—		—

Insurance contracts		37.0		—		—		37.0		—
Real estate funds		10.7		—		—		10.7		—
Cash and cash equivalents (b)		30.3		30.3		—		—		—

Total	$	581.0	$	165.8	$	312.5	$	47.7	$	55.0

(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.

(b)	The majority of the cash and cash equivalents on hand at December 31, 2019, which is primarily within the U.S. Plans, was subsequently invested, in early January 2020, in certain equity securities within the International equities-other category.

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


		2020		2019
Balance on January 1	$	47.7	$	45.3
Unrealized gains (losses), net		1.1		4.0
Purchases, sales and settlements, net		(1.0)		(1.2)
Foreign currency translation		3.0		(0.4)
Balance on December 31	$	50.8	$	47.7

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
2021	$	27.3	$	7.7	$	35.0
2022		28.1		9.0		37.1
2023		29.0		8.9		37.9
2024		29.7		10.1		39.8
2025		30.1		10.3		40.4
2026-2030		149.7		57.6		207.3