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Pension, Health Care and Postretirement Benefits Other Than Pensions (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Summary of the Components of the Net Pension Costs and Cumulative Other Comprehensive Loss Related to the Defined Benefit Pension Plans
The following table summarizes the components of the net pension costs and AOCI related to the defined benefit pension plans:
 
Domestic
Defined Benefit Pension Plans
 
Foreign
Defined Benefit Pension Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Net pension cost (credit):
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
3.5

 
$
7.3

 
$
21.7

 
$
5.9

 
$
8.2

 
$
7.0

Interest cost
4.8

 
32.2

 
31.1

 
9.4

 
9.5

 
8.2

Expected return on plan assets
(5.3
)
 
(53.0
)
 
(48.3
)
 
(10.3
)
 
(10.8
)
 
(9.0
)
Amortization of prior service cost
1.4

 
3.5

 
1.4

 
 
 
 
 
 
Amortization of actuarial losses


 


 
6.2

 
1.0

 
1.5

 
1.8

Ongoing pension cost (credit)
4.4

 
(10.0
)
 
12.1

 
6.0

 
8.4

 
8.0

Settlement cost (credit)
32.4

 
37.6

 
(2.0
)
 
0.3

 
(0.4
)
 
0.1

Curtailment cost

 
0.8

 
 
 
 
 
 
 
 
Net pension cost
36.8

 
28.4

 
10.1

 
6.3

 
8.0

 
8.1

Other changes in plan assets and projected benefit
obligation recognized in AOCI (before taxes):
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gains) losses arising during the year
(22.0
)
 
29.9

 
(65.8
)
 
13.2

 
(5.1
)
 
(14.0
)
Prior service cost arising during the year
3.1

 
4.6

 
0.8

 
 
 
 
 
 
Amortization of actuarial losses


 


 
(6.2
)
 
(1.0
)
 
(1.5
)
 
(1.8
)
Amortization of prior service cost
(1.4
)
 
(3.5
)
 
(1.4
)
 
 
 
 
 
 
(Loss) gain recognized for settlement
(32.4
)
 
(37.6
)
 
2.0

 
(0.3
)
 
0.4

 
(0.1
)
Prior service cost recognized for curtailment


 
(0.8
)
 
 
 
 
 
 
 
 
Loss arising from curtailment

 
(0.8
)
 
 
 
(0.7
)
 


 


Exchange rate gain (loss) recognized during the year
 
 
 
 
 
 
1.0

 
(2.0
)
 
4.2

Total recognized in AOCI
(52.7
)
 
(8.2
)
 
(70.6
)
 
12.2

 
(8.2
)
 
(11.7
)
Total recognized in net pension cost and AOCI
$
(15.9
)
 
$
20.2

 
$
(60.5
)
 
$
18.5

 
$
(0.2
)
 
$
(3.6
)
 
 
 
 
 
 
 
 
 
 
 
 
Summary of the Fair Value of the Defined Benefit Pension Plan Assets
The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2019, 2018 and 2017. The presentation is in accordance with the Retirement Benefits Topic of the ASC.
 
Fair value at December 31, 2019
 
Quoted Prices 
in Active Markets for Identical
Assets
(Level 1)
 
Significant 
Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable 
Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
115.7

 
$
7.9

 
$
107.8

 
 
Fixed income investments (2)
173.4

 
29.7

 
143.7

 
 
Other assets (3)
36.6

 
 
 
36.6

 

Total investments in fair value hierarchy
325.7

 
$
37.6

 
$
288.1

 
 
Investments measured at NAV or its equivalent (4)
88.3

 
 
 
 
 
 
Total investments
$
414.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at December 31, 2018
 
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
 
Significant 
Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
215.8

 
$
124.0

 
$
91.8

 
 
Fixed income investments (2)
609.9

 
462.8

 
147.1

 
 
Other assets (3)
38.4

 
 
 
38.4

 
 
Total investments in fair value hierarchy
864.1

 
$
586.8

 
$
277.3

 
 
Investments measured at NAV or its equivalent (4)
166.4

 
 
 
 
 
 
Total investments
$
1,030.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at December 31, 2017
 
Quoted Prices in Active Markets for Identical
Assets
(Level 1)
 
Significant 
Other
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Investments at fair value:
 
 
 
 
 
 
 
Equity investments (1)
$
515.0

 
$
409.9

 
$
105.1

 
 
Fixed income investments (2)
380.9

 
146.8

 
234.1

 
 
Other assets (3)
39.2

 
 
 
39.2

 
 
Total investments in fair value hierarchy
935.1

 
$
556.7

 
$
378.4

 
 
Investments measured at NAV or its equivalent (4)
533.5

 
 
 
 
 
 
Total investments
$
1,468.6

 
 
 
 
 
 
(1) 
This category includes actively managed equity assets that track primarily to the S&P 500.
(2) 
This category includes government and corporate bonds that track primarily to the Barclays Capital Aggregate Bond Index.
(3) 
This category includes real estate and pooled investment funds.
(4)  
This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy.
Summary of the Obligations, Plan Assets and Assumptions Used for Defined Benefit Pension Plans

The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31:
 
Domestic
Defined Benefit Pension Plans
 
Foreign
Defined Benefit Pension Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Accumulated benefit obligations
at end of year
$
97.2

 
$
521.0

 
$
913.4

 
$
331.7

 
$
280.0

 
$
308.2

Projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
$
524.7

 
$
916.2

 
$
632.8

 
$
315.8

 
$
349.6

 
$
206.9

Service cost
3.5

 
7.3

 
21.7

 
5.9

 
8.2

 
7.0

Interest cost
4.8

 
32.2

 
31.1

 
9.4

 
9.5

 
8.2

Actuarial losses (gains)
4.4

 
(13.6
)
 
68.0

 
36.2

 
(21.0
)
 
(4.0
)
Acquisition


 

 
246.9

 


 

 
115.1

Contributions and other
3.1

 
3.8

 
0.8

 
0.7

 
1.6

 
1.4

Settlements
(429.3
)
 
(379.1
)
 
(43.4
)
 
(6.6
)
 
(6.3
)
 
(0.8
)
Effect of foreign exchange
 
 
 
 
 
 
7.8

 
(16.3
)
 
22.9

Benefits paid
(8.2
)
 
(42.1
)
 
(41.7
)
 
(8.5
)
 
(9.5
)
 
(7.1
)
Balances at end of year
103.0

 
524.7

 
916.2

 
360.7

 
315.8

 
349.6

Plan assets:
 
 
 
 
 
 
 
 
 
 
 
Balances at beginning of year
777.0

 
1,188.6

 
847.0

 
253.5

 
280.0

 
165.0

Actual returns on plan assets
31.7

 
9.6

 
182.0

 
33.3

 
(4.9
)
 
16.3

Acquisition


 

 
244.7

 


 


 
82.3

Contributions and other
 
 
 
 

 
7.7

 
8.3

 
6.1

Settlements
(429.3
)
 
(379.1
)
 
(43.4
)
 
(6.6
)
 
(6.3
)
 
(0.8
)
Transfer related to plan termination
(245.3
)
 

 

 
 
 
 
 
 
Effect of foreign exchange
 
 
 
 
 
 
8.7

 
(14.1
)
 
18.2

Benefits paid
(8.2
)
 
(42.1
)
 
(41.7
)
 
(8.5
)
 
(9.5
)
 
(7.1
)
Balances at end of year
125.9

 
777.0

 
1,188.6

 
288.1

 
253.5

 
280.0

Excess (deficient) plan assets over
projected benefit obligations
$
22.9

 
$
252.3

 
$
272.4

 
$
(72.6
)
 
$
(62.3
)
 
$
(69.6
)
Assets and liabilities recognized in the
Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
 
 
 
Deferred pension assets
$
22.9

 
$
252.3

 
$
272.4

 
$
20.1

 
$
18.4

 
$
24.3

Other accruals
 
 
 
 
 
 
(2.3
)
 
(2.7
)
 
(2.5
)
Other long-term liabilities
 
 

 


 
(90.4
)
 
(78.0
)
 
(91.4
)
 
$
22.9

 
$
252.3

 
$
272.4

 
$
(72.6
)
 
$
(62.3
)
 
$
(69.6
)
Amounts recognized in AOCI:
 
 
 
 
 
 
 
 
 
 
 
Net actuarial losses
$
(2.0
)
 
$
(56.4
)
 
$
(64.8
)
 
$
(37.9
)
 
$
(25.7
)
 
$
(33.9
)
Prior service costs
(7.4
)
 
(5.7
)
 
(5.5
)
 
 
 
 
 
 
 
$
(9.4
)
 
$
(62.1
)
 
$
(70.3
)
 
$
(37.9
)
 
$
(25.7
)
 
$
(33.9
)
Weighted-average assumptions used to
determine projected benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.44
%
 
3.60
%
 
3.60
%
 
2.17
%
 
3.04
%
 
2.73
%
Rate of compensation increase
3.00
%
 
3.17
%
 
3.33
%
 
3.08
%
 
3.65
%
 
3.69
%
Weighted-average assumptions used to
determine net pension costs:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.60
%
 
3.60
%
 
4.15
%
 
3.04
%
 
2.73
%
 
3.88
%
Expected long-term rate of
return on assets
5.00
%
 
5.00
%
 
5.00
%
 
4.09
%
 
3.84
%
 
4.75
%
Rate of compensation increase
3.17
%
 
3.33
%
 
3.30
%
 
3.65
%
 
3.69
%
 
4.33
%
Summary of the Obligation and the Assumptions Used for Postretirement Benefits Other than Pensions
The following table summarizes the obligation and the assumptions used for postretirement benefits other than pensions:
 
Postretirement Benefits Other than Pensions
 
2019
 
2018
 
2017
Benefit obligation:
 
 
 
 
 
Balance at beginning of year - unfunded
$
274.6

 
$
290.8

 
$
265.1

Service cost
1.5

 
2.0

 
2.1

Interest cost
11.2

 
10.2

 
10.8

Acquisition


 


 
17.0

Actuarial loss (gain)
12.8

 
(9.1
)
 
11.6

Plan amendments


 
(0.1
)
 


Benefits paid
(19.6
)
 
(19.2
)
 
(15.8
)
Balance at end of year - unfunded
$
280.5

 
$
274.6

 
$
290.8

Liabilities recognized in the Consolidated Balance Sheets:
 
 
 
 
 
Postretirement benefits other than pensions
$
(263.0
)
 
$
(257.6
)
 
$
(274.7
)
Other accruals
(17.5
)
 
(17.0
)
 
(16.1
)
 
$
(280.5
)
 
$
(274.6
)
 
$
(290.8
)
Amounts recognized in AOCI:
 
 
 
 
 
Net actuarial losses
$
(45.1
)
 
$
(32.8
)
 
$
(44.1
)
Prior service credits
1.1

 
6.1

 
12.6

 
$
(44.0
)
 
$
(26.7
)
 
$
(31.5
)
Weighted-average assumptions used to determine benefit obligation:
 
 
 
 
 
Discount rate
3.22
%
 
4.21
%
 
3.61
%
Health care cost trend rate - pre-65
6.38
%
 
6.69
%
 
7.00
%
Health care cost trend rate - post-65
5.25
%
 
4.94
%
 
5.00
%
Prescription drug cost increases
9.00
%
 
9.75
%
 
11.00
%
Employer Group Waiver Plan (EGWP) trend rate
9.00
%
 
9.75
%
 
11.00
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
Discount rate
4.21
%
 
3.61
%
 
4.10
%
Health care cost trend rate - pre-65
6.69
%
 
7.00
%
 
6.00
%
Health care cost trend rate - post-65
4.94
%
 
5.00
%
 
5.50
%
Prescription drug cost increases
9.75
%
 
11.00
%
 
10.50
%
Summary of the Components of Net Periodic Benefit Cost and Cumulative Other Comprehensive Loss Related to Postretirement Benefits Other than Pensions
The following table summarizes the components of the net periodic benefit cost and AOCI related to postretirement benefits other than pensions:
 
Postretirement Benefits Other than Pensions
 
2019
 
2018
 
2017
Net periodic benefit cost (credit):
 
 
 
 
 
Service cost
$
1.5

 
$
2.0

 
$
2.1

Interest cost
11.2

 
10.2

 
10.8

Amortization of actuarial losses
0.5

 
2.3

 


Amortization of prior service credit
(5.0
)
 
(6.6
)
 
(6.6
)
Net periodic benefit cost
8.2

 
7.9

 
6.3

  Settlement credit


 

 
(9.3
)
  Net periodic benefit cost (credit)
8.2

 
7.9

 
(3.0
)
 
 
 
 
 
 
Other changes in projected benefit obligation recognized in
AOCI (before taxes):
 
 
 
 
 
Net actuarial loss (gain) arising during the year
12.8

 
(9.0
)
 
11.6

Prior service credit arising during the year


 
(0.1
)
 


Amortization of actuarial losses
(0.5
)
 
(2.3
)
 


Settlement cost


 


 
9.3

Amortization of prior service credit
5.0

 
6.6

 
6.6

Total recognized in AOCI
17.3

 
(4.8
)
 
27.5

Total recognized in net periodic benefit cost and AOCI
$
25.5

 
$
3.1

 
$
24.5
Expected Retiree Health Care Benefit Cash Payments
The Company expects to make retiree health care benefit cash payments as follows:
 
Expected Cash
Payments
2020
$
17.5

2021
16.8

2022
17.2

2023
17.2

2024
18.7

2025 through 2029
88.3

Total expected benefit cash payments
$
175.7