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Pension, Health Care and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
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 Plan
Foreign
Defined Benefit Pension Plans
202120202019202120202019
Net pension cost:
Service cost$4.9 $4.4 $3.5 $7.4 $6.8 $5.9 
Interest cost2.7 3.2 4.8 5.7 6.9 9.4 
Expected return on plan assets(7.1)(6.3)(5.3)(9.6)(10.0)(10.3)
Amortization of prior service cost1.1 1.4 1.4 (0.1)
Amortization of actuarial losses 1.5 1.0 1.0 
Ongoing pension cost1.6 2.7 4.4 4.9 4.7 6.0 
  Settlement costs  32.4 0.3 0.2 0.3 
Net pension cost1.6 2.7 36.8 5.2 4.9 6.3 
Other changes in plan assets and projected benefit
obligation recognized in AOCI (before taxes):
Net actuarial (gains) losses arising during the year(10.5)(4.5)(22.0)(44.9)7.0 13.2 
Prior service cost (credit) arising during the year1.4 0.2 3.1 (1.0)(0.5)
Amortization of actuarial losses (1.5)(1.0)(1.0)
Amortization of prior service cost(1.1)(1.4)(1.4)0.1 
Loss recognized for settlement (32.4)(0.3)(0.2)(0.3)
Gain arising from curtailment  (0.7)
Exchange rate (loss) gain recognized during the year(0.6)1.7 1.0 
Total recognized in AOCI(10.2)(5.7)(52.7)(48.2)7.0 12.2 
Total recognized in net pension cost and AOCI
$(8.6)$(3.0)$(15.9)$(43.0)$11.9 $18.5 
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, 2021, 2020 and 2019. The presentation is in accordance with the Retirement Benefits Topic of the ASC.
Fair value at December 31, 2021Quoted 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)
$133.1 $13.5 $119.6 
Fixed income investments (2)
172.1  172.1 
Other assets (3)
36.7 36.7 
Total investments in fair value hierarchy341.9 $13.5 $328.4 
Investments measured at NAV or its equivalent (4)
141.7 
Total investments$483.6 
Fair value at December 31, 2020Quoted 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)
$134.9 $13.9 $121.0 
Fixed income investments (2)
182.3 24.3 158.0 
Other assets (3)
39.2 39.2 
Total investments in fair value hierarchy356.4 $38.2 $318.2 
Investments measured at NAV or its equivalent (4)
106.1 
Total investments$462.5 
Fair value at December 31, 2019Quoted 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 hierarchy325.7 $37.6 $288.1 
Investments measured at NAV or its equivalent (4)
88.3 
Total investments$414.0 
(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 Plan
Foreign
Defined Benefit Pension Plans
202120202019202120202019
Accumulated benefit obligations
at end of year
$117.0 $114.2 $97.2 $334.8 $370.2 $331.7 
Projected benefit obligations:
Balances at beginning of year$118.6 $103.0 $524.7 $401.1 $360.7 $315.8 
Service cost4.9 4.4 3.5 7.4 6.8 5.9 
Interest cost2.7 3.2 4.8 5.7 6.9 9.4 
Actuarial (gains) losses(2.8)11.0 4.4 (26.0)25.3 36.2 
Contributions and other1.4 0.2 3.1 (4.6)(0.1)0.7 
Settlements (429.3)(1.7)(4.3)(6.6)
Effect of foreign exchange(9.8)16.0 7.8 
Benefits paid(4.0)(3.2)(8.2)(9.4)(10.2)(8.5)
Balances at end of year120.8 118.6 103.0 362.7 401.1 360.7 
Plan assets:
Balances at beginning of year144.3 125.9 777.0 318.2 288.1 253.5 
Actual returns on plan assets14.9 21.6 31.7 27.9 28.9 33.3 
Contributions and other(1.1)5.9 7.7 
Settlements (429.3)(1.7)(4.3)(6.6)
Transfer related to plan termination (245.3)
Effect of foreign exchange(5.5)9.8 8.7 
Benefits paid(4.0)(3.2)(8.2)(9.4)(10.2)(8.5)
Balances at end of year155.2 144.3 125.9 328.4 318.2 288.1 
Excess (deficient) plan assets over
projected benefit obligations
$34.4 $25.7 $22.9 $(34.3)$(82.9)$(72.6)
Assets and liabilities recognized in the
Consolidated Balance Sheets:
Deferred pension assets$34.4 $25.7 $22.9 $44.7 $27.4 $20.1 
Other accruals(3.3)(2.5)(2.3)
Other long-term liabilities(75.7)(107.8)(90.4)
$34.4 $25.7 $22.9 $(34.3)$(82.9)$(72.6)
Amounts recognized in AOCI:
Net actuarial gains (losses)$13.0 $2.5 $(2.0)$1.9 $(45.4)$(37.9)
Prior service (costs) credits(6.5)(6.2)(7.4)1.4 0.5 
$6.5 $(3.7)$(9.4)$3.3 $(44.9)$(37.9)
Weighted-average assumptions used to
determine projected benefit obligations:
Discount rate3.12 %2.85 %3.44 %2.26 %1.63 %2.17 %
Rate of compensation increase3.00 %3.00 %3.00 %3.25 %2.91 %3.09 %
Weighted-average assumptions used to
determine net pension cost:
Discount rate2.85 %3.44 %3.60 %1.63 %2.17 %3.04 %
Expected long-term rate of
return on assets
5.00 %5.00 %5.00 %3.17 %3.62 %4.09 %
Rate of compensation increase3.00 %3.00 %3.17 %2.91 %3.09 %3.65 %
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 other postretirement benefits:
Other Postretirement Benefits
202120202019
Benefit obligation:
Balance at beginning of year - unfunded$291.6 $280.5 $274.6 
Service cost1.4 1.5 1.5 
Interest cost4.9 7.6 11.2 
Actuarial (gain) loss(4.1)19.7 12.8 
Plan amendments(2.2)1.0 
Benefits paid(15.2)(18.7)(19.6)
Balance at end of year - unfunded$276.4 $291.6 $280.5 
Liabilities recognized in the Consolidated Balance Sheets:
Other accruals$(17.0)$(16.0)$(17.5)
Postretirement benefits other than pensions(259.4)(275.6)(263.0)
$(276.4)$(291.6) $(280.5)
Amounts recognized in AOCI:
Net actuarial losses$(54.0)$(62.8)$(45.1)
Prior service credit (cost)1.6 (0.9)1.1 
$(52.4)$(63.7)$(44.0)
Weighted-average assumptions used to determine benefit obligation:
Discount rate2.83 %2.49 %3.22 %
Health care cost trend rate - pre-656.38 %6.06 %6.38 %
Health care cost trend rate - post-655.13 %5.13 %5.25 %
Prescription drug cost increases8.25 %8.25 %9.00 %
Employer Group Waiver Plan (EGWP) trend rate8.25 %8.25 %9.00 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate2.49 %3.22 %4.21 %
Health care cost trend rate - pre-656.06 %6.38 %6.69 %
Health care cost trend rate - post-655.13 %5.25 %4.94 %
Prescription drug cost increases8.25 %9.00 %9.75 %
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:
Other Postretirement Benefits
202120202019
Net periodic benefit cost:
Service cost$1.4 $1.5 $1.5 
Interest cost4.9 7.6 11.2 
Amortization of actuarial losses4.7 2.0 0.5 
Amortization of prior service cost (credit)0.3 (1.1)(5.0)
Net periodic benefit cost 11.3 10.0 8.2 
Other changes in projected benefit obligation recognized in
AOCI (before taxes):
Net actuarial (gain) loss arising during the year(4.1)19.7 12.8 
Prior service (credit) cost arising during the year(2.2)0.9 
Amortization of actuarial losses(4.7)(2.0)(0.5)
Amortization of prior service credit(0.3)1.1 5.0 
Total recognized in AOCI(11.3)19.7 17.3 
Total recognized in net periodic benefit cost and AOCI$ $29.7 $25.5 
Expected Retiree Health Care Benefit Cash Payments
The Company expects to make retiree health care benefit cash payments as follows:
2022$17.1 
202317.8 
202418.5 
202519.2 
202619.1 
2027 through 203185.1 
Total expected benefit cash payments$176.8