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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Retirement Plan Expense | Retirement plan expense for our Non-U.S. plans includes the following components:
| Non-U.S. Plans
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Company defined benefit plans: |  |  |  |  |
Service cost | $ | 3.1 |  |  | $ | 2.4 |  |  | $ | 2.6 |
Interest cost | 2.1 |  |  | 2.4 |  |  | 2.3 |
Expected return on plan assets | (0.8) |  |  | (0.9) |  |  | (0.7) |
Net amortization | 0.4 |  |  | — |  |  | — |
Net periodic pension expense | 4.8 |  |  | 3.9 |  |  | 4.2 |
Curtailment | — |  |  | — |  |  | (1.3) |
Defined contribution plans | 2.1 |  |  | 2.8 |  |  | 3.7 |
Total | $ | 6.9 |  |  | $ | 6.7 |  |  | $ | 6.6 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Details of the changes in the actuarial present value of the projected benefit obligation and the fair value of plan assets for our Non-U.S. defined benefit pension plans follow:
| Non-U.S. Plans
| December 31, 2020 |  | December 31, 2019
Projected benefit obligation, beginning | $ | 90.6 |  |  | $ | 75.5 |
Service cost | 3.1 |  |  | 2.4 |
Interest cost | 2.1 |  |  | 2.4 |
Actuarial loss | 3.5 |  |  | 13.4 |
Benefits paid | (2.8) |  |  | (2.4) |
Participant contributions | 0.3 |  |  | 0.3 |
Settlements | (0.5) |  |  | — |
Curtailments | — |  |  | — |
Foreign currency translation and other | 7.2 |  |  | (1.0) |
Projected benefit obligation, ending | $ | 103.5 |  |  | $ | 90.6 |
Fair value of plan assets, beginning | 14.9 |  |  | 13.7 |
Actual return on plan assets | 1.2 |  |  | 1.0 |
Employer contributions | 2.6 |  |  | 2.4 |
Participants' contributions | 0.3 |  |  | 0.3 |
Benefits paid | (2.7) |  |  | (2.4) |
Settlements | (0.5) |  |  | — |
Foreign currency translation and other | (0.3) |  |  | (0.1) |
Fair value of plan assets, ending | $ | 15.5 |  |  | $ | 14.9 |
Net amount recognized in the balance sheet | $ | (88.0) |  |  | $ | (75.7) |
Amounts recognized in the balance sheet: |  |  |
Noncurrent asset | $ | 0.4 |  |  | $ | 0.5 |
Current liability | (2.3) |  |  | (2.2) |
Noncurrent liability | (86.1) |  |  | (74.0) |
Net amount recognized in the balance sheet | $ | (88.0) |  |  | $ | (75.7) |
Pretax accumulated other comprehensive (income) loss | $ | 19.1 |  |  | $ | 15.0 |
Retirement Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Also, as of the respective measurement dates, the total projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for retirement plans with accumulated benefit obligations in excess of plan assets were as follows:
| December 31, 2020 |  | December 31, 2019
Projected benefit obligation | $ | 96.8 |  |  | $ | 83.7 |
Accumulated benefit obligation | 87.1 |  |  | 75.5 |
Fair value of plan assets | 9.6 |  |  | 8.2 |
Weighted-Average Assumptions Used in Valuation of Pension Benefits | The weighted-average assumptions used in the valuation of pension benefits are as follows:
| U.S. Plans |  | Non-U.S. Plans
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Net pension expense |  |  |  |  |  |  |
Discount rate | 2.95 | % |  | 4.30 | % |  | 2.51 | % |  | 3.24 | %
Expected return on plan assets | — | % |  | — | % |  | 6.10 | % |  | 6.59 | %
Rate of compensation increase | — | % |  | — | % |  | 3.46 | % |  | 3.36 | %
Benefit obligations |  |  |  |  |  |  |
Discount rate | 2.15 | % |  | 2.95 | % |  | 2.04 | % |  | 2.51 | %
Rate of compensation increase | — | % |  | — | % |  | 3.41 | % |  | 3.46 | %
Allocation and Fair Value of Plan Assets | The Company's Non-U.S. Plan asset allocations at December 31, 2020 and December 31, 2019 follow:
| Non-U.S. Plans
| December 31, 2020 |  | December 31, 2019
Equity securities | — | % |  | — | %
Debt securities | 20 | % |  | 28 | %
Insurance arrangements | 62 | % |  | 53 | %
Cash | — | % |  | — | %
Other | 18 | % |  | 19 | %
Total | 100 | % |  | 100 | %
Schedule of Fair Value of Defined Benefit Plan Assets | The fair values of defined benefit plan assets, organized by asset class and by the fair value hierarchy of ASC 820 as outlined in Note 1 follow:
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Percentage
December 31, 2020 |  |  |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Debt securities | — |  |  | 3.1 |  |  | — |  |  | 3.1 |  |  | 20 | %
Insurance arrangements | — |  |  | — |  |  | 9.6 |  |  | 9.6 |  |  | 62 | %
Cash | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Other | — |  |  | 0.3 |  |  | 2.5 |  |  | 2.8 |  |  | 18 | %
Total | $ | — |  |  | $ | 3.4 |  |  | $ | 12.1 |  |  | $ | 15.5 |  |  | 100 | %
December 31, 2019 |  |  |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | %
Debt securities | — |  |  | 4.1 |  |  | — |  |  | 4.1 |  |  | 28 | %
Insurance arrangements | — |  |  | — |  |  | 7.8 |  |  | 7.8 |  |  | 53 | %
Cash | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Other | 0.5 |  |  | — |  |  | 2.4 |  |  | 2.9 |  |  | 19 | %
Total | $ | 0.5 |  |  | $ | 4.1 |  |  | $ | 10.2 |  |  | $ | 14.8 |  |  | 100 | %
Changes in Value for Level 3 Assets | Details of the changes in value for Level 3 assets are as follows:
| Year Ended |  |
| December 31, 2020 |  | December 31, 2019 |  |
Level 3, beginning | $ | 10.2 |  |  | $ | 9.0 |  |  |
Gains (losses) on assets held | 1.7 |  |  | 0.7 |  |  |
Purchases, sales and settlements, net | 0.2 |  |  | 0.5 |  |  |
Level 3, ending | $ | 12.1 |  |  | $ | 10.2 |  |  |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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