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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Information Regarding Defined Benefit Pension Plans

	Years Ended December 31,
	2019				2018
	(in millions)
Change in projected benefit obligation:
Beginning of year	$	97.4			$	114.9
Service cost	5.2				6.0
Interest cost	0.9				0.8
Participant contributions	1.3				1.2
Actuarial loss	8.2				0.7
Benefits paid	(4.2		)		(0.3		)
Plan amendment	(4.6		)		(2.0		)
Settlements and curtailment gain	—				(22.5		)
Currency exchange rate changes and other	1.0				(1.4		)
End of year	$	105.2			$	97.4
Change in fair value of plan assets:
Beginning of year	$	60.4			$	71.2
Actual return on plan assets	2.0				(0.8		)
Employer contributions	2.6				3.9
Participant contributions	1.3				1.2
Settlements	—				(14.4		)
Benefits paid	(4.2		)		(0.3		)
Currency exchange rate changes and other	1.1				(0.4		)
End of year	$	63.2			$	60.4
Funded Status
Projected benefit obligation	$	(105.2	)		$	(97.4	)
Plan assets at fair value	63.2				60.4
Underfunded status	$	(42.0	)		$	(37.0	)
Net amounts recognized on the consolidated balance sheet:
Other long-term liabilities	$	42.0			$	37.0
Accumulated other comprehensive loss, net of tax:
Net actuarial loss	$	(26.3	)		$	(19.4	)
Net prior service cost	6.7				2.3
Deferred income tax benefit	4.2				3.6
Total	$	(15.4	)		$	(13.5	)

Components of Net Periodic Benefit Cost

The components of net periodic pension benefit cost (credit) are as follows (in millions):

	Years Ended December 31,
	2019				2018				2017
Service cost, net	$	5.2			$	6.0			$	7.9
Interest cost	0.9				0.8				1.0
Expected return on plan assets	(1.4		)		(1.3		)		(2.0		)
Settlements and curtailment gain	—				(7.4		)		(6.3		)
Special termination benefits	—				—				0.6
Amortization of actuarial loss	0.9				0.8				0.9
Amortization of prior service (credit) cost	(0.2		)		(0.1		)		0.2
Net periodic pension benefit cost (credit)	$	5.4			$	(1.2	)		$	2.3

Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations

The weighted-average assumptions used to determine the benefit obligations are as follows:

	December 31,
	2019			2018
Discount rate	0.5	%		0.9	%
Rate of compensation increase	2.7	%		2.8	%
Social securities increase	1.6	%		1.8	%
Pension increase	1.8	%		1.8	%

The weighted-average assumptions used to determine the net periodic pension benefit cost are as follows:

	Years ended December 31,
	2019			2018			2017
Discount rate	0.9	%		0.9	%		0.7	%
Expected return on plan assets	2.3	%		2.3	%		2.4	%
Rate of compensation increase	2.8	%		2.6	%		2.5	%
Social securities increase	1.8	%		1.5	%		1.4	%
Pension increase	1.8	%		1.8	%		0.3	%

Schedule of Target Weighted-Average Asset Allocations and Fair Value

Target weighted-average asset allocations at December 31, 2019, by asset category, are as follows:

Equity securities	22.3	%
Debt securities	48.3	%
Real estate	6.9	%
Other	22.5	%
Total	100.0	%

The fair values of the Company's defined benefit plan assets at December 31, 2019 and 2018, by asset category, are as follows (in millions):

December 31, 2019	Level 1				Level 2				Level 3				Total
Asset Category
Cash	$	3.8			$	—			$	—			$	3.8
Equity securities:
United States equities	3.0				—				—				3.0
International equities	11.2				—				—				11.2
Debt securities:
United States government bonds	8.2				—				—				8.2
International government bonds	22.3				—				—				22.3
Real estate	—				4.4				—				4.4
Mortgages	—				2.3				—				2.3
Insurance contracts	—				—				0.9				0.9
Total plan assets measured at fair value	$	48.5			$	6.7			$	0.9			56.1
Alternative investments measured at net asset value (a)													7.1
Total plan assets													$	63.2

December 31, 2018	Level 1				Level 2				Level 3				Total
Asset Category
Cash	$	7.0			$	—			$	—			$	7.0
Equity securities:
United States equities	0.5				—				—				0.5
International equities	9.3				—				—				9.3
Debt securities:
United States government bonds	6.4				—				—				6.4
International government bonds	23.2				—				—				23.2
Real estate	—				4.1				—				4.1
Mortgages	—				2.2				—				2.2
Insurance contracts	—				—				1.0				1.0
Total plan assets	$	46.4			$	6.3			$	1.0			$	53.7
Alternative investments measured at net asset value (a)													6.7
Total plan assets													$	60.4

 _______________________________________

(a)

Certain investments that were measured at net asset value per share 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 total plan assets.

Summary of Changes in Fair Value of Defined Benefit Plan Assets Classified as Level 3

The following table summarizes the changes in fair value of the Company's defined benefit plan assets that have been classified as Level 3 for the years ended December 31, 2019 and 2018 (in millions):

	Insurance Contracts
Balance at December 31, 2017	$	2.7
Actual return on plan assets:
Relating to assets still held at December 31, 2018	(1.6		)
Currency exchange rate impact	(0.1		)
Balance at December 31, 2018	1.0
Purchases, sales and settlements	(0.1		)
Balance at December 31, 2019	$	0.9

Schedule of Benefit Payments Which Reflect Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2019, are expected to be paid (in millions):

2020	$	4.0
2021	3.6
2022	4.1
2023	5.7
2024	5.1
2024-2026	28.1

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