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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Information Regarding Defined Benefit Pension Plans

			Years Ended December 31,
			2020						2019
			(in millions)
Change in projected benefit obligation:
Beginning of year			$	105.2					$	97.4
Service cost			6.3						5.2
Interest cost			0.5						0.9
Participant contributions			1.5						1.3
Actuarial loss			2.9						8.2
Benefits paid			(0.6)						(4.2)
Plan amendment			—						(4.6)
Currency exchange rate changes and other			10.4						1.0
End of year			$	126.2					$	105.2
Change in fair value of plan assets:
Beginning of year			$	63.2					$	60.4
Actual return on plan assets			0.4						2.0
Employer contributions			2.8						2.6
Participant contributions			1.5						1.3
Benefits paid			(0.6)						(4.2)
Currency exchange rate changes and other			6.0						1.1
End of year			$	73.3					$	63.2
Funded Status
Projected benefit obligation			$	(126.2)					$	(105.2)
Plan assets at fair value			73.3						63.2
Underfunded status			$	(52.9)					$	(42.0)
Net amounts recognized on the consolidated balance sheet:
Other long-term liabilities			$	52.9					$	42.0
Accumulated other comprehensive loss, net of tax:
Net actuarial loss			$	(30.8)					$	(26.3)
Net prior service cost			6.6						6.7
Deferred income tax benefit			4.6						4.2
Total			$	(19.6)					$	(15.4)

Components of Net Periodic Benefit Cost

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

			Years Ended December 31,
			2020						2019						2018
Service cost, net			$	6.3					$	5.2					$	6.0
Interest cost			0.5						0.9						0.8
Expected return on plan assets			(1.0)						(1.4)						(1.3)
Settlements and curtailment gain			—						—						(7.4)
Amortization of actuarial loss			1.6						0.9						0.8
Amortization of prior service credit			(0.7)						(0.2)						(0.1)
Net periodic pension benefit cost (credit)			$	6.7					$	5.4					$	(1.2)

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,
			2020						2019
Discount rate			0.3		%				0.5		%
Rate of compensation increase			2.6		%				2.7		%
Cash balance interest crediting rate			2.5		%				2.6		%
Social securities increase			1.6		%				1.6		%
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,
			2020						2019						2018
Discount rate			0.5		%				0.9		%				0.9		%
Expected return on plan assets			1.5		%				2.3		%				2.3		%
Rate of compensation increase			2.7		%				2.8		%				2.6		%
Cash balance interest crediting rate			1.5		%				1.5		%				1.5		%
Social securities increase			1.6		%				1.8		%				1.5		%
Pension increase			1.8		%				1.8		%				1.8		%

Schedule of Target Weighted-Average Asset Allocations and Fair Value

Target weighted-average asset allocations at December 31, 2020, by asset category, are as follows:

Equity securities			25.3		%
Debt securities			47.5		%
Real estate			7.7		%
Other			19.5		%
Total			100.0		%

The fair values of the Company's defined benefit plan assets at December 31, 2020 and 2019, by asset category, are as follows (in millions):

December 31, 2020			Level 1						Level 2						Level 3						Total
Asset Category
Cash			$	3.0					$	—					$	—					$	3.0
Equity securities:
United States equities			3.3						—						—						3.3
International equities			16.1						—						—						16.1
Debt securities:
United States government bonds			7.4						—						—						7.4
International government bonds			26.0						—						—						26.0
Real estate			—						5.6						—						5.6
Mortgages			—						3.1						—						3.1
Insurance contracts			—						—						1.0						1.0
Total plan assets measured at fair value			$	55.8					$	8.7					$	1.0					$	65.5
Alternative investments measured at net asset value (a)																					7.8
Total plan assets																					$	73.3

 

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			$	48.5					$	6.7					$	0.9					$	56.1
Alternative investments measured at net asset value (a)																					7.1
Total plan assets																					$	63.2

_______________________________________

(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, 2020 and 2019 (in millions):

			Insurance Contracts
Balance at December 31, 2018			$	1.0
Purchases, sales and settlements			(0.1)
Balance at December 31, 2019			0.9
Currency exchange rate impact			0.1
Balance at December 31, 2020			$	1.0

Schedule of Benefit Payments Which Reflect Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, at December 31, 2020, are expected to be paid (in millions):

2021			$	4.6
2022			4.9
2023			6.7
2024			5.6
2025			5.3
2024-2026			36.7

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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