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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Summary of Net Periodic Pension Cost | The following is a summary of the status of the Company's foreign defined benefit pension plans and the net periodic pension cost (dollars in millions):
|  | Year Ended December 31, |  |  |  |
|  | 2019 |  | 2018 |  | 2017
Service cost |  | $ | 9.4 |  |  | $ | 9.6 |  |  | $ | 10.0 |
Interest cost |  | 5.0 |  |  | 4.7 |  |  | 4.3 |
Expected return on plan assets |  | (6.0) |  |  | (6.1) |  |  | (5.5) |
Curtailment gain |  | — |  |  | (0.3) |  |  | — |
Actuarial and other loss |  | 15.6 |  |  | 6.1 |  |  | 1.9 |
Total net periodic pension cost |  | $ | 24.0 |  |  | $ | 14.0 |  |  | $ | 10.7 |
Weighted average assumptions |  |  |  |  |  |
Discount rate used for net periodic pension costs |  | 1.74 | % |  | 1.66 | % |  | 1.60 | %
Discount rate used for pension benefit obligations |  | 1.43 | % |  | 1.74 | % |  | 1.66 | %
Expected return on plan assets |  | 3.23 | % |  | 3.18 | % |  | 3.22 | %
Rate of compensation increase |  | 3.07 | % |  | 3.22 | % |  | 3.22 | %
Summary of Status Of Foreign Pension Plans |
|  | 2019 |  | 2018
Change in projected benefit obligation (PBO) |  |  |  |
Projected benefit obligation at the beginning of the year |  | $ | 290.8 |  |  | $ | 292.7 |
Service cost |  | 9.4 |  |  | 9.6 |
Interest cost |  | 5.0 |  |  | 4.7 |
Net actuarial (gain) loss |  | 25.8 |  |  | (6.1) |
Benefits paid by plan assets |  | (5.7) |  |  | (5.6) |
Benefits paid by the Company |  | (3.8) |  |  | (1.7) |
Curtailments and settlements |  | (0.2) |  |  | (0.6) |
Translation and other (gain) loss |  | 1.6 |  |  | (2.2) |
Projected benefit obligation at the end of the year |  | $ | 322.9 |  |  | $ | 290.8 |
Accumulated benefit obligation at the end of the year |  | $ | 258.8 |  |  | $ | 249.2 |
Change in plan assets |  |  |  |
Fair value of plan assets at the beginning of the year |  | $ | 174.9 |  |  | $ | 183.4 |
Actual return (loss) on plan assets |  | 16.2 |  |  | (6.1) |
Benefits paid from plan assets |  | (5.7) |  |  | (5.6) |
Employer contributions |  | 4.6 |  |  | 5.0 |
Settlements |  | (0.2) |  |  | (0.3) |
Translation and other gain (loss) |  | 0.4 |  |  | (1.5) |
Fair value of plan assets at the end of the year |  | $ | 190.2 |  |  | $ | 174.9 |
|  | As of December 31, |  |
|  | 2019 |  | 2018
Plans with underfunded or non-funded projected benefit obligation |  |  |  |
Projected benefit obligation |  | $ | 314.7 |  |  | $ | 282.6 |
Fair value of plan assets |  | 180.5 |  |  | 166.2 |
Plans with underfunded or non-funded accumulated benefit obligation |  |  |  |
Accumulated benefit obligation |  | $ | 193.6 |  |  | $ | 181.4 |
Fair value of plan assets |  | 115.2 |  |  | 102.1 |
Amounts recognized in the balance sheet consist of |  |  |  |
Non-current assets |  | $ | — |  |  | $ | 0.3 |
Current liabilities |  | (0.3) |  |  | (0.2) |
Non-current liabilities |  | (132.4) |  |  | (116.0) |
Funded status |  | $ | (132.7) |  |  | $ | (115.9) |
Fair Value Measurement of Plan Assets | The following table sets forth, by level within the fair value hierarchy, a summary of investments measured at fair value and the asset allocations of the plan assets in the Company's foreign pension plans (in millions):
|  | As of December, 31, 2019 |  |  |  |  |  |
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Cash/Money Markets |  | $ | 4.5 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | — |
Foreign Government/Treasury Securities (1) |  | 19.4 |  |  | 19.4 |  |  | — |  |  | — |
Corporate Bonds, Debentures (2) |  | 35.3 |  |  | — |  |  | 35.3 |  |  | — |
Equity Securities (3) |  | 40.4 |  |  | — |  |  | 40.4 |  |  | — |
Mutual Funds |  | 8.0 |  |  | — |  |  | 8.0 |  |  | — |
Investment and Insurance Annuity Contracts (4) |  | 82.6 |  |  | — |  |  | 30.6 |  |  | 52.0 |
|  | $ | 190.2 |  |  | $ | 23.9 |  |  | $ | 114.3 |  |  | $ | 52.0 |
|  | As of December, 31, 2018 |  |  |  |  |  |
|  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Cash/Money Markets |  | $ | 4.6 |  |  | $ | 4.6 |  |  | $ | — |  |  | $ | — |
Foreign Government/Treasury Securities (1) |  | 17.3 |  |  | 17.3 |  |  | — |  |  | — |
Corporate Bonds, Debentures (2) |  | 33.3 |  |  | — |  |  | 33.3 |  |  | — |
Equity Securities (3) |  | 32.3 |  |  | — |  |  | 32.3 |  |  | — |
Mutual Funds |  | 7.3 |  |  | — |  |  | 7.3 |  |  | — |
Investment and Insurance Annuity Contracts (4) |  | 80.1 |  |  | — |  |  | 29.5 |  |  | 50.6 |
|  | $ | 174.9 |  |  | $ | 21.9 |  |  | $ | 102.4 |  |  | $ | 50.6 |
_______________________ (1) Includes investments primarily in guaranteed return securities. (2) Includes investments in government bonds and corporate bonds of developed countries, emerging market government bonds, emerging market corporate bonds and convertible bonds. (3) Includes investments in equity securities of developed countries and emerging markets. (4) Includes certain investments with insurance companies which guarantee a minimum rate of return on the investment.
Activity of Plan Assets With Fair Value Measurement Using Significant Unobservable Inputs | Activity during the years ended December 31, 2019 and 2018, respectively, for plan assets with fair value measurement using significant unobservable inputs (Level 3) were as follows (in millions):
|  |  |  |  |  | Investment and Insurance Contracts |  |
Balance at December 31, 2017 |  |  |  |  |  | $ | 55.2 |  |  |
Actual return on plan assets |  |  |  |  |  | (0.5) |  |  |
Purchase, sales and settlements. net |  |  |  |  |  | (2.0) |  |  |
Foreign currency impact |  |  |  |  |  | (2.1) |  |  |
Balance at December 31, 2018 |  |  |  |  |  | $ | 50.6 |  |  |
Actual return on plan assets |  |  |  |  |  | 3.3 |  |  |
Purchase, sales and settlements, net |  |  |  |  |  | (0.9) |  |  |
Foreign currency impact |  |  |  |  |  | (1.0) |  |  |
Balance at December 31, 2019 |  |  |  |  |  | $ | 52.0 |  |  |
Expected Benefit Payments | The expected benefit payments for the Company's defined benefit plans by year from 2020 through 2024 and the five years thereafter are as follows (in millions):
2020 |  | $ | 5.0 |
2021 |  | 9.9 |
2022 |  | 12.0 |
2023 |  | 15.3 |
2024 |  | 15.6 |
Five years thereafter |  | 110.7 |
Total |  | $ | 168.5 |

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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 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. + 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 (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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