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Employee Benefit Plans (Tables)

12 Months Ended

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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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.

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Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

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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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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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