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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Summary of Net Periodic Pension Cost | Following is a summary of the status of the Company's foreign defined benefit pension plans and the net periodic pension cost (amounts in millions):
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 10.9 |  |  | $ | 9.4 |  |  | $ | 9.6 |
Interest cost |  | 4.7 |  |  | 5.0 |  |  | 4.7 |
Expected return on plan assets |  | (6.3) |  |  | (6.0) |  |  | (6.1) |
Curtailment gain |  | (1.6) |  |  | — |  |  | (0.3) |
Actuarial losses |  | 4.0 |  |  | 15.6 |  |  | 6.1 |
Total net periodic pension cost |  | $ | 11.7 |  |  | $ | 24.0 |  |  | $ | 14.0 |
Weighted average assumptions |  |  |  |  |  |
Discount rate used for net periodic pension costs |  | 1.43 | % |  | 1.74 | % |  | 1.66 | %
Discount rate used for pension benefit obligations |  | 1.31 | % |  | 1.43 | % |  | 1.74 | %
Expected return on plan assets |  | 3.06 | % |  | 3.23 | % |  | 3.18 | %
Rate of compensation increase |  | 3.26 | % |  | 3.07 | % |  | 3.22 | %
Summary of Status Of Foreign Pension Plans |
|  | 2020 |  | 2019
Change in projected benefit obligation (PBO) |  |  |  |
Projected benefit obligation at the beginning of the year |  | $ | 322.9 |  |  | $ | 290.8 |
Service cost |  | 10.9 |  |  | 9.4 |
Interest cost |  | 4.7 |  |  | 5.0 |
Net actuarial loss |  | 8.1 |  |  | 25.8 |
Benefits paid by plan assets |  | (8.9) |  |  | (5.7) |
Benefits paid by the Company |  | (7.4) |  |  | (3.8) |
Curtailments and settlements |  | (1.6) |  |  | (0.2) |
Translation and other loss |  | 22.5 |  |  | 1.6 |
Projected benefit obligation at the end of the year |  | $ | 351.2 |  |  | $ | 322.9 |
Accumulated benefit obligation at the end of the year |  | $ | 288.3 |  |  | $ | 258.8 |
Change in plan assets |  |  |  |
Fair value of plan assets at the beginning of the year |  | $ | 190.2 |  |  | $ | 174.9 |
Actual return on plan assets |  | 10.4 |  |  | 16.2 |
Benefits paid from plan assets |  | (8.9) |  |  | (5.7) |
Employer contributions |  | 4.3 |  |  | 4.6 |
Settlements |  | — |  |  | (0.2) |
Translation and other gain |  | 13.3 |  |  | 0.4 |
Fair value of plan assets at the end of the year |  | $ | 209.3 |  |  | $ | 190.2 |
|  | As of December 31,
|  | 2020 |  | 2019
Plans with underfunded or non-funded projected benefit obligation (1) |  |  |  |
Projected benefit obligation |  | $ | 248.7 |  |  | $ | 314.7 |
Fair value of plan assets |  | 97.7 |  |  | 180.5 |
Plans with underfunded or non-funded accumulated benefit obligation |  |  |  |
Accumulated benefit obligation |  | $ | 189.4 |  |  | $ | 193.6 |
Fair value of plan assets |  | 97.7 |  |  | 115.2 |
Amounts recognized in the balance sheet consist of |  |  |  |
Non-current assets |  | $ | 9.0 |  |  | $ | — |
Current liabilities |  | (0.3) |  |  | (0.3) |
Non-current liabilities |  | (150.6) |  |  | (132.4) |
Funded status |  | $ | (141.9) |  |  | $ | (132.7) |
(1) Certain pension plans that were in an underfunded status as of December 31, 2019 changed to an overfunded status as of December 31, 2020.
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, 2020
|  | Allocation |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category |  |  |  |  |  |  |  |  |  |
Cash/Money Markets |  | 2 | % |  | $ | 4.1 |  |  | $ | 4.1 |  |  | $ | — |  |  | $ | — |
Foreign Government/Treasury Securities (1) |  | 10 | % |  | 21.4 |  |  | 21.4 |  |  | — |  |  | — |
Corporate Bonds, Debentures (2) |  | 18 | % |  | 36.9 |  |  | — |  |  | 36.9 |  |  | — |
Equity Securities (3) |  | 23 | % |  | 48.5 |  |  | — |  |  | 48.5 |  |  | — |
Mutual Funds |  | 5 | % |  | 9.5 |  |  | — |  |  | 9.5 |  |  | — |
Investment and Insurance Contracts (4) |  | 42 | % |  | 88.9 |  |  | — |  |  | 31.4 |  |  | 57.5 |
|  | 100 | % |  | $ | 209.3 |  |  | $ | 25.5 |  |  | $ | 126.3 |  |  | $ | 57.5 |
|  | As of December, 31, 2019
|  | Allocation |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category |  |  |  |  |  |  |  |  |  |
Cash/Money Markets |  | 3 | % |  | $ | 4.5 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | — |
Foreign Government/Treasury Securities (1) |  | 10 | % |  | 19.4 |  |  | 19.4 |  |  | — |  |  | — |
Corporate Bonds, Debentures (2) |  | 19 | % |  | 35.3 |  |  | — |  |  | 35.3 |  |  | — |
Equity Securities (3) |  | 21 | % |  | 40.4 |  |  | — |  |  | 40.4 |  |  | — |
Mutual Funds |  | 4 | % |  | 8.0 |  |  | — |  |  | 8.0 |  |  | — |
Investment and Insurance Contracts (4) |  | 43 | % |  | 82.6 |  |  | — |  |  | 30.6 |  |  | 52.0 |
|  | 100 | % |  | $ | 190.2 |  |  | $ | 23.9 |  |  | $ | 114.3 |  |  | $ | 52.0 |
_______________________ (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 that 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, 2020 and 2019, 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, 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 |  |  |
Actual return on plan assets |  |  |  |  |  | 0.8 |  |  |
Purchase, sales and settlements, net |  |  |  |  |  | (0.3) |  |  |
Foreign currency impact |  |  |  |  |  | 5.0 |  |  |
Balance at December 31, 2020 |  |  |  |  |  | $ | 57.5 |  |  |
Expected Benefit Payments | The expected benefit payments from the Company's defined benefit plans from 2021 through 2025 and the five years thereafter are as follows (in millions):
2021 |  | $ | 7.0 |
2022 |  | 10.6 |
2023 |  | 14.0 |
2024 |  | 15.8 |
2025 |  | 17.9 |
Five years thereafter |  | 114.3 |
Total |  | $ | 179.6 |

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