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Employee Benefit Plans (Tables)

12 Months Ended

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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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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