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Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Summary of Funded Status of Postretirement Benefit Plans and Presentation of Such Balances within Consolidated Balance Sheet | The following table provides a summary of the funded status of our postretirement benefit plans and the presentation of the funded status within our Consolidated Balance Sheet as of December 31, 2021 and 2020.
| 2021 |  | 2020
| Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Fair value of plan assets | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Projected benefit obligation | 107.9 |  |  | 106.4 |  |  | 214.3 |  |  | 124.5 |  |  | 118.3 |  |  | 242.8 |
Funded status | $ | (107.4) |  |  | $ | (106.4) |  |  | $ | (213.8) |  |  | $ | (124.0) |  |  | $ | (118.3) |  |  | $ | (242.3) |
Amounts reported within: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Accrued liabilities | (5.5) |  |  | (8.6) |  |  | (14.1) |  |  | (5.8) |  |  | (9.2) |  |  | (15.0) |
Non-current liabilities | (102.1) |  |  | (97.8) |  |  | (199.9) |  |  | (118.4) |  |  | (109.1) |  |  | (227.5) |
Amount Recognized in Accumulated Other Comprehensive Income Loss | The following table provides a summary of amounts recorded within accumulated other comprehensive loss at December 31, 2021 and 2020.
| 2021 |  | 2020
| Pension |  | Other Benefits |  | Total |  | Pension |  | Other Benefits |  | Total
Net actuarial loss | $ | 30.0 |  |  | $ | 28.4 |  |  | $ | 58.4 |  |  | $ | 40.9 |  |  | $ | 39.2 |  |  | $ | 80.1 |
Prior service cost (benefit) | 0.3 |  |  | (22.0) |  |  | (21.7) |  |  | 0.4 |  |  | (27.1) |  |  | (26.7) |
Total | $ | 30.3 |  |  | $ | 6.4 |  |  | $ | 36.7 |  |  | $ | 41.3 |  |  | $ | 12.1 |  |  | $ | 53.4 |
Changes in Projected Benefit Obligations of Pension and Other Employee-Related Defined Benefit Plans | The following tables provide a rollforward of the benefit obligation, plan assets and funded status for our U.S. and international pension plans and our other employee-related defined benefit plans for the years ended December 31, 2021 and 2020.
| 2021 |  | 2020
| U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total |  | U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation – January 1 | $ | 15.5 |  |  | $ | 109.0 |  |  | $ | 118.3 |  |  | $ | 242.8 |  |  | $ | 310.4 |  |  | $ | 98.4 |  |  | $ | 116.6 |  |  | $ | 525.4 |
Service cost | — |  |  | 1.4 |  |  | 0.7 |  |  | 2.1 |  |  | — |  |  | 1.5 |  |  | 0.8 |  |  | 2.3 |
Interest cost | 0.3 |  |  | 0.7 |  |  | 1.8 |  |  | 2.8 |  |  | 6.9 |  |  | 1.0 |  |  | 2.8 |  |  | 10.7 |
Actuarial (gain) loss(a) | (0.1) |  |  | (6.3) |  |  | (8.2) |  |  | (14.6) |  |  | 45.0 |  |  | 3.3 |  |  | 4.0 |  |  | 52.3 |
Benefits paid | (0.9) |  |  | (3.2) |  |  | (6.2) |  |  | (10.3) |  |  | (18.9) |  |  | (3.6) |  |  | (5.9) |  |  | (28.4) |
Settlement | — |  |  | (0.2) |  |  | — |  |  | (0.2) |  |  | (327.9) |  |  | (0.6) |  |  | — |  |  | (328.5) |
Foreign currency translation | — |  |  | (8.3) |  |  | — |  |  | (8.3) |  |  | — |  |  | 9.0 |  |  | — |  |  | 9.0 |
Benefit obligation – December 31 | $ | 14.8 |  |  | $ | 93.1 |  |  | $ | 106.4 |  |  | $ | 214.3 |  |  | $ | 15.5 |  |  | $ | 109.0 |  |  | $ | 118.3 |  |  | $ | 242.8 |
(a)In 2021, the actuarial gain is primarily due to an increase in discount rates. In 2020, the actuarial loss is primarily due to a decrease in discount rates in addition to the annuity premium in connection with the U.S. qualified pension plan termination.
Changes in Fair Value of Plan Assets of Pension Plans |
| 2021 |  | 2020
| U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total |  | U.S. Pension |  | Int’l Pension |  | Other Benefits |  | Total
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets – January 1 | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 319.9 |  |  | $ | 0.6 |  |  | $ | 1.3 |  |  | $ | 321.8 |
Actual return on plan assets | — |  |  | — |  |  | — |  |  | — |  |  | 20.0 |  |  | — |  |  | — |  |  | 20.0 |
Employer contributions | 0.9 |  |  | 3.4 |  |  | 6.2 |  |  | 10.5 |  |  | 9.3 |  |  | 4.1 |  |  | 4.6 |  |  | 18.0 |
Benefits and expenses paid | (0.9) |  |  | (3.2) |  |  | (6.2) |  |  | (10.3) |  |  | (21.3) |  |  | (3.6) |  |  | (5.9) |  |  | (30.8) |
Settlement | — |  |  | (0.2) |  |  | — |  |  | (0.2) |  |  | (327.9) |  |  | (0.6) |  |  | — |  |  | (328.5) |
Plan assets – December 31 | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Funded status at end of year | $ | (14.8) |  |  | $ | (92.6) |  |  | $ | (106.4) |  |  | $ | (213.8) |  |  | $ | (15.5) |  |  | $ | (108.5) |  |  | $ | (118.3) |  |  | $ | (242.3) |
Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets is included in the following table.
| 2021 |  | 2020
Projected benefit obligation | $ | 107.6 |  |  | $ | 124.2 |
Accumulated benefit obligation | 105.3 |  |  | 121.3 |
Fair value of plan assets | — |  |  | — |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2021, 2020 and 2019 as they pertain to our defined benefit pension plans.
| 2021 |  | 2020 |  | 2019
| U.S. Pension |  | Int’l Pension |  | Total |  | U.S. Pension |  | Int’l Pension |  | Total |  | U.S. Pension |  | Int’l Pension |  | Total
Net periodic postretirement cost - pension |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | — |  |  | $ | 1.5 |  |  | $ | 1.5 |  |  | $ | 0.2 |  |  | $ | 1.2 |  |  | $ | 1.4 |
Interest cost | 0.3 |  |  | 0.7 |  |  | 1.0 |  |  | 6.9 |  |  | 1.0 |  |  | 7.9 |  |  | 11.1 |  |  | 1.5 |  |  | 12.6 |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | (7.2) |  |  | — |  |  | (7.2) |  |  | (14.8) |  |  | — |  |  | (14.8) |
Amortization of net actuarial loss | 0.2 |  |  | 1.6 |  |  | 1.8 |  |  | 4.8 |  |  | 1.5 |  |  | 6.3 |  |  | 4.3 |  |  | 0.8 |  |  | 5.1 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Net periodic postretirement cost | 0.5 |  |  | 3.7 |  |  | 4.2 |  |  | 4.5 |  |  | 4.0 |  |  | 8.5 |  |  | 1.5 |  |  | 3.5 |  |  | 5.0 |
Settlement charge and other(a) | (3.4) |  |  | — |  |  | (3.4) |  |  | 136.9 |  |  | 0.1 |  |  | 137.0 |  |  | — |  |  | — |  |  | — |
Total net periodic postretirement cost | (2.9) |  |  | 3.7 |  |  | 0.8 |  |  | 141.4 |  |  | 4.1 |  |  | 145.5 |  |  | 1.5 |  |  | 3.5 |  |  | 5.0 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | (0.1) |  |  | (6.3) |  |  | (6.4) |  |  | 34.7 |  |  | 3.2 |  |  | 37.9 |  |  | (10.2) |  |  | 10.3 |  |  | 0.1 |
Amortization of net actuarial loss | (0.2) |  |  | (1.6) |  |  | (1.8) |  |  | (141.7) |  |  | (1.6) |  |  | (143.3) |  |  | (4.3) |  |  | (0.8) |  |  | (5.1) |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.7) |  |  | — |  |  | (0.7) |
Foreign currency translation | — |  |  | (2.7) |  |  | (2.7) |  |  | — |  |  | 2.9 |  |  | 2.9 |  |  | — |  |  | (0.3) |  |  | (0.3) |
Total change recognized in other comprehensive income | (0.3) |  |  | (10.6) |  |  | (10.9) |  |  | (107.0) |  |  | 4.5 |  |  | (102.5) |  |  | (15.2) |  |  | 9.2 |  |  | (6.0) |
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | (3.2) |  |  | $ | (6.9) |  |  | $ | (10.1) |  |  | $ | 34.4 |  |  | $ | 8.6 |  |  | $ | 43.0 |  |  | $ | (13.7) |  |  | $ | 12.7 |  |  | $ | (1.0) |
(a)2021 includes income of $3.4 from a pricing adjustment associated with the termination and sale of the U.S. qualified pension plan. In 2020, the Company recorded a settlement charge of $136.9 related to the termination and sale of the U.S. qualified pension plan.
Weighted Average Assumptions used to Determine Benefit Obligations | The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic postretirement cost, as they pertain to our U.S. and non-U.S. defined benefit pension plans and other employee-related defined benefit plans.
| 2021 |  | 2020
| U.S. Pension |  | Int’l Pension |  | Other Benefits |  | U.S. Pension |  | Int’l Pension |  | Other Benefits
Obligation Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.7 | % |  | 1.1 | % |  | 2.7 | % |  | 2.4 | % |  | 0.7 | % |  | 2.4 | %
Rate of future compensation increase | N/A |  | 3.3 | % |  | N/A |  | N/A |  | 2.9 | % |  | N/A
Cost Assumptions: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.4 | % |  | 0.7 | % |  | 2.4 | % |  | 3.2 | % |  | 1.0 | % |  | 3.2 | %
Expected return on plan assets | N/A |  | 1.0 | % |  | N/A |  | 4.0 | % |  | 1.0 | % |  | 6.0 | %
Estimated Future Benefit Payments | The following table provides the projected timing of payments for benefits earned to date and the expectation that certain future service will be earned by current active employees for our pension and other employee-related benefit plans.
| U.S. Pension |  | Int’l Pension |  | Other Benefits
2022 | $ | 0.9 |  |  | $ | 4.7 |  |  | $ | 8.5 |
2023 | 0.9 |  |  | 3.7 |  |  | 8.1 |
2024 | 0.9 |  |  | 3.9 |  |  | 7.8 |
2025 | 0.9 |  |  | 3.5 |  |  | 7.5 |
2026 | 0.9 |  |  | 3.7 |  |  | 7.0 |
2027 - 2031 | 4.4 |  |  | 18.7 |  |  | 31.1 |
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Other Changes in Plan Assets and Net Periodic Postretirement Cost Recognized in Other Comprehensive Income (Loss) | The following table provides the components of net periodic postretirement cost and other amounts recognized in other comprehensive loss for each of the years ended December 31, 2021, 2020 and 2019 as they pertain to other employee-related defined benefit plans.
| 2021 |  | 2020 |  | 2019
Net periodic postretirement cost - other postretirement |  |  |  |  |
Service cost | $ | 0.7 |  |  | $ | 0.8 |  |  | $ | 0.7 |
Interest cost | 1.8 |  |  | 2.8 |  |  | 4.0 |
Expected return on plan assets | — |  |  | — |  |  | (0.2) |
Amortization of net actuarial loss | 2.6 |  |  | 2.6 |  |  | 2.3 |
Amortization of prior service credit | (5.1) |  |  | (5.1) |  |  | (5.1) |
Total net periodic postretirement cost | — |  |  | 1.1 |  |  | 1.7 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |
Net actuarial (gain) loss | (8.2) |  |  | 3.9 |  |  | 3.4 |
Prior service cost | — |  |  | — |  |  | 1.7 |
Amortization of net actuarial loss | (2.6) |  |  | (2.6) |  |  | (2.3) |
Amortization of prior service credit | 5.1 |  |  | 5.1 |  |  | 5.1 |
Total changes recognized in other comprehensive income | (5.7) |  |  | 6.4 |  |  | 7.9 |
Total impact from net periodic postretirement cost and changes in other comprehensive income | $ | (5.7) |  |  | $ | 7.5 |  |  | $ | 9.6 |

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