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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Accumulated Other Comprehensive Income (Loss) Pretax Amounts Not Yet Reclassified in Net Periodic Benefit Cost | Included in accumulated other comprehensive loss as of December 31, 2021 and 2020 are:
| Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Unrecognized actuarial (gain) loss | $ | (59.9) |  |  | $ | 33.9 |  |  | $ | 21.7 |  |  | $ | 5.7 |
Unrecognized prior service cost (credit) | 6.6 |  |  | (1.4) |  |  | (3.7) |  |  | 0.6 |
Total | $ | (53.3) |  |  | $ | 32.5 |  |  | $ | 18.0 |  |  | $ | 6.3 |
Change in Accumulated Income (Loss) Relating to Defined Benefit Pension and Other Postretirement Benefits | The increase in accumulated other comprehensive loss in 2021 relating to pension benefits and other postretirement benefits consists of:
(In millions) | Pension Benefits |  | Other Postretirement Benefits
Unrecognized actuarial (gain) loss | $ | (102.2) |  |  | $ | 16.2 |
Amortization of actuarial gain/(loss) | 7.6 |  |  | (0.2) |
Unrecognized prior service credit (cost) | 8.0 |  |  | (4.3) |
Amortization of prior service costs | (0.5) |  |  | — |
Impact of foreign currency translation | 1.3 |  |  | — |
Net change | $ | (85.8) |  |  | $ | 11.7 |
Net Periodic Benefit Cost | Components of net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 were as follows:
| Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31,
(In millions) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost | $ | 38.6 |  |  | $ | 23.5 |  |  | $ | 20.7 |  |  | $ | 3.4 |  |  | $ | 1.2 |  |  | $ | 0.6 |
Interest cost | 31.6 |  |  | 13.5 |  |  | 13.6 |  |  | 2.6 |  |  | 1.4 |  |  | 1.5 |
Expected return on plan assets | (66.1) |  |  | (19.9) |  |  | (12.1) |  |  | — |  |  | — |  |  | — |
Plan curtailment, settlement and termination | (16.5) |  |  | 1.1 |  |  | (0.3) |  |  | — |  |  | — |  |  | 3.2 |
Amortization of prior service costs | 0.9 |  |  | — |  |  | 0.9 |  |  | — |  |  | — |  |  | — |
Recognized net actuarial losses (gains) | 1.3 |  |  | 0.4 |  |  | (0.8) |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |
Net periodic benefit cost | $ | (10.2) |  |  | $ | 18.6 |  |  | $ | 22.0 |  |  | $ | 6.2 |  |  | $ | 2.9 |  |  | $ | 5.5 |
During the year ended December 31, 2021, the Company recognized a settlement gain as a result of cash payments from lump sum elections related to the U.S. and Puerto Rico pension plans.
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The table below presents components of the change in projected benefit obligation, change in plan assets and funded status at December 31, 2021 and 2020.
| Pension Benefits |  | Other Postretirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 2,145.8 |  |  | $ | 674.7 |  |  | $ | 188.8 |  |  | $ | 33.8 |
Service cost | 38.6 |  |  | 23.5 |  |  | 3.4 |  |  | 1.1 |
Interest cost | 31.6 |  |  | 13.5 |  |  | 2.6 |  |  | 1.4 |
Participant contributions | 2.0 |  |  | 1.8 |  |  | 2.4 |  |  | 0.1 |
Acquisitions | 4.0 |  |  | 1,389.4 |  |  | — |  |  | 153.1 |
Plan settlements and terminations | (128.6) |  |  | (23.1) |  |  | (4.3) |  |  | (0.2) |
Actuarial (gains) losses | (26.1) |  |  | 37.2 |  |  | 16.2 |  |  | 1.1 |
Benefits paid | (52.8) |  |  | (24.6) |  |  | (20.7) |  |  | (1.6) |
Impact of foreign currency translation | (67.9) |  |  | 53.4 |  |  | — |  |  | — |
Projected benefit obligation, end of year | $ | 1,946.6 |  |  | $ | 2,145.8 |  |  | $ | 188.4 |  |  | $ | 188.8 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 1,354.6 |  |  | $ | 315.7 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 141.7 |  |  | 46.0 |  |  | — |  |  | — |
Company contributions | 97.0 |  |  | 58.2 |  |  | 18.3 |  |  | 1.7 |
Participant contributions | 2.0 |  |  | 1.8 |  |  | 2.4 |  |  | 0.1 |
Acquisitions | (2.1) |  |  | 959.3 |  |  | — |  |  | — |
Plan settlements | (128.9) |  |  | (23.1) |  |  | — |  |  | (0.2) |
Benefits paid | (52.8) |  |  | (24.6) |  |  | (20.7) |  |  | (1.6) |
Impact of foreign currency translation | (45.1) |  |  | 21.3 |  |  | — |  |  | — |
Fair value of plan assets, end of year | 1,366.4 |  |  | 1,354.6 |  |  | — |  |  | — |
Funded status of plans | $ | (580.2) |  |  | $ | (791.2) |  |  | $ | (188.4) |  |  | $ | (188.8) |
Net Accrued Benefit Costs Classification on Balance Sheet | Net accrued benefit costs for pension plans and other postretirement benefits are reported in the following components of the Company’s consolidated balance sheets at December 31, 2021 and 2020:
| Pension Benefits |  | Other Postretirement Benefits
| December 31, |  | December 31,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Noncurrent assets | $ | 117.2 |  |  | $ | 70.7 |  |  | $ | — |  |  | $ | — |
Current liabilities | (14.6) |  |  | (15.1) |  |  | (16.1) |  |  | (16.3) |
Noncurrent liabilities | (682.8) |  |  | (846.8) |  |  | (172.3) |  |  | (172.5) |
Net accrued benefit costs | $ | (580.2) |  |  | $ | (791.2) |  |  | $ | (188.4) |  |  | $ | (188.8) |
Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of the fair value of plan assets at December 31, 2021 and 2020 were as follows:
| December 31,
(In millions) | 2021 |  | 2020
Plans with accumulated benefit obligation in excess of plan assets: |  |  |
Projected benefit obligation | $ | 1,591.8 |  |  | $ | 1,747.2 |
Accumulated benefit obligation | 1,546.4 |  |  | 1,678.2 |
Fair value of plan assets | 904.1 |  |  | 893.9 |
Schedule of Allocation of Plan Assets | The table below presents total plan assets by investment category as of December 31, 2021 and 2020 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:
| December 31, 2021
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 63.1 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | 65.0 |
Equity securities | 53.9 |  |  | 497.2 |  |  | — |  |  | 551.1 |
Fixed income securities | 211.4 |  |  | 405.5 |  |  | — |  |  | 616.9 |
Assets held by insurance companies and other | 10.2 |  |  | 41.6 |  |  | 81.6 |  |  | 133.4 |
Total | $ | 338.6 |  |  | $ | 946.2 |  |  | $ | 81.6 |  |  | $ | 1,366.4 |
| December 31, 2020
(In millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 51.2 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 51.8 |
Equity securities | 145.3 |  |  | 468.1 |  |  | — |  |  | 613.4 |
Fixed income securities | 292.6 |  |  | 299.4 |  |  | — |  |  | 592.0 |
Assets held by insurance companies and other | 4.0 |  |  | 20.0 |  |  | 73.4 |  |  | 97.4 |
Total | $ | 493.1 |  |  | $ | 788.1 |  |  | $ | 73.4 |  |  | $ | 1,354.6 |
Schedule of Assumptions Used | The following weighted average assumptions were used to determine the benefit obligations for the Company’s defined benefit pension and other postretirement plans as of December 31, 2021 and 2020:
| Pension Benefits |  | Other Postretirement Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.3 | % |  | 1.9 | % |  | 2.5 | % |  | 1.9 | %
Expected return on plan assets | 5.1 | % |  | 4.3 | % |  | — | % |  | — | %
Rate of compensation increase | 3.1 | % |  | 2.9 | % |  | — | % |  | — | %
The following weighted average assumptions were used to determine the net periodic benefit cost for the Company’s defined benefit pension and other postretirement benefit plans for the three years in the period ended December 31, 2021:
| Pension Benefits |  | Other Postretirement Benefits
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 1.9 | % |  | 1.6 | % |  | 2.3 | % |  | 1.9 | % |  | 3.3 | % |  | 4.3 | %
Expected return on plan assets | 5.1 | % |  | 4.3 | % |  | 4.3 | % |  | — | % |  | — | % |  | — | %
Rate of compensation increase | 2.9 | % |  | 2.7 | % |  | 2.9 | % |  | — | % |  | — | % |  | — | %
Schedule of Expected Benefit Payments | Estimated benefit payments over the next ten years for the Company’s pension plans and retiree health plan are as follows:
(In millions) | Pension Benefits |  | Other Postretirement Benefits
2022 | $ | 101.8 |  |  | $ | 16.1 |
2023 | 97.1 |  |  | 16.5 |
2024 | 103.0 |  |  | 16.9 |
2025 | 100.7 |  |  | 16.8 |
2026 | 104.3 |  |  | 16.6 |
Thereafter | 528.5 |  |  | 73.0 |
Total | $ | 1,035.4 |  |  | $ | 155.9 |

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