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Pension Plans and Other Benefits

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule Of Defined Benefit Plans Disclosures

The year-end status of the North American pension plans was as follows:

			Pension Plans
			Years Ended December 31,
(in millions)			2020						2019
Change in projected benefit obligation:
Benefit obligation at beginning of period			$	755.5					$	673.6
Service cost			4.2						4.8
Interest cost			20.9						25.0
Actuarial loss			49.8						67.4
Currency fluctuations			10.9						15.7
Benefits paid			(44.7)						(40.6)
Plan amendments			—						9.6
Projected benefit obligation at end of period			$	796.6					$	755.5
Change in plan assets:
Fair value at beginning of period			$	790.6					$	701.2
Currency fluctuations			11.0						16.8
Actual return			82.4						107.7
Company contribution			5.9						5.5
Benefits paid			(44.7)						(40.6)
Fair value at end of period			$	845.2					$	790.6
Funded status of the plans as of the end of period			$	48.6					$	35.1
Amounts recognized in the consolidated balance sheets:
Noncurrent assets			$	59.7					$	45.8
Current liabilities			(0.6)						(0.8)
Noncurrent liabilities			(10.5)						(9.9)
Amounts recognized in accumulated other comprehensive (income) loss
Prior service costs			$	15.8					$	25.2
Actuarial loss			88.7						94.8

Schedule Of Net Benefit Costs

The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components:

						Pension Plans
(in millions)						Years Ended December 31,
						2020						2019						2018
Net Periodic Benefit Cost
Service cost						$	4.2					$	4.8					$	6.2
Interest cost						20.9						25.0						24.0
Expected return on plan assets						(34.2)						(33.8)						(39.7)
Amortization of:
Prior service cost						2.3						2.3						2.4
Actuarial loss						9.2						9.2						9.1
Preliminary net periodic benefit cost						$	2.4					$	7.5					$	2.0
Curtailment/settlement expense						1.0						—						1.2
Total net periodic benefit cost						$	3.4					$	7.5					$	3.2
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Prior service (credit) cost recognized in other comprehensive income						$	(2.3)					$	5.5					$	(4.3)
Net actuarial (gain) loss recognized in other comprehensive income						(8.6)						(13.9)						5.0
Total recognized in other comprehensive income (loss)						$	(10.9)					$	(8.4)					$	0.7
Total recognized in net periodic benefit (income) cost and other comprehensive income						$	(7.5)					$	(0.9)					$	3.9

Schedule Of Expected Benefit Payments

The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31:

(in millions)			Pension Plans Benefit Payments						Other Postretirement Plans Benefit Payments						Medicare Part D Adjustments
2021			$	47.6					$	3.2					$	0.2
2022			44.6						3.0						0.1
2023			44.3						2.7						0.1
2024			44.0						2.5						0.1
2025			44.0						2.2						0.1
2026-2030			214.1						8.5						0.3

Schedule of Allocation of Plan Assets

The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans:

(in millions)						December 31, 2020
Pension Plan Asset Category						Total						Level 1						Level 2						Level 3
Cash						$	4.6					$	4.6					$	—					$	—
Equity securities(a)						198.5						—						198.5						—
Fixed income(b)						641.0						—						641.0						—
Private equity funds						1.1						—						—						1.1
Total assets at fair value						$	845.2					$	4.6					$	839.5					$	1.1
(in millions)						December 31, 2019
Pension Plan Asset Category						Total						Level 1						Level 2						Level 3
Cash						$	3.4					$	3.4					$	—					$	—
Equity securities(a)						216.4						—						216.4						—
Fixed income(b)						569.3						—						569.3						—
Private equity funds						1.5						—						—						1.5
Total assets at fair value						$	790.6					$	3.4					$	785.7					$	1.5

______________________________

(a)This class, which includes several funds, was invested approximately 43% in U.S. equity securities, 0% in Canadian equity securities and 57% in other international equity securities as of December 31, 2020, and 35% in U.S. equity securities, 18% in Canadian equity securities and 47% in other international equity securities as of December 31, 2019.

(b)This class, which includes several funds, was invested approximately 48% in corporate debt securities, 45% in governmental securities in the U.S. and Canada and 7% in other foreign entity debt securities as of December 31, 2020, and 46% in corporate debt securities, 49% in governmental securities in the U.S. and Canada and 5% in other foreign entity debt securities as of December 31, 2019.

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations were as follows:

			Pension Plans
			Years Ended December 31,
			2020						2019						2018
Discount rate			2.40		%				3.12		%				4.09		%
Expected return on plan assets			3.89		%				5.13		%				5.14		%
Rate of compensation increase			3.00		%				3.00		%				3.50		%

Weighted-average assumptions used to determine net benefit cost were as follows:

			Pension Plans
			Years Ended December 31,
			2020						2019						2018
Discount rate			3.12		%				4.09		%				3.51		%
Service cost discount rate			3.15		%				4.00		%				3.50		%
Interest cost discount rate			2.83		%				3.77		%				3.21		%
Expected return on plan assets			4.88		%				5.14		%				5.54		%
Rate of compensation increase			3.00		%				3.50		%				3.50		%

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 7.45% and 9.15% on each of December 31, 2020 and December 31, 2019, respectively was as follows:

			Postretirement Medical Benefits
			Years Ended December 31,
(in millions)			2020						2019
Change in accumulated postretirement benefit obligation (“APBO”):
APBO at beginning of year			$	109.4					$	75.8
Service cost			1.0						0.8
Interest cost			7.9						6.9
Actuarial loss			7.9						30.7
Currency fluctuations			(27.7)						(4.3)
Benefits paid			(1.7)						(0.5)
APBO at end of year			$	96.8					$	109.4
Change in plan assets:
Company contribution			$	1.7					$	0.5
Benefits paid			(1.7)						(0.5)
Fair value at end of year			$	—					$	—
Unfunded status of the plans as of the end of the year			$	(96.8)					$	(109.4)
Amounts recognized in the consolidated balance sheets:
Current liabilities			$	(1.7)					$	(1.7)
Noncurrent liabilities			(95.1)						(107.7)
Amounts recognized in accumulated other comprehensive (income) loss
Actuarial loss			$	42.6					$	50.9

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