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Pension Plans and Other Benefits

12 Months Ended

Dec. 31, 2022

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)			2022						2021
Change in projected benefit obligation:
Benefit obligation at beginning of period			$	739.6					$	796.6
Service cost			4.2						4.4
Interest cost			16.8						14.6
Actuarial gain			(158.8)						(31.1)
Currency fluctuations			(19.0)						0.3
Benefits paid and transfers			(322.2)						(45.2)
Liability loss due to curtailment/settlement			38.9						—
Projected benefit obligation at end of period			$	299.5					$	739.6
Change in plan assets:
Fair value at beginning of period			$	807.0					$	845.2
Currency fluctuations			(21.3)						0.4
Actual return			(124.9)						1.1
Company contribution			7.0						5.5
Benefits paid and transfers			(322.2)						(45.2)
Fair value at end of period			$	345.6					$	807.0
Funded status of the plans as of the end of period			$	46.1					$	67.4
Amounts recognized in the consolidated balance sheets:
Noncurrent assets			$	52.9					$	78.1
Current liabilities			(0.5)						(0.9)
Noncurrent liabilities			(6.3)						(9.8)
Amounts recognized in accumulated other comprehensive (income) loss
Prior service cost			$	10.9					$	13.7
Actuarial loss			67.2						83.1

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,
						2022						2021						2020
Net Periodic Benefit Cost
Service cost						$	4.2					$	4.4					$	4.2
Interest cost						16.8						14.6						20.9
Expected return on plan assets						(26.1)						(30.4)						(34.2)
Amortization of:
Prior service cost						2.1						2.1						2.3
Actuarial loss						1.9						3.8						9.2
Preliminary net periodic benefit cost						$	(1.1)					$	(5.5)					$	2.4
Curtailment/settlement expense						40.8						—						1.0
Total net periodic benefit cost						$	39.7					$	(5.5)					$	3.4
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Prior service credit						$	(2.1)					$	(2.1)					$	(2.3)
Net actuarial gain						(11.6)						(5.6)						(8.6)
Total recognized in other comprehensive income (loss)						$	(13.7)					$	(7.7)					$	(10.9)
Total recognized in net periodic benefit income and other comprehensive income						$	26.0					$	(13.2)					$	(7.5)

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
2023			$	23.9					$	2.6					$	0.1
2024			9.0						2.4						0.1
2025			9.7						2.2						0.1
2026			10.3						1.9						—
2027			10.8						1.8						—
2028-2032			46.1						6.8						0.1

Schedule of Allocation of Plan Assets

The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets:

(in millions)						December 31, 2022
Pension Plan Asset Category - U.S. and Canadian						Total						Level 1						Level 2						Level 3
Cash						$	3.9					$	3.9					$	—					$	—
Equity securities(a)						33.8						—						33.8						—
Fixed income(b)						269.0						—						269.0						—
Private equity funds						22.3						—						—						22.3
Remaining U.S. plan assets cash						16.6						16.6						—						—
Total assets at fair value						$	345.6					$	20.5					$	302.8					$	22.3
(in millions)						December 31, 2021
Pension Plan Asset Category - U.S. and Canadian						Total						Level 1						Level 2						Level 3
Cash						$	5.2					$	5.2					$	—					$	—
Equity securities(a)						71.3						—						71.3						—
Fixed income(b)						720.0						—						720.0						—
Private equity funds						10.5						—						—						10.5
Total assets at fair value						$	807.0					$	5.2					$	791.3					$	10.5

______________________________

(a)This class, which includes several funds, was invested approximately 63% in U.S. equity securities and 36% in international equity securities as of December 31, 2022, and 44% in U.S. equity securities and 56% in international equity securities as of December 31, 2021.

(b)This class, which includes several funds, was invested approximately 32% in corporate debt securities, 66% in governmental securities in the U.S. and Canada and 2% in other foreign entity debt securities as of December 31, 2022, and 44% in corporate debt securities, 49% in governmental securities in the U.S. and Canada and 7% in other foreign entity debt securities as of December 31, 2021.

Schedule of Assumptions Used

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

			Pension Plans
			Years Ended December 31,
			2022						2021						2020
Discount rate			5.05		%				2.84		%				2.40		%
Expected return on plan assets			4.89		%				3.25		%				3.89		%
Rate of compensation increase			3.00		%				3.00		%				3.00		%

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

			Pension Plans
			Years Ended December 31,
			2022						2021						2020
Discount rate			2.84		%				2.44		%				3.12		%
Service cost discount rate			3.05		%				2.64		%				3.15		%
Interest cost discount rate			2.40		%				1.90		%				2.83		%
Expected return on plan assets			3.25		%				3.89		%				4.88		%
Rate of compensation increase			3.00		%				3.00		%				3.00		%

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 10.30% and 7.69% on each of December 31, 2022 and December 31, 2021, respectively was as follows:

			Postretirement Medical Benefits
			Years Ended December 31,
(in millions)			2022						2021
Change in accumulated postretirement benefit obligation (“APBO”):
APBO at beginning of year			$	58.0					$	96.8
Service cost			0.1						0.3
Interest cost			5.8						6.6
Actuarial gain			(7.6)						(22.8)
Currency fluctuations			3.8						(3.9)
Benefits paid			(1.0)						(1.7)
Plan Amendments			—						(17.3)
APBO at end of year			$	59.1					$	58.0
Change in plan assets:
Company contribution			$	1.0					$	1.7
Benefits paid			(1.0)						(1.7)
Fair value at end of year			$	—					$	—
Unfunded status of the plans as of the end of the year			$	(59.1)					$	(58.0)
Amounts recognized in the consolidated balance sheets:
Current liabilities			$	(1.2)					$	—
Noncurrent liabilities			(57.9)						(58.0)
Amounts recognized in accumulated other comprehensive income
Prior service credit			$	(14.1)					$	(14.8)
Actuarial loss			$	6.6					$	16.1

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