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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

Actual asset allocation percentages of each class of our domestic and foreign pension plan assets as of December 31, 2020 and 2019, along with the current targeted asset investment allocation percentages, each of which is based on the midpoint of an allocation range, were as follows:

Domestic Pension Plans

			Actual Allocations												Mid-point of Target Allocation Range
			2020						2019						2020
Fixed income common trust funds			68		%				67		%				65		%
Commingled global fund allocation			11		%				17		%				18		%
Global equity common trust funds			5		%				5		%				5		%
U.S. Government securities			9		%				9		%				10		%
Short-term investments (1)			7		%				2		%				2		%
Total			100		%				100		%				100		%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Foreign Pension Plans

			Actual Allocations												Mid-point of Target Allocation Range
			2020						2019						2020
Global equity common trust funds			9		%				10		%				9		%
Fixed income common trust funds			65		%				45		%				66		%
Commingled global fund allocation			25		%				37		%				25		%
Non-U.S. Government securities			—		%				7		%				—		%
Short-term investments (1)			1		%				1		%				—		%
Total			100		%				100		%				100		%

___________________________________________________________________

(1)Short-term investments are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Net Periodic Benefit (Income) Expense

Net periodic pension benefit expense (income) for our domestic and foreign pension plans included the following components:

Domestic Pension Plans

			Year ended December 31,
			2020						2019						2018
Service cost			$	—					$	—					$	—
Interest cost			10.8						13.3						12.3
Expected return on plan assets			(9.5)						(9.8)						(10.3)
Amortization of unrecognized prior service credits			(0.1)						(0.1)						(0.2)
Recognized net actuarial (gains) losses (1)			4.7						6.5						(0.2)
Total net periodic pension benefit expense			$	5.9					$	9.9					$	1.6

___________________________________________________________________

(1)Consists primarily of our reported actuarial (gains) losses, the difference between actual and expected returns on plan assets, settlement gains (losses), and curtailment gains (losses).

Foreign Pension Plans

			Year ended December 31,
			2020						2019						2018
Service cost			$	—					$	—					$	—
Interest cost			3.8						4.8						4.7
Expected return on plan assets			(5.7)						(6.7)						(7.5)
Recognized net actuarial losses (1)			0.2						1.0						9.1
Total net periodic pension benefit (income) expense			$	(1.7)					$	(0.9)					$	6.3

___________________________________________________________________

(1)Consists of our reported actuarial (gains) losses and the difference between actual and expected returns on plan assets.

Pension plans

Employee Benefit Plans

Schedule of the Fair Value of Plan Assets by Asset Class

The fair values of pension plan assets at December 31, 2020, by asset class, were as follows:

			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)			$	315.4					$	—					$	315.4					$	—
Non-U.S. Government securities			0.3						—						0.3						—
U.S. Government securities			25.2						—						25.2						—
Equity securities:
Global equity common trust funds (1) (3)			32.1						—						32.1						—
Alternative investments:
Commingled global fund allocations (1) (4)			81.7						—						81.7						—
Other:
Short-term investments (5)			22.5						22.5						—						—
Other			0.9						—						—						0.9
Total			$	478.1					$	22.5					$	454.7					$	0.9

The fair values of pension plan assets at December 31, 2019, by asset class, were as follows:

			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Asset class:
Debt securities:
Fixed income common trust funds (1) (2)			$	255.6					$	—					$	255.6					$	—
Non-U.S. Government securities			13.2						—						13.2						—
U.S. Government securities			24.5						—						24.5						—
Equity securities:
Global equity common trust funds (1) (3)			30.1						—						30.1						—
Alternative Investments:
Commingled global fund allocations (1) (4)			110.3						—						110.3						—
Other:
Short-term investments (5)			7.1						7.1						—						—
Other			0.9						—						—						0.9
Total			$	441.7					$	7.1					$	433.7					$	0.9

___________________________________________________________________

(1)Common/commingled trust funds are similar to mutual funds, with a daily net asset value per share measured by the fund sponsor and used as the basis for current transactions. These investments, however, are not registered with the U.S. Securities and Exchange Commission and participation is not open to the public. The funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

(2)This class represents investments in actively managed common trust funds that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal and government securities, interest rate swaps, options and futures.

(3)This class represents investments in actively managed common trust funds that invest primarily in equity securities, which may include common stocks, options and futures.

(4)This class represents investments in actively managed common trust funds with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, interest rate swaps, options and futures.

(5)Short-term investments are valued at $1.00/unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest-bearing accounts.

Schedule of Estimated Minimum Benefit Payments

Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our pension plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. Benefit payments are paid from plan assets or directly by us for our non-funded plans. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.

Estimated future benefit payments:

(Domestic and foreign pension plans)

			Domestic Pension Benefits						Foreign Pension Benefits
2021			$	25.1					$	5.0
2022			26.3						6.2
2023			25.7						6.1
2024			25.5						6.4
2025			24.5						7.4
Subsequent five years			105.4						37.7

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the domestic and foreign pension plans’ funded status and amounts recognized in our consolidated balance sheets:

			Domestic Pension Plans												Foreign Pension Plans
			2020						2019						2020						2019
Change in projected benefit obligation:
Projected benefit obligation — beginning of year			$	348.2					$	320.9					$	175.0					$	158.2
Service cost			—						—						—						—
Interest cost			10.8						13.3						3.8						4.8
Actuarial losses			30.4						32.4						14.3						13.2
Settlements			(10.3)						(12.7)						—						—
Acquisition			—						7.1						—						—
Benefits paid			(14.4)						(12.8)						(6.7)						(8.0)
Foreign exchange and other			—						—						5.8						6.8
Projected benefit obligation — end of year			$	364.7					$	348.2					$	192.2					$	175.0

The actuarial losses for all pension plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

			Domestic Pension Plans												Foreign Pension Plans
			2020						2019						2020						2019
Change in plan assets:
Fair value of plan assets — beginning of year			$	263.6					$	238.0					$	178.1					$	159.2
Actual return on plan assets			35.1						35.7						19.9						19.4
Contributions (employer and employee)			5.8						6.2						0.9						1.0
Settlements			(10.3)						(12.7)						—						—
Benefits paid			(14.4)						(12.8)						(6.7)						(8.0)
Acquisition			—						9.2						—						—
Foreign exchange and other			—						—						6.1						6.5
Fair value of plan assets — end of year			$	279.8					$	263.6					$	198.3					$	178.1
Funded status at year-end			(84.9)						(84.6)						6.1						3.1
Amounts recognized in the consolidated balance sheets consist of:
Other assets			$	2.6					$	2.3					$	8.6					$	6.2
Accrued expenses			(5.4)						(5.5)						—						—
Other long-term liabilities			(82.1)						(81.4)						(2.5)						(3.1)
Net amount recognized			$	(84.9)					$	(84.6)					$	6.1					$	3.1
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service (credits) costs			(0.2)						(0.3)						1.2						1.2

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following is information about our pension plans that had accumulated benefit obligations in excess of the fair value of their plan assets at December 31, 2020 and 2019:

			Domestic Pension Plans												Foreign Pension Plans
			2020						2019						2020						2019
Projected benefit obligation			$	357.9					$	341.2					$	50.9					$	47.8
Accumulated benefit obligation			357.9						341.2						50.9						47.8
Fair value of plan assets			270.4						254.3						48.4						44.7

Schedule of Actuarial Assumptions Used in Accounting for Pension Plans

Actuarial assumptions used in accounting for our domestic and foreign pension plans were as follows:

			Year ended December 31,
			2020						2019						2018
Domestic Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate			3.16		%				4.29		%				3.57		%
Rate of increase in compensation levels			N/A						N/A						N/A
Expected long-term rate of return on assets			3.75		%				4.25		%				4.00		%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate			2.35		%				3.16		%				4.29		%
Rate of increase in compensation levels			N/A						N/A						N/A
Foreign Pension Plans
Weighted-average actuarial assumptions used in determining net periodic pension expense:
Discount rate			2.27		%				3.02		%				2.76		%
Rate of increase in compensation levels			N/A						N/A						N/A
Expected long-term rate of return on assets			3.81		%				4.69		%				4.50		%
Weighted-average actuarial assumptions used in determining year-end benefit obligations:
Discount rate			1.76		%				2.27		%				3.02		%
Rate of increase in compensation levels			N/A						N/A						N/A

Postretirement Plans

Employee Benefit Plans

Schedule of Funded Status of the Pension Plans and Amounts Recognized in Consolidated Balance Sheets

The following tables show the postretirement plans’ funded status and amounts recognized in our consolidated balance sheets:

			Postretirement Plans
			2020						2019
Change in projected postretirement benefit obligation:
Projected postretirement benefit obligation — beginning of year			$	63.6					$	68.8
Interest cost			1.6						2.4
Actuarial losses			1.9						2.5
Benefits paid			(6.6)						(8.1)
Plan amendment			—						(1.8)
Other			—						(0.2)
Projected postretirement benefit obligation — end of year			$	60.5					$	63.6
Funded status at year-end			$	(60.5)					$	(63.6)
Amounts recognized in the consolidated balance sheets consist of:
Accrued expenses			$	(6.7)					$	(7.2)
Other long-term liabilities			(53.8)						(56.4)
Net amount recognized			$	(60.5)					$	(63.6)
Amount recognized in accumulated other comprehensive income (pre-tax) consists of — net prior service credits			$	(20.2)					$	(24.9)

The actuarial losses for our postretirement benefit plans in 2020 and 2019 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans.

Schedule of Net Periodic Benefit (Income) Expense

The net periodic postretirement benefit expense (income) included the following components:

			Year ended December 31,
			2020						2019						2018
Service cost			$	—					$	—					$	—
Interest cost			1.6						2.4						2.3
Amortization of unrecognized prior service credits			(4.7)						(4.0)						(4.0)
Recognized net actuarial (gains) losses			1.9						2.5						(2.3)
Net periodic postretirement benefit (income) expense			$	(1.2)					$	0.9					$	(4.0)

Schedule of Estimated Future Benefit Payments and Expected Federal Subsidies

Following is a summary, as of December 31, 2020, of the estimated future benefit payments for our postretirement plans in each of the next five fiscal years and in the aggregate for five fiscal years thereafter. The expected benefit payments are estimated based on the same assumptions used at December 31, 2020 to measure our obligations and include benefits attributable to estimated future employee service.

			Postretirement Payments
2021			$	6.8
2022			6.2
2023			5.6
2024			5.0
2025			4.6
Subsequent five years			17.0

Schedule of Actuarial Assumptions Used in Accounting for Plans

Actuarial assumptions used in accounting for our domestic postretirement plans were as follows:

			Year ended December 31,
			2020						2019						2018
Assumed health care cost trend rates:
Health care cost trend rate for next year			6.50		%				6.75		%				7.00		%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.00		%				5.00		%				5.00		%
Year that the rate reaches the ultimate trend rate			2027						2027						2027
Discount rate used in determining net periodic postretirement benefit expense			2.97		%				4.09		%				3.34		%
Discount rate used in determining year-end postretirement benefit obligation			2.00		%				2.97		%				4.09		%

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