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Other Post-Employment Benefits and Other Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Funded Status for Pension Plans | The following table presents our funded status for 2019 and 2018 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.
|  | December 31, 2019 |  | December 31, 2018
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 182.1 |  |  | $ | 633.5 |  |  | $ | 815.6 |  |  | $ | 204.7 |  |  | $ | 702.2 |  |  | $ | 906.9 |
Service cost |  | 0.1 |  |  | 3.8 |  |  | 3.9 |  |  | 0.1 |  |  | 4.2 |  |  | 4.3 |
Interest cost |  | 6.9 |  |  | 15.0 |  |  | 21.9 |  |  | 6.5 |  |  | 15.2 |  |  | 21.7 |
Actuarial loss (gain) |  | 17.0 |  |  | 60.0 |  |  | 77.0 |  |  | (10.6 | ) |  | (21.5 | ) |  | (32.1 | )
Settlement |  | — |  |  | (3.7 | ) |  | (3.7 | ) |  | (7.6 | ) |  | (15.1 | ) |  | (22.7 | )
Benefits paid |  | (12.1 | ) |  | (26.4 | ) |  | (38.5 | ) |  | (11.2 | ) |  | (22.9 | ) |  | (34.1 | )
Employee contributions |  | — |  |  | 0.7 |  |  | 0.7 |  |  | — |  |  | 0.7 |  |  | 0.7 |
Business acquisition |  | — |  |  | 9.0 |  |  | 9.0 |  |  | — |  |  | — |  |  | — |
Other |  | 0.1 |  |  | (0.3 | ) |  | (0.2 | ) |  | 0.2 |  |  | 5.8 |  |  | 6.0 |
Foreign exchange impact |  | — |  |  | 12.1 |  |  | 12.1 |  |  | — |  |  | (35.1 | ) |  | (35.1 | )
Projected benefit obligation at end of period |  | $ | 194.1 |  |  | $ | 703.7 |  |  | $ | 897.8 |  |  | $ | 182.1 |  |  | $ | 633.5 |  |  | $ | 815.6 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 119.9 |  |  | $ | 548.8 |  |  | $ | 668.7 |  |  | $ | 148.7 |  |  | $ | 627.5 |  |  | $ | 776.2 |
Actual return on plan assets |  | 21.3 |  |  | 67.7 |  |  | 89.0 |  |  | (10.5 | ) |  | (23.5 | ) |  | (34.0 | )
Employer contributions |  | 8.1 |  |  | 12.8 |  |  | 20.9 |  |  | 0.4 |  |  | 15.3 |  |  | 15.7 |
Employee contributions |  | — |  |  | 0.7 |  |  | 0.7 |  |  | — |  |  | 0.7 |  |  | 0.7 |
Benefits paid |  | (12.1 | ) |  | (26.4 | ) |  | (38.5 | ) |  | (11.2 | ) |  | (22.9 | ) |  | (34.1 | )
Settlement |  | — |  |  | (3.7 | ) |  | (3.7 | ) |  | (7.6 | ) |  | (15.1 | ) |  | (22.7 | )
Business acquisition |  | — |  |  | 10.7 |  |  | 10.7 |  |  | — |  |  | — |  |  | — |
Other |  | (0.1 | ) |  | (0.4 | ) |  | (0.5 | ) |  | 0.1 |  |  | 0.6 |  |  | 0.7 |
Foreign exchange impact |  | — |  |  | 14.7 |  |  | 14.7 |  |  | — |  |  | (33.8 | ) |  | (33.8 | )
Fair value of plan assets at end of period |  | $ | 137.1 |  |  | $ | 624.9 |  |  | $ | 762.0 |  |  | $ | 119.9 |  |  | $ | 548.8 |  |  | $ | 668.7 |
Underfunded status at end of year |  | $ | (57.0 | ) |  | $ | (78.8 | ) |  | $ | (135.8 | ) |  | $ | (62.2 | ) |  | $ | (84.7 | ) |  | $ | (146.9 | )
Accumulated benefit obligation at end of year |  | $ | 194.1 |  |  | $ | 690.4 |  |  | $ | 884.5 |  |  | $ | 182.1 |  |  | $ | 620.9 |  |  | $ | 803.0 |
The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
|  | December 31,
(In millions) |  | 2019 |  | 2018
Change in benefit obligations: |  |  |  |
Benefit obligation at beginning of period |  | $ | 46.4 |  |  | $ | 51.3 |
Service cost |  | — |  |  | 0.1 |
Interest cost |  | 1.6 |  |  | 1.4 |
Actuarial (gain) loss |  | (1.2 | ) |  | (1.7 | )
Benefits paid, net |  | (3.3 | ) |  | (4.5 | )
Plan amendments |  | — |  |  | (0.2 | )
Benefit obligation at end of period |  | $ | 43.5 |  |  | $ | 46.4 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | — |  |  | $ | — |
Employer contribution |  | 3.3 |  |  | 4.5 |
Benefits paid, net |  | (3.3 | ) |  | (4.5 | )
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Net amount recognized: |  |  |  |  |  |
Underfunded status |  | $ | (43.5 | ) |  | $ | (46.4 | )
Accumulated benefit obligation at end of year |  | $ | 43.5 |  |  | $ | 46.4 |
Net amount recognized in consolidated balance sheets consists of: |  |  |  |  |  |
Current liability |  | $ | (5.3 | ) |  | $ | (5.3 | )
Non-current liability |  | (38.2 | ) |  | (41.1 | )
Net amount recognized |  | $ | (43.5 | ) |  | $ | (46.4 | )
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (0.6 | ) |  | $ | 0.4 |
Prior service credit |  | (2.6 | ) |  | (3.0 | )
Total |  | $ | (3.2 | ) |  | $ | (2.6 | )
Components of Net Periodic Benefit Cost | The following table shows the components of our net periodic benefit cost (income) for the years ended December 31, for our pension plans charged to operations:
|  | December 31, 2019 |  | December 31, 2018 |  | December 31, 2017
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Components of net periodic benefit (income) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 0.1 |  |  | $ | 3.8 |  |  | $ | 3.9 |  |  | $ | 0.1 |  |  | $ | 4.2 |  |  | $ | 4.3 |  |  | $ | 0.1 |  |  | $ | 6.9 |  |  | $ | 7.0 |
Interest cost |  | 6.9 |  |  | 15.0 |  |  | 21.9 |  |  | 6.5 |  |  | 15.2 |  |  | 21.7 |  |  | 6.8 |  |  | 16.1 |  |  | 22.9 |
Expected return on plan assets |  | (7.3 | ) |  | (24.7 | ) |  | (32.0 | ) |  | (8.7 | ) |  | (29.2 | ) |  | (37.9 | ) |  | (9.8 | ) |  | (30.6 | ) |  | (40.4 | )
Other adjustments |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Amortization of net prior service cost |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | (0.1 | )
Amortization of net actuarial loss |  | 1.4 |  |  | 3.7 |  |  | 5.1 |  |  | 0.9 |  |  | 2.4 |  |  | 3.3 |  |  | 0.8 |  |  | 5.7 |  |  | 6.5 |
Net periodic benefit (income) cost |  | 1.1 |  |  | (2.0 | ) |  | (0.9 | ) |  | (1.1 | ) |  | (7.4 | ) |  | (8.5 | ) |  | (2.1 | ) |  | (2.0 | ) |  | (4.1 | )
Cost of settlement |  | — |  |  | 0.4 |  |  | 0.4 |  |  | 1.6 |  |  | 2.8 |  |  | 4.4 |  |  | 2.1 |  |  | 3.0 |  |  | 5.1 |
Total benefit (income) cost |  | $ | 1.1 |  |  | $ | (1.6 | ) |  | $ | (0.5 | ) |  | $ | 0.5 |  |  | $ | (4.6 | ) |  | $ | (4.1 | ) |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.0 |
The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Net periodic benefit (income) cost: |  |  |  |  |  |
U.S. and international net periodic benefit cost included in cost of sales(1) |  | $ | 1.1 |  |  | $ | 0.8 |  |  | $ | 1.4 |
U.S. and international net periodic benefit cost included in selling, general and administrative expenses |  | 2.8 |  |  | 3.5 |  |  | 5.6 |
U.S. and international net periodic benefit (income) included in other (income) expense |  | (4.4 | ) |  | (8.4 | ) |  | (6.0 | )
Total benefit (income) cost |  | $ | (0.5 | ) |  | $ | (4.1 | ) |  | $ | 1.0 |
(1) The amount recorded in inventory for the years ended December 31, 2019, 2018 and 2017 was not material. The components of net periodic benefit cost were as follows:
|  | Year Ended December 31,
(In millions) |  | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost |  | 1.6 |  |  | 1.4 |  |  | 1.6 |
Amortization of net gain |  | (0.2 | ) |  | (0.2 | ) |  | (0.2 | )
Amortization of prior service credit |  | (0.3 | ) |  | (0.3 | ) |  | (1.2 | )
Net periodic benefit cost |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | 0.3 |
Income of settlement/curtailment |  | — |  |  | — |  |  | (13.5 | )
Total benefit (income) cost for fiscal year |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | (13.2 | )
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) | Changes in plan assets and benefit obligations recognized in AOCL at December 31, 2019 and 2018 were as follows:
|  | December 31, 2019 |  | December 31, 2018
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial loss |  | $ | 3.0 |  |  | $ | 16.9 |  |  | $ | 19.9 |  |  | $ | 8.6 |  |  | $ | 31.2 |  |  | $ | 39.8 |
Prior year service cost occurring during the year(1) |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 4.2 |  |  | 4.2 |
Amortization of actuarial loss |  | (1.4 | ) |  | (3.7 | ) |  | (5.1 | ) |  | (0.9 | ) |  | (2.4 | ) |  | (3.3 | )
Amortization of prior service cost |  | — |  |  | (0.2 | ) |  | (0.2 | ) |  | — |  |  | — |  |  | — |
Other adjustments |  | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | (0.1 | ) |  | (0.2 | )
Settlement |  | — |  |  | (0.4 | ) |  | (0.4 | ) |  | (1.6 | ) |  | (2.7 | ) |  | (4.3 | )
Total |  | $ | 1.7 |  |  | $ | 12.6 |  |  | $ | 14.3 |  |  | $ | 6.0 |  |  | $ | 30.2 |  |  | $ | 36.2 |
(1) On October 26, 2018, the UK High Court ruled that formulas used to determine guaranteed minimum pension (GMP) benefits violated gender-pay equality laws due to differences in the way benefits were calculated for men and women. This will result in the Company amending plan benefit formulas for our UK defined benefit plans to account for the higher pension payments. While the specifics of the calculation are not yet known, the Company has recorded our current best estimate of the GMP equalization as a prior service cost deferred in AOCL. The court ruling did not have a material impact on our Consolidated Statement of Operations for the year ended December 31, 2019. Changes in benefit obligations that were recognized in AOCL at December 31, 2019 and December 31, 2018 were as follows:
|  | December 31, 2019 |  | December 31, 2018
(In millions) |  | U.S. |  | International |  | Total |  | U.S. |  | International |  | Total
Current year actuarial gain |  | $ | (1.0 | ) |  | $ | (0.2 | ) |  | $ | (1.2 | ) |  | $ | (1.7 | ) |  | $ | — |  |  | $ | (1.7 | )
Prior year service credit occurring during the year |  | — |  |  | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Amortization of actuarial gain |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | 0.2 |
Amortization of prior service credit |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | 0.3 |
Total |  | $ | (0.7 | ) |  | $ | — |  |  | $ | (0.7 | ) |  | $ | (1.6 | ) |  | $ | 0.2 |  |  | $ | (1.4 | )
Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost | The amounts in AOCL at December 31, 2019 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:
(In millions) |  | December 31, 2019
Unrecognized net prior service credits |  | $ | (0.3 | )
Unrecognized net actuarial gain |  | (0.2 | )
Total |  | $ | (0.5 | )
One Percentage Point Change on Assumed Healthcare Cost | A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2019:
(In millions) |  | 1% Increase |  | 1% Decrease
Effect on total of service and interest cost components |  | $ | — |  |  | $ | — |
Effect on post-retirement benefit obligation |  | 0.1 |  |  | (0.2 | )
Estimated Future Benefit Payments | We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:
|  | Amount (in millions)
Year |  | U.S. |  | International |  | Total
2020 |  | $ | 11.9 |  |  | $ | 27.3 |  |  | $ | 39.2 |
2021 |  | 11.8 |  |  | 26.5 |  |  | 38.3 |
2022 |  | 11.8 |  |  | 27.4 |  |  | 39.2 |
2023 |  | 11.8 |  |  | 27.7 |  |  | 39.5 |
2024 |  | 11.9 |  |  | 29.9 |  |  | 41.8 |
2025 to 2029 (combined) |  | 56.7 |  |  | 158.5 |  |  | 215.2 |
Total |  | $ | 115.9 |  |  | $ | 297.3 |  |  | $ | 413.2 |
Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year |  | Amount (in millions)
2020 |  | $ | 5.1 |
2021 |  | 4.8 |
2022 |  | 4.4 |
2023 |  | 4.0 |
2024 |  | 3.6 |
2025 to 2029 (combined) |  | 12.9 |
Total |  | $ | 34.8 |

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