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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Summary of Weighted Average Assumptions Used

The following table summarizes the weighted-average assumptions used to determine the benefit obligations at December 31 for the U.S. Plans:

			Pensions and Other Benefits
			December 31,
			2020						2019
Discount rate qualified			2.49		%				3.22		%
Discount rate nonqualified plan			1.62		%				2.74		%
Discount rate other benefits			1.91		%				2.89		%
Rate of compensation increase			3.10		%				3.10		%

Components of Defined Benefit Postretirement Plans

The following table summarizes the components of our defined benefit postretirement plans and reflect a measurement date of December 31:

												Pensions												Other Benefits (1)
												December 31,
(in Millions)												2020						2019						2020						2019
Change in projected benefit obligation
Projected benefit obligation at January 1												$	1,379.1					$	1,261.3					$	15.8					$	18.9
Service cost												4.4						4.2						—						—
Interest cost												36.7						47.6						0.4						0.6
Actuarial loss (gain) (2)												115.5						153.0						0.3						(2.2)
Plan participants’ contributions												—						—						0.5						0.4
Settlements												(1.5)						(3.5)						—						—
Benefits paid												(83.9)						(83.5)						(1.7)						(1.9)
Projected benefit obligation at December 31												$	1,450.3					$	1,379.1					$	15.3					$	15.8
Change in plan assets
Fair value of plan assets at January 1												$	1,390.6					$	1,269.7					$	—					$	—
Actual return on plan assets												176.5						196.2						—						—
Foreign currency exchange rate changes												—						(0.2)						—						—
Company contributions												2.9						11.9						1.2						1.5
Plan participants’ contributions												—						—						0.5						0.4
Settlements												(1.5)						(3.5)						—						—
Benefits paid												(83.9)						(83.5)						(1.7)						(1.9)
Fair value of plan assets at December 31												$	1,484.6					$	1,390.6					$	—					$	—
Funded Status
U.S. plans with assets												$	69.5					$	44.2					$	—					$	—
U.S. plans without assets												(23.9)						(22.4)						(15.3)						(15.8)
Non-U.S. plans with assets												(3.0)						(1.3)						—						—
All other plans												(8.3)						(9.0)						—						—
Net funded status of the plan (liability)												$	34.3					$	11.5					$	(15.3)					$	(15.8)
Amount recognized in the consolidated balance sheets:
Pension asset (3)												$	69.5					$	44.2					$	—					$	—
Accrued benefit liability (4)												(35.2)						(32.7)						(15.3)						(15.8)
Total												$	34.3					$	11.5					$	(15.3)					$	(15.8)

____________________

(1)     Refer to Note 11 for information on our discontinued postretirement benefit plans.

(2)    The actuarial loss in 2020 and 2019 was primarily driven by the change in discount rate on the U.S. qualified plan. Additionally, the Society of Actuaries released an updated mortality table projection scale for measurement of retirement program obligations in both 2020 and 2019. Adoption of the most recent projection scale for each applicable year increased the U.S. defined benefit obligations by approximately $10 million and $13 million at December 31, 2020 and 2019, respectively.

(3)    Recorded as "Other assets including long-term receivables, net" on the consolidated balance sheets.

(4)    Recorded as "Accrued pension and other postretirement benefits, current" and "Accrued pension and other postretirement benefits, long-term" on the consolidated balance sheets.

The amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost are as follows:

			Pensions												Other Benefits (1)
			December 31,
(in Millions)			2020						2019						2020						2019
Prior service (cost) credit			$	(0.7)					$	(0.9)					$	—					$	—
Net actuarial (loss) gain			(321.9)						(367.3)						4.2						5.5
Accumulated other comprehensive income (loss) – pretax			$	(322.6)					$	(368.2)					$	4.2					$	5.5
Accumulated other comprehensive income (loss) – net of tax (2)			(240.7)						(277.2)						2.7						3.7

____________________

(1)     Refer to Note 11 for information on our discontinued postretirement benefit plans.

(2)    Accumulated other comprehensive income (loss) - net of tax as of December 31, 2019 includes the reclassification of stranded income tax effects. See Note 2 for more information.

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

(in Millions)			December 31
Information for pension plans with projected benefit obligation in excess of plan assets			2020						2019
Projected benefit obligations			$	42.9					$	37.2
Accumulated benefit obligations			43.3						37.5
Fair value of plan assets			7.7						4.5

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

(in Millions)			December 31
Information for pension plans with accumulated benefit obligation in excess of plan assets			2020						2019
Projected benefit obligations			$	42.9					$	37.2
Accumulated benefit obligations			43.3						37.5
Fair value of plan assets			7.7						4.5

Changes in Plan Assets and Benefit Obligations for Continuing Operations Recognized in Other Comprehensive Loss (Income)

Other changes in plan assets and benefit obligations for continuing operations recognized in other comprehensive loss (income) are as follows:

			Pensions												Other Benefits (1)
			Year Ended December 31,
(in Millions)			2020						2019						2020						2019
Current year net actuarial loss (gain)			$	(23.5)					$	11.0					$	0.4					$	(2.3)
Amortization of net actuarial (loss) gain			(21.3)						(12.9)						0.9						1.0
Amortization of prior service (cost) credit			(0.2)						(0.2)						—						(0.1)
Settlement loss			(0.6)						(1.4)						—						—
Total recognized in other comprehensive (income) loss, before taxes			$	(45.6)					$	(3.5)					$	1.3					$	(1.4)
Total recognized in other comprehensive (income) loss, after taxes			(36.5)						(3.0)						1.0						(1.1)

____________________

(1)     Refer to Note 11 for information on our discontinued postretirement benefit plans.

Weighted-Average Assumptions Used for and Components of Net Annual Benefit Cost (Income)

The following table summarizes the weighted-average assumptions used for and the components of net annual benefit cost (income):

			Year Ended December 31,
			Pensions																		Other Benefits (1)
(in Millions, except for percentages)			2020						2019						2018						2020						2019						2018
Discount rate			3.22		%				4.36		%				3.68		%				2.89		%				4.08		%				3.41		%
Expected return on plan assets			3.00		%				4.25		%				5.00		%				—						—						—
Rate of compensation increase			3.10		%				3.10		%				3.10		%				—						—						—
Components of net annual benefit cost:
Service cost			$	4.4					$	4.2					$	6.3					$	—					$	—					$	—
Interest cost			36.7						47.6						44.5						0.4						0.6						0.7
Expected return on plan assets			(37.1)						(53.4)						(63.0)						—						—						—
Amortization of prior service cost			0.2						0.2						0.4						—						0.1						(0.1)
Amortization of net actuarial and other (gain) loss			21.4						12.9						16.0						(0.9)						(1.0)						(0.5)
Recognized (gain) loss due to settlement			0.7						1.4						1.8						—						—						—
Net annual benefit cost (income)			$	26.3					$	12.9					$	6.0					$	(0.5)					$	(0.3)					$	0.1

___________________

(1)     Refer to Note 11 for information on our discontinued postretirement benefit plans.

Fair Value of Pension Plan Assets by Asset Class

The following tables present our fair value hierarchy for our major categories of pension plan assets by asset class. See Note 19 for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy. 

(in Millions)			December 31, 2020						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and short-term investments			$	24.7					$	24.6					$	0.1					$	—
Fixed income investments:
Investment contracts			151.4						—						151.4						—
U.S. Government Securities			307.0						297.9						9.1						—
Mutual funds			70.5						70.5						—						—
Corporate debt instruments			931.0						—						931.0						—
Total assets			$	1,484.6					$	393.0					$	1,091.6					$	—

(in Millions)			December 31, 2019						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Cash and short-term investments			$	19.8					$	19.8					$	—					$	—
Fixed income investments:
Investment contracts			150.1						—						150.1						—
U.S. Government Securities			331.0						294.3						36.7						—
Mutual funds			65.2						65.2						—						—
Corporate debt instruments			824.5						—						824.5						—
Total assets			$	1,390.6					$	379.3					$	1,011.3					$	—

Contributions to Pension and Other Postretirement Benefit Plans

We made the following contributions to our pension and other postretirement benefit plans:

			Year Ended December 31,
(in Millions)			2020						2019
U.S. qualified pension plan			$	—					$	7.0
U.S. nonqualified pension plan			2.9						4.9
Non-U.S. plans			0.5						—
Other postretirement benefits			1.2						1.5
Total			$	4.6					$	13.4

Estimated Net Future Benefit Payments

The following table reflects the estimated future benefit payments for our pension and other postretirement benefit plans. These estimates take into consideration expected future service, as appropriate:

			Estimated Net Future Benefit Payments
(in Millions)			2021						2022						2023						2024						2025						2026 - 2030
Pension Benefits			$	90.6					$	87.9					$	86.1					$	86.6					$	84.7					$	404.6
Other Benefits			1.7						1.6						1.5						1.4						1.3						5.0

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