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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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,
			2021						2020
Discount rate qualified			2.84		%				2.49		%
Discount rate nonqualified plan			2.18		%				1.62		%
Discount rate other benefits			2.39		%				1.91		%
Rate of compensation increase			3.10		%				3.10		%

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			2021						2020
Projected benefit obligations			$	36.2					$	42.9
Accumulated benefit obligations			36.2						43.3
Fair value of plan assets			3.8						7.7

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			2021						2020
Projected benefit obligations			$	36.2					$	42.9
Accumulated benefit obligations			36.2						43.3
Fair value of plan assets			3.8						7.7

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)			2021						2020						2021						2020
Current year net actuarial loss (gain)			$	18.4					$	(23.5)					$	(0.6)					$	0.4
Amortization of net actuarial (loss) gain			(23.4)						(21.3)						0.8						0.9
Amortization of prior service (cost) credit			(0.2)						(0.2)						—						—
Settlement loss			(1.0)						(0.6)						—						—
Total recognized in other comprehensive (income) loss, before taxes			$	(6.2)					$	(45.6)					$	0.2					$	1.3
Total recognized in other comprehensive (income) loss, after taxes			(5.0)						(36.5)						0.2						1.0

____________________

(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K 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)			2021						2020						2019						2021						2020						2019
Discount rate			2.49		%				3.22		%				4.36		%				1.91		%				2.89		%				4.08		%
Expected return on plan assets			2.25		%				3.00		%				4.25		%				—						—						—
Rate of compensation increase			3.10		%				3.10		%				3.10		%				—						—						—
Components of net annual benefit cost:
Service cost			$	4.7					$	4.4					$	4.2					$	—					$	—					$	—
Interest cost			24.5						36.7						47.6						0.3						0.4						0.6
Expected return on plan assets			(28.2)						(37.1)						(53.4)						—						—						—
Amortization of prior service cost			0.2						0.2						0.2						—						—						0.1
Amortization of net actuarial and other (gain) loss			23.2						21.4						12.9						(0.8)						(0.9)						(1.0)
Recognized (gain) loss due to settlement			1.0						0.7						1.4						—						—						—
Net annual benefit cost (income)			$	25.4					$	26.3					$	12.9					$	(0.5)					$	(0.5)					$	(0.3)

___________________

(1)     Refer to Note 11 to the consolidated financial statements included within this Form 10-K 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 to the consolidated financial statements included within this Form 10-K for the definition of fair value and the descriptions of Level 1, 2 and 3 in the fair value hierarchy.

(in Millions)			December 31, 2021						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			$	32.7					$	32.2					$	0.5					$	—
Fixed income investments:
Investment contracts			144.7						—						144.7						—
U.S. Government Securities			309.5						309.5						—						—
Mutual funds			41.5						41.5						—						—
Corporate debt instruments			843.6						—						843.6						—
Total assets			$	1,372.0					$	383.2					$	988.8					$	—

(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					$	—

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)			2021						2020
U.S. qualified pension plan			$	—					$	—
U.S. nonqualified pension plan			3.8						2.9
Non-U.S. plans			0.2						0.5
Other postretirement benefits			1.3						1.2
Total			$	5.3					$	4.6

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)			2022						2023						2024						2025						2026						2027 - 2031
Pension Benefits			$	86.8					$	86.4					$	86.8					$	85.1					$	85.1					$	397.3
Other Benefits			1.6						1.5						1.4						1.3						1.2						4.6

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