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RETIREMENT PLANS AND OTHER BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | Information regarding the Company’s plans, including U.S. SERP, was as follows (in millions, except percent values):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Accumulated benefit obligation at end of year | $ | 46.1 |  |  | $ | 43.1 |  |  | $ | 165.2 |  |  | $ | 151.1 |  |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 43.1 |  |  | $ | 39.1 |  |  | $ | 153.0 |  |  | $ | 138.4 |  |  | $ | 2.8 |  |  | $ | 0.9 |
Service cost | — |  |  | 0.2 |  |  | 1.5 |  |  | 1.9 |  |  | — |  |  | — |
Interest cost | 1.4 |  |  | 1.6 |  |  | 2.8 |  |  | 3.6 |  |  | 0.1 |  |  | 0.1 |
Transfer from held for sale | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 2.1 |
Settlements | — |  |  | — |  |  | (1.3) |  |  | (2.4) |  |  | — |  |  | — |
Curtailments | — |  |  | — |  |  | (1.0) |  |  | (0.3) |  |  | — |  |  | — |
Plan amendments | — |  |  | — |  |  | 0.4 |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain)(1) | 4.0 |  |  | 3.4 |  |  | 12.5 |  |  | 12.6 |  |  | (0.2) |  |  | (0.1) |
Benefits paid | (2.4) |  |  | (1.2) |  |  | (6.5) |  |  | (5.8) |  |  | (0.3) |  |  | (0.2) |
Foreign exchange effect | — |  |  | — |  |  | 5.9 |  |  | 4.9 |  |  | — |  |  | — |
Benefit obligation at end of year | 46.1 |  |  | 43.1 |  |  | 167.3 |  |  | 153.0 |  |  | 2.4 |  |  | 2.8 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | — |  |  | — |  |  | 122.1 |  |  | 107.5 |  |  | — |  |  | — |
Actual return on plan assets | — |  |  | — |  |  | 13.8 |  |  | 10.9 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | (1.3) |  |  | (2.4) |  |  | — |  |  | — |
Employer contribution | 2.4 |  |  | 1.2 |  |  | 7.1 |  |  | 7.1 |  |  | 0.3 |  |  | 0.2 |
Employee contribution | — |  |  | — |  |  | 0.4 |  |  | 0.5 |  |  | — |  |  | — |
Benefits paid | (2.4) |  |  | (1.2) |  |  | (6.5) |  |  | (5.8) |  |  | (0.3) |  |  | (0.2) |
Transfer to held for sale | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | 4.3 |  |  | 4.3 |  |  | — |  |  | — |
Fair value of plan assets at end of year | — |  |  | — |  |  | 139.9 |  |  | 122.1 |  |  | — |  |  | — |
Funded status | $ | (46.1) |  |  | $ | (43.1) |  |  | $ | (27.4) |  |  | $ | (30.9) |  |  | $ | (2.4) |  |  | $ | (2.8) |
Amounts recognized in the statement of financial position are included in: |  |  |  |  |  |  |  |  |  |  |
Other current liabilities | $ | 2.3 |  |  | $ | 2.4 |  |  | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Other non-current liabilities | 43.8 |  |  | 40.7 |  |  | 26.8 |  |  | 30.3 |  |  | 2.1 |  |  | 2.5 |
Total liabilities | $ | 46.1 |  |  | $ | 43.1 |  |  | $ | 27.4 |  |  | $ | 30.9 |  |  | $ | 2.4 |  |  | $ | 2.8 |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |  |  |  |
Actuarial net loss | $ | 7.1 |  |  | $ | 3.1 |  |  | $ | 52.1 |  |  | $ | 48.3 |  |  | $ | 0.2 |  |  | $ | 0.4 |
Prior service cost | — |  |  | — |  |  | 3.0 |  |  | 2.6 |  |  | — |  |  | — |
Total amounts recognized in accumulated other comprehensive loss | $ | 7.1 |  |  | $ | 3.1 |  |  | $ | 55.1 |  |  | $ | 50.9 |  |  | $ | 0.2 |  |  | $ | 0.4 |
(1) Actuarial losses related to U.S. and non-U.S. pension benefits for the years ended December 31, 2020 and 2019 were due primarily to the decreased discount rate when compared to the rate used in the prior year.
Schedule of Assumptions Used |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Weighted-average assumptions as of December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(1) | 2.50 | % |  | 3.31 | % |  | 4.41 | % |  | 1.42 | % |  | 1.87 | % |  | 2.67 | % |  | 2.12 | % |  | 3.10 | % |  | 4.14 | %
Expected return on plan assets | — | % |  | — | % |  | — | % |  | 3.93 | % |  | 4.40 | % |  | 4.40 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase(1) | — | % |  | — | % |  | 3.75 | % |  | 0.17 | % |  | 0.17 | % |  | 0.19 | % |  | N/A |  | N/A |  | N/A
(1) The weighted average assumptions as of December 31 are used to calculate the funded status at the end of the current year and the net periodic cost for the subsequent year.
Schedule of Net Periodic Benefit Cost Not yet Recognized |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Components of net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 1.5 |  |  | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.4 |  |  | 1.6 |  |  | 4.3 |  |  | 2.8 |  |  | 3.6 |  |  | 3.4 |  |  | 0.1 |  |  | 0.1 |  |  | — |
Expected return on plan assets | — |  |  | — |  |  | (5.6) |  |  | (5.4) |  |  | (4.7) |  |  | (5.0) |  |  | — |  |  | — |  |  | — |
Recognition of prior service cost | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | — |  |  | (0.5) |  |  | 2.6 |  |  | 1.7 |  |  | 1.5 |  |  | 1.4 |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | 50.5 |  |  | — |  |  | 0.6 |  |  | 0.8 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | (0.2) |  |  | — |  |  | (0.9) |  |  | (0.7) |  |  | (0.4) |  |  | — |  |  | — |  |  | — |
Net periodic cost | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | 52.3 |  |  | $ | (0.2) |  |  | $ | 2.3 |  |  | $ | 2.0 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss | $ | 4.0 |  |  | $ | 3.4 |  |  | $ | 4.2 |  |  | $ | 6.4 |  |  | $ | (0.2) |  |  | $ | (0.1) |
Amortization of actuarial gain (loss) | — |  |  | 0.6 |  |  | (1.7) |  |  | (2.5) |  |  | — |  |  | — |
Amortization of prior service cost | — |  |  | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | — |
Disposals | — |  |  | — |  |  | — |  |  | (17.9) |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | (0.6) |  |  | — |  |  | — |
Foreign exchange effect | — |  |  | — |  |  | 1.9 |  |  | 1.6 |  |  | — |  |  | — |
Total recognized in other comprehensive income (loss) | $ | 4.0 |  |  | $ | 4.0 |  |  | $ | 4.2 |  |  | $ | (13.2) |  |  | $ | (0.2) |  |  | $ | (0.1) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | For the Company’s plans, including the U.S. SERP, that have accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets were (in millions):
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
Projected benefit obligation | $ | 46.1 |  |  | $ | 43.1 |  |  | $ | 167.3 |  |  | $ | 153.0 |
Accumulated benefit obligation | $ | 46.1 |  |  | $ | 43.1 |  |  | $ | 165.2 |  |  | $ | 151.1 |
Fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 139.9 |  |  | $ | 122.1 |
The Company had no pension benefit plans with fair value of plan assets in excess of projected benefit obligations or accumulated benefit obligations.
Schedule of Fair Value of Plan Assets by Measurement Levels | Fair value of cash in the table below is based on price quotations in an active market and therefore categorized under Level 1 of the ASC 820 hierarchy. Fair value of investment funds is priced on the market value of underlying investments in the portfolio and therefore categorized as Level 2 of the ASC 820 hierarchy. Fair value of group annuity insurance contracts is based on techniques that require inputs that are both significant to the fair value measurement and unobservable and therefore categorized as Level 3 of the ASC 820 hierarchy. Specifically, group annuity insurance contracts are valued at original buy in price adjusted for changes in discount rates and other actuarial assumptions. See Note A – “Basis of Presentation,” for an explanation of the ASC 820 hierarchy. The fair value of the Company’s plan assets at December 31, 2020 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 4.4 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | — |
U.S. equities |  |  |  |  |  |  |  |  | 18.4 |  |  | — |  |  | 18.4 |  |  | — |
Non-U.S. equities |  |  |  |  |  |  |  |  | 14.4 |  |  | — |  |  | 14.4 |  |  | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 36.8 |  |  | — |  |  | 36.8 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 35.3 |  |  | — |  |  | — |  |  | 35.3 |
Real estate |  |  |  |  |  |  |  |  | 3.8 |  |  | — |  |  | 3.8 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 23.9 |  |  | — |  |  | 23.9 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 139.9 |  |  | $ | 4.4 |  |  | $ | 100.2 |  |  | $ | 35.3 |
The fair value of the Company’s plan assets at December 31, 2019 are as follows (in millions):
|  |  | Non-U.S. Pension Plans
|  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash, including money market funds |  |  |  |  |  |  |  |  | $ | 2.3 |  |  | $ | 2.3 |  |  | $ | — |  |  | $ | — |
U.S. equities |  |  |  |  |  |  |  |  | 16.1 |  |  | — |  |  | 16.1 |  |  | — |
Non-U.S. equities |  |  |  |  |  |  |  |  | 14.1 |  |  | — |  |  | 14.1 |  |  | — |
Non-U.S. corporate bond funds |  |  |  |  |  |  |  |  | 2.8 |  |  | — |  |  | 2.8 |  |  | — |
Non-U.S. governmental fixed income funds |  |  |  |  |  |  |  |  | 25.2 |  |  | — |  |  | 25.2 |  |  | — |
Group annuity insurance contracts |  |  |  |  |  |  |  |  | 35.5 |  |  | — |  |  | — |  |  | 35.5 |
Real estate |  |  |  |  |  |  |  |  | 3.8 |  |  | — |  |  | 3.8 |  |  | — |
Other securities |  |  |  |  |  |  |  |  | 22.3 |  |  | — |  |  | 22.3 |  |  | — |
Total investments measured at fair value |  |  |  |  |  |  |  |  | $ | 122.1 |  |  | $ | 2.3 |  |  | $ | 84.3 |  |  | $ | 35.5 |
Schedule of Expected Benefit Payments | The Company’s estimated future benefit payments under its plans are as follows (in millions):
Year Ending December 31, |  | U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other Benefits
2021 |  | $ | 2.4 |  |  | $ | 6.5 |  |  | $ | 0.3 |
2022 |  | $ | 2.4 |  |  | $ | 6.2 |  |  | $ | 0.3 |
2023 |  | $ | 2.5 |  |  | $ | 5.8 |  |  | $ | 0.2 |
2024 |  | $ | 2.5 |  |  | $ | 6.1 |  |  | $ | 0.2 |
2025 |  | $ | 2.5 |  |  | $ | 6.5 |  |  | $ | 0.2 |
2026-2030 |  | $ | 12.2 |  |  | $ | 32.1 |  |  | $ | 0.6 |
Schedule of changes in fair value measurements of Level 3 investments | Changes in fair value measurements of Level 3 investments during the years ended December 31, 2020 and 2019 are as follows (in millions):
|  | December 31, 2020 |  | December 31, 2019
Balance at beginning of year |  | $ | 35.5 |  |  | $ | — |
Actuarial gain (loss) |  | 1.1 |  |  | — |
Transfers into (out of) Level 3 |  | (2.4) |  |  | 35.5 |
Foreign exchange effect |  | 1.1 |  |  | — |
Balance at end of year |  | $ | 35.3 |  |  | $ | 35.5 |

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