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Pension and Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2020

United Kingdom Plan [Member]

Plan Net Pension Credit

The following table shows the income statement effect recognized within other income, net:

(in millions)		2020				2019				2018
Plan net pension (credit)/charge:
Interest cost on PBO		$	11.2			$	15.2			$	15.0
Expected return on plan assets			(17.8	)			(22.0	)			(22.2	)
Amortization of prior service credit			(0.5	)			(0.9	)			(1.1	)
Amortization of actuarial net losses			0.9				0.0				2.0
		$	(6.2	)		$	(7.7	)		$	(6.3	)
Plan assumptions at December 31, (%):
Discount rate			1.36				1.95				2.78
Inflation rate			2.35				2.25				2.25
Rate of return on plan assets – overall on bid-value			2.00				2.50				3.05
Plan asset allocation by category (%):
Debt securities and insurance contracts			86				86				83
Equity securities and real estate			10				10				12
Cash			4				4				5
			100				100				100

Movements in PBO and Fair Value of Plan Assets

Movements in PBO and fair value of Plan assets are as follows:

(in millions)		2020				2019
Change in PBO:
Opening balance		$	701.0			$	643.2
Interest cost			11.2				15.2
Service cost			1.2				0.9
Benefits paid			(45.5	)			(42.1	)
Plan amendments			5.5				0.0
Actuarial losses			61.1				57.7
Exchange effect			24.2				26.1
Closing balance		$	758.7			$	701.0
Fair value of plan assets:
Opening balance		$	816.9			$	739.1
Benefits paid			(45.5	)			(42.1	)
Actual contributions by employer			0.0				0.4
Actual return on assets			77.6				89.1
Exchange effect			27.7				30.4
Closing balance		$	876.7			$	816.9

Fair Value of Pension Assets

The fair values of pension assets by level of input were as follows:

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2020
Debt securities:
Debt securities issued by non-U.S. governments and government agencies		$	99.5			$				$				$	99.5
Corporate debt securities							488.0								488.0
Equity backed securities:
Other financial derivatives							(2.3	)							(2.3	)
Investments measured at net asset value (1)															51.0
Other asset backed securities:
Insurance contracts											167.4				167.4
Real estate			40.2												40.2
Total assets at fair value			139.7				485.7				167.4				843.8
Cash			32.9												32.9
Total plan assets		$	172.6			$	485.7			$	167.4			$	876.7

(in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
At December 31, 2019
Debt securities:
Debt securities issued by non-U.S. governments and government agencies		$	98.4			$				$				$	98.4
Corporate debt securities							445.9								445.9
Equity backed securities:
Other financial derivatives							(3.7	)							(3.7	)
Investments measured at net asset value (1)															46.8
Other asset backed securities:
Insurance contracts											157.9				157.9
Real estate			41.7												41.7
Total assets at fair value			140.1				442.2				157.9				787.0
Cash			29.9												29.9
Total plan assets		$	170.0			$	442.2			$	157.9			$	816.9

(1)  Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been categorized in the fair value table with a hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

Reconciliation of Fair Value of Plan Assets Measured Using Significant Unobservable Inputs

The reconciliation of the fair value of the Plan assets measured using significant unobservable inputs was as follows:

(in millions)		Other Assets
Balance at December 31, 2018		$	142.5
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			16.0
Purchases, issuances and settlements			(6.5	)
Exchange effect			5.9
Balance at December 31, 2019		$	157.9
Realized/unrealized gains/(losses):
Relating to assets still held at the reporting date			10.8
Purchases, issuances and settlements			(6.6	)
Exchange effect			5.3
Balance at December 31, 2020		$	167.4

Plan Net Pension Credit

The following net pension credit will be recognized in other income and expense:

(in millions)
Interest cost on PBO		$	7.5
Expected return on plan assets			(15.4	)
Amortization of prior service credit			0.3
Amortization of actuarial net losses			1.6
		$	(6.0	)

Expected Benefit Payments

The following benefit payments are expected to be made:

(in millions)
2021		$	43.9
2022		$	36.9
2023		$	35.9
2024		$	36.1
2025		$	35.8
2026-2030		$	172.0

German Plan [Member]

Movements in PBO and Fair Value of Plan Assets

Movements in PBO of the German plan are as follows:

(in millions)		2020				2019
Change in PBO:
Opening balance		$	13.3			$	11.3
Service cost			0.1				0.1
Interest cost			0.1				0.2
Benefits paid			(0.3	)			(0.3	)
Actuarial losses			0.8				2.2
Exchange effect			1.2				(0.2	)
Closing balance		$	15.2			$	13.3

Plan Net Pension Credit

The following table shows the income statement effect recognized within other income and expense:

(in millions)		2020				2019				2018
Plan net pension charge:
Interest cost on PBO		$	0.1			$	0.2			$	0.2
Amortization of actuarial net loss			0.8				0.3				0.4
		$	0.9			$	0.5			$	0.6

Plan assumptions at December 31, (%):
Discount rate			0.40				0.80				1.90
Inflation rate			1.50				1.75				1.75
Rate of increase in compensation levels			2.75				2.75				2.75

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