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Pensions (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Reconciliation of Benefit Obligation and Plan Assets

A reconciliation of the changes in projected benefit obligations (“PBO”) for our pension plans are as follows:

			As of December 31,
(In $ millions)			2021			2020
Benefit obligation at beginning of period			184.0			169.0
Interest (credit) / cost			(0.2)			0.9
Actuarial (gain) / loss			(16.9)			21.8
Benefits paid			(1.7)			(1.6)
Foreign exchange rate changes			7.7			(6.1)
Benefit obligation at end of period			172.9			184.0

A reconciliation of the changes in fair value of plan assets is as follows:

			As of December 31,
(In $ millions)			2021			2020
Fair value of plan assets at beginning of period			184.0			169.3
Actual return on plan assets			(17.1)			22.7
Employer contribution			—			(0.3)
Benefits paid			(1.7)			(1.6)
Foreign exchange rate changes			7.7			(6.1)
Fair value of plan assets at end of period			172.9			184.0

Benefit Cost

Benefit cost includes the following components:

			For the Years Ended December 31,
(In $ millions)			2021			2020
Interest cost			(0.2)			0.9
Expected return on plan assets			0.2			(0.9)
Net benefit cost			—			—

Defined Benefit Plans, Key Assumptions

The key assumptions for the plans are summarized below:

			As of December 31,
Weighted Average Assumptions Used to Determine Benefit Obligations			2021			2020
Discount rate			0.39% to 0.43%			(0.09)% to (0.14)%

			For the Years Ended December 31,
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost			2021			2020
Discount rate			0.39% to 0.43%			(0.09)% to (0.14)%
Expected long-term return on plan assets			0.39% to 0.43%			(0.09)% to (0.14)%

Estimated Future Benefit Payments

The following table summarizes the benefit payments at December 31, 2021 estimated to be paid within the next ten years by the issuer of the guaranteed insurance contract:

						Payments by Period
			Total			2022			2023			2024			2025			2026			Five Years Thereafter
Estimated benefit payments			31.8			1.9			2.2			2.5			2.8			3.1			19.3

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- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(b)(c)
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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

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-Publisher FASB
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- Definition

Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost.

+ References

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

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