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v3.22.2

Pension and Postretirement Benefits (Tables) | 6 Months Ended
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Jun. 30, 2022
Pension Plans |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Components of Net Periodic Benefit (Income) Expense | Net periodic pension expense (income) is presented below:
|  | Three Months Ended June 30, 2022 |  | Three Months Ended June 30, 2021
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Interest cost |  | 39.1 |  |  | 29.0 |  |  | 10.1 |  |  | 38.4 |  |  | 29.4 |  |  | 9.0 |
Expected return on plan assets |  | (67.3) |  |  | (47.4) |  |  | (19.9) |  |  | (68.4) |  |  | (48.5) |  |  | (19.9) |
Amortization of prior service benefit |  | (1.3) |  |  | (0.7) |  |  | (0.6) |  |  | (1.4) |  |  | (0.6) |  |  | (0.8) |
Recognized net actuarial loss |  | 41.9 |  |  | 32.3 |  |  | 9.6 |  |  | 46.6 |  |  | 34.6 |  |  | 12.0 |
Settlement losses (ii) |  | — |  |  | — |  |  | — |  |  | 210.7 |  |  | — |  |  | 210.7 |
Net periodic pension expense (income) |  | $ | 12.9 |  |  | $ | 13.2 |  |  | $ | (0.3) |  |  | $ | 226.4 |  |  | $ | 14.9 |  |  | $ | 211.5 |
|  | Six Months Ended June 30, 2022 |  | Six Months Ended June 30, 2021
|  | Total |  | U.S. Plans |  | International Plans |  | Total |  | U.S. Plans |  | International Plans
Service cost(i) |  | $ | 1.0 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | 1.7 |  |  | $ | — |  |  | $ | 1.7 |
Interest cost |  | 78.0 |  |  | 57.3 |  |  | 20.7 |  |  | 78.0 |  |  | 58.8 |  |  | 19.2 |
Expected return on plan assets |  | (135.7) |  |  | (94.9) |  |  | (40.8) |  |  | (142.5) |  |  | (99.9) |  |  | (42.6) |
Amortization of prior service benefit |  | (2.6) |  |  | (1.3) |  |  | (1.3) |  |  | (2.7) |  |  | (1.2) |  |  | (1.5) |
Recognized net actuarial loss |  | 82.8 |  |  | 63.0 |  |  | 19.8 |  |  | 92.8 |  |  | 67.8 |  |  | 25.0 |
Settlement losses (ii) (iii) |  | — |  |  | — |  |  | — |  |  | 368.7 |  |  | 158.0 |  |  | 210.7 |
Net periodic pension expense (income) |  | $ | 23.5 |  |  | $ | 24.1 |  |  | $ | (0.6) |  |  | $ | 396.0 |  |  | $ | 183.5 |  |  | $ | 212.5 |
(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).
(ii)In the second quarter of 2021, the company’s primary pension plan related to its Dutch subsidiary was transferred to a multi-client circle within a multi-employer fund. This action resulted in a pre-tax settlement loss of $182.6 million for both the three and six months ended June 30, 2021. Additionally, the company’s Swiss subsidiary transferred its defined benefit pension plans to a multiple-employer collective foundation. This action resulted in a pre-tax settlement loss of $28.1 million for both the three and six months ended June 30, 2021.
(iii)In January 2021, the company purchased a group annuity contract to transferred projected benefit obligations related to its U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $158.0 million.
Postretirement Benefit Plans |
Defined Benefit Plan Disclosure [Line Items] |
Schedule of Components of Net Periodic Benefit (Income) Expense | Net periodic postretirement benefit income is presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost(i) |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost |  | 0.5 |  |  | 0.4 |  |  | 1.0 |  |  | 0.8 |
Expected return on assets |  | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Recognized net actuarial gain |  | (0.5) |  |  | (0.7) |  |  | (1.0) |  |  | (1.3) |
Amortization of prior service cost |  | (0.4) |  |  | (0.4) |  |  | (0.7) |  |  | (0.8) |
Net periodic postretirement benefit income |  | $ | (0.4) |  |  | $ | (0.7) |  |  | $ | (0.8) |  |  | $ | (1.3) |
(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense are reported in other (expense), net in the consolidated statements of income (loss).

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