XML 65 R49.htm IDEA: XBRL DOCUMENT v3.22.0.1
Other Post-Employment Benefits and Other Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Funded Status for Pension Plans The following table presents our funded status for 2021 and 2020 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.
December 31, 2021December 31, 2020
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Change in benefit obligation:      
Projected benefit obligation at beginning of period
$202.2 $782.9 $985.1 $194.1 $703.7 $897.8 
Service cost0.1 5.0 5.1 0.1 4.5 4.6 
Interest cost3.5 8.8 12.3 5.3 11.2 16.5 
Actuarial (gain) loss(6.7)(30.2)(36.9)18.2 64.5 82.7 
Settlement— (7.1)(7.1)— (9.8)(9.8)
Benefits paid(14.0)(24.7)(38.7)(15.5)(23.4)(38.9)
Employee contributions— 0.8 0.8 — 0.8 0.8 
Other
— (0.3)(0.3)— 0.3 0.3 
Foreign exchange impact— (21.1)(21.1)— 31.1 31.1 
Projected benefit obligation at end of period$185.1 $714.1 $899.2 $202.2 $782.9 $985.1 
Change in plan assets:      
Fair value of plan assets at beginning of period$141.6 $695.0 $836.6 $137.1 $624.9 $762.0 
Actual return on plan assets18.5 11.3 29.8 8.6 62.5 71.1 
Employer contributions4.7 14.9 19.6 11.3 13.6 24.9 
Employee contributions— 0.8 0.8 — 0.8 0.8 
Benefits paid(14.0)(24.7)(38.7)(15.5)(23.4)(38.9)
Settlement— (7.1)(7.1)— (9.9)(9.9)
Other— (0.4)(0.4)0.1 (0.4)(0.3)
Foreign exchange impact— (12.3)(12.3)— 26.9 26.9 
Fair value of plan assets at end of period$150.8 $677.5 $828.3 $141.6 $695.0 $836.6 
Underfunded status at end of year$(34.3)$(36.6)$(70.9)$(60.6)$(87.9)$(148.5)
Accumulated benefit obligation at end of year$185.1 $701.8 $886.9 $202.2 $766.1 $968.3 
The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:
 December 31,
(In millions)20212020
Change in benefit obligations:  
Benefit obligation at beginning of period$43.4 $43.5 
Interest cost0.6 1.0 
Actuarial (gain) loss(0.9)2.4 
Benefits paid, net(2.7)(3.5)
Benefit obligation at end of period$40.4 $43.4 
Change in plan assets:  
Fair value of plan assets at beginning of period$— $— 
Employer contribution2.7 3.5 
Benefits paid, net(2.7)(3.5)
Fair value of plan assets at end of period$— $— 
Net amount recognized:  
Underfunded status$(40.4)$(43.4)
Accumulated benefit obligation at end of year$40.4 $43.4 
Net amount recognized in consolidated balance sheets consists of:  
Current liability$(5.1)$(5.1)
Non-current liability(35.3)(38.3)
Net amount recognized$(40.4)$(43.4)
Amounts recognized in accumulated other comprehensive loss consist of:
  
Net actuarial loss$1.2 $1.9 
Prior service credit(2.0)(2.3)
Total$(0.8)$(0.4)
Components of Net Periodic Benefit Cost
The following table shows the components of our net periodic benefit (income) cost and cost of special events related to our pension plans for the three years ended December 31:
 Year Ended December 31,
(In millions)202120202019
Net periodic benefit cost (income):   
U.S. and international net periodic benefit cost included in cost of sales(1)
$1.3 $1.2 $1.1 
U.S. and international net periodic benefit cost included in selling, general and administrative expenses
3.8 3.4 2.8 
U.S. and international net periodic benefit income and cost of special events included in other (income) expense(6.3)(3.8)(4.4)
Total benefit (income) cost$(1.2)$0.8 $(0.5)
 
       
(1)The amount recorded in inventory for the years ended December 31, 2021, 2020 and 2019 was not material.
The following table shows the components of our net periodic benefit (income) cost for the years ended December 31, for our pension plans:
December 31, 2021December 31, 2020December 31, 2019
(In millions)U.S.InternationalTotalU.S.InternationalTotalU.S.InternationalTotal
Components of net periodic benefit (income) cost:
         
Service cost$0.1 $5.0 $5.1 $0.1 $4.5 $4.6 $0.1 $3.8 $3.9 
Interest cost3.5 8.8 12.3 5.3 11.2 16.5 6.9 15.0 21.9 
Expected return on plan assets
(8.9)(18.5)(27.4)(9.0)(19.4)(28.4)(7.3)(24.7)(32.0)
Amortization of net prior service cost
— 0.3 0.3 — 0.2 0.2 — 0.2 0.2 
Amortization of net actuarial loss
2.4 5.2 7.6 1.5 4.6 6.1 1.4 3.7 5.1 
Net periodic benefit (income) cost
(2.9)0.8 (2.1)(2.1)1.1 (1.0)1.1 (2.0)(0.9)
Cost of settlement
— 0.9 0.9 — 1.8 1.8 — 0.4 0.4 
Total benefit (income) cost$(2.9)$1.7 $(1.2)$(2.1)$2.9 $0.8 $1.1 $(1.6)$(0.5)
The components of net periodic benefit cost were as follows:
Year Ended December 31,
(In millions)202120202019
Components of net periodic benefit cost:   
Interest cost0.6 1.0 1.6 
Amortization of net gain(0.2)(0.2)(0.2)
Amortization of prior service credit(0.3)(0.3)(0.3)
Net periodic benefit cost$0.1 $0.5 $1.1 
Impact of settlement/curtailment— — — 
Total benefit cost for fiscal year$0.1 $0.5 $1.1 
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)
Changes in plan assets and benefit obligations recognized in AOCL for the year ended December 31, 2021 and 2020 were as follows:
December 31, 2021December 31, 2020
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Current year actuarial (gain) loss$(16.4)$(22.9)$(39.3)$18.6 $21.4 $40.0 
Prior year service cost occurring during the year— — — — 0.8 0.8 
Amortization of actuarial loss(2.4)(5.2)(7.6)(1.5)(4.6)(6.1)
Amortization of prior service cost— (0.3)(0.3)— (0.2)(0.2)
Settlement— (0.9)(0.9)— (1.8)(1.8)
Total$(18.8)$(29.3)$(48.1)$17.1 $15.6 $32.7 
   
Changes in benefit obligations that were recognized in AOCL for the years ended December 31, 2021 and December 31, 2020 were as follows: 
December 31, 2021December 31, 2020
(In millions)U.S.InternationalTotalU.S.InternationalTotal
Current year actuarial (gain) loss$(0.9)$— $(0.9)$2.4 $— $2.4 
Amortization of actuarial gain— 0.2 0.2 — 0.2 0.2 
Amortization of prior service credit0.3 — 0.3 0.3 — 0.3 
Total$(0.6)$0.2 $(0.4)$2.7 $0.2 $2.9 
Expected Post-retirement Benefits
We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:
 
Amount
(In millions)
YearU.S.InternationalTotal
2022$11.8 $29.7 $41.5 
202311.7 26.8 38.5 
202411.7 28.6 40.3 
202511.3 29.4 40.7 
202611.3 31.6 42.9 
2027 to 2031 (combined)54.4 169.0 223.4 
Total$112.2 $315.1 $427.3 
Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:
Year
Amount
(In millions)
2022$5.1 
20234.6 
20244.1 
20253.6 
20263.1 
2027 to 2031 (combined)10.9 
Total$31.4