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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]  
Defined contribution plans
We recorded the following contributions to the defined contribution plans (in millions):
For the Years Ended December 31,
202020192018
Contributions to defined contribution plans $17.8 $19.1 $18.8 
Pension and postretirement benefit plans recognized in financial statements
The following tables set forth amounts recognized in our financial statements and the plans’ funded status for our pension and post-retirement benefit plans (dollars in millions):
Pension Benefits
20202019
Accumulated benefit obligation$273.2 $237.3 
Changes in projected benefit obligation:
Benefit obligation at beginning of year
$241.5 $371.9 
Service cost5.5 4.9 
Interest cost6.6 10.2 
Amendments0.1 — 
Actuarial (gain) loss27.2 38.9 
Effect of exchange rates2.2 1.1 
Settlements(1.3)(173.5)
Benefits paid(5.6)(12.0)
Benefit obligation at end of year$276.2 $241.5 
Changes in plan assets:
Fair value of plan assets at beginning of year
$154.3 $291.0 
Actual gain (loss) return on plan assets27.3 45.7 
Employer contributions3.4 1.8 
Effect of exchange rates1.6 1.3 
Plan settlements(1.3)(173.5)
Benefits paid(5.6)(12.0)
Fair value of plan assets at end of year179.7 154.3 
Funded status / net amount recognized$(96.5)$(87.2)
Net amount recognized consists of:
Non-current assets$5.0 $3.5 
Current liability(9.0)(3.3)
Non-current liability(92.5)(87.4)
Net amount recognized$(96.5)$(87.2)
Schedule of non-current pension liability plan
For the Years Ended December 31,
20202019
Pension plans with a benefit obligation in excess of plan assets:
Projected benefit obligation$236.6 $204.5 
Accumulated benefit obligation233.3 200.5 
Fair value of plan assets135.2 113.9 
Components of net periodic benefit cost Our U.S.-based pension plans comprised approximately 82% of the projected benefit obligation and 75% of plan assets as of December 31, 2020.
Pension Benefits
202020192018
Components of net periodic benefit cost as of December 31:
Service cost$5.5 $4.9 $5.3 
Interest cost6.6 10.2 12.3 
Expected return on plan assets(8.2)(13.4)(18.8)
Amortization of prior service costs0.2 0.1 0.1 
Recognized actuarial loss5.8 5.6 9.2 
Settlements0.6 99.2 0.4 
Other— (0.5)0.3 
Net periodic benefit cost$10.5 $106.1 $8.8 
Summary of amounts recognized in AOCI in our financial statements
The following table sets forth amounts recognized in AOCL and Other comprehensive income (loss) in our financial statements for 2020 and 2019 (in millions):
Pension Benefits
20202019
Amounts recognized in AOCL:
Prior service costs$(0.7)$(0.8)
Actuarial loss(103.8)(101.6)
Subtotal(104.5)(102.4)
Deferred taxes25.6 24.7 
Net amount recognized$(78.9)$(77.7)
Changes recognized in other comprehensive loss:
Current year actuarial loss (gain)8.1 (5.1)
Effect of exchange rates0.5 0.5 
Amortization of prior service costs(0.2)(0.1)
Amortization of actuarial loss, including settlements(6.4)(93.1)
Total recognized in other comprehensive income (loss)$2.0 $(97.8)
Total recognized in net periodic benefit cost and other comprehensive income $12.5 $8.3 
Summary of health care cost trend rates The following table sets forth the healthcare trend rate assumptions used:
20202019
Assumed health care cost trend rates as of December 31:
Health care cost trend rate assumed for next year6.00 %6.50 %
Rate to which the cost rate is assumed to decline (the ultimate trend rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20232022
Summary of expected future benefit payments
Expected future benefit payments are shown in the table below (in millions):
For the Years Ended December 31,
202120222023202420252026-2030
Pension benefits$12.0 $5.8 $6.8 $11.9 $33.1 $75.1 
Summary of weighted-average asset allocations
Our U.S. pension plans’ weighted-average asset allocations as of December 31, 2020 and 2019, by asset category, were as follows:
Plan Assets as of December 31,
Asset Category:20202019
U.S. equity34.8 %44.6 %
International equity17.0 %7.3 %
Fixed income48.0 %48.0 %
Money market/cash0.2 %0.1 %
Total100.0 %100.0 %
Summary of target allocation percentage of assets Our U.S. pension plans’ assets were invested according to the following targets:
Asset Category:Target
U.S. equity44.0 %
International equity6.0 %
Fixed income50.0 %
Summary of fair value of pension plan asset, by asset category
The fair values of our pension plan assets, by asset category, were as follows (in millions):
Fair Value Measurements as of December 31, 2020
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Asset Category:
Cash and cash equivalents$0.4 $— $— $0.4 
Commingled pools / Collective Trusts:
U.S. equity (1)
— 47.0 — 47.0 
International equity (2)
— 23.0 — 23.0 
Fixed income (3)
— 64.9 — 64.9 
Balanced pension trust: (4)
International equity— 5.1 — 5.1 
Fixed income— 14.1 — 14.1 
Pension fund:
Fixed income (6)
— 25.2 — 25.2 
Total$0.4 $179.3 $— $179.7 
Fair Value Measurements as of December 31, 2019
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Asset Category:
Cash and cash equivalents$0.2 $— $— $0.2 
Commingled pools / Collective Trusts:
U.S. equity (1)
— 50.8 — 50.8 
International equity (2)
— 8.3 — 8.3 
Fixed income (3)
— 54.6 — 54.6 
Balanced pension trust: (4)
International equity— 4.8 — 4.8 
Fixed income— 13.6 — 13.6 
Pension fund:
Fixed income (5)
— 22.0 — 22.0 
Total$0.2 $154.1 $— $154.3 
Summary of additional information about asset measured at net asset value per share
Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):

As of December 31, 2020
Fair ValueRedemption Frequency
(if currently eligible)		Redemption Notice Period
Asset Category:
Commingled pools / Collective Trusts:
U.S. equity (1)
$47.0 Daily5 days
International equity (2)
23.0 Daily5 days
Fixed income (3)
64.9 Daily5-15 days
Balanced pension trust: (4)
International equity5.1 Daily3-5 days
Fixed income14.1 Daily3-5 days
Pension fund:
Fixed income (5)
25.2 Daily3 days
Total$179.3 

As of December 31, 2019
Fair ValueRedemption Frequency
(if currently eligible)		Redemption Notice Period
Asset Category:
Commingled pools / Collective Trusts:
U.S. equity (1)
$50.8 Daily5 days
International equity (2)
8.3 Daily5 days
Fixed income (3)
54.6 Daily5-15 days
Balanced pension trust: (4)
International equity4.8 Daily3-5 days
Fixed income13.6 Daily3-5 days
Pension fund:
Fixed income (5)
22.0 Daily1-3 days
Total$154.1 

(1)
This category includes investments primarily in U.S. equity securities that include large, mid and small capitalization companies.
(2)
This category includes investments primarily in international equity securities that include large, mid and small capitalization companies in large developed markets as well as emerging markets equities.
(3)
This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
(4)
The investment objectives of the plan are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The plan also holds a portion of its assets in international equities, a portion of which may be invested in U.S. securities.
(5)This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer with a derivatives overlay and investment grade corporate bonds denominated in sterling.
UNITED STATES  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans
The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the U.S.-based plans in 2020 and 2019:
Pension Benefits
20202019
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate2.40 %3.19 %
Rate of compensation increase4.13 %4.23 %
Pension Benefits
202020192018
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate - service cost2.89 %3.96 %3.48 %
Discount rate - interest cost2.99 %3.67 %3.22 %
Expected long-term return on plan assets6.50 %6.50 %6.50 %
Rate of compensation increase4.23 %4.23 %4.23 %
Foreign Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans
The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the non-U.S.-based plans in 2020 and 2019:
Pension Benefits
20202019
Weighted-average assumptions used to determine benefit obligations as of December 31:
Discount rate1.48 %2.15 %
Rate of compensation increase3.17 %3.20 %

Pension Benefits
202020192018
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
Discount rate - service cost0.73 %1.60 %1.32 %
Discount rate - interest cost2.30 %2.98 %2.67 %
Expected long-term return on plan assets3.31 %3.92 %4.19 %
Rate of compensation increase3.20 %3.77 %3.62 %