Post Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Post Retirement Benefit Plans

Schedule of components of net periodic benefit costs

The Company records pension service cost within cost of sales, selling, general and administrative, and research and development expenses while non-service related pension costs are recorded within interest and other income (expense), net in the consolidated statements of income and comprehensive income. The components of net periodic benefit costs included in the accompanying consolidated statements of income were as follows (in millions):

	2020		2019		2018
Components of net periodic benefit costs:
Service cost	$	8.2	$	6.4	$	7.5
Interest cost		1.1		2.6		2.0
Expected return on plan assets		(2.5)		(2.0)		(1.9)
Amortization of net loss		4.7		2.0		3.8
Net periodic benefit costs	$	11.5	$	9.0	$	11.4

Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans

	2020		2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	255.0	$	216.7
Service cost		8.2		6.4
Interest cost		1.1		2.6
Plan participant contributions		4.4		4.8
Plan amendments		(2.8)		—
Plan settlements		—		—
Benefits paid		(5.7)		(2.8)
Actuarial loss (gain)		(6.7)		25.8
Premiums paid		(1.4)		(1.6)
Impact of foreign currency exchange rates		23.1		3.1
Benefit obligation at end of year		275.2		255.0
Change in plan assets:
Fair value of plan assets at beginning of year		131.4		124.6
Return on plan assets		3.1		(2.5)
Plan participant and employer contributions		10.7		11.6
Benefits paid		(5.7)		(2.8)
Plan settlements		—		—
Premiums paid		(1.5)		(1.7)
Impact of foreign currency exchange rates		12.5		2.2
Fair value of plan assets at end of year		150.5		131.4
Net under-funded status	$	(124.7)	$	(123.6)

Schedule of amounts recognized in consolidated balance sheets

The following amounts were recognized in the accompanying consolidated balance sheets for the Company’s defined benefit plans (in millions):

	2020		2019
Current liabilities	$	(1.9)	$	(1.6)
Non-current liabilities		(122.8)		(122.0)
Net benefit obligation	$	(124.7)	$	(123.6)

Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss)

The following pre-tax amounts were recognized in accumulated other comprehensive income for the Company’s defined benefit plans (in millions):

	2020		2019		2018
Reconciliation of amounts recognized in the consolidated balance sheets:
Prior service cost	$	(2.4)	$	(6.0)	$	(6.9)
Net actuarial loss		(56.6)		(62.3)		(32.0)
Accumulated other comprehensive loss		(59.0)		(68.3)		(38.9)
Accumulated contributions in excess of net periodic benefit cost		(65.7)		(55.3)		(53.2)
Net amount recognized	$	(124.7)	$	(123.6)	$	(92.1)

Schedule of the range of assumptions used to determine the net periodic benefit costs and the projected benefit obligations

	2020	2019	2018
Discount rates	0.1%-1.3%	0.3%-2.3%	0.2%-2.3%
Expected return on plan assets	0.0%-3.0%	0.0%-3.0%	0.0%-3.0%
Expected rate of compensation increase	0.0%-3.0%	0.0%-3.0%	1.0%-3.0%

Schedule of the fair value of the Company's pension plan assets, by asset category and by level in the fair value hierarchy

The fair value of the Company’s pension plan assets by asset category and by level in the fair value hierarchy, is as follows (in millions):

			Quoted Prices in		Significant Other		Significant
			Active Markets		Observable Inputs		Unobservable Inputs
December 31, 2020	Total		Available (Level 1)		(Level 2)		(Level 3)
Plan Assets:
Group BPCE Life (a)	$	0.5	$	—	$	0.5	$	—
Swiss Life Collective BVG Foundation (b)		150.0		—		150.0		—
Total plan assets	$	150.5	$	—	$	150.5	$	—

			Quoted Prices in		Significant Other		Significant
			Active Markets		Observable Inputs		Unobservable Inputs
December 31, 2019	Total		Available (Level 1)		(Level 2)		(Level 3)
Plan Assets:
Group BPCE Life (a)	$	0.5	$	—	$	0.5	$	—
Swiss Life Collective BVG Foundation (b)		130.9		—		130.9		—
Total plan assets	$	131.4	$	—	$	131.4	$	—

(a) The Company’s pension plan in France is invested in a larger fund that invests in a variety of instruments. The assets are not directly dedicated to the French pension plan. The Group BPCE Life fund invests in debt securities of foreign corporations and governments, equity securities of foreign government funds and private real estate funds.

(b) The Company’s pension plan in Switzerland is outsourced to Swiss Life AG, an outside insurance provider. Under the insurance contract, the plan assets are invested in Swiss Life Collective BVG Foundation (the Foundation), which is an umbrella fund for which the retirement savings and interest rates are guaranteed a minimum of 1.0% on the mandatory withdrawal portion, as defined by Swiss law, and 0.125% on the non-mandatory portion starting 2021. The Foundation utilizes plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. The target allocations are 65% bonds, 2.5% cash, 7.5% equity investments and 25% real estate and mortgages. Should the Foundation yield a return greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with Swiss Life AG retaining 10%. The withdrawal benefits and interest allocations are secured at all times by Swiss Life AG.

Schedule of estimated future benefit payments

The estimated future benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2020. The following benefit payments reflect future employee service as appropriate (in millions):

2021	$	8.3
2022		7.8
2023		8.0
2024		8.4
2025		8.6
2026-2030		45.7