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Post Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
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):
   
2021
 
  
2020
 
  
2019
 
Components of net periodic benefit costs:
                           
Service cost
    $ 8.1      $ 8.2      $ 6.4  
Interest cost
      0.5        1.1        2.6  
Expected return on plan assets
      (1.8 )       (2.5 )       (2.0 ) 
Settlement loss recognized
      0.1        —          —    
Amortization of prior service (credit) cost
      0.9        1.2        1.1  
Amortization of actuarial (gains) losses
      2.6        3.5        0.9  
    
 
 
     
 
 
     
 
 
  
Net periodic benefit costs
    $ 10.4      $ 11.5      $ 9.0  
    
 
 
     
 
 
     
 
 
  
Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans
 
  
2021
 
  
2020
 
Change in benefit obligation:
  
      
  
      
Benefit obligation at beginning of year
$
275.2

$
255.0

Service cost
      8.1        8.2  
Interest cost
      0.5        1.1  
Plan participant contributions
      5.2        4.4  
Plan amendments
      (10.9 )       (2.8 ) 
Plan settlements
     
(0.5
)
      —    
Benefits paid
      (6.4 )       (5.7 ) 
Actuarial loss (gain)
      (5.4 )       (6.7 ) 
Premiums paid
      (1.8 )       (1.4 ) 
Impact of foreign currency exchange rates
      (10.1 )      23.1  
    
 
 
     
 
 
  
Benefit obligation at end of year
      253.9        275.2  
 
  
2021
 
  
2020
 
     
Change in plan assets:
  
      
  
      
Fair value of plan assets at beginning of year
      150.5        131.4  
Return on plan assets
      (2.1 )      3.1  
Plan participant and employer contributions
      12.4        10.7  
Benefits paid
      (6.4 )       (5.7 ) 
Plan settlements
     
(0.5
)
      —    
Premiums paid
      (1.8 )       (1.5 ) 
Impact of foreign currency exchange rates
      (4.3 )      12.5  
    
 
 
     
 
 
  
Fair value of plan assets at end of year
      147.8        150.5  
    
 
 
     
 
 
  
Net under-funded status
    $ (106.1 )     $ (124.7 ) 
    
 
 
     
 
 
  
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):
 
    
2021
     
2020
  
Current liabilities
   
$
 (1.8
) 
   
$
 (1.9
) 
Non-current
liabilities
   
 
 (104.3
) 
      (122.8
) 
    
 
 
     
 
 
  
Net benefit obligation
   
$
 (106.1
) 
   
$
 (124.7
) 
    
 
 
     
 
 
  
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):
 
    
2021
     
2020
     
2019
  
Reconciliation of amounts recognized in the consolidated balance sheets:
                           
Prior service cost
 (credi
t)
   $ 9.4      $ (2.4 )     $ (6.0 ) 
Net actuarial loss
      (50.1 )       (56.6 )       (62.3 ) 
    
 
 
     
 
 
     
 
 
  
Accumulated other comprehensive loss
      (40.7 )       (59.0 )       (68.3 ) 
Accumulated contributions in excess of net periodic benefit cost
      (65.4 )       (65.7 )       (55.3 ) 
    
 
 
     
 
 
     
 
 
  
Net amount recognized
    $ (106.1 )     $ (124.7 )     $ (123.6 ) 
    
 
 
     
 
 
     
 
 
  
Schedule of the range of assumptions used to determine the net periodic benefit costs and the projected benefit obligations
The following assumptions were used for defined benefit pension plans reflects
the
different economic environments within the various countries. The assumptions used to determine the net periodic benefit costs and the projected benefit obligations are as follows:
 

2021
   
Japan
    
France
    
Switzerland
    
 
Germany
  
Annual discount rate—defined benefit obligation
      0.4 %      1.0 %      0.4 %      0.8 % 
Annual discount rate—defined benefit cost
     
0.4
%
     
0.6
%
     
0.1
%
      
0.5
%
Expected return on plan assets
     
0.0
%
     
3.0
%
     
1.2
%
      
0.0
%
Expected rate of compensation increase
     
3.0
%
     
2.0
%
     
1.0
%
      
2.6
%
 
2020
  
Japan
 
 
France
 
 
Switzerland
 
 
Germany
 
Annual discount rate—defined benefit obligation
  
 
0.4
% 
 
 
0.6
% 
 
 
0.1
% 
 
 
0.5
% 
Annual discount rate—defined benefit cost
  
 
0.3
% 
 
 
0.8
% 
 
 
0.3
% 
 
 
1.1
% 
Expected return on plan assets
  
 
0.0
% 
 
 
3.0
% 
 
 
1.8
% 
 
 
0.0
% 
Expected rate of compensation increase
  
 
3.0
% 
 
 
2.0
% 
 
 
1.0
% 
 
 
2.6
% 
 
2019
  
Japan
 
 
France
 
 
Switzerland
 
 
Germany
 
Annual discount rate—defined benefit obligation
  
 
0.3
% 
 
 
0.8
% 
 
 
0.3
% 
 
 
1.1
% 
Annual discount rate—defined benefit cost
  
 
0.5
% 
 
 
1.5
% 
 
 
1.1
% 
 
 
1.4
% 
Expected return on plan assets
  
 
0.0
% 
 
 
0.0
% 
 
 
1.6
% 
 
 
0.0
% 
Expected rate of compensation increase
  
 
2.9
% 
 
 
2.0
% 
 
 
1.0
% 
 
 
2.6
% 
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):
 
December 31, 2021
  
Total
 
  
Quoted Prices in
Active Markets
Available (Level 1)
 
  
Significant Other
Observable Inputs
(Level 2)
 
  
Significant
Unobservable Inputs
(Level 3)
 
Plan Assets:
  
      
  
      
  
      
  
      
Group BPCE Life (a)
    $ 0.1      $ —        $ 0.1      $ —    
Swiss Life Collective BVG Foundation (b)
      147.7        —          147.7        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total plan assets
    $ 147.8      $ —        $ 147.8      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
 
December 31, 2020
  
Total
 
  
Quoted Prices in
Active Markets
Available (Level 1)
 
  
Significant Other
Observable Inputs
(Level 2)
 
  
Significant
Unobservable Inputs
(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      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(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 o
utsi
de 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 0.25% on the
non-mandatory
portion starting
2022
. 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, 2021. The following benefit payments reflect future employee service as appropriate (in millions):
2022
    $ 8.1  
2023
      8.0  
2024
      8.5  
2025
      8.4  
2026
      8.5  
2027-2031
      47.5