Defined Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. The table below provides summary information on our defined benefit plans:

	December 31,
	2022		2021		2020 (a)
	in millions
Fair value of plan assets (b)	$	1,066.1	$	1,269.9	$	1,196.8
Projected benefit obligation	$	1,016.0	$	1,280.5	$	1,302.7
Net asset (liability)	$	50.1	$	(10.6)	$	(105.9)

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(a)Due to the held-for-sale presentation of the U.K. JV Entities at December 31, 2020, amounts exclude the defined benefit pension plans associated with such entities.

(b)The fair value of plan assets at December 31, 2022 includes $976.6 million and $89.5 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets.

Our net periodic pension cost was $1.8 million, $10.9 million and $14.8 million during 2022, 2021 and 2020, respectively, including $39.6 million, $57.4 million and $33.4 million, respectively, representing the service cost component. These amounts exclude aggregate curtailment gains of $4.0 million, $7.5 million and nil, respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

During 2022, our subsidiaries’ contributions to their respective defined benefit plans aggregated $42.7 million. Based on December 31, 2022 exchange rates and information available as of that date, we expect this amount to be $42.1 million in 2023.