Pensions and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Projected Benefit Obligations and Plan Assets

The following table details information regarding the Company’s pension plans at December 31:

	U.S.				NON-U.S.
In millions	2020		2019		2020		2019
Change in benefit obligations:
Benefit obligation at beginning of year	$	341.0	$	293.3	$	404.5	$	356.8
Service cost	6.7		6.5		1.7		1.7
Interest cost	9.6		11.7		6.6		8.8
Employee contributions	—		—		0.3		0.3
Amendments	—		—		0.2		(0.8)
Actuarial losses	22.5		42.2		43.4		45.7
Benefits paid	(19.0)		(13.0)		(16.3)		(16.9)
Foreign exchange rate changes	—		—		15.9		13.9
Curtailments and settlements	—		—		(0.6)		(5.0)
Other, including expenses paid	0.6		0.3		—		—
Benefit obligation at end of year	$	361.4	$	341.0	$	455.7	$	404.5
Change in plan assets:
Fair value at beginning of year	$	301.5	$	259.4	$	409.0	$	352.2
Actual return on plan assets	45.2		50.4		52.1		55.2
Company contributions	6.3		6.0		5.1		10.6
Employee contributions	—		—		0.3		0.3
Benefits paid	(19.0)		(13.0)		(16.3)		(16.9)
Foreign exchange rate changes	—		—		15.9		15.2
Curtailment and settlements	—		—		(0.6)		(6.2)
Other, including expenses paid	(1.0)		(1.3)		(1.6)		(1.4)
Fair value of assets at end of year	$	333.0	$	301.5	$	463.9	$	409.0
Funded status:
Plan assets (less than) exceeding benefit obligations	$	(28.4)	$	(39.5)	$	8.2	$	4.5
Amounts included in the balance sheet:
Other noncurrent assets	$	—	$	—	$	37.4	$	29.3
Accrued compensation and benefits	(0.2)		(0.5)		(0.8)		(0.8)
Postemployment and other benefit liabilities	(28.2)		(39.0)		(27.6)		(24.0)
Liabilities held for sale	—		—		(0.8)		—
Net amount recognized	$	(28.4)	$	(39.5)	$	8.2	$	4.5

Schedule of Pension Plan Assets

The fair values of the Company’s U.S. pension plan assets at December 31, 2020, by asset category were as follows:

	Fair value measurements								Total
In millions	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
Cash, cash equivalents and short-term investments	$	—	$	—	$	—	$	2.1	$	2.1
Common collective trusts	—		—		—		288.4		288.4
Other(a)	—		—		—		42.5		42.5
Total U.S. pension plan assets	$	—	$	—	$	—	$	333.0	$	333.0

(a)Includes a group trust diversified credit fund and real estate investment trust.

The fair values of the Company’s U.S. pension plan assets at December 31, 2019, by asset category were as follows:

	Fair value measurements								Total
In millions	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
Cash, cash equivalents and short-term investments	$	—	$	—	$	—	$	4.7	$	4.7
Common collective trusts	—		—		—		262.5		262.5
Other(a)	—		—		—		34.3		34.3
Total U.S. pension plan assets	$	—	$	—	$	—	$	301.5	$	301.5

The fair values of the Company’s non-U.S. pension plan assets at December 31, 2020, by asset category were as follows:

	Fair value measurements								Total
In millions	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
Cash, cash equivalents and short-term investments	$	1.6	$	—	$	—	$	92.5	$	94.1
Equity mutual funds	—		3.3		—		110.0		113.3
Corporate and non-U.S. bonds	—		3.5		—		203.8		207.3
Other(a)	—		0.5		4.2		44.5		49.2
Total non-U.S. pension plan assets	$	1.6	$	7.3	$	4.2	$	450.8	$	463.9

(a) Primarily includes a core diversified credit fund and derivative contracts.

The fair values of the Company’s non-U.S. pension plan assets at December 31, 2019, by asset category were as follows:

	Fair value measurements								Total
In millions	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
Cash, cash equivalents and short-term investments	$	0.9	$	—	$	—	$	56.9	$	57.8
Equity mutual funds	—		2.7		—		102.5		105.2
Corporate and non-U.S. bonds	—		118.0		—		70.1		188.1
Other(a)	—		9.0		3.4		45.5		57.9
Total non-U.S. pension plan assets	$	0.9	$	129.7	$	3.4	$	275.0	$	409.0

(a) Primarily includes a core diversified credit fund and derivative contracts

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive loss were as follows:

	U.S.
In millions	Prior service cost		Net actuarial losses		Total
December 31, 2018	$	(1.5)	$	(69.6)	$	(71.1)
Current year changes recorded to Accumulated other comprehensive loss	—		(4.2)		(4.2)
Amortization reclassified to earnings	0.3		4.7		5.0
December 31, 2019	$	(1.2)	$	(69.1)	$	(70.3)
Current year changes recorded to Accumulated other comprehensive loss	—		8.1		8.1
Amortization reclassified to earnings	0.2		3.6		3.8
December 31, 2020	$	(1.0)	$	(57.4)	$	(58.4)

	NON-U.S.
In millions	Prior service cost		Net actuarial losses		Total
December 31, 2018	$	(4.7)	$	(66.2)	$	(70.9)
Current year changes recorded to Accumulated other comprehensive loss	0.8		(4.8)		(4.0)
Amortization reclassified to earnings	0.2		1.3		1.5
Settlements/curtailments reclassified to earnings	—		2.3		2.3
Currency translation and other	(0.1)		(2.4)		(2.5)
December 31, 2019	$	(3.8)	$	(69.8)	$	(73.6)
Current year changes recorded to Accumulated other comprehensive loss	(0.3)		(4.0)		(4.3)
Amortization reclassified to earnings	0.1		1.3		1.4
Settlements/curtailments reclassified to earnings	—		0.1		0.1
Currency translation and other	(0.1)		(2.6)		(2.7)
December 31, 2020	$	(4.1)	$	(75.0)	$	(79.1)

Schedule of Assumptions Used

Weighted-average assumptions used:

Benefit obligations at December 31,	2020		2019
Discount rate:
U.S. plans	2.5	%	3.3	%
Non-U.S. plans	1.3	%	1.9	%
Rate of compensation increase:
U.S. plans	3.0	%	3.0	%
Non-U.S. plans	3.0	%	3.0	%

Weighted-average assumptions used:

Net periodic pension cost for the year ended December 31,	2020		2019		2018
Discount rate:
U.S. plans	3.3	%	4.3	%	3.6	%
Non-U.S. plans	1.9	%	2.8	%	2.5	%
Rate of compensation increase:
U.S. plans	3.0	%	3.0	%	3.0	%
Non-U.S. plans	3.0	%	3.3	%	3.3	%
Expected return on plan assets:
U.S. plans	5.0	%	5.0	%	5.3	%
Non-U.S. plans	3.3	%	3.8	%	4.0	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information regarding pension plans with accumulated benefit obligations more than plan assets were:

	U.S.				NON-U.S.
In millions	2020		2019		2020		2019
Projected benefit obligation	$	24.0	$	341.0	$	40.3	$	34.0
Accumulated benefit obligation	23.3		332.4		34.0		29.1
Fair value of plan assets	$	—	$	301.5	$	11.1	$	9.5

Schedule of Expected Future Benefit Payments

Future pension benefit payments are expected to be paid as follows:

In millions	U.S.		NON-U.S.
2021	$	20.0	$	18.4
2022	29.2		18.8
2023	22.0		19.7
2024	29.8		20.6
2025	20.0		22.0
2026 - 2030	97.0		118.6

Schedule of Net Periodic Pension Benefit Costs

The components of the Company’s net periodic pension benefit cost (income) for the years ended December 31 were as follows:

	U.S.
In millions	2020		2019		2018
Service cost	$	6.7	$	6.5	$	6.8
Interest cost	9.6		11.7		10.5
Expected return on plan assets	(14.5)		(12.5)		(14.4)
Administrative costs and other	1.6		1.7		1.6
Net amortization of:
Prior service costs	0.2		0.3		0.3
Plan net actuarial losses	3.6		4.7		4.1
Net periodic pension benefit cost	$	7.2	$	12.4	$	8.9

	NON-U.S.
In millions	2020		2019		2018
Service cost	$	1.7	$	1.7	$	1.7
Interest cost	6.6		8.8		8.4
Expected return on plan assets	(12.7)		(13.0)		(15.4)
Administrative costs and other	1.6		1.3		1.8
Net amortization of:
Prior service costs	0.1		0.2		—
Plan net actuarial losses	1.3		1.4		0.9
Net curtailment and settlement losses	0.1		2.3		—
Net periodic pension benefit (income) cost	$	(1.3)	$	2.7	$	(2.6)