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Post Employment Plans
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Post employment plans POST-EMPLOYMENT PLANS
On December 31, 2020, we adopted ASU 2018-14: Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU remove the disclosure of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. Additionally, Subtopic 715-20 adds disclosure requirements to explain the reasons for significant gains and losses related to changes in the benefit obligation for the period.

Defined Contribution Plans

    We have a qualified profit-sharing and investment plan under Section 401(k) of the IRS, which covers substantially all U.S. employees. Our contributions to the plan include an annual nondiscretionary contribution of 3% of an employee's eligible compensation and a discretionary contribution at the option of the Board of Directors. Additionally, we match a portion of employees' contributions.

We also have a defined contribution plan that covers our Ireland employees. We contribute up to 18% of each participating employee’s annual eligible salary on a monthly basis.

    We assumed a number of defined contribution plans associated with the Omega acquisition and we pay contributions to the pension insurance plans.

    Our contributions to all of the plans were as follows (in millions):
                
Year Ended
December 31,
2020		December 31,
2019		December 31, 2018
$27.3 $26.6 $25.2 
    

Pension and Post-Retirement Healthcare Benefit Plans

We have a number of defined benefit plans for employees based primarily in Ireland, the Netherlands, Belgium, Germany, Switzerland, Greece and France.
        Our defined benefit pension plans are managed externally and the related pension costs and liabilities are assessed at least annually in accordance with the advice of a qualified professional actuary. We used a December 31, 2020 measurement date and all plan assets and liabilities are reported as of that date.

    We provide certain healthcare benefits to eligible U.S. employees and their dependents who meet certain age and service requirements when they retire. Generally, benefits are provided to eligible retirees after age 65 and to their dependents. Increases in our contribution for benefits are limited to increases in the Consumer Price Index. Additional healthcare cost increases are paid through participant contributions. We accrue the expected costs of such benefits during a portion of the employees’ years of service. The plan is not funded. Under current plan provisions, the plan is not eligible for any U.S. federal subsidy related to the Medicare Modernization Act of 2003 Part D Subsidy.

The change in the projected benefit obligation and plan assets consisted of the following (in millions):
Pension BenefitsOther Benefits
Year EndedYear Ended
December 31,
2020		December 31, 2019December 31,
2020		December 31, 2019
Projected benefit obligation at beginning of period$186.9 $168.6 $3.7 $5.6 
Curtailment— (2.5)— — 
Service costs2.7 2.5 — 0.6 
Interest cost2.8 3.8 0.1 0.2 
Actuarial loss (gain)7.0 22.7 (0.2)0.3 
Amendments— — — (2.9)
Contributions paid0.2 0.3 — — 
Benefits paid (2.3)(1.6)(0.1)(0.1)
Settlements— (3.8)— — 
Foreign currency translation17.0 (3.1)— — 
Projected benefit obligation at end of period$214.3 $186.9 $3.5 $3.7 
Fair value of plan assets at beginning of period165.4 151.9 — — 
Actual return on plan assets8.3 19.8 — — 
Benefits paid (2.3)(1.6)(0.1)(0.1)
Settlements— (3.8)— — 
Employer contributions2.3 2.0 0.1 0.1 
Contributions paid0.2 0.3 — — 
Foreign currency translation15.2 (3.2)— — 
Fair value of plan assets at end of period$189.1 $165.4 $— $— 
Unfunded status$(25.2)$(21.5)$(3.5)$(3.7)
Presented as:
Other non-current assets$17.9 $15.8 $— $— 
Other non-current liabilities$(43.1)$(37.3)$— $— 
        
The total accumulated benefit obligation for the defined benefit pension plans was $207.5 million and $180.8 million at December 31, 2020 and December 31, 2019 respectively.

The following information relates to pension plans with an accumulated benefit obligation in excess of plan assets (in millions):
Year Ended
December 31,
2020		December 31, 2019
Accumulated benefit obligation $107.4 $93.7 
Fair value of plan assets$71.1 $62.1 

The following information relates to pension plans with a projected benefit obligation in excess of plan assets (in millions):
Year Ended
December 31,
2020		December 31, 2019
Projected benefit obligation $114.2 $99.4 
Fair value of plan assets$71.1 $62.1 

The following unrecognized actual gain for the other benefits liability was included in OCI, net of tax (in millions):
Year Ended
December 31,
2020		December 31, 2019December 31,
2018
$0.2 $2.6 $1.3 

The unamortized net actuarial loss (gain) in AOCI net of tax for defined benefit pension and other benefits was as follows (in millions):
Year Ended
December 31,
2020		December 31, 2019December 31,
2018
$11.6 $6.2 $4.4 

    The total estimated credit amount to be recognized from AOCI into net periodic cost during the next year is $1.0 million.

At December 31, 2020, the total estimated future benefit payments to be paid by the plans for the next five years is approximately $14.7 million for pension benefits and $0.8 million for other benefits as follows (in millions):

Payment DuePension BenefitsOther Benefits
2021$2.1 $0.1 
20222.6 0.1 
20232.6 0.2 
20243.5 0.2 
20253.9 0.2 
Thereafter27.4 1.1 

The expected benefits to be paid are based on the same assumptions used to measure our benefit obligation at December 31, 2020, including the expected future employee service. We expect to contribute $2.4 million to the defined benefit plans within the next year.
Net periodic pension cost consisted of the following (in millions):
Pension BenefitsOther Benefits
Year EndedYear Ended
December 31, 2020December 31, 2019December 31, 2018December 31, 2020December 31, 2019December 31, 2018
Service cost$2.7 $2.5 $3.0 $— $0.6 $0.6 
Interest cost2.8 3.8 3.8 0.1 0.2 0.2 
Expected return on assets(4.9)(4.9)(5.3)— — — 
Settlement— 0.9 — — — — 
Curtailment— (2.5)(1.2)— — — 
Net actuarial loss/(gain)0.9 0.8 0.6 (3.2)(0.3)(0.1)
Net periodic pension cost/(gain)$1.5 $0.6 $0.9 $(3.1)$0.5 $0.7 

    The components of the net periodic pension cost, other than the service cost component, are included in the line item Other (income) expense, net in the Consolidated Statement of Operations.

The decrease in the discount rate from 1.06% to 0.95% has increased the liability. This decrease of 0.11% versus the discount rate used at December 31, 2019 is primarily attributable to the reduction in bond yields across the Euro zone.

    The weighted-average assumptions used to determine net periodic pension cost and benefit obligation were:
Pension BenefitsOther Benefits
Year EndedYear Ended
December 31,
2020		December 31, 2019December 31,
2018		December 31,
2020		December 31, 2019December 31,
2018
Discount rate0.95 %1.06 %2.04 %3.14 %4.25 %3.59 %
Inflation1.33 %1.18 %1.45 %
Expected return on assets1.76 %2.54 %2.94 %
Interest crediting rates0.59 %0.83 %1.41 %

The discount rate is based on market yields at the valuation date and chosen with reference to the yields available on high quality corporate bonds, with regards to the duration of the plan's liabilities.

As of December 31, 2020, the expected weighted-average long-term rate of return on assets of 1.8% was calculated based on the assumptions of the following returns for each asset class:

Equities5.0 %
Bonds1.7 %
Absolute return fund4.0 %
Insurance contracts1.6 %
Other0.9 %

    The investment mix of the pension plans' assets is a blended asset allocation, with a diversified portfolio of shares listed and traded on recognized exchanges.     

    Certain of our plans have target asset allocation ranges. As of December 31, 2020, these ranges were as follows:
Equities
20%-30%
Bonds
40%-50%
Absolute return
20%-30%
    Other plans do not have target asset allocation ranges, for such plans, the strategy is to invest mainly in Insurance Contracts.

The purpose of the pension funds is to provide a flow of income for members in retirement. A flow of income delivered through fixed interest bonds provides a costly but close match to this objective. Equities are held within the portfolio as a means of reducing this cost, but holding equities creates a strategic risk because they give a very different pattern of return. Property investments are held to help diversify the portfolio. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and investment portfolio reviews.

The following table sets forth the fair value of the pension plan assets (in millions):     
Year Ended
December 31, 2020December 31, 2019
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Equities$— $42.8 $— $42.8 $0.1 $24.5 $— $24.6 
Bonds1.2 43.0 — 44.2 1.1 32.7 — 33.8 
Insurance contracts— — 64.2 64.2 — — 56.1 56.1 
Absolute return fund— 30.8 — 30.8 — 44.9 — 44.9 
Other— 7.1 —7.1 — 6.0 — 6.0 
Total$1.2 $123.7 $64.2 $189.1 $1.2 $108.1 $56.1 $165.4 

    The following table sets forth a summary of the changes in the fair value of the Level 3 pension plan assets, which were measured at fair value on a recurring basis (in millions):
Year Ended
December 31,
2020		December 31, 2019
Assets at beginning of year$56.1 $49.9 
Actual return on plan assets1.9 8.1 
Purchases, sales and settlements, net1.2 (0.5)
Foreign exchange5.0 (1.4)
Assets at end of year$64.2 $56.1 

    The fair value of the insurance contracts is an estimate of the amount that would be received in an orderly sale to a market participant at the measurement date. The amount the plan would receive from the contract holder if the contracts were terminated is the primary input and is unobservable. The insurance contracts are therefore classified as Level 3 investments.

Deferred Compensation Plans

    We have non-qualified plans related to deferred compensation and executive retention that allow certain employees and directors to defer compensation subject to specific requirements. Although the plans are not formally funded, we own insurance policies that had a cash surrender value of $37.3 million and $34.4 million at December 31, 2020 and December 31, 2019, respectively, that are intended as a long-term funding source for these plans. The assets, which are recorded in Other non-current assets, are not a committed funding source and may, under certain circumstances, be subject to claims from creditors. The deferred compensation liability of $34.2 million and $31.3 million at December 31, 2020 and December 31, 2019, respectively, was recorded in Other non-current liabilities.