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Pension and Other Post-Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plan [Abstract]  
Schedule of funded status The funded status of our U.S. Pension Plans, certain foreign pension plans and U.S. post-retirement health care and life insurance benefit plans, together with the associated balances recognized in our consolidated balance sheets as of December 31, 2019 and 2018, were as follows:
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Accumulated benefit obligation
$
669.6

 
$
773.3

 
$
598.1

 
$
664.3

 
 
 
 
Projected benefit obligation at January 1
$
598.1

 
$
753.4

 
$
659.8

 
$
898.1

 
$
9.5

 
$
10.0

Service cost
—

 
16.3

 
0.2

 
21.2

 
—

 
—

Interest cost
25.6

 
18.3

 
23.8

 
20.9

 
0.5

 
0.4

Actuarial (gain) loss
80.7

 
102.8

 
(47.9
)
 
(40.0
)
 
1.4

 
(0.2
)
Amendments
—

 
0.9

 
0.3

 
2.7

 
—

 
0.1

Curtailments
—

 
—

 
—

 
(4.0
)
 
—

 
—

Settlements
—

 
(0.6
)
 
(5.3
)
 
(89.0
)
 
—

 
(0.1
)
Foreign currency exchange rate changes
—

 
11.1

 
—

 
(25.7
)
 
(0.1
)
 
—

Plan participants’ contributions
—

 
1.1

 
—

 
1.2

 
—

 
—

Benefits paid
(34.7
)
 
(25.7
)
 
(32.8
)
 
(31.7
)
 
(0.5
)
 
(0.5
)
Other
—

 
3.4

 
—

 
(0.3
)
 
(0.2
)
 
(0.2
)
Projected benefit obligation at December 31
669.7

 
881.0

 
598.1

 
753.4

 
10.6

 
9.5

Fair value of plan assets at January 1
477.4

 
570.6

 
576.4

 
699.2

 
—

 
—

Actual return on plan assets
72.0

 
89.1

 
(70.7
)
 
(16.0
)
 
—

 
—

Company contributions
—

 
6.9

 
—

 
18.5

 
—

 
—

Foreign currency exchange rate changes
—

 
13.5

 
—

 
(20.9
)
 
—

 
—

Settlements
—

 
—

 
—

 
(87.6
)
 
—

 
—

Plan participants’ contributions
—

 
1.1

 
—

 
1.2

 
—

 
—

Benefits paid
(29.4
)
 
(19.6
)
 
(28.3
)
 
(23.3
)
 
—

 
—

Other
—

 
(3.8
)
 
—

 
(0.5
)
 
—

 
—

Fair value of plan assets at December 31
520.0

 
657.8

 
477.4

 
570.6

 
—

 
—

Funded status of the plans (liability) at December 31
$
(149.7
)
 
$
(223.2
)
 
$
(120.7
)
 
$
(182.8
)
 
$
(10.6
)
 
$
(9.5
)
Schedule of funded status recognized in the consolidated balance sheets
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Current portion of accrued pension and other post-retirement benefits
(5.5
)
 
(8.8
)
 
(5.5
)
 
(7.9
)
 
(0.6
)
 
(0.7
)
Accrued pension and other post-retirement benefits, net of current portion
(144.2
)
 
(214.4
)
 
(115.2
)
 
(174.9
)
 
(10.0
)
 
(8.8
)
Funded status recognized in the consolidated balance sheets at December 31
$
(149.7
)
 
$
(223.2
)
 
$
(120.7
)
 
$
(182.8
)
 
$
(10.6
)
 
$
(9.5
)
Schedule of pre-tax amounts in accumulated other comprehensive (income) loss
The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss at December 31, 2019 and 2018 that have not been recognized as components of net periodic benefit cost:
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Pre-tax amounts recognized in accumulated other comprehensive (income) loss
 
 
 
 
 
 
 
 
 
 
 
Unrecognized actuarial (gain) loss
$
121.6

 
$
90.7

 
$
73.2

 
$
43.7

 
$
1.9

 
$
0.6

Unrecognized prior service (credit) cost
—

 
7.0

 
—

 
7.0

 
—

 
—

Accumulated other comprehensive (income) loss at December 31
$
121.6

 
$
97.7

 
$
73.2

 
$
50.7

 
$
1.9

 
$
0.6
Schedule of plans with underfunded or non-funded projected benefit obligation
The following tables summarize the projected and accumulated benefit obligations and fair values of plan assets where the projected or accumulated benefit obligation exceeds the fair value of plan assets at December 31, 2019 and 2018:
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Plans with underfunded or non-funded projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Aggregate projected benefit obligation
$
668.4

 
$
741.2

 
$
598.1

 
$
621.1

 
$
10.7

 
$
9.5

Aggregate fair value of plan assets
$
518.8

 
$
522.8

 
$
477.4

 
$
439.8

 
$
—

 
$
—
Schedule of plans with underfunded or non-funded accumulated benefit obligation
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Plans with underfunded or non-funded accumulated benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Aggregate accumulated benefit obligation
$
668.4

 
$
292.1

 
$
598.1

 
$
269.2

 
$
—

 
$
—

Aggregate fair value of plan assets
$
518.8

 
$
140.3

 
$
477.4

 
$
126.6

 
$
—

 
$
—
Schedule of components of net periodic benefit cost (income)
The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2019, 2018 and 2017:
 
Pensions
 
Other Post-retirement
Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
16.3

 
$
0.2

 
$
21.2

 
$
10.3

 
$
21.0

 
$
—

 
$
—

 
$
—

Interest cost
25.6

 
18.3

 
23.8

 
20.9

 
26.7

 
19.6

 
0.5

 
0.4

 
0.3

Expected return on plan assets
(41.6
)
 
(33.5
)
 
(50.1
)
 
(41.2
)
 
(45.5
)
 
(36.3
)
 
—

 
—

 
—

Settlement cost
—

 
0.3

 
0.4

 
0.4

 
—

 
1.5

 
—

 
—

 
—

Curtailment benefit
—

 
—

 
—

 
(3.8
)
 
(26.8
)
 
—

 
—

 
—

 
—

Amortization of net actuarial loss (gain)
1.8

 
0.7

 
—

 
0.6

 
—

 
2.5

 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
1.0

 
—

 
1.3

 
—

 
1.0

 
—

 
—

 
—

Net periodic benefit cost (income)
$
(14.2
)
 
$
3.1

 
$
(25.7
)
 
$
(0.6
)
 
$
(35.3
)
 
$
9.3

 
$
0.5

 
$
0.4

 
$
0.3
Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017:
 
Pensions
 
Other Post-retirement
Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial gain (loss) arising during period
$
(50.2
)
 
$
(47.3
)
 
$
(73.5
)
 
$
(15.3
)
 
$
26.7

 
$
43.3

 
$
—

 
$
—

 
$
(0.8
)
Prior service (cost) credit arising during period
—

 
(0.9
)
 
0.2

 
(2.7
)
 
(0.2
)
 
0.1

 
—

 
—

 
—

Settlements and curtailments
—

 
0.3

 
0.4

 
(3.4
)
 
(26.8
)
 
1.5

 
—

 
—

 
—

Amortization of net actuarial loss (gain)
1.8

 
0.7

 
—

 
0.6

 
—

 
2.5

 
—

 
—

 
—

Amortization of prior service cost (credit)
—

 
1.0

 
—

 
1.3

 
—

 
1.0

 
—

 
—

 
—

Other
—

 
(0.8
)
 
—

 
1.4

 
—

 
(5.1
)
 
(0.1
)
 
(0.1
)
 
—

Total recognized in other comprehensive income (loss)
$
(48.4
)
 
$
(47.0
)
 
$
(72.9
)
 
$
(18.1
)
 
$
(0.3
)
 
$
43.3

 
$
(0.1
)
 
$
(0.1
)
 
$
(0.8
)
Schedule of estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) as a component of net period benefit cost (income), during the next fiscal year are as follows:
 
Pensions
 
Other
Post-retirement
Benefits
(In millions)
U.S.
 
Int’l
 
 
Net actuarial losses (gains)
$
6.9

 
$
1.9

 
$
—

Prior service cost (credit)
$
—

 
$
1.1

 
$
—
Schedule of weighted-average assumptions The following weighted-average assumptions were used to determine the benefit obligations: 
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2019
 
2018
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
Discount rate
3.40
%
 
1.70
%
 
4.40
%
 
2.54
%
 
4.31
%
 
5.04
%
Rate of compensation increase
N/A

 
2.39
%
 
N/A

 
2.24
%
 
4.00
%
 
4.00
%

The following weighted-average assumptions were used to determine net periodic benefit cost: 
 
Pensions
 
Other
Post-retirement
Benefits
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
 
 
 
 
 
Discount rate
4.40
%
 
2.56
%
 
3.70
%
 
2.39
%
 
4.30
%
 
2.37
%
 
5.04
%
 
4.33
%
 
4.05
%
Rate of compensation increase
N/A

 
2.34
%
 
N/A

 
2.39
%
 
4.00
%
 
2.39
%
 
4.00
%
 
4.00
%
 
4.00
%
Expected rate of return on plan assets
8.65
%
 
5.04
%
 
8.57
%
 
4.90
%
 
9.00
%
 
6.24
%
 
N/A

 
N/A

 
N/A
Schedule of pension plan assets
Our pension plan assets measured at fair value on a recurring basis are as follows at December 31, 2019 and 2018. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels.
(In millions)
U.S.
 
International
December 31, 2019
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
$
50.5

 
$
50.5

 
$
—

 
$
—

 
$
10.0

 
$
10.0

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. companies
110.3

 
110.3

 
—

 
—

 
70.4

 
70.4

 
—

 
—

International companies
5.4

 
5.4

 
—

 
—

 
251.5

 
251.5

 
—

 
—

Registered investment companies (a)
36.3

 
—

 
—

 
—

 
63.4

 
—

 
—

 
—

Common/collective trusts (a)
12.5

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Insurance contracts
—

 
—

 
—

 
—

 
138.5

 
—

 
138.5

 
—

Hedge funds (a)
164.3

 
—

 
—

 
—

 
82.0

 
—

 
—

 
—

Limited partnerships (a)
139.4

 
—

 
—

 
—

 
7.9

 
—

 
—

 
—

Real estate and other investments
1.3

 
1.3

 
—

 
—

 
36.0

 
36.0

 
—

 
—

Total assets
$
520.0

 
$
167.5

 
$
—

 
$
—

 
$
659.7

 
$
367.9

 
$
138.5

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
46.8

 
$
46.8

 
$
—

 
$
—

 
$
11.1

 
$
11.1

 
$
—

 
$
—

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. companies
109.4

 
109.4

 
—

 
—

 
92.2

 
92.2

 
—

 
—

International companies
8.5

 
8.5

 
—

 
—

 
186.8

 
186.8

 
—

 
—

Registered investment companies (a)
32.6

 
—

 
—

 
—

 
44.4

 
—

 
—

 
—

Common/collective trusts (a)
11.7

 
—

 
—

 
—

 
10.0

 
—

 
—

 
—

Insurance contracts
—

 
—

 
—

 
—

 
125.0

 
—

 
125.0

 
—

Hedge funds (a)
176.5

 
—

 
—

 
—

 
99.1

 
—

 
—

 
—

Limited partnerships (a)
89.7

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Real estate and other investments
2.2

 
2.2

 
—

 
—

 
1.2

 
1.2

 
—

 
—

Total assets
$
477.4

 
$
166.9

 
$
—

 
$
—

 
$
569.8

 
$
291.3

 
$
125.0

 
$
—


(a)
Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of estimated future benefit payments The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2028. Actual benefit payments may differ from expected benefit payments.
 
Pensions
 
Other
Post-retirement
Benefits
(In millions)
U.S.
 
International
 
 
2020
$
35.9

 
$
32.8

 
$
0.6

2021
36.3

 
28.4

 
0.6

2022
35.7

 
29.5

 
0.6

2023
34.1

 
31.1

 
0.6

2024
34.6

 
33.2

 
0.6

2025-2029
$
177.1

 
$
181.5

 
$
2.6