XML 71 R58.htm IDEA: XBRL DOCUMENT v3.22.0.1
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [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, 2021 and 2020, were as follows:
 PensionsOther
Post-retirement
Benefits
 2021202020212020
(In millions)U.S.Int’lU.S.Int’l  
Accumulated benefit obligation$653.6 $589.1 $684.7 $598.1 
Projected benefit obligation at January 1$684.7 $656.4 $669.7 $585.1 $9.4 $10.2 
Service cost— 10.0 — 10.4 — — 
Interest cost18.0 9.8 22.2 11.3 0.3 0.4 
Actuarial (gain) loss7.1 (32.5)53.9 30.4 (0.7)(0.2)
Settlements(22.6)— (25.6)(2.6)— — 
Foreign currency exchange rate changes— (11.9)— 23.6 (0.2)(0.6)
Plan participants’ contributions— 0.9 — 1.1 — — 
Benefits paid(33.6)(22.0)(35.5)(17.8)(0.4)(0.4)
Other— (9.1)— 14.9 — — 
Projected benefit obligation as of December 31653.6 601.6 684.7 656.4 8.4 9.4 
Fair value of plan assets at January 1483.7 591.5 520.0 521.2 — — 
Actual return on plan assets61.1 46.4 14.3 40.1 — — 
Company contributions28.9 19.6 — 27.1 — — 
Foreign currency exchange rate changes— (8.9)— 20.4 — — 
Settlements(22.6)— (19.6)(1.9)— — 
Plan participants’ contributions— 0.9 — 1.1 — — 
Benefits paid(33.6)(22.0)(31.0)(15.8)— — 
Other— — — (0.7)— — 
Fair value of plan assets as of December 31517.5 627.5 483.7 591.5 — — 
Funded status of the plans (liability) as of December 31$(136.1)$25.9 $(201.0)$(64.9)$(8.4)$(9.4)
Schedule of funded status recognized in the consolidated balance sheets
 PensionsOther
Post-retirement
Benefits
 2021202020212020
(In millions)U.S.Int’lU.S.Int’l  
Current portion of accrued pension and other post-retirement benefits$(2.9)$(1.7)$(4.6)$(1.6)$(0.6)$(0.7)
Accrued pension and other post-retirement benefits, net of current portion(133.2)27.6 (196.4)(63.3)(7.8)(8.7)
Funded status as of December 31$(136.1)$25.9 $(201.0)$(64.9)$(8.4)$(9.4)
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 as of December 31, 2021 and 2020 that have not been recognized as components of net periodic benefit cost:
 PensionsOther
Post-retirement
Benefits
 2021202020212020
(In millions)U.S.Int’lU.S.Int’l  
Pre-tax amounts recognized in accumulated other comprehensive (income) loss
Unrecognized actuarial loss$156.6 $15.9 $198.4 $79.1 $0.4 $1.3 
Unrecognized prior service cost— 3.4 — 3.9 — — 
Accumulated other comprehensive (income) loss as of December 31$156.6 $19.3 $198.4 $83.0 $0.4 $1.3 
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 as of December 31, 2021 and 2020:
 PensionsOther
Post-retirement
Benefits
 2021202020212020
(In millions)U.S.Int’lU.S.Int’l  
Plans with underfunded or non-funded projected benefit obligation
Aggregate projected benefit obligation$652.2 $57.9 $684.7 $513.1 $8.4 $9.4 
Aggregate fair value of plan assets$516.0 $— $483.7 $442.7 $— $— 
Schedule of plans with underfunded or non-funded accumulated benefit obligation
 PensionsOther
Post-retirement
Benefits
 2021202020212020
(In millions)U.S.Int’lU.S.Int’l  
Plans with underfunded or non-funded accumulated benefit obligation
Aggregate accumulated benefit obligation$652.2 $46.7 $684.7 $50.8 $— $— 
Aggregate fair value of plan assets$516.0 $— $483.7 $— $— $— 
Schedule of components of net periodic benefit cost (income)
The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2021, 2020 and 2019:
 PensionsOther Post-retirement
Benefits
 202120202019202120202019
(In millions)U.S.Int’lU.S.Int’lU.S.Int’l   
Components of net periodic benefit cost (income)
Service cost$— $10.0 $— $10.4 $— $7.0 $— $— $— 
Interest cost18.0 9.8 22.2 11.3 25.6 13.7 0.3 0.4 0.5 
Expected return on plan assets(31.9)(25.0)(45.4)(36.5)(41.6)(31.3)— — — 
Settlement cost2.8 — 1.4 0.5 — — — — — 
Curtailment benefit— 0.4 — — — — — — — 
Amortization of net actuarial loss (gain)16.8 1.4 6.9 0.6 1.8 0.3 0.1 0.1 — 
Amortization of prior service cost (credit)— 0.5 — 0.6 — 0.4 — — — 
Net periodic benefit cost (income)$5.7 $(2.9)$(14.9)$(13.1)$(14.2)$(9.9)$0.4 $0.5 $0.5 
Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019:
 PensionsOther Post-retirement
Benefits
 202120202019202120202019
(In millions)U.S.Int’lU.S.Int’lU.S.Int’l   
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial gain (loss) arising during period$(22.1)$(58.4)$(85.1)$(26.8)$(50.2)$(37.5)$— $— $— 
Prior service (cost) credit arising during period— 0.6 — — — (0.9)— — — 
Settlements and curtailments(2.8)(0.4)1.4 0.4 — — — — — 
Amortization of net actuarial loss (gain)(16.8)(1.4)6.9 0.6 1.8 0.3 — (0.1)— 
Amortization of prior service cost (credit)— (0.5)— 0.6 — 0.4 — — — 
Other— — — (7.5)— (1.5)(0.9)(0.6)1.5 
Total recognized in other comprehensive income (loss)$(41.7)$(60.1)$(76.8)$(32.7)$(48.4)$(39.2)$(0.9)$(0.7)$1.5 
Included in accumulated other comprehensive income (loss) as of December 31, 2021, are noncash, pre-tax charges which have not yet been recognized in net periodic benefit cost (income). 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:
 PensionsOther
Post-retirement
Benefits
(In millions)U.S.Int’l 
Net actuarial losses$12.0 $— $— 
Prior service cost$— $0.4 $— 
Schedule of weighted-average assumptions The following weighted-average assumptions were used to determine the benefit obligations: 
 PensionsOther
Post-retirement
Benefits
 2021202020212020
 U.S.Int’lU.S.Int’l  
Discount rate2.90 %1.99 %2.70 %1.48 %5.26 %3.63 %
Rate of compensation increaseN/A3.15 %N/A2.93 %4.00 %4.00 %
The following weighted-average assumptions were used to determine net periodic benefit cost: 
 PensionsOther
Post-retirement
Benefits
202120202019202120202019
 U.S.Int’lU.S.Int’lU.S.Int’l   
Discount rate2.70 %3.09 %3.40 %2.01 %4.40 %2.89 %4.46 %4.48 %5.32 %
Rate of compensation increaseN/A3.15 %N/A3.84 %N/A3.80 %4.00 %4.00 %4.00 %
Expected rate of return on plan assets6.75 %2.22 %7.75 %7.27 %8.65 %7.15 %N/AN/AN/A
Schedule of pension plan assets
Our pension plan assets measured at fair value on a recurring basis are as follows as of December 31, 2021 and 2020. 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, 2021TotalLevel 1Level 2Level 3
Net Asset Value (a)
TotalLevel 1Level 2Level 3
Net Asset Value (a)
Cash and cash equivalents$43.4 $43.4 $— $— $— $40.5 $40.5 $— $— $— 
Equity securities
U.S. companies102.1 102.1 — — — 45.5 45.5 — — — 
International companies2.1 2.1 — — — 143.4 143.4 — — — 
Registered investment companies37.9 — — — 37.9 36.0 — — — 36.0 
Insurance contracts— — — — — — — — — — 
Hedge funds 138.8 — — — 138.8 291.0 — — — 291.0 
Limited partnerships 192.5 — — — 192.5 3.6 — — — 3.6 
Real estate and other investments0.6 0.6 — — — 69.7 69.7 — — — 
Total assets$517.4 $148.2 $— $— $369.2 $629.7 $299.1 $— $— $330.6 
December 31, 2020        
Cash and cash equivalents$38.1 $38.1 $— $— $— $66.3 $66.3 $— $— $— 
Equity securities
U.S. companies83.3 83.3 — — — 96.3 96.3 — — — 
International companies1.1 1.1 — — — 208.4 208.4 — — — 
Registered investment companies38.4 — — — 38.4 68.2 — — — 68.2 
Hedge funds160.9 — — — 160.9 98.3 — — — 98.3 
Limited partnerships 160.9 — — — 160.9 14.5 — — — 14.5 
Real estate and other investments1.0 1.0 — — — 39.5 39.5 — — — 
Total assets$483.7 $123.5 $— $— $360.2 $591.5 $410.5 $— $— $181.0 
(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 2031. Actual benefit payments may differ from expected benefit payments.
 PensionsOther
Post-retirement
Benefits
(In millions)U.S.International 
2022$33.3 $22.0 $0.6 
202331.4 22.4 0.6 
202431.7 23.8 0.6 
202532.3 24.4 0.5 
202632.7 25.6 0.5 
2027-2031165.9 149.9 2.3