XML 66 R48.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of changes in benefit obligations and plan assets and funded status The following table presents changes in benefit obligations and plan assets and the funded status of our plans:
(in millions)
U.S. pension plans
Year ended December 31,
Non-U.S. pension plans
Year ended December 31,
U.S. medical plan
Year ended December 31,
202120202021202020212020
Benefit obligation:
Beginning balance$246.0 $228.8 $301.4 $258.1 $15.3 $15.5 
Service cost3.6 3.2 5.5 5.0 0.2 0.2 
Interest cost4.4 6.3 2.6 3.4 0.3 0.4 
Employee contributions— — 1.2 1.1 — — 
Actuarial (gain) loss(7.6)24.4 (1.7)22.9 (0.5)(0.4)
Benefits paid(16.3)(16.7)(3.3)(4.3)(0.4)(0.4)
Settlements and curtailments— — (1.7)(3.6)— — 
Currency translation— — (11.1)18.5 — — 
Other— — (1.3)0.3 — — 
Ending balance230.1 246.0 291.6 301.4 14.9 15.3 
Fair value of plan assets:
Beginning balance286.6 256.0 167.5 147.2 — — 
Return (loss) on plan assets(2.1)46.6 16.9 14.5 — — 
Employer contributions0.7 0.7 5.2 5.0 0.4 0.4 
Employee contributions— — 1.2 1.1 — — 
Benefits paid(16.3)(16.7)(3.3)(4.3)(0.4)(0.4)
Settlements and curtailments— — (1.7)(3.6)— — 
Currency translation— — (3.0)7.6 — — 
Other— — — — — — 
Ending balance268.9 286.6 182.8 167.5 — — 
Funded status at end of year$38.8 $40.6 $(108.8)$(133.9)$(14.9)$(15.3)
Schedule of other balance sheet information The following table presents other balance sheet information for defined benefit plans:
(in millions)
U.S. pension plans
December 31,
Non-U.S. pension plans
December 31,
U.S. medical plan
December 31,
202120202021202020212020
Accumulated benefit obligation$222.1 $238.8 $277.5 $294.9 $14.7 $15.3 
Amounts recorded in balance sheet:
Other assets$49.2 $51.8 $2.9 $— $— $— 
Other current liabilities(0.7)(0.7)(2.9)(2.7)(0.8)(0.7)
Other liabilities(9.7)(10.5)(108.8)(131.2)(14.1)(14.6)
Funded status$38.8 $40.6 $(108.8)$(133.9)$(14.9)$(15.3)
Components of AOCI, excluding tax effects:
Actuarial (loss) gain$(16.4)$(9.6)$(20.9)$(36.1)$6.8 $6.8 
Prior service gain (loss)— — 1.0 (0.3)0.2 0.4 
Schedule of assumptions used The following table presents the assumptions used to determine the benefit obligation:
U.S. pension plans
December 31,
Non-U.S. pension plans
December 31,
U.S. medical plan
December 31,
202120202021202020212020
Discount rate2.8 %2.5 %1.3 %1.0 %2.8 %2.4 %
Annual rate of salary increase2.5 %2.5 %1.8 %1.8 %— — 
Health care cost trends:
Initial rate
n/a
n/an/an/a5.4 %5.4 %
Ultimate raten/an/an/an/a4.0 %4.5 %
Year ultimate rate is reachedn/an/an/an/a20462037
Schedule of future benefits expected to be paid The following table presents future benefits expected to be paid:
(in millions)
December 31, 2021
U.S. pension plansNon-U.S. pension plansU.S. medical plan
2022$14.1 $8.0 $0.7 
202313.6 8.2 0.8 
202413.2 7.9 0.9 
202513.1 8.7 0.9 
202613.2 9.5 0.9 
2027 – 203165.3 50.9 5.0 
Schedule of allocation of plan assets
The following table presents the allocation of plan assets:
(in millions)
December 31, 2021December 31, 2020
TotalLevel 1Level 2Level 3
NAV1
TotalLevel 1Level 2Level 3
NAV1
U.S. plans:
Cash$4.2 $4.2 $— $— $— $1.0 $1.0 $— $— $— 
Fixed income211.7 — 211.7 — — 231.5 — 231.5 — — 
Equity53.0 — 53.0 — — 54.1 54.1 — — — 
Total$268.9 $4.2 $264.7 $— $— $286.6 $55.1 $231.5 $— $— 
Non-U.S. plans:
Cash$1.4 $1.4 $— $— $— $0.4 $0.3 $0.1 $— $— 
Fixed income93.3 — 93.3 — — 39.7 — 39.7 — — 
Equity19.6 — 19.6 — — 36.8 — 36.8 — — 
Other27.1 — 12.9 — 14.252.3 — 52.3 — — 
Insurance contracts
41.4 — — 41.4 — 38.3 — — 38.3 — 
Total$182.8 $1.4 $125.8 $41.4 $14.2 $167.5 $0.3 $128.9 $38.3 $— 
━━━━━━━━━
1.Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
Schedule of changes to plan assets measured using unobservable inputs The following table presents changes to plan assets of non-U.S. plans that were measured using unobservable inputs:
(in millions)
Year ended December 31,
20212020
Beginning balance$38.3 $33.6 
Purchases9.1 3.6 
Actual returns0.5 0.5 
Settlements(4.8)(2.6)
Currency translation(1.7)3.2 
Ending balance$41.4 $38.3