XML 73 R47.htm IDEA: XBRL DOCUMENT v3.22.4
Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2022
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,
202220212022202120222021
Benefit obligation:
Beginning balance$230.1 $246.0 $291.6 $301.4 $14.9 $15.3 
Service cost3.4 3.6 4.1 5.5 0.1 0.2 
Interest cost5.3 4.4 3.3 2.6 0.3 0.3 
Employee contributions— — 1.2 1.2 — — 
Actuarial gain
(54.4)(7.6)(92.6)(1.7)(4.7)(0.5)
Benefits paid(15.7)(16.3)(5.6)(3.3)(0.4)(0.4)
Settlements and curtailments— — (1.5)(1.7)— — 
Currency translation— — (21.1)(11.1)— — 
Other— — (0.1)(1.3)— — 
Ending balance168.7 230.1 179.3 291.6 10.2 14.9 
Fair value of plan assets:
Beginning balance268.9 286.6 182.8 167.5 — — 
(Loss) return on plan assets
(42.5)(2.1)(49.4)16.9 — — 
Employer contributions0.7 0.7 5.6 5.2 0.4 0.4 
Employee contributions— — 1.2 1.2 — — 
Benefits paid(15.7)(16.3)(5.6)(3.3)(0.4)(0.4)
Settlements and curtailments— — (1.5)(1.7)— — 
Currency translation— — (14.7)(3.0)— — 
Other— — 0.2 — — — 
Ending balance211.4 268.9 118.6 182.8 — — 
Funded status at end of year$42.7 $38.8 $(60.7)$(108.8)$(10.2)$(14.9)
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,
202220212022202120222021
Accumulated benefit obligation$164.0 $222.1 $176.5 $277.5 $10.0 $14.7 
Amounts recorded in balance sheet:
Other assets$47.8 $49.2 $4.3 $2.9 $— $— 
Other current liabilities(0.7)(0.7)(2.8)(2.9)(0.8)(0.8)
Other liabilities(4.4)(9.7)(62.2)(108.8)(9.4)(14.1)
Funded status$42.7 $38.8 $(60.7)$(108.8)$(10.2)$(14.9)
Components of AOCI, excluding tax effects:
Actuarial (loss) gain
$(16.1)$(16.4)$21.0 $(20.9)$10.8 $6.8 
Prior service gain
— — 1.2 1.0 — 0.2 
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,
202220212022202120222021
Discount rate5.4 %2.8 %4.1 %1.3 %5.4 %2.8 %
Annual rate of salary increase3.5 %2.5 %1.9 %1.8 %— — 
Health care cost trends:
Initial rate
n/a
n/an/an/a5.9 %5.4 %
Ultimate raten/an/an/an/a4.0 %4.0 %
Year ultimate rate is reachedn/an/an/an/a20462046
Schedule of future benefits expected to be paid The following table presents future benefits expected to be paid:
(in millions)
December 31, 2022
U.S. pension plansNon-U.S. pension plansU.S. medical plan
2023$12.7 $8.0 $0.7 
202412.8 7.7 0.8 
202513.2 8.2 0.8 
202613.2 8.9 0.8 
202713.2 9.3 0.8 
2028 – 203265.2 56.4 4.3 
Schedule of allocation of plan assets
The following table presents the allocation of plan assets:
(in millions)
December 31, 2022December 31, 2021
TotalLevel 1Level 2Level 3
NAV1
TotalLevel 1Level 2Level 3
NAV1
U.S. plans:
Cash$5.2 $5.2 $— $— $— $4.2 $4.2 $— $— $— 
Fixed income164.5 — 164.5 — — 211.7 — 211.7 — — 
Equity41.7 — 41.7 — — 53.0 — 53.0 — — 
Total$211.4 $5.2 $206.2 $— $— $268.9 $4.2 $264.7 $— $— 
Non-U.S. plans:
Cash$0.7 $0.7 $— $— $— $1.4 $1.4 $— $— $— 
Fixed income46.1 — 46.1 — — 93.3 — 93.3 — — 
Equity8.9 — 8.9 — — 19.6 — 19.6 — — 
Other19.5 — 6.3 — 13.2 27.1 — 12.9 — 14.2 
Insurance contracts
43.4 — — 43.4 — 41.4 — — 41.4 — 
Total$118.6 $0.7 $61.3 $43.4 $13.2 $182.8 $1.4 $125.8 $41.4 $14.2 
━━━━━━━━━
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,
20222021
Beginning balance$41.4 $38.3 
Purchases4.1 9.1 
Actual returns0.5 0.5 
Settlements(1.5)(4.8)
Currency translation(1.1)(1.7)
Ending balance$43.4 $41.4