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Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Plan Assets
The following table sets forth the changes in our benefit obligations and plan assets for our pension and postretirement plans. The table also presents the line items in the consolidated balance sheet where the related assets and liabilities are recorded:
Pension PlansPostretirement Benefit Obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7,
2019		Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7,
2019
Change in Benefit Obligation:
Benefit obligation at the beginning of the period$(1,762.4)$— $(1,897.2)$(2.0)$— $(5.3)
Take-Private Transaction assumed benefit obligation— (1,790.8)— — (5.6)— 
Service cost(1.7)(1.4)(0.3)— — — 
Interest cost(42.2)(46.7)(6.8)— (0.1)— 
Benefits paid86.6 187.6 198.9 0.8 0.7 0.1 
Plan amendment— — — — 3.0 — 
Settlement7.5 — — — — — 
Plan participant contributions(0.1)(0.2)— (0.1)(0.1)— 
Actuarial (loss) gain(162.5)(111.2)(80.5)(0.3)0.1 (0.4)
Effect of changes in foreign currency exchange rates(11.1)0.3 (4.9)— — — 
Benefit obligation at the end of the period$(1,885.9)$(1,762.4)$(1,790.8)$(1.6)$(2.0)$(5.6)
Change in Plan Assets:
Fair value of plan assets at the beginning of the period$1,572.9 $— $1,413.1 $— $— $— 
Take-Private Transaction acquired plan assets— 1,477.3 — — — — 
Actual return on plan assets109.6 169.5 67.3 — — — 
Employer contributions5.1 113.5 191.0 0.7 0.6 0.1 
Plan participant contributions0.1 0.2 — 0.1 0.1 — 
Benefits paid(86.6)(187.6)(198.9)(0.8)(0.7)(0.1)
Settlement(7.5)— — — — — 
Effect of changes in foreign currency exchange rates10.5 — 4.8 — — — 
Fair value of plan assets at the end of the period$1,604.1 $1,572.9 $1,477.3 $— $— $— 
Net funded status of plan$(281.8)$(189.5)$(313.5)$(1.6)$(2.0)$(5.6)
Pension PlansPostretirement Benefit Obligations
December 31,
2020		December 31,
2019		December 31,
2020		December 31,
2019
Amounts recorded in the consolidated balance sheets:
Prepaid pension costs$4.3 $9.9 $— $— 
Short-term pension and postretirement benefits(0.4)(0.3)(0.2)(0.4)
Long-term pension and postretirement benefits(285.7)(199.1)(1.4)(1.6)
Net amount recognized$(281.8)$(189.5)$(1.6)$(2.0)
Accumulated benefit obligation$1,878.7 $1,755.8 N/AN/A
Amount recognized in accumulated other comprehensive loss consists of:
Actuarial loss (gain)$164.2 $24.3 $0.2 $(0.2)
Prior service cost (credit)0.5 — (2.6)(3.1)
Total amount recognized - pretax$164.7 $24.3 $(2.4)$(3.3)
Schedule of Underfunded or Unfunded Accumulated Benefit Obligation and Related Projected Benefit Obligation
At December 31, 2020 and December 31, 2019, our underfunded or unfunded accumulated benefit obligation and the related projected benefit obligation were as follows:
20202019
Accumulated benefit obligation$1,852.3 $1,437.9 
Fair value of plan assets1,572.2 1,240.0 
Unfunded accumulated benefit obligation$280.1 $197.9 
Projected benefit obligation$1,858.2 $1,439.5 
Schedule of Components of Net Periodic Cost (Income)
The following table sets forth the components of the net periodic cost (income) associated with our pension plans and our postretirement benefit obligations:
Pension PlansPostretirement Benefit Obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018
Components of net periodic cost (income):
Service cost$1.7 $1.4 $0.3 $3.7 $— $— $— $0.5 
Interest cost42.2 46.7 6.8 57.2 — 0.1 — 0.3 
Expected return on plan assets(87.7)(82.7)(10.6)(96.4)— — — — 
Amortization of Prior Service Cost (Credit)— — — 0.2 (0.4)— (0.1)(0.3)
Recognized actuarial loss (gain)— — 4.0 42.5 — — (0.1)(1.5)
Net periodic cost (income)$(43.8)$(34.6)$0.5 $7.2 $(0.4)$0.1 $(0.2)$(1.0)
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
The following table sets forth other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Pension PlansPostretirement Benefit Obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Actuarial (loss) gain arising during the year, before tax benefit (expense) of $34.6 and $6.1 for the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively, and $15.7 in 2018 (1)
$(139.9)$(24.3)$— $(71.7)$(0.4)$0.2 $— $(0.1)
Prior service credit (cost) arising during the year, before tax benefit (expense) of $0.1 and $(0.8) for the year ended December 31, 2020 and period from February 8 to December 31, 2019, respectively, and $(1.2) in 2018 (1)
$(0.5)$— $— $(4.0)$(0.1)$3.1 $— $9.8 
Less:
Amortization of actuarial (loss) gain, before tax benefit (expense) of $(22.2) for the period from January 1 to February 7, 2019, and $(9.0) in 2018 (2)
$— $— $(87.7)$(42.5)$— $— $0.1 $1.5 
Amortization of prior service (cost) credit, before tax benefit (expense) of $(0.1) for the year ended December 31, 2020
$— $— $— $(0.2)$0.4 $— $0.1 $0.3 
(1)In connection with the Take-Private Transaction, we have remeasured our global pension and postretirement plans on February 8, 2019 in accordance with the guidance within ASC 805 and ASC 715 to recognize as part of the transaction an asset or a liability representing the funded status of each of the plans. The unrecognized actuarial losses or gains were set to zero as of February 8, 2019 as a result of purchase accounting.
(2)For the period from January 1 to February 7, 2019, amortization of actuarial loss included the impact of the settlement charge related to the U.S. Non-Qualified plans.
Schedule of Weighted-Average Assumptions Used to Determine Projected Benefit Obligations and Periodic Benefit Cost
The following table sets forth the significant weighted-average assumptions we used to determine the projected benefit obligation and the periodic benefit cost:
Pension PlansPostretirement Benefit Obligations
SuccessorPredecessorSuccessorPredecessor
Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019Year ended December 31, 2018
Discount rate for determining projected benefit obligation at December 312.00 %2.79 %3.57 %3.86 %1.20 %2.35 %3.64 %3.88 %
Discount rate in effect for determining service cost2.11 %3.11 %3.16 %2.99 %N/AN/AN/A3.15 %
Discount rate in effect for determining interest cost2.48 %3.29 %3.51 %2.90 %2.10 %3.25 %3.52 %2.85 %
Weighted average expected long-term return on plan assets6.19 %6.72 %6.56 %6.72 %N/AN/AN/AN/A
Rate of compensation increase for determining projected benefit obligation at December 313.00 %3.00 %3.00 %2.99 %N/AN/AN/AN/A
Rate of compensation increase for determining net pension cost3.00 %3.07 %3.04 %6.10 %N/AN/AN/AN/A
Schedule of Plan Assets at Fair Value
The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2020 (Successor):
Asset categoryQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)		Total
Short-term investment funds$21.2 $— $— $21.2 
Aon Hewitt Collective Trust Investment Funds:
Equity funds$448.5 $— $— $448.5 
Fixed income funds475.3 — — 475.3 
Real estate funds6.8 — — 6.8 
Total Aon Hewitt Collective Trust Investment Funds$930.6 $— $— $930.6 
Total$951.8 $— $— $951.8 
Other Investments Measured at Net Asset Value
Aon Hewitt Collective Investment Trust Funds$147.5 
Aon Alternative Investment Funds:
Fixed income funds137.3 
Venture Capital Fund4.7 
Other Non-U.S. commingled equity and fixed income362.9 
Total other investments measured at net asset value$504.9 
Total investments at fair value$1,604.2 
The following table sets forth by level, within the fair value hierarchy, the plan assets at fair value as of December 31, 2019 (Successor):
Asset categoryQuoted Prices in Active Markets for Identical Assets (Level I)Significant Other Observable Inputs
(Level II)		Significant Unobservable Inputs
(Level III)		Total
Short-Term investment funds$16.1 $— $— $16.1 
Aon Hewitt Collective Trust Funds:
Equity funds$450.8 $— $— $450.8 
Fixed income funds565.4 — — 565.4 
Real estate funds76.1 — — 76.1 
Total Aon Hewitt Trust Funds$1,092.3 $— $— $1,092.3 
Total$1,108.4 $— $— $1,108.4 
Other Investments Measured at Net Asset Value
Aon Alternative Investment Funds:
Fixed income funds$127.4 
Venture Capital Fund3.9 
Other Non-U.S. commingled equity and fixed income333.2 
Total other investments measured at net asset value$464.5 
Total investments at fair value$1,572.9 
Schedule of Weighted Average Asset Allocations and Target Asset Allocations by Asset Category
The following table sets forth the weighted average asset allocations and target asset allocations by asset category, as of the measurement dates of the plans:
Asset AllocationsTarget Asset Allocations
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Return-Seeking assets 58 %59 %56 %56 %
Liability-Hedging assets42 %41 %44 %44 %
Total100 %100 %100 %100 %
Schedule of Expected Benefit Payments
The following table summarizes expected benefit payments from our pension plans and postretirement plans through 2030. Actual benefit payments may differ from expected benefit payments. These amounts are net of expected plan participant contributions:
Pension PlansPostretirement Benefit Plans
2021$96.0 $0.3 
2022$97.4 $0.2 
2023$99.3 $0.2 
2024$100.3 $0.2 
2025$101.1 $0.2 
2026 - 2030$510.2 $0.6 
Schedule of Healthcare Trend Assumptions
The following table presents healthcare trend assumptions used to determine the year end benefit obligation:
20202019
Medical (1)5.3 %5.3 %
Prescription drug (1)8.5 %8.0 %
(1)    The rates are assumed to decrease to 5.0% in 2026 and remain at that level thereafter.