Qualified Retirement Benefits. The Company has qualified retirement plans covering certain U.S. employees that have been closed to new participants since 2003 and frozen since December 2013. Plans that cover salaried employees provide retirement benefits based on the employee’s compensation during the ten years before the date of the plan freeze or the date of their actual separation from service, if earlier. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations.

The Company has a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which are German plans. Benefits for these plans are based primarily on each employee's final salary, with annual adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. The employer funded pension plans are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years.

Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit


	Retirement Benefits								Other Benefits
	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019		2020		2019
Change in benefit obligation
Benefit obligation at beginning of year	$	580.0	$	522.2	$	456.1	$	426.5	$	17.1	$	15.3
Service cost	3.8		3.7		9.8		9.8		0.1		0.1
Interest cost	18.9		22.1		4.0		6.5		0.8		1.0
Actuarial loss (gain)	47.7		62.5		14.6		32.7		(1.3)		1.8
Plan participant contributions	—		—		1.4		1.3		—		—
Benefits paid	(30.3)		(30.5)		(21.7)		(17.5)		(0.7)		(0.8)
Plan amendments	—		—		2.1		0.4		—		—

Curtailment	—		—		(1.1)		—		—		—
Settlements	—		—		(0.7)		(5.8)		—		—
Recognition/establishment of Germany benefit obligation	—		—		—		7.1		—		—
Foreign currency impact	—		—		37.6		(3.4)		(2.3)		(0.3)
Acquired benefit plans and other	—		—		(33.4)		(1.5)		—		—
Benefit obligation at end of year	620.1		580.0		468.7		456.1		13.7		17.1
Change in plan assets
Fair value of plan assets at beginning of year	427.8		346.0		359.6		340.9		—		—
Actual return on plan assets	70.2		74.1		15.0		37.3		—		—
Employer contributions	18.7		38.1		8.4		6.9		0.7		0.8
Plan participant contributions	—		—		1.4		1.3		—		—
Benefits paid	(30.3)		(30.4)		(21.7)		(17.5)		(0.7)		(0.8)
Foreign currency impact	—		—		32.1		(3.3)		—		—
Acquired benefit plans and other	—		—		—		(0.2)		—		—
Settlements	—		—		(0.7)		(5.8)		—		—
Fair value of plan assets at end of year	486.4		427.8		394.1		359.6		—		—
Funded status	$	(133.7)	$	(152.2)	$	(74.6)	$	(96.5)	$	(13.7)	$	(17.1)
Amounts recognized in balance sheets
Noncurrent assets	$	2.7	$	1.4	$	—	$	—	$	—	$	—
Current liabilities	3.5		3.5		11.5		8.2		0.9		1.0
Noncurrent liabilities (1)	132.9		150.1		63.1		88.3		12.9		16.1
Accumulated other comprehensive loss:
Unrecognized net actuarial (loss) gain (2)	(154.4)		(159.2)		(4.9)		6.2		(3.8)		(7.4)
Unrecognized prior service (cost) benefit (2)	—		—		1.1		0.3		—		—
Net amount recognized	$	(20.7)	$	(7.0)	$	70.8	$	103.0	$	10.0	$	9.7


	Retirement Benefits								Other Benefits
	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019		2020		2019
Change in accumulated other comprehensive loss
Balance at beginning of year	$	(159.4)	$	(151.4)	$	6.5	$	19.8	$	(7.5)	$	(6.3)
Prior service credit/loss recognized during the year	—		—		0.7		(0.5)		—		—

Net actuarial gains (losses) recognized during the year	7.8		5.1		(0.6)		(1.5)		0.4		0.4
Net actuarial (losses) gains occurring during the year	(2.9)		(13.1)		(12.0)		(7.7)		1.3		(1.9)

Net actuarial losses recognized due to settlement	—		—		1.1		(0.9)		—		—

Acquired benefit plans and other	—		—		0.2		(2.8)		—		—
Foreign currency impact	—		—		0.3		0.1		2.0		0.3

Balance at end of year	$	(154.5)	$	(159.4)	$	(3.8)	$	6.5	$	(3.8)	$	(7.5)


	Retirement Benefits												Other Benefits
	U.S. Plans						Non-U.S. Plans
	2020		2019		2018		2020		2019		2018		2020		2019		2018
Components of net periodic benefit cost
Service cost	$	3.8	$	3.7	$	3.9	$	9.8	$	9.8	$	11.0	$	0.1	$	0.1	$	—
Interest cost	18.9		22.1		20.6		4.0		6.5		6.2		0.8		1.0		0.4
Recognition/establishment of Germany benefit obligation	—		—		—		—		7.1		—		—		—		—
Expected return on plan assets	(25.4)		(24.7)		(24.6)		(13.4)		(12.3)		(10.5)		—		—		—
Other Adjustments	—		—		—		0.2		—		—		—		—		—
Amortization of prior service cost	—		—		—		2.8		(0.1)		—		—		—		—
Recognized net actuarial loss	7.8		5.1		6.6		(0.6)		(1.5)		(0.7)		0.4		0.4		—

Settlement gain	—		—		—		1.1		(0.9)		(2.2)		—		—		—

Net periodic benefit cost	$	5.1	$	6.2	$	6.5	$	3.9	$	8.6	$	3.8	$	1.3	$	1.5	$	0.4

The discount rate is determined by analyzing the average return of high-quality (i.e., AA-rated) fixed-income investments and the year-over-year comparison of certain widely used benchmark indices as of the measurement date. The expected long-term rate of return on plan assets is primarily determined using the plan’s current asset allocation and its expected rates of return. The Company also considers information provided by its investment consultant, a survey of other companies using a December 31 measurement date and the Company’s historical asset performance in determining the expected long-term rate of return. The rate of compensation increase assumptions reflects the Company’s long-term actual experience and future and near-term outlook.

During 2019, the Society of Actuaries released new mortality tables (Pri-2012) and projection scales resulting from recent studies measuring mortality rates for various groups of individuals. As of December 31, 2020, the Company used the Pri-2012 mortality tables and the MP-2020 mortality projection scales. The Pri-2012 mortality tables were also used in 2019, but in conjunction with the MP-2019 mortality projection scaled.

The healthcare trend rates for the postemployment benefits plans in the U.S. are reviewed based upon the results of actual claims experience. The Company used initial healthcare cost trends of 6.3 percent and 6.5 percent in 2020 and 2019, respectively, with an ultimate trend rate of 5.0 percent reached in 2025. Assumed healthcare cost trend rates have a modest effect on the amounts reported for the healthcare plans.

The Company has a pension investment policy in the U.S. designed to achieve an adequate funded status based on expected benefit payouts and to establish an asset allocation that will meet or exceed the return assumption while maintaining a prudent level of risk. The plans' target asset allocation adjusts based on the plan's funded status. As the funded status improves or declines, the debt security target allocation will increase and decrease, respectively. The Company utilizes the services of an outside consultant in performing asset / liability modeling, setting appropriate asset allocation targets along with selecting and monitoring professional investment managers.

The U.S. plan assets are invested in equity and fixed income securities, alternative assets and cash. Within the equities asset class, the investment policy provides for investments in a broad range of publicly-traded securities including both domestic and international stocks diversified by value, growth and cap size. Within the fixed income asset class, the investment policy provides for investments in a broad range of publicly-traded debt securities with a substantial portion allocated to a long duration strategy in order to partially offset interest rate risk relative to the plans’ liabilities. The alternative asset class includes investments in diversified strategies with a stable and proven track record and low correlation to the U.S. stock market. Several plans outside of the U.S. are also invested in various assets, under various investment policies in compliance with local funding regulations.


	U.S. Plans								Non-U.S. Plans
	Fair Value		Level 1		Level 2		NAV		Fair Value		Level 1		Level 2		NAV
Cash and short-term investments	$	16.4	$	16.4	$	—	$	—	$	20.9	$	20.1	$	0.8	$	—
Mutual funds	—		—		—		—		—		—		—		—
Equity securities
U.S. mid cap value	—		—		—		—		—		—		—		—
U.S. small cap core	23.6		23.6		—		—		9.3		9.3		—		—
International developed markets	52.7		52.7		—		—		188.6		188.6		—		—

Fixed income securities
U.S. corporate bonds	61.8		—		61.8		—		7.8		—		7.8		—
International corporate bonds	—		—		—		—		67.5		—		67.5		—
U.S. government	5.5		—		5.5		—		10.9		—		10.9		—
Fixed and index funds	1.9		—		1.9		—		—		—		—		—
Common collective trusts
Real estate (a)	18.0		—		—		18.0		6.3		—		6.3		—
Other (b)	280.8		—		280.8		—		—		—		—		—
Alternative investments
Multi-strategy hedge funds (c)	21.4		—		—		21.4		—		—		—		—
Private equity funds (d)	4.3		—		—		4.3		—		—		—		—
Other alternative investments (e)	—		—		—		—		82.8		—		—		82.8
Fair value of plan assets at end of year	$	486.4	$	92.7	$	350.0	$	43.7	$	394.1	$	218.0	$	93.3	$	82.8


	U.S. Plans								Non-U.S. Plans
	Fair Value		Level 1		Level 2		NAV		Fair Value		Level 1		Level 2		NAV
Cash and short-term investments	$	6.5	$	6.5	$	—	$	—	$	28.4	$	28.4	$	—	$	—
Mutual funds	0.8		0.8		—		—		—		—		—		—
Equity securities
U.S. mid cap value	—		—		—		—		0.9		0.9		—		—
U.S. small cap core	23.4		23.4		—		—		—		—		—		—
International developed markets	47.3		47.3		—		—		172.5		172.5		—		—
Emerging markets	—		—		—		—		—		—		—		—
Fixed income securities
U.S. corporate bonds	50.8		—		50.8		—		—		—		—		—
International corporate bonds	—		—		—		—		62.5		—		62.5		—
U.S. government	11.6		—		11.6		—		3.8		—		3.8		—
Fixed and index funds	1.8		—		1.8		—		15.9		—		15.9		—
Common collective trusts
Real estate (a)	17.6		—		—		17.6		5.0		—		5.0		—
Other (b)	241.3		—		241.3		—		—		—		—		—
Alternative investments
Multi-strategy hedge funds (c)	20.4		—		—		20.4		—		—		—		—
Private equity funds (d)	6.3		—		—		6.3		—		—		—		—
Other alternative investments (e)	—		—		—		—		70.6		—		—		70.6
Fair value of plan assets at end of year	$	427.8	$	78.0	$	305.5	$	44.3	$	359.6	$	201.8	$	87.2	$	70.6

(a) Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2020, investments in this CCT, for U.S. plans, included approximately 36 percent office, 22 percent residential, 21 percent retail and 21 percent industrial, cash and other. As of December 31, 2019, investments in this CCT, for U.S. plans, included approximately 37 percent office, 21 percent residential, 24 percent retail and 18 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice.

(b) Other common collective trusts. At December 31, 2020, approximately 41 percent of the other CCTs are invested in fixed income securities including approximately 25 percent in mortgage-backed securities, 55 percent in corporate bonds and 20 percent in U.S. Treasury and other. Approximately 33 percent of the other CCTs at December 31, 2020 are invested in Russell 1000 Fund large cap index funds, 16 percent in S&P Mid Cap 400 index funds and 10 percent in emerging markets equity fund. At December 31, 2019, approximately 44 percent of the other CCTs are invested in fixed-income securities including approximately 24 percent in mortgage-backed securities, 46 percent in corporate bonds and 30 percent in U.S. Treasury and other. Approximately 31 percent of the other CCTs at December 31, 2019 are invested in Russell 1000 Fund large cap index funds, 15 percent in S&P Mid Cap 400 index funds and 10 percent in emerging markets equity fund.. Investments in all common collective trust securities can be redeemed daily.

(c) Multi-strategy hedge funds. The objective of the multi-strategy hedge funds is to diversify risks and reduce volatility. At December 31, 2020 and 2019, investments in this class for U.S. plans include approximately 40 percent and 41 percent long/short equity, respectively, 26 percent and 34 percent arbitrage and event investments, respectively, and 34 percent and 25 percent in directional trading, fixed income and other, respectively. Investments in the multi-strategy hedge fund can be redeemed semi-annually with a 95-day notice.

(d) Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2020 and 2019, investments in these private equity funds include approximately 46 percent and 44 percent, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 26 percent and 32 percent, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 28 percent and 24 percent respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2020 and 2019 the Company had unfunded commitments of underlying funds $2.4.

The Company contributed $27.8 to its retirement and other benefit plans, including contributions to the nonqualified plan and benefits paid from company assets. In 2020, the Company received a reimbursement of $13.5 from the CTA assets to the Company for benefits paid directly from company assets during the year ended December 31, 2020. The Company expects to contribute approximately $0.9 to its other post-retirement benefit plan and expects to contribute approximately $34.5 to its retirement plans, including the nonqualified plan, as well as benefits payments directly from the Company during the year ending December 31, 2021. The Company anticipates reimbursement of approximately $17 for certain benefits paid from its trustee in 2021. The following benefit payments, which reflect expected future service, are expected to be paid:

Retirement Savings Plan. The Company offers employee 401(k) savings plans (Savings Plans) to encourage eligible employees to save on a regular basis by payroll deductions. The Company match is determined by the Board of Directors and evaluated at least annually. Total Company match was $6.9, $0.7 and $10.3 for the years ended December 31, 2020, 2019 and 2018, respectively. In January 2019, the Company suspended its match to the Savings Plans. In January 2020, the Company reinstated its match to the Savings Plans. The Company's basic match is now 50 percent on the first 6 percent of a participant's qualified contributions, subject to IRS limits.

Deferred Compensation Plans. The Company has deferred compensation plans in the U.S. and Germany that enable certain employees to defer a portion of their cash wages, cash bonus, 401(k) or other compensation and non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation and 401(k), the Company established rabbi trusts in the U.S., which are recorded at fair value of the underlying securities within securities and other investments. The related deferred compensation liabilities are recorded at fair value within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income with corresponding changes in the Company’s deferred compensation obligation recorded as compensation cost within selling and administrative expense.