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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables set forth the change in benefit obligation, change in plan assets, funded status, consolidated balance sheet presentation and net periodic benefit cost for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31:
Retirement BenefitsOther Benefits
U.S. PlansNon-U.S. Plans
202020192020201920202019
Change in benefit obligation
Benefit obligation at beginning of year$580.0 $522.2 $456.1 $426.5 $17.1 $15.3 
Service cost3.8 3.7 9.8 9.8 0.1 0.1 
Interest cost18.9 22.1 4.0 6.5 0.8 1.0 
Actuarial loss (gain)47.7 62.5 14.6 32.7 (1.3)1.8 
Plan participant contributions— — 1.4 1.3 — — 
Benefits paid(30.3)(30.5)(21.7)(17.5)(0.7)(0.8)
Plan amendments— — 2.1 0.4 — — 
Curtailment— — (1.1)— — — 
Settlements— — (0.7)(5.8)— — 
Recognition/establishment of Germany benefit obligation— — — 7.1 — — 
Foreign currency impact— — 37.6 (3.4)(2.3)(0.3)
Acquired benefit plans and other— — (33.4)(1.5)— — 
Benefit obligation at end of year620.1 580.0 468.7 456.1 13.7 17.1 
Change in plan assets
Fair value of plan assets at beginning of year427.8 346.0 359.6 340.9 — — 
Actual return on plan assets70.2 74.1 15.0 37.3 — — 
Employer contributions18.7 38.1 8.4 6.9 0.7 0.8 
Plan participant contributions— — 1.4 1.3 — — 
Benefits paid(30.3)(30.4)(21.7)(17.5)(0.7)(0.8)
Foreign currency impact— — 32.1 (3.3)— — 
Acquired benefit plans and other— — — (0.2)— — 
Settlements— — (0.7)(5.8)— — 
Fair value of plan assets at end of year486.4 427.8 394.1 359.6 — — 
Funded status$(133.7)$(152.2)$(74.6)$(96.5)$(13.7)$(17.1)
Amounts recognized in balance sheets
Noncurrent assets$2.7 $1.4 $— $— $— $— 
Current liabilities3.5 3.5 11.5 8.2 0.9 1.0 
Noncurrent liabilities (1)
132.9 150.1 63.1 88.3 12.9 16.1 
Accumulated other comprehensive loss:
Unrecognized net actuarial (loss) gain (2)
(154.4)(159.2)(4.9)6.2 (3.8)(7.4)
Unrecognized prior service (cost) benefit (2)
— — 1.1 0.3 — — 
Net amount recognized$(20.7)$(7.0)$70.8 $103.0 $10.0 $9.7 
(1)    Included in the consolidated balance sheets in pensions, post-retirement and other benefits.
(2)    Represents amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost.
Retirement BenefitsOther Benefits
U.S. PlansNon-U.S. Plans
202020192020201920202019
Change in accumulated other comprehensive loss
Balance at beginning of year$(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 year7.8 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)
Schedule of Net Benefit Costs
Retirement BenefitsOther Benefits
U.S. PlansNon-U.S. Plans
202020192018202020192018202020192018
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 cost18.9 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 loss7.8 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 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:
U.S. PlansNon-U.S. Plans
2020201920202019
Projected benefit obligation$610.4 $570.0 $319.2 $315.6 
Accumulated benefit obligation$610.4 $570.0 $297.5 $295.2 
Fair value of plan assets$474.0 $416.2 $90.5 $80.2 
Schedule of Assumptions Used
The following table represents the weighted-average assumptions used to determine benefit obligations at December 31:
Pension BenefitsOther Benefits
U.S. PlansNon-U.S. Plans
202020192020201920202019
Discount rate2.62 %3.35 %0.66 %0.94 %5.17 %5.70 %
Rate of compensation increaseN/AN/A2.48 %2.85 %N/AN/A
The following table represents the weighted-average assumptions used to determine periodic benefit cost at December 31:
Pension BenefitsOther Benefits
U.S. PlansNon-U.S. Plans
202020192020201920202019
Discount rate3.35 %4.34 %0.94 %1.60 %5.70 %6.64 %
Expected long-term return on plan assets6.50 %6.80 %3.68 %3.69 %N/AN/A
Rate of compensation increaseN/AN/A2.85 %2.82 %N/AN/A
Schedule of Health Care Cost Trend Rates
The following table represents assumed healthcare cost trend rates at December 31:
20202019
Healthcare cost trend rate assumed for next year6.3 %6.5 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.0 %5.5 %
Year that rate reaches ultimate trend rate20252025
Schedule of Allocation of Plan Assets
The following table summarizes the Company’s target allocation for these asset classes in 2021, which are readjusted at least quarterly within a defined range for the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2020 and 2019:
U.S. PlansNon-U.S. Plans
TargetActualTargetActual
202120202019202120202019
Equity securities45%50%48%51%50%48%
Debt securities40%37%40%22%22%23%
Real estate5%4%4%10%10%10%
Other10%9%8%17%18%19%
Total100%100%100%100%100%100%

The following table summarizes the fair value categorized into a three level hierarchy, as discussed in Note 1: Summary of Significant Accounting Policies, based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2020:
U.S. PlansNon-U.S. Plans
Fair ValueLevel 1Level 2NAVFair ValueLevel 1Level 2NAV
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 core23.6 23.6 — — 9.3 9.3 — — 
International developed markets52.7 52.7 — — 188.6 188.6 — — 
Fixed income securities
U.S. corporate bonds61.8 — 61.8 — 7.8 — 7.8 — 
International corporate bonds— — — — 67.5 — 67.5 — 
U.S. government5.5 — 5.5 — 10.9 — 10.9 — 
Fixed and index funds1.9 — 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 
The following table summarizes the fair value of the Company’s plan assets as of December 31, 2019:
U.S. PlansNon-U.S. Plans
Fair ValueLevel 1Level 2NAVFair ValueLevel 1Level 2NAV
Cash and short-term investments$6.5 $6.5 $— $— $28.4 $28.4 $— $— 
Mutual funds0.8 0.8 — — — — — — 
Equity securities
U.S. mid cap value— — — — 0.9 0.9 — — 
U.S. small cap core23.4 23.4 — — — — — — 
International developed markets47.3 47.3 — — 172.5 172.5 — — 
Emerging markets— — — — — — — — 
Fixed income securities
U.S. corporate bonds50.8 — 50.8 — — — — — 
International corporate bonds— — — — 62.5 — 62.5 — 
U.S. government11.6 — 11.6 — 3.8 — 3.8 — 
Fixed and index funds1.8 — 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 

In 2020, the fair value of investments categorized as level 3 represent the plan's interest in private equity, hedge and property funds. The fair value for these assets is determined based on the NAV as reported by the underlying investment managers.

(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.

(e)     Other alternative investments. Following the Acquisition, the Company’s plan assets were expanded with a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the CTA.
Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss)
The following table represents the amortization amounts expected to be recognized during 2021:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Benefits
Amount of net loss (gain)$9.0 $0.1 $0.3 
Schedule of Expected Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Benefits Other Benefits
after Medicare
Part D Subsidy
2021$29.4 $26.3 $0.9 $0.8 
2022$30.1 $23.1 $0.9 $0.8 
2023$30.7 $25.2 $0.8 $0.8 
2024$31.2 $24.0 $0.8 $0.8 
2025$31.7 $27.1 $0.8 $0.8 
2026-2029$162.3 $132.3 $3.9 $3.7