We sponsor various defined benefit retirement income pension plans in the U.S., U.K., Canada and certain other international locations, including both funded and unfunded arrangements. Our primary defined benefit plans are frozen. No new employees will be permitted to enter our frozen plans and participants will earn no additional benefits. Benefits are generally based upon years of service and compensation. These defined benefit retirement income plans are funded in conformity with the applicable government regulations. We fund at least the minimum amount required for all funded plans using actuarial cost methods and assumptions acceptable under government regulations.

We made contributions of $5.0 million to our pension plans during the year ended December 31, 2021. We expect to make cash contributions of approximately $4.3 million to our pension plans in 2022.

In addition to the pension plans, we sponsor a 401(k) savings plan, which is a defined contribution retirement income plan.

Certain former employees are entitled to healthcare and life insurance benefits provided they have met certain eligibility requirements. Generally, these former employees became eligible for these retiree healthcare benefits if they met all of the following requirements at the time of termination: (a) attained at least 55 or more points (full years of service and age combined), (b) were at least fifty years of age, (c) had at least two years of continuous, regular, full-time, benefits-eligible service and (d) completed at least two or more years of continuous service with a participating employer, which ended on their termination date. Different requirements need to be met in order to receive subsidized medical and life insurance coverage. This plan was frozen in 2016. Certain of the plan expenses are paid through a tax-exempt trust. Most of the assets of the trust are invested in trust-owned life insurance policies covering certain current and former employees of ours. The underlying assets of the policies are invested primarily in marketable equity, corporate fixed income and government securities.

We operate a prescription drug program for certain Medicare-eligible retirees under a group-based Company-sponsored Medicare Part D program, or Employer Group Waiver Program (“EGWP”). The EGWP subsidies provided to or for the benefit of this program are used to reduce our net retiree medical and prescription drug costs on a group by group basis until such net costs of ours for such group are eliminated, and any EGWP subsidies received in excess of the amount necessary to offset such net costs are used to reduce the included group of retirees’ premiums.

We also maintain several pension and OPEB plans in certain international locations. The expected returns on plan assets and discount rates for these plans are determined based on each plan’s investment approach, local interest rates and plan participant profiles.

The pension and OPEB plan obligations are calculated using generally accepted actuarial methods and are measured as of December 31.

The components of the net periodic benefit expense, (income) and total (income) were as follows:

	Pension Benefits									OPEB
	2021			2020			2019			2021			2020			2019
Service cost	$	1.2		$	1.0		$	1.0		$	—		$	—		$	—
Interest cost		20.4			27.4			33.3		$	4.2			7.3			10.1
Expected return on plan assets		(38.2	)		(40.8	)		(46.3	)		(11.9	)		(12.6	)		(13.2	)
Amortization of prior service credit		0.1			0.1			—			(5.5	)		(5.4	)		(5.4	)
Amortization of actuarial loss (gain)		11.5			10.0			6.1			(0.7	)		(0.7	)		(1.7	)
Settlements and curtailments		0.4			1.4			(0.1	)		—			—			—
Net periodic income	$	(4.6	)	$	(0.9	)	$	(6.0	)	$	(13.9	)	$	(11.4	)	$	(10.2	)

Weighted average assumption used to calculate net periodic benefit expense:
Discount rate		2.4	%		3.0	%		4.0	%		2.2	%		3.0	%		4.2	%
Expected return on plan assets		4.0	%		4.6	%		5.2	%		5.8	%		6.3	%		6.5	%

	Pension Benefits						OPEB
	2021			2020			2021			2020
Benefit obligation at beginning of year	$	1,138.0		$	1,060.7		$	293.4		$	289.8
Service cost		1.2			1.0			—			—
Interest cost		20.4			27.4			4.2			7.3
Plan participants' contributions		—			—			6.2			7.8
Medicare reimbursements		—			—			7.2			7.9
Actuarial (gain) loss		(31.8	)		86.0			(70.6	)		8.1
Plan amendments and other		2.6			0.1			—			—
Settlements		(2.9	)		(6.6	)		—			—
Foreign currency translation		(2.0	)		15.0			—			—
Benefits paid		(47.6	)		(45.6	)		(25.9	)		(27.5	)
Benefit obligation at end of year	$	1,077.9		$	1,138.0		$	214.5		$	293.4

Fair value of plan assets at beginning of year	$	1,090.2		$	985.6		$	237.2		$	227.7
Actual return on assets		44.8			132.1			22.9			21.0
Settlements		(2.9	)		(6.6	)		—			—
Employer contributions		5.0			9.2			—			7.2
Company reimbursements		—			—			—			(6.9	)
Medicare reimbursements		—			—			7.2			7.9
Plan participants' contributions		—			—			6.2			7.8
Foreign currency translation		(2.6	)		15.5			—			—
Benefits paid		(47.6	)		(45.6	)		(25.9	)		(27.5	)
Fair value of plan assets at end of year	$	1,086.9		$	1,090.2		$	247.6		$	237.2
Total net pension and OPEB asset (liability) recognized as of December 31	$	9.0		$	(47.8	)	$	33.1		$	(56.2	)

The accumulated benefit obligation for all defined benefit pension plans was $1,068.6 million and $1,126.2 million at December 31, 2021 and 2020, respectively.

Actuarial gains and losses result from changes in actuarial assumptions, such as changes in the discount rate and revised mortality rates. Actuarial gains in 2021 primarily relate to an increase in discount rates, and for the OPEB plan, to changes in assumptions concerning the expected usage of certain benefits within the U.S plan to more closely align with historical usage. Actuarial losses in 2020 related primarily to a reduction in discount rates.

Amounts recognized in the Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows:

	Pension Benefits						OPEB
	2021			2020			2021		2020
Prepaid pension cost (included in other noncurrent assets)	$	73.9		$	44.2		$	—	$	—
Prepaid OPEB cost (included in other noncurrent assets)		—			—			33.1		—
Accrued benefit cost (included in accrued liabilities)		(2.4	)		(2.5	)		—		(0.4	)
Pension liabilities		(62.5	)		(89.5	)		—		—
OPEB plan liabilities		—			—			—		(55.8	)
Net liabilities recognized in the Consolidated Balance Sheets	$	9.0		$	(47.8	)	$	33.1	$	(56.2	)

The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, at December 31, 2021 and 2020 were as follows:

	Pension Benefits						OPEB
	2021			2020			2021		2020
Accumulated other comprehensive (loss) income
Net actuarial (loss) gain	$	(262.3	)	$	(312.3	)	$	112.0	$	31.1
Net prior service credit		(5.3	)		(2.9	)		41.7		47.2
Total	$	(267.6	)	$	(315.2	)	$	153.7	$	78.3

The pre-tax amounts recognized in other comprehensive income in 2021 as components of net periodic benefit costs were as follows:

	Pension Benefits			OPEB
Amortization of:
Net actuarial loss (gain)	$	11.5		$	(0.7	)
Net prior service credit		0.1			(5.5	)
Amounts arising during the period:
Net actuarial loss		38.5			81.7
Net prior service credit		(2.6	)		—
Settlements		0.4			—
Foreign currency loss		(0.3	)		(0.1	)
Total	$	47.6		$	75.4

Actuarial gains and losses in excess of 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets were recognized as a component of net periodic benefit costs over the average remaining service period of a plan’s active employees. As a result of the plan freezes, the actuarial gains and losses are recognized as a component of net periodic benefit costs over the average remaining life of a plan’s active employees. Unrecognized prior service costs or credits are also recognized as a component of net periodic benefit cost over the average remaining service period of a plan’s active employees. For plans that are frozen or primarily inactive, unrecognized prior service costs or credits are recognized over the average life expectancy of the plan’s participants.

The weighted average assumptions used to determine the benefit obligation at the measurement date were as follows:

	Pension Benefits						OPEB
	2021			2020			2021			2020
Discount rate		2.7	%		2.4	%		2.7	%		2.2	%
Health care cost trend:
Current
Pre-Age 65		—			—			5.0	%		6.2	%
Post-Age 65		—			—			5.0	%		6.2	%
Ultimate		—			—			4.0	%		4.5	%
Interest crediting rate for cash balance plans		2.3	%		2.4	%		—			—

The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2021 and 2020:

The following table provides a summary of pension plans with accumulated benefit obligations in excess of plan assets as of December 31, 2021 and 2020:

We determine our assumption for the discount rate to be used for purposes of computing interest costs based on an index of high-quality corporate bond yields and matched-funding yield curve analysis as of the measurement date.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 included a prescription drug benefit under Medicare Part D, as well as a federal subsidy that began in 2006, to sponsors of retiree health care plans that provide a benefit that is at least actuarially equivalent, as defined in the Act, to Medicare Part D. Two of our retiree health care plans were at least actuarially equivalent to Medicare Part D and were eligible for the federal subsidy. During the years ended December 31, 2021 and 2020, Medicare Part D subsidies received by us were negligible.

During the year ended December 31, 2021 and 2020, we received approximately $7.2 million and $7.9 million in EGWP subsidies, respectively.

	Pension Benefits		OPEB-Gross		Estimated Subsidy Reimbursements
2022		49.0	$	19.1	$	0.9
2023		49.9		18.7		0.9
2024		51.4		18.1		0.9
2025		52.1		17.4		0.9
2026		52.9		16.7		0.8
2027-2031		273.8		73.6		3.7

Our U.S. pension plans are frozen and we utilize a risk management approach for our U.S. pension plan assets. The overall investment objective of this approach is to further reduce the risk of significant decreases in the plan’s funded status by allocating a larger portion of the plan’s assets to investments expected to hedge the impact of interest rate risks on the plan’s obligation. Over time, the target asset allocation percentage for the pension plan is expected to decrease for equity and other “return seeking” investments and increase for fixed income and other “hedging” investments. The assumed long-term rate of return for plan assets, which is determined annually, is likely to decrease as the asset allocation shifts over time. The expected long-term rate of return for plan assets is based upon many factors including asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The target asset allocation percentage as of December 31, 2021, for the primary U.S. pension plan was approximately 15% for return seeking investments and approximately 85% for hedging investments.

We segregated our plan assets by the following major categories and levels for determining their fair value as of December 31, 2021 and 2020. All plan assets that are valued using the net asset value per share (“NAV”) practical expedient have not been included within the fair value hierarchy but are separately disclosed.

Cash and cash equivalents— Carrying value approximates fair value. As such, these assets were classified as Level 1. We also invest in certain short-term investments which are valued at their unit value per share available to eligible participants at the measurement date. As such, these assets were classified as Level 2.

Equity— The values of individual equity securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. Additionally, this category includes underlying securities in trust owned life insurance policies which are invested in certain equity securities. These investments are not quoted on active markets; therefore, they are classified as Level 2. Additionally, we invest in certain equity funds that are valued at calculated NAV.

Fixed income— The values of certain fixed income securities were based on quoted prices in active markets. As such, these assets are classified as Level 1. The remaining fixed income securities are typically priced based on a valuation model rather than a last trade basis and are not exchange-traded. These valuation models involve utilizing dealer quotes, analyzing market information, estimating prepayment speeds and evaluating underlying collateral to equate an NAV. Accordingly, we classified these fixed income securities as Level 2. We also invest in certain fixed income funds and securities in trust owned life insurance policies which are valued at NAV and included as Level 2.

Real estate—The fair market value of real estate investment trusts is based on NAV.

For Level 2 plan assets, as applicable, we review significant investments on a quarterly basis including investigation of unusual fluctuations in price or returns and obtaining an understanding of the pricing methodology to assess the reliability of third-party pricing estimates.

The valuation methodologies described above may generate a fair value calculation that may not be indicative of net realizable value or future fair values. While we believe the valuation methodologies used are appropriate, the use of different methodologies or assumptions in calculating fair value could result in different amounts. We invest in various assets in which valuation is determined by NAV. We believe that the NAV is representative of fair value at the reporting date, as there are no significant restrictions on redemption of these investments or other reasons to indicate that the investment would be redeemed at an amount different than the NAV.

The fair values of our pension plan assets at December 31, 2021 and 2020, by asset category were as follows:

	December 31, 2021						December 31, 2020
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	17.2	$	10.2	$	7.0	$	18.9	$	12.5	$	6.4
Equity		13.3		13.2		0.1		52.1		52.0		0.1
Fixed income		607.4		196.2		411.2		446.6		232.2		214.4
Other		14.5		0.2		14.3		10.9		0.2		10.7
Subtotal	$	652.4	$	219.8	$	432.6	$	528.5	$	296.9	$	231.6
Plan assets measured at NAV
Equity funds	$	243.2					$	372.6
Fixed income		157.9						145.5
Hedge funds and other		19.7						30.4
Real estate		13.7						13.2
Total plan assets measured at NAV	$	434.5					$	561.7
Total	$	1,086.9					$	1,090.2

The fair values of our OPEB plan assets at December 31, 2021 and 2020, by asset category were as follows:

	December 31, 2021						December 31, 2020
Asset Category	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash and cash equivalents	$	54.2	$	—	$	54.2	$	37.0	$	—	$	37.0
Fixed income		31.2		—		31.2		31.3		—		31.3
Other		—		—		—		1.4		1.4		—
Subtotal	$	85.4	$	—	$	85.4	$	69.7	$	1.4	$	68.3
Investments measured at NAV
Equity funds	$	159.6					$	164.9
Fixed income funds		2.6						2.6
Total investments measured at NAV	$	162.2					$	167.5
Total	$	247.6					$	237.2

Employee 401(k) Savings Plan — For the benefit of most of our U.S. employees, we maintain a defined contribution retirement savings plan that is intended to be qualified under Section 401(a) of the Internal Revenue Code. Under this plan, employees may contribute a percentage of eligible compensation on both a before-tax and after-tax basis. We may provide a 401(k) discretionary match to participants, but did not during the years ended December 31, 2021, 2020 and 2019.

MEPPs — MEPPs receive contributions from two or more unrelated employers pursuant to one or more collective bargaining agreements and the assets contributed by one employer may be used to fund the benefits of all employees covered within the plan. The risk and level of uncertainty related to participating in these MEPPs differs significantly from the risk associated with the Company-sponsored defined benefit plans. For example, investment decisions are made by parties unrelated to us and the financial stability of other employers participating in a plan may affect our obligations under the plan.

During each of the years ended December 31, 2021, 2020 and 2019, we recorded $10.7 million, $40.0 million and $2.9 million for MEPP withdrawal obligations, respectively. These charges were recorded as net restructuring, impairment and other charges and represent our best estimate of the expected settlement of these withdrawal liabilities. Total contributions to these plans for the years ended December 31, 2021 and 2020 were $31.9 million and $10.3 million, respectively. See Note 5, Restructuring, Impairment and Other Charges, for further discussion on MEPP.