Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Components of Net Pension and Postretirement Benefits Expense (Income) and Total (Income)

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	%

Reconciliation of Benefit Obligation, Plan Assets and Funded Status of Plans

	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	)

Amounts Recognized on Consolidated Balance Sheets

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	)

Amounts in Accumulated Other Comprehensive Loss

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

Amounts Recognized in Other Comprehensive Income

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

Weighted Average Assumptions Used to Determine Benefit Obligation

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	%		—			—

Summary of Projected Benefit Obligations in Excess of Plan Assets

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:

	Pension Benefits
	2021		2020
Projected benefit obligation	$	215.0	$	872.0
Fair value of plan assets		150.1		780.0

Accumulated Benefit Obligations in Excess of Plan Assets

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:

	Pension Benefits
	2021		2020
Accumulated benefit obligation	$	205.6	$	860.1
Fair value of plan assets		150.1		780.0

Expected Benefit Payments

Benefit payments are expected to be paid as follows:

	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

Pension Plans, Defined Benefit

Allocation of Plan Assets

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

Other Postretirement Benefit Plans, Defined Benefit

Allocation of Plan Assets

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