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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Schedule of Changes in Benefit Obligation and the Plan Assets
The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Company’s defined benefit pension and other benefit plans at December 31, (in millions): 
 Pension BenefitsOther Benefits
 2021202020212020
Change in benefit obligation    
Benefit obligation at beginning of year$994.2 $938.7 $23.2 $23.8 
Service cost1.0 1.2 — — 
Interest cost23.8 28.0 0.6 0.7 
Plan participants’ contributions— — — — 
Amendments3.6 — — — 
Actuarial loss/(gain)(22.0)89.6 (4.2)0.2 
Curtailment gain— (0.1)— — 
Settlements(0.1)(24.7)— — 
Currency impact(0.9)5.1 — — 
Other(0.3)— — — 
Benefits paid(61.6)(43.6)(0.7)(1.5)
Benefit obligation at end of year$937.7 $994.2 $18.9 $23.2 
Change in plan assets
Fair value of plan assets at beginning of year$805.1 $743.4 $— $— 
Actual return on plan assets15.6 94.9 — — 
Employer contributions7.9 29.5 0.7 1.5 
Plan participants’ contributions— — — — 
Settlements(0.1)(24.7)— — 
Currency impact(1.3)5.6 — — 
Benefits paid(61.6)(43.6)(0.7)(1.5)
Fair value of plan assets at end of year$765.6 $805.1 $— $— 
FUNDED STATUS$(172.1)$(189.1)$(18.9)$(23.2)
Amounts recognized in the consolidated balance sheet consist of:
Prepaid pensions (included in Other long-term assets)$24.8 $16.4 $— $— 
Accrued benefit liability (short-term and long-term)(196.9)(205.5)(18.9)(23.2)
NET AMOUNT RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET$(172.1)$(189.1)$(18.9)$(23.2)
Amounts recognized in Accumulated other comprehensive loss (income) consist of:
Net actuarial loss$263.1 $275.4 $(3.4)$0.6 
Prior service cost (credit)6.9 3.5 — — 
NET AMOUNT RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS$270.0 $278.9 $(3.4)$0.6 
Summary of Accumulated Benefit Obligations in Excess of Plan Assets Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions):
 20212020
Projected benefit obligation$817.7 $865.1 
Accumulated benefit obligation$817.7 $865.1 
Fair value of plan assets$620.7 $659.5 
Schedule of the Components of Pension and Other Benefit Costs The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions):
 Pension BenefitsOther Benefits
 202120202019202120202019
Components of net periodic benefit cost:      
Service cost$1.0 $1.2 $2.2 $— $— $0.1 
Interest cost23.8 28.0 34.6 0.6 0.7 1.1 
Expected return on plan assets(36.5)(33.9)(30.7)— — — 
Amortization of prior service cost (credit)0.2 0.2 0.2 — (0.4)(0.9)
Amortization of actuarial losses (gains)10.8 9.8 9.6 (0.1)(0.1)0.1 
Curtailment and settlement losses— 7.5 0.3 — — — 
Net periodic benefit cost$(0.7)$12.8 $16.2 $0.5 $0.2 $0.4 
Changes recognized in other comprehensive loss (income), before tax:
Current year net actuarial loss (gain)$(1.4)$28.6 $31.5 $(4.1)$0.1 $(2.0)
Current year prior service credit3.6 — — — — — 
Amortization of prior service (cost) credit(0.2)(0.2)(0.2)— 0.4 0.9 
Amortization of net actuarial (losses) gains(10.8)(9.8)(9.6)0.1 0.1 (0.1)
Currency impact(0.2)0.1 0.7 — — — 
Settlement adjustment— (7.6)— — — — 
Curtailment adjustments— 0.1 (0.3)— — — 
Total recognized in other comprehensive loss(9.0)11.2 22.1 (4.0)0.6 (1.2)
TOTAL RECOGNIZED IN NET PERIODIC PENSION COST AND OTHER COMPREHENSIVE LOSS$(9.7)$24.0 $38.3 $(3.5)$0.8 $(0.8)
Schedule of Assumptions Used to Determine the Projected Benefit Obligation
The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost for the year:
 Pension BenefitsOther Benefits
 202120202019202120202019
Weighted-average assumptions used to determine benefit obligations at December 31,     
Discount rate2.79 %2.47 %3.17 %2.90 %2.50 %3.30 %
Rate of compensation increase0.08 %0.24 %2.94 %3.87 %3.99 %4.00 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31,
Discount rate2.47 %3.17 %4.24 %2.50 %3.30 %4.40 %
Expected return on plan assets4.66 %4.69 %4.75 %N/AN/AN/A
Rate of compensation increase0.24 %2.94 %3.25 %3.99 %4.00 %4.05 %
Schedule of Health Care Cost Trend Rates
The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows: 
 Other Benefits
 202120202019
Assumed health care cost trend rates at December 31,   
Health care cost trend assumed for next year6.2 %6.4 %6.6 %
Rate to which the cost trend is assumed to decline5.0 %5.0 %5.0 %
Year that the rate reaches the ultimate trend rate202820282028
Schedule of Allocation of Plan Assets
The Company’s combined targeted 2022 weighted average asset allocation for domestic and foreign pension plans and the actual weighted average asset allocation for domestic and foreign pension plans at December 31, 2021 and 2020 by asset category are as follows: 
 Percentage of Plan Assets
 TargetActual
Asset Category202220212020
Equity securities30 %22 %24 %
Debt securities & Cash70 %77 %74 %
Alternative Investments— %%%
TOTAL100 %100 %100 %
Schedule of Changes in Fair Value of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2021 and 2020, by asset category are as follows (in millions):
Quoted Prices in Active
Markets for Identical Assets
Quoted Prices in Active
Market for Similar Asset
Significant
Unobservable Inputs
Investments Priced
Using Net Asset Value
Asset CategoryTotal(Level 1)(Level 2)(Level 3)
Cash and cash equivalents$8.9 $8.9 $— $— $— 
Equity securities: 
   Equity Mutual Funds31.7 31.7 — — — 
   Common Pooled Equity Funds (a)
123.3 — 123.3 — — 
Fixed Income Securities: 
   U.S. Treasuries55.0 — 55.0 — — 
   State and Local Municipal Bonds6.2 — 6.2 — — 
   Sovereign Debt7.1 — 7.1 — — 
   Corporate Bonds (b)
141.6 — 141.6 — — 
   Fixed Income Mutual Funds55.5 55.5 — — — 
   Common Pooled Fixed Income Funds (c)
306.3 — 275.2 — 31.1 
Alternative Investment Funds (d)
7.1 — — — 7.1 
Common Pooled Funds (e)
22.9 0.5 22.4 — — 
BALANCE AT DECEMBER 31, 2021$765.6 $96.6 $630.8 $ $38.2 
 
Quoted Prices in Active
Markets for Identical Assets
Quoted Prices in Active
Market for Similar Asset
Significant
Unobservable Inputs
Investments Priced
Using Net Asset Value
Asset CategoryTotal(Level 1)(Level 2)(Level 3)
Cash and cash equivalents$26.6 $26.6 $— $— $— 
Equity securities: 
   Equity Mutual Funds29.8 29.8 — — — 
   Common Pooled Equity Funds (a)
153.9 — 153.9 — — 
Fixed Income Securities: 
   U.S. Treasuries52.0 — 52.0 — — 
   State and Local Municipal Bonds9.3 — 9.3 — — 
   Sovereign Debt9.3 — 9.3 — — 
   Corporate Bonds (b)
145.1 — 145.1 — — 
   Fixed Income Mutual Funds59.9 59.9 — — — 
   Common Pooled Fixed Income Funds (c)
279.4 — 279.4 — — 
Alternative Investment Funds (d)
14.3 — — — 14.3 
Common Pooled Funds (e)
25.5 0.5 25.0 — — 
BALANCE AT DECEMBER 31, 2020$805.1 $116.8 $674.0 $ $14.3 
(a)Investments in Common Pooled Equity Funds, including funds and fund products investing in various equity securities.
(b)Includes primarily investment grade bonds from diverse industries
(c)Investments in Common Pooled Fixed Income Funds, including funds and fund products investing in various fixed income investments
(d)Includes investments in hedge funds, including fund of funds products and open end mutual funds
(e)Investments in Common Pooled Funds, consisting of equities and fixed income securities
Schedule of Expected Benefit Payments
The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows, (in millions): 
Pension BenefitsOther Benefits
2022$55.1 $1.7 
2023$55.4 $1.6 
2024$55.4 $1.5 
2025$55.6 $1.4 
2026$55.8 $1.3 
2027-2031$263.9 $5.6