Defined contribution and defined benefit retirement (Tables) - Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2022

Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

The table below details the changes in other comprehensive income (loss) during 2020, 2021 and 2022.

		Years ended December 31,
		2020		2021		2022
	(In millions)
Changes in plan assets and benefit obligations recognized in   other comprehensive income (loss):
Net actuarial gains (losses)		$	(37.7)	$	50.7	$	134.1
Amortization of unrecognized:
Net actuarial losses			19.4		21.6		14.7
Prior service cost			.2		.2		.1
Settlements			—		—		.4
Total		$	(18.1)	$	72.5	$	149.3

Composition of Pension Plan Assets

The composition of our pension plan assets by asset category and fair value level at December 31, 2021 and 2022 is shown in the tables below.

	Fair Value Measurements at December 31, 2021
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable		Assets
			Markets		Inputs		Inputs		measured
	Total		(Level 1)		(Level 2)		(Level 3)		at NAV
	(In millions)
Germany	$	282.9	$	—	$	—	$	282.9	$	—
Canada:
Local currency equities		.2		.2		—		—		—
Non local currency equities		21.9		21.9		—		—		—
Local currency fixed income		89.3		89.3		—		—		—
Cash and other		.8		.8		—		—		—
Norway:
Local currency equities		3.1		3.1		—		—		—
Non local currency equities		5.9		5.9		—		—		—
Local currency fixed income		25.1		15.9		9.2		—		—
Non local currency fixed income		6.7		6.7		—		—		—
Real estate		9.1		—		—		9.1		—
Cash and other		7.0		6.4		—		.6		—
U.S.:
Equities		18.5		1.2		—		.1		17.2
Fixed income		30.6		—		—		—		30.6
Cash and other		3.2		1.9		—		—		1.3
Other		29.6		1.8		—		27.8		—
Total	$	533.9	$	155.1	$	9.2	$	320.5	$	49.1

	Fair Value Measurements at December 31, 2022
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable		Assets
			Markets		Inputs		Inputs		measured
	Total		(Level 1)		(Level 2)		(Level 3)		at NAV
	(In millions)
Germany	$	234.0	$	—	$	—	$	234.0	$	—
Canada:
Local currency equities		.1		.1		—		—		—
Non local currency equities		11.0		11.0		—		—		—
Local currency fixed income		72.9		72.9		—		—		—
Cash and other		.6		.6		—		—		—
Norway:
Local currency equities		2.3		2.3		—		—		—
Non local currency equities		4.7		4.7		—		—		—
Local currency fixed income		21.8		7.0		14.8		—		—
Non local currency fixed income		8.4		8.4		—		—		—
Real estate		7.8		—		—		7.8		—
Cash and other		2.7		2.4		—		.3		—
U.S.:
Equities		12.4		1.0		—		—		11.4
Fixed income		22.9		.2		—		—		22.7
Cash and other		3.8		2.8		—		—		1.0
Other		24.2		1.5		—		22.7		—
Total	$	429.6	$	114.9	$	14.8	$	264.8	$	35.1

A rollforward of the change in fair value of Level 3 assets follows.

	Years ended December 31,
	2021		2022
	(In millions)
Fair value at beginning of year	$	314.8	$	320.5
Gain (loss) on assets held at end of year		15.2		(31.0)
Gain (loss) on assets sold during the year		.4		(3.6)
Assets purchased		16.2		13.8
Assets sold		(14.8)		(15.5)
Transfers in (out)		13.9		(.1)
Currency exchange rate fluctuations		(25.2)		(19.3)
Fair value at end of year	$	320.5	$	264.8

Schedule of Rollforward of Change in Fair Value of Level 3 Assets

	Fair Value Measurements at December 31, 2022
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable		Assets
			Markets		Inputs		Inputs		measured
	Total		(Level 1)		(Level 2)		(Level 3)		at NAV
	(In millions)
Germany	$	234.0	$	—	$	—	$	234.0	$	—
Canada:
Local currency equities		.1		.1		—		—		—
Non local currency equities		11.0		11.0		—		—		—
Local currency fixed income		72.9		72.9		—		—		—
Cash and other		.6		.6		—		—		—
Norway:
Local currency equities		2.3		2.3		—		—		—
Non local currency equities		4.7		4.7		—		—		—
Local currency fixed income		21.8		7.0		14.8		—		—
Non local currency fixed income		8.4		8.4		—		—		—
Real estate		7.8		—		—		7.8		—
Cash and other		2.7		2.4		—		.3		—
U.S.:
Equities		12.4		1.0		—		—		11.4
Fixed income		22.9		.2		—		—		22.7
Cash and other		3.8		2.8		—		—		1.0
Other		24.2		1.5		—		22.7		—
Total	$	429.6	$	114.9	$	14.8	$	264.8	$	35.1

United States

Schedule of Defined Benefit Plan Expected Future Payments

Benefit payments to plan participants out of plan assets are expected to be the equivalent of:

Years ending December 31,	Amount
	(In millions)
2023	$	26.5
2024		28.0
2025		28.4
2026		29.6
2027		31.7
Next 5 years		173.2

Schedule of Funded Status

The funded status of our U.S. defined benefit pension plans is presented in the table below.

	Years ended December 31,
	2021		2022
	(In millions)
Change in projected benefit obligations (“PBO”):
Balance at beginning of the year	$	63.2	$	58.0
Interest cost		1.3		1.4
Actuarial gains		(1.8)		(11.8)
Settlements		(.5)		—
Benefits paid		(4.2)		(4.2)
Balance at end of the year	$	58.0	$	43.4
Change in plan assets:
Fair value at beginning of the year	$	53.3	$	52.4
Actual return on plan assets		1.7		(10.7)
Employer contributions		1.6		1.6
Benefits paid		(4.2)		(4.2)
Fair value at end of the year	$	52.4	$	39.1
Funded status	$	(5.6)	$	(4.3)
Amounts recognized in the Consolidated Balance Sheets:
Accrued pension costs:
Current	$	(.1)	$	(.1)
Noncurrent		(5.5)		(4.2)
Total		(5.6)		(4.3)
Accumulated other comprehensive loss - actuarial losses		33.2		32.2
Total	$	27.6	$	27.9
Accumulated benefit obligations (“ABO”)	$	58.0	$	43.4

Components of Net Periodic Defined Benefit Cost

The components of our net periodic defined benefit pension cost for U.S. plans are presented in the table below. The amounts shown below for the amortization of recognized actuarial losses for 2020, 2021 and 2022 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2019, 2020 and 2021, respectively, net of deferred income taxes and noncontrolling interest.

	Years ended December 31,
	2020		2021		2022
	(In millions)
Net periodic pension cost for U.S. plans:
Interest cost	$	1.9	$	1.3	$	1.4
Expected return on plan assets		(2.1)		(2.1)		(2.0)
Recognized net actuarial losses		2.1		2.1		1.9
Settlements		—		(.5)		—
Total	$	1.9	$	.8	$	1.3

Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets

Information concerning our U.S. defined benefit pension plans (for which the ABO of all of the plans exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2021		2022
	(In millions)
Plans for which the ABO exceeds plan assets:
Projected benefit obligations	$	58.0	$	43.4
Accumulated benefit obligations		58.0		43.4
Fair value of plan assets		52.4		39.1

Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost

The weighted-average rate assumptions used in determining the net periodic pension cost for our U.S. defined benefit pension plans for 2020, 2021 and 2022 are presented in the table below. The impact of assumed increases in future compensation levels does not have an effect on the periodic pension cost as the plans are frozen with regards to compensation.

	Years ended December 31,
	2020	2021	2022
Discount rate	3.1%	2.2%	2.6%
Long-term return on plan assets	4.5%	4.0%	4.0%

Non U.S.

Schedule of Funded Status

The funded status of our non-U.S. defined benefit pension plans is presented in the table below.

	Years ended December 31,
	2021		2022
	(In millions)
Change in PBO:
Balance at beginning of the year	$	855.8	$	758.1
Service cost		14.7		11.3
Interest cost		8.3		10.6
Participants’ contributions		2.0		1.7
Actuarial gains		(43.9)		(198.6)
Settlements		—		(1.4)
Change in currency exchange rates		(55.2)		(51.2)
Benefits paid		(23.6)		(21.9)
Balance at end of the year	$	758.1	$	508.6
Change in plan assets:
Fair value at beginning of the year	$	494.8	$	481.5
Actual return on plan assets		16.7		(52.5)
Employer contributions		18.7		15.0
Participants' contributions		2.0		1.7
Settlements		—		(1.2)
Change in currency exchange rates		(27.1)		(32.1)
Benefits paid		(23.6)		(21.9)
Fair value at end of the year	$	481.5	$	390.5
Funded status	$	(276.6)	$	(118.1)
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent pension asset	$	9.0	$	9.3
Noncurrent accrued pension costs		(285.6)		(127.4)
Total		(276.6)		(118.1)
Accumulated other comprehensive loss:
Actuarial losses		238.3		90.0
Prior service cost		.4		.4
Total		238.7		90.4
Total	$	(37.9)	$	(27.7)
ABO	$	733.8	$	493.9

Components of Net Periodic Defined Benefit Cost

The components of our net periodic pension benefit cost for our non-U.S. plans are presented in the table below.

	Years ended December 31,
	2020		2021		2022
	(In millions)
Net periodic pension cost for non-U.S. plans:
Service cost	$	13.3	$	14.7	$	11.3
Interest cost		10.1		8.3		10.6
Expected return on plan assets		(9.0)		(11.4)		(11.1)
Recognized net actuarial losses		17.3		19.5		12.8
Amortization of prior service cost		.2		.2		.1
Settlements		—		—		.4
Total	$	31.9	$	31.3	$	24.1

Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets

Information concerning certain of our non-U.S. defined benefit pension plans (for which the ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2021		2022
	(In millions)
Plans for which the ABO exceeds plan assets:
Projected benefit obligations	$	695.2	$	403.5
Accumulated benefit obligations		674.4		392.4
Fair value of plan assets		409.4		276.0

Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost

The key actuarial assumptions used to determine our non-U.S. benefit obligations as of December 31, 2021 and 2022 are as follows:

	December 31,
	2021	2022
Discount rate	1.5%	3.9%
Increase in future compensation levels	2.6%	2.7%

A summary of our key actuarial assumptions used to determine non-U.S. net periodic benefit cost for 2020, 2021 and 2022 are as follows:

	Years ended December 31,
	2020	2021	2022
Discount rate	1.4%	1.0%	1.5%
Increase in future compensation levels	2.6%	2.6%	2.6%
Long-term return on plan assets	2.0%	2.4%	2.5%