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Defined Contribution and Defined Benefit Retirement (Tables) - Defined Benefit Pension Plans
 12 Months Ended
Dec. 31, 2019
Schedule of Defined Benefit Plan Expected Future Payments Benefit payments to plan participants out of plan assets are expected to be the equivalent of:

 

2020

$     26.5 million

2021

27.3 million

2022

28.3 million

2023

28.2 million

2024

30.0 million

Next 5 years

167.8 million

 
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 2017, 2018 and 2019.

 

 

Years ended December 31,

 

 

2017

 

 

2018

 

 

2019

 

 

(In millions)

 

Changes in plan assets and benefit obligations

  recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain (loss)

$

4.0

 

 

$

(27.0

)

 

$

(47.2

)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

.3

 

 

 

.2

 

 

 

.2

 

Net actuarial losses

 

15.2

 

 

 

15.2

 

 

 

15.0

 

Total

$

19.5

 

 

$

(11.6

)

 

$

(32.0

)

 
Composition of Pension Plan Assets

The composition of our pension plan assets by asset category and fair value level at December 31, 2018 and 2019 is shown in the tables below. 

  

 

Fair Value Measurements at December 31, 2018

 

 

Total

 

 

Quoted

prices in

active

markets

(Level 1)

 

 

Significant

other

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

 

Assets measured

at NAV

 

 

(In millions)

 

 

 

 

 

Germany

$

241.5

 

 

$

-

 

 

$

-

 

 

$

241.5

 

 

$

-

 

Canada:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local currency equities

 

6.5

 

 

 

6.5

 

 

 

-

 

 

 

-

 

 

 

-

 

Non local currency equities

 

13.3

 

 

 

13.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Local currency fixed income

 

74.1

 

 

 

74.1

 

 

 

-

 

 

 

-

 

 

 

-

 

Cash and other

 

.5

 

 

 

.5

 

 

 

-

 

 

 

-

 

 

 

-

 

Norway:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local currency equities

 

1.7

 

 

 

1.7

 

 

 

-

 

 

 

-

 

 

 

-

 

Non local currency equities

 

4.3

 

 

 

4.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Local currency fixed income

 

20.4

 

 

 

14.9

 

 

 

5.5

 

 

 

-

 

 

 

-

 

Non local currency fixed income

 

6.1

 

 

 

6.1

 

 

 

-

 

 

 

-

 

 

 

-

 

Real estate

 

4.5

 

 

 

-

 

 

 

-

 

 

 

4.5

 

 

 

-

 

Cash and other

 

13.5

 

 

 

12.7

 

 

 

-

 

 

 

.8

 

 

 

-

 

U.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

16.3

 

 

 

4.9

 

 

 

-

 

 

 

-

 

 

 

11.4

 

Fixed income

 

19.9

 

 

 

19.9

 

 

 

-

 

 

 

-

 

 

 

-

 

Cash and other

 

4.7

 

 

 

3.4

 

 

 

-

 

 

 

-

 

 

 

1.3

 

CMRT

 

2.3

 

 

 

-

 

 

 

-

 

 

 

2.3

 

 

 

-

 

Other

 

24.4

 

 

 

13.9

 

 

 

-

 

 

 

10.5

 

 

 

-

 

Total

$

454.0

 

 

$

176.2

 

 

$

5.5

 

 

$

259.6

 

 

$

12.7

 

 

 

Fair Value Measurements at December 31, 2019

 

 

Total

 

 

Quoted

prices in

active

markets

(Level 1)

 

 

Significant

other

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

 

Assets measured

at NAV

 

 

(In millions)

 

 

 

 

 

Germany

$

264.5

 

 

$

-

 

 

$

-

 

 

$

264.5

 

 

$

-

 

Canada:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local currency equities

 

8.3

 

 

 

8.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Non local currency equities

 

16.3

 

 

 

16.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Local currency fixed income

 

80.9

 

 

 

80.9

 

 

 

-

 

 

 

-

 

 

 

-

 

Cash and other

 

.6

 

 

 

.6

 

 

 

-

 

 

 

-

 

 

 

-

 

Norway:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local currency equities

 

1.6

 

 

 

1.6

 

 

 

-

 

 

 

-

 

 

 

-

 

Non local currency equities

 

4.2

 

 

 

4.2

 

 

 

-

 

 

 

-

 

 

 

-

 

Local currency fixed income

 

22.8

 

 

 

14.1

 

 

 

8.7

 

 

 

-

 

 

 

-

 

Non local currency fixed income

 

8.3

 

 

 

8.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Real estate

 

6.6

 

 

 

-

 

 

 

-

 

 

 

6.6

 

 

 

-

 

Cash and other

 

8.2

 

 

 

7.4

 

 

 

-

 

 

 

.8

 

 

 

-

 

U.S.

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

Equities

 

19.2

 

 

 

5.4

 

 

 

-

 

 

 

.6

 

 

 

13.2

 

Fixed income

 

23.3

 

 

 

23.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Cash and other

 

6.0

 

 

 

4.6

 

 

 

-

 

 

 

-

 

 

 

1.4

 

Other

 

27.6

 

 

 

16.6

 

 

 

-

 

 

 

11.0

 

 

 

-

 

Total

$

498.4

 

 

$

191.6

 

 

$

8.7

 

 

$

283.5

 

 

$

14.6

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

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

 

 

Years ended December 31,

 

 

2018

 

 

2019

 

 

(In millions)

 

Fair value at beginning of year

$

273.6

 

 

$

259.6

 

Gain (loss) on assets held at end of year

 

(4.6

)

 

 

30.2

 

Loss on assets sold during the year

 

-

 

 

 

(1.1

)

Assets purchased

 

14.1

 

 

 

16.0

 

Assets sold

 

(14.5

)

 

 

(14.9

)

Transfer in

 

2.3

 

 

 

-

 

Currency exchange rate fluctuations

 

(11.3

)

 

 

(6.3

)

Fair value at end of year

$

259.6

 

 

$

283.5

 
U.S.  
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,

 

 

2018

 

 

2019

 

 

(In millions)

 

Change in projected benefit obligations ("PBO"):

 

 

 

 

 

 

 

Balance at beginning of the year

$

63.0

 

 

$

57.6

 

Interest cost

 

2.2

 

 

 

2.3

 

Actuarial losses (gains)

 

(3.4

)

 

 

4.9

 

Benefits paid

 

(4.2

)

 

 

(4.2

)

Balance at end of the year

$

57.6

 

 

$

60.6

 

Change in plan assets:

 

 

 

 

 

 

 

Fair value at beginning of the year

$

46.5

 

 

$

43.2

 

Actual return on plan assets

 

(2.5

)

 

 

5.5

 

Employer contributions

 

3.4

 

 

 

3.9

 

Benefits paid

 

(4.2

)

 

 

(4.2

)

Fair value at end of the year

$

43.2

 

 

$

48.4

 

Funded status

$

(14.4

)

 

$

(12.2

)

Amounts recognized in the Consolidated Balance Sheets:

 

 

 

 

 

 

 

Accrued pension costs:

 

 

 

 

 

 

 

Current

$

(.2

)

 

$

(.3

)

Noncurrent

 

(14.2

)

 

 

(11.9

)

Total

 

(14.4

)

 

 

(12.2

)

Accumulated other comprehensive loss — actuarial loss

 

39.0

 

 

 

38.5

 

Total

$

24.6

 

 

$

26.3

 

Accumulated benefit obligations ("ABO")

$

57.6

 

 

$

60.6

 

 
Components of Net Periodic Defined Benefit Cost (Credit)

The components of our net periodic defined benefit pension benefit cost for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2017, 2018 and 2019 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2016, 2017 and 2018, respectively, net of deferred income taxes and noncontrolling interest.

 

 

Years ended December 31,

 

 

2017

 

 

2018

 

 

2019

 

 

(In millions)

 

Net periodic pension benefit cost (credit) for U.S. plans

 

 

 

 

 

 

 

 

 

 

 

Interest cost

$

2.5

 

 

$

2.2

 

 

$

2.3

 

Expected return on plan assets

 

(3.3

)

 

 

(3.4

)

 

 

(2.3

)

Amortization of unrecognized net actuarial loss

 

2.0

 

 

 

2.0

 

 

 

2.2

 

Total

$

1.2

 

 

$

.8

 

 

$

2.2

 

 
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,

 

 

2018

 

 

2019

 

 

(In millions)

 

Plans for which the ABO exceeds plan assets:

 

 

 

 

 

 

 

Projected benefit obligations

$

57.6

 

 

$

60.6

 

Accumulated benefit obligations

 

57.6

 

 

 

60.6

 

Fair value of plan assets

 

43.2

 

 

 

48.4

 

 
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 2017, 2018 and 2019 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,

 

 

 

2017

 

 

2018

 

 

2019

 

 

Discount rate

 

3.9

 

%

 

3.5

 

%

 

4.1

 

%

Long-term return on plan assets

 

7.5

 

%

 

7.5

 

%

 

5.5

 

%

 
Foreign  
Schedule of Funded Status

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

 

 

Years ended December 31,

 

 

2018

 

 

2019

 

 

(In millions)

 

Change in PBO:

 

 

 

 

 

 

 

Balance at beginning of the year

$

691.2

 

 

$

667.2

 

Service cost

 

11.6

 

 

 

12.8

 

Interest cost

 

13.8

 

 

 

13.5

 

Participants' contributions

 

1.5

 

 

 

1.6

 

Actuarial loss

 

5.8

 

 

 

82.0

 

Plan settlement

 

-

 

 

 

(1.0

)

Change in currency exchange rates

 

(33.9

)

 

 

(6.6

)

Benefits paid

 

(22.8

)

 

$

(23.1

)

Balance at end of the year

$

667.2

 

 

$

746.4

 

Change in plan assets:

 

 

 

 

 

 

 

Fair value at beginning of the year

$

445.2

 

 

$

410.7

 

Actual return on plan assets

 

(6.1

)

 

 

47.0

 

Employer contributions

 

16.5

 

 

 

15.5

 

Participants' contributions

 

1.5

 

 

 

1.6

 

Change in currency exchange rates

 

(23.6

)

 

 

(1.7

)

Benefits paid

 

(22.8

)

 

 

(23.1

)

Fair value at end of the year

$

410.7

 

 

$

450.0

 

Funded status

$

(256.5

)

 

$

(296.4

)

Amounts recognized in the Consolidated Balance Sheets:

 

 

 

 

 

 

 

Pension asset

$

2.7

 

 

$

7.4

 

Accrued pension costs:

 

 

 

 

 

 

 

Noncurrent

 

(259.2

)

 

 

(303.8

)

Total

 

(256.5

)

 

 

(296.4

)

Accumulated other comprehensive loss:

 

 

 

 

 

 

 

Actuarial loss

 

254.1

 

 

286.8

 

Prior service cost

 

1.2

 

 

 

1.0

 

Total

 

255.3

 

 

 

287.8

 

Total

$

(1.2

)

 

$

(8.6

)

ABO

$

642.2

 

 

$

720.3

 

 
Components of Net Periodic Defined Benefit Cost (Credit) The components of our net periodic pension benefit cost for our foreign plans are presented in the table below.

 

 

Years ended December 31,

 

 

2017

 

 

2018

 

 

2019

 

 

(In millions)

 

Net periodic pension cost for foreign plans:

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

11.4

 

 

$

11.6

 

 

$

12.8

 

Interest cost

 

13.4

 

 

 

13.8

 

 

 

13.5

 

Settlement loss

 

.1

 

 

 

-

 

 

 

-

 

Expected return on plan assets

 

(9.7

)

 

 

(12.7

)

 

 

(11.9

)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

.3

 

 

 

.2

 

 

 

.2

 

Net actuarial loss

 

13.2

 

 

 

13.2

 

 

 

12.8

 

Total

$

28.7

 

 

$

26.1

 

 

$

27.4

 
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,

 

 

2018

 

 

2019

 

 

(In millions)

 

Plans for which the ABO exceeds plan assets:

 

 

 

 

 

 

 

Projected benefit obligations

$

605.0

 

 

$

685.4

 

Accumulated benefit obligations

 

585.0

 

 

 

663.3

 

Fair value of plan assets

 

346.3

 

 

 

381.7

 

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

The key actuarial assumptions used to determine our foreign benefit obligations as of December 31, 2018 and 2019 are as follows:

 

 

December 31,

 

 

 

2018

 

 

2019

 

 

Discount rate

 

2.1

 

%

 

1.4

 

%

Increase in future compensation levels

 

2.6

 

%

 

2.6

 

%

 

A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2017, 2018 and 2019 are as follows:

 

 

Years ended December 31,

 

 

 

2017

 

 

2018

 

 

2019

 

 

Discount rate

 

2.1

 

%

 

2.1

 

%

 

2.1

 

%

Increase in future compensation levels

 

2.6

 

%

 

2.6

 

%

 

2.6

 

%

Long-term return on plan assets

 

2.5

 

%

 

3.0

 

%

 

2.9

 

%