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Pension and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit (Income) Expense

Net periodic pension expense (income) is presented below:


						Three Months Ended June 30, 2023																		Three Months Ended June 30, 2022
						Total						U.S. Plans						International Plans						Total						U.S. Plans						International Plans
Service cost(i)						$	0.3					$	—					$	0.3					$	0.5					$	—					$	0.5
Interest cost						53.7						35.5						18.2						39.1						29.0						10.1
Expected return on plan assets						(62.0)						(40.7)						(21.3)						(67.3)						(47.4)						(19.9)
Amortization of prior service benefit						(1.2)						(0.6)						(0.6)						(1.3)						(0.7)						(0.6)
Recognized net actuarial loss						20.1						17.9						2.2						41.9						32.3						9.6

Net periodic pension expense (income)						$	10.9					$	12.1					$	(1.2)					$	12.9					$	13.2					$	(0.3)


						Six Months Ended June 30, 2023																		Six Months Ended June 30, 2022
						Total						U.S. Plans						International Plans						Total						U.S. Plans						International Plans
Service cost(i)						$	0.6					$	—					$	0.6					$	1.0					$	—					$	1.0
Interest cost						112.2						76.3						35.9						78.0						57.3						20.7
Expected return on plan assets						(131.4)						(89.3)						(42.1)						(135.7)						(94.9)						(40.8)
Amortization of prior service benefit						(2.4)						(1.2)						(1.2)						(2.6)						(1.3)						(1.3)
Recognized net actuarial loss						42.2						37.8						4.4						82.8						63.0						19.8
Settlement losses (ii)						183.2						183.2						—						—						—						—
Net periodic pension expense (income)						$	204.4					$	206.8					$	(2.4)					$	23.5					$	24.1					$	(0.6)


(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense (income) are reported in other (expense), net in the consolidated statements of income (loss).
(ii)In March 2023, the company purchased a group annuity contract, with plan assets, for approximately $265 million to transfer projected benefit obligations related to approximately 8,650 retirees of one of the company’s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $183.2 million for the six months ended June 30, 2023.

Net periodic postretirement benefit income is presented below:


						Three Months Ended June 30,												Six Months Ended June 30,
						2023						2022						2023						2022
Service cost(i)						$	0.1					$	0.1					$	0.1					$	0.1
Interest cost						0.7						0.5						1.5						1.0
Expected return on assets						(0.1)						(0.1)						(0.2)						(0.2)
Recognized net actuarial gain						(0.7)						(0.5)						(1.4)						(1.0)
Amortization of prior service benefit						(0.3)						(0.4)						(0.6)						(0.7)
Net periodic postretirement benefit income						$	(0.3)					$	(0.4)					$	(0.6)					$	(0.8)


(i)Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).