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Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Change in Benefit Obligation and Plan Assets
A reconciliation of the change in benefit obligation for the years ended December 31, 2020 and 2019, is shown below (in millions):
 PensionOther Postretirement
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
 U.S.ForeignU.S.ForeignU.S.ForeignU.S.Foreign
Change in benefit obligation:
Benefit obligation at beginning of period$500.8 $504.3 $438.0 $437.1 $55.4 $25.6 $52.4 $34.3 
Service cost0.1 5.0 0.1 6.3 — — — 0.3 
Interest cost16.4 12.2 18.6 14.7 1.7 0.7 2.1 1.3 
Amendment— — — — 0.4 — — — 
Actuarial loss66.4 39.9 63.0 55.8 6.9 2.1 4.5 0.4 
Benefits paid(19.3)(20.0)(18.9)(21.5)(3.2)(1.5)(3.6)(1.3)
Benefits paid — settlements— (29.2)— — — — — — 
Curtailment— — — (2.4)— — — (10.9)
Translation adjustment— 17.0 — 14.3 — 0.5 — 1.5 
Benefit obligation at end of period$564.4 $529.2 $500.8 $504.3 $61.2 $27.4 $55.4 $25.6 
A reconciliation of the change in plan assets for the years ended December 31, 2020 and 2019, and the funded status as of December 31, 2020 and 2019, is shown below (in millions):
 PensionOther Postretirement
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
 U.S.ForeignU.S.ForeignU.S.ForeignU.S.Foreign
Change in plan assets:
Fair value of plan assets at
beginning of period		$376.6 $396.8 $330.6 $351.8 $— $— $— $— 
Actual return on plan assets41.7 19.8 61.5 42.3 — — — — 
Employer contributions19.2 7.7 3.4 6.6 3.2 1.5 3.6 1.3 
Benefits paid(19.3)(20.0)(18.9)(21.5)(3.2)(1.5)(3.6)(1.3)
Benefits paid — settlements— (29.2)— — — — — — 
Translation adjustment— 7.9 — 17.6 — — — — 
Fair value of plan assets at
end of period		$418.2 $383.0 $376.6 $396.8 $— $— $— $— 
Funded status$(146.2)$(146.2)$(124.2)$(107.5)$(61.2)$(27.4)$(55.4)$(25.6)
Amounts Recognized in Consolidated Balance Sheet
A summary of amounts recognized in the consolidated balance sheets as of December 31, 2020 and 2019, is shown below (in millions):
 PensionOther Postretirement
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
 U.S.ForeignU.S.ForeignU.S.ForeignU.S.Foreign
Amounts recognized in the consolidated balance sheet:
Other long-term assets$— $9.1 $0.1 $23.8 $— $— $— $— 
Accrued liabilities(2.5)(3.2)(2.6)(3.3)(4.0)(1.5)(3.9)(1.4)
Other long-term liabilities(143.7)(152.1)(121.7)(128.0)(57.2)(25.9)(51.5)(24.2)
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
As of December 31, 2020 and 2019, the majority of the Company's pension plans had accumulated benefit obligations in excess of plan assets. Information related to pension plans with accumulated benefit obligations in excess of plan assets is shown below (in millions):
December 31,20202019
Projected benefit obligation$813.7 $726.3 
Accumulated benefit obligation799.6 711.5 
Fair value of plan assets512.2 470.8 
Amounts Recognized in Other Comprehensive Income (Loss)
Pretax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020 and 2019, are shown below (in millions):
 PensionOther Postretirement
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
 U.S.ForeignU.S.ForeignU.S.ForeignU.S.Foreign
Actuarial gains (losses) recognized:
Reclassification adjustments$2.3 $5.2 $1.8 $7.8 $(1.6)$— $(2.3)$— 
Actuarial loss arising during the period(46.1)(39.7)(21.7)(33.8)(6.9)(2.1)(4.5)— 
Effect of curtailment— — — 0.1 — — — — 
Effect of settlements0.3 13.0 0.1 — — — — — 
Prior service credit recognized:
Reclassification adjustments— — — — (0.2)— (0.2)(0.2)
Prior service cost arising during the period— — — — (0.4)— — — 
Translation adjustment— (3.6)— (3.8)— — — — 
$(43.5)$(25.1)$(19.8)$(29.7)$(9.1)$(2.1)$(7.0)$(0.2)
Amounts Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized in Net Periodic Benefit Cost
Pretax amounts recorded in accumulated other comprehensive loss not yet recognized in net periodic benefit cost as of December 31, 2020 and 2019, are shown below (in millions):
 PensionOther Postretirement
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
 U.S.ForeignU.S.ForeignU.S.ForeignU.S.Foreign
Net unrecognized actuarial gain (loss)$(149.4)$(160.7)$(105.9)$(135.9)$11.2 $(3.0)$19.6 $(0.9)
Prior service (cost) credit— (1.5)— (1.2)1.2 0.1 1.9 0.1 
$(149.4)$(162.2)$(105.9)$(137.1)$12.4 $(2.9)$21.5 $(0.8)
Components of Net Periodic Benefit Cost (Credit)
The components of the Company’s net periodic pension benefit cost (credit) are shown below (in millions):
 Year Ended December 31,
202020192018
PensionU.S.ForeignU.S.ForeignU.S.Foreign
Service cost$0.1 $5.0 $0.1 $6.3 $0.1 $6.9 
Interest cost16.4 12.2 18.6 14.7 19.8 14.7 
Expected return on plan assets(21.4)(19.6)(20.2)(20.9)(27.3)(23.0)
Amortization of actuarial loss2.3 5.2 1.8 7.8 2.0 6.2 
Curtailment (gain) loss— — — (2.3)— 0.4 
Settlement losses0.3 13.0 0.1 — 5.7 — 
Net periodic benefit cost (credit)$(2.3)$15.8 $0.4 $5.6 $0.3 $5.2 
The components of the Company’s net periodic other postretirement benefit cost (credit) are shown below (in millions):
 Year Ended December 31,
202020192018
Other PostretirementU.S.ForeignU.S.ForeignU.S.Foreign
Service cost$— $— $— $0.3 $— $0.4 
Interest cost1.7 0.7 2.1 1.3 1.9 1.4 
Amortization of actuarial (gain) loss(1.6)— (2.3)— (2.2)0.2 
Amortization of prior service credit(0.2)— (0.2)(0.2)(0.2)(0.3)
Curtailment gain— — — (10.6)— — 
Net periodic benefit cost (credit)$(0.1)$0.7 $(0.4)$(9.2)$(0.5)$1.7 
Weighted Average Actuarial Assumptions Used
The weighted average actuarial assumptions used in determining the benefit obligations are shown below:
 PensionOther Postretirement
December 31,2020201920202019
Discount rate:
Domestic plans2.6%3.4%2.4%3.2%
Foreign plans2.0%2.6%2.5%3.1%
Rate of compensation increase:
Foreign plans3.3%3.7%N/AN/A
The weighted average actuarial assumptions used in determining the net periodic benefit cost (credit) are shown below:
For the year ended December 31,202020192018
Pension
Discount rate:
Domestic plans3.4 %4.3 %3.6 %
Foreign plans2.6 %3.4 %3.1 %
Expected return on plan assets:
Domestic plans5.8 %6.3 %6.5 %
Foreign plans5.4 %5.9 %5.9 %
Rate of compensation increase:
Foreign plans3.7 %3.4 %3.3 %
Other postretirement
Discount rate:
Domestic plans3.2 %4.2 %3.5 %
Foreign plans3.1 %3.8 %3.5 %
Assumed Health Care Cost Trend Rates
The assumed healthcare cost trend rates used to measure the postretirement benefit obligation as of December 31, 2020, are shown below:
U.S. PlansForeign Plans
Initial healthcare cost trend rate6.5%4.7%
Ultimate healthcare cost trend rate4.5%4.0%
Year ultimate healthcare cost trend rate achieved20282040
Pension Plan Assets by Asset Category and Fair Value Hierarchy
Fair value measurements and the related valuation techniques and fair value hierarchy level for the Company’s pension plan assets measured at fair value on a recurring basis as of December 31, 2020 and 2019, are shown below (in millions):
December 31, 2020
TotalLevel 1Level 2Level 3Valuation Technique
U.S. Plans:
Equity securities -
Equity funds$104.3 $85.9 $18.4 $— Market
Common stock85.2 53.9 31.3 — Market
Fixed income -
Fixed income funds84.2 84.2 — — Market
Corporate bonds66.7 — 66.7 — Market
Government obligations6.2 — 6.2 — Market
Preferred stock1.4 0.9 0.5 — Market
Cash and short-term investments11.9 2.8 9.1 — Market
Assets at fair value359.9 $227.7 $132.2 $— 
Investments measured at net asset value -
Alternative investments58.3 
Assets at fair value$418.2 
Foreign Plans:
Equity securities -
Equity funds$138.0 $— $138.0 $— Market
Common stock60.9 60.9 — — Market
Fixed income -
Fixed income funds58.4 — 58.4 — Market
Corporate bonds30.8 — 30.8 — Market
Government obligations49.5 — 49.5 — Market
Cash and short-term investments15.1 7.0 8.1 — Market
Assets at fair value352.7 $67.9 $284.8 $— 
Investments measured at net asset value -
Alternative investments30.3 
Assets at fair value$383.0 
December 31, 2019
TotalLevel 1Level 2Level 3Valuation Technique
U.S. Plans:
Equity securities -
Equity funds$103.6 $81.5 $22.1 $— Market
Common stock77.4 45.5 31.9 — Market
Fixed income -
Fixed income funds76.0 76.0 — — Market
Corporate bonds53.9 — 53.9 — Market
Government obligations7.3 — 7.3 — Market
Preferred stock1.2 0.6 0.6 — Market
Cash and short-term investments14.0 8.4 5.6 — Market
Assets at fair value333.4 $212.0 $121.4 $— 
Investments measured at net asset value -
Alternative investments43.2 
Assets at fair value$376.6 
Foreign Plans:
Equity securities -
Equity funds$148.4 $— $148.4 $— Market
Common stock66.7 66.7 — — Market
Fixed income -
Fixed income funds45.6 — 45.6 — Market
Corporate bonds31.5 — 31.5 — Market
Government obligations55.8 — 55.8 — Market
Cash and short-term investments10.9 7.7 3.2 — Market
Assets at fair value358.9 $74.4 $284.5 $— 
Investments measured at net asset value -
Alternative investments37.9 
Assets at fair value$396.8 
Expected Benefit Payments
As of December 31, 2020, the Company’s estimate of expected benefit payments in each of the five succeeding years and in the aggregate for the five years thereafter are shown below (in millions):
 PensionOther Postretirement
YearU.S.ForeignU.S.Foreign
2021$20.9 $19.3 $4.0 $1.4 
202222.8 20.5 4.0 1.5 
202323.5 20.2 4.0 1.5 
202423.5 21.0 4.0 1.5 
202524.5 22.0 3.9 1.4 
Five years thereafter130.8 127.9 17.7 6.8 
Information Related to Multi-Employer Pension Plans
Detailed information related to these plans is shown below (amounts in millions):
 Pension Protection Act
Zone Status		  Contributions to Multiemployer Pension Plans
Employer Identification Number ("EIN")December 31,
2020
Certification		December 31,
2019
Certification		FIP/RP
Pending or
Implemented		SurchargeYear Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
51-6099782-001GreenGreenYesNo$0.6 $0.5 $0.6 
13-6130178-001RedRedYesNo0.5 0.4 0.4