XML 54 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Retirement and Deferred Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Reconciliation of Changes in Benefit Obligations and the Statement of Funded Status of Plan

The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows. The actuarial (gain) loss related to the Non-United States plans benefit obligation as of December 31, 2020 was primarily related to changes in discount rates.

 

 

 

United States Plans

 

 

Non-United States Plans

 

Year Ended December 31

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

52.8

 

 

$

48.9

 

 

$

794.8

 

 

$

450.0

 

Service cost

 

 

—

 

 

 

—

 

 

 

21.0

 

 

 

15.1

 

Interest cost

 

 

0.8

 

 

 

1.8

 

 

 

8.6

 

 

 

10.9

 

Acquisitions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

201.2

 

Settlements

 

 

(22.3

)

 

 

—

 

 

 

(42.2

)

 

 

(40.9

)

Transfers

 

 

—

 

 

 

—

 

 

 

27.0

 

 

 

52.7

 

Actuarial (gain) loss

 

 

(0.4

)

 

 

6.3

 

 

 

90.9

 

 

 

100.1

 

Plan participant contributions

 

 

—

 

 

 

—

 

 

 

11.6

 

 

 

9.0

 

Benefits paid

 

 

(2.4

)

 

 

(4.2

)

 

 

(13.2

)

 

 

(11.3

)

Currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

67.1

 

 

 

8.0

 

Benefit obligation, end of year

 

$

28.5

 

 

$

52.8

 

 

$

965.6

 

 

$

794.8

 

 

 

 

United States Plans

 

 

Non-United States Plans

 

Year Ended December 31

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Change in Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

38.8

 

 

$

36.1

 

 

$

655.4

 

 

$

354.1

 

Actual return on plan assets

 

 

0.1

 

 

 

4.4

 

 

 

49.7

 

 

 

69.5

 

Acquisitions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

196.8

 

Settlements

 

 

(22.3

)

 

 

—

 

 

 

(42.2

)

 

 

(40.9

)

Transfers

 

 

—

 

 

 

—

 

 

 

26.2

 

 

 

51.6

 

Plan participant contributions

 

 

—

 

 

 

—

 

 

 

11.6

 

 

 

9.0

 

Company contributions

 

 

(14.2

)

 

 

2.5

 

 

 

16.1

 

 

 

15.4

 

Benefits paid

 

 

(2.4

)

 

 

(4.2

)

 

 

(13.2

)

 

 

(11.3

)

Currency exchange rate changes

 

 

—

 

 

 

—

 

 

 

50.0

 

 

 

11.2

 

Fair value of plan assets, end of year

 

$

—

 

 

$

38.8

 

 

$

753.6

 

 

$

655.4

 

Funded Status at End of Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status, end of year

 

$

(28.5

)

 

$

(14.0

)

 

$

(211.9

)

 

$

(139.4

)

Amounts Recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

$

—

 

 

$

15.0

 

 

$

32.1

 

 

$

41.4

 

Current liabilities

 

 

(2.4

)

 

 

(2.5

)

 

 

(1.2

)

 

 

(0.7

)

Noncurrent liabilities

 

 

(26.1

)

 

 

(26.5

)

 

 

(242.8

)

 

 

(180.1

)

Net amount recognized

 

$

(28.5

)

 

$

(14.0

)

 

$

(211.9

)

 

$

(139.4

)
The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows:

 

Year Ended December 31

 

2020

 

 

2019

 

Change in Benefit Obligation

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

14.1

 

 

$

13.7

 

Interest cost

 

 

0.4

 

 

 

0.5

 

Actuarial loss

 

 

1.0

 

 

 

0.8

 

Benefits paid

 

 

(0.9

)

 

 

(0.9

)

Benefit obligation, end of year

 

$

14.6

 

 

$

14.1

 

Funded Status at End of Year

 

 

 

 

 

 

 

 

Funded status, end of year

 

$

(14.6

)

 

$

(14.1

)

Amounts Recognized

 

 

 

 

 

 

 

 

Current liabilities

 

$

(1.1

)

 

$

(1.1

)

Noncurrent liabilities

 

 

(13.5

)

 

 

(13.0

)

Net amount recognized

 

$

(14.6

)

 

$

(14.1

)

 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss, Net of Tax


 

Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of:

 

 

 

United States Plans

 

 

Non-United States Plans

 

Year Ended December 31

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

8.6

 

 

$

15.8

 

 

$

95.2

 

 

$

50.5

 

Prior service cost

 

 

—

 

 

 

—

 

 

 

7.6

 

 

 

7.8

 

Total

 

$

8.6

 

 

$

15.8

 

 

$

102.8

 

 

$

58.3

 
Schedule of Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets The accumulated benefit obligation for some of our plans exceeded the fair value of plan assets as follows:

 

December 31

 

2020

 

 

2019

 

Accumulated benefit obligation

 

$

491.5

 

 

$

163.8

 

Plan assets

 

 

368.8

 

 

 

80.4

 

 
Schedule of Plans With Projected Benefit Obligation in Excess of Fair Value of Plan Assets The PBO for some of our plans exceeded the fair value of plan assets as follows:

 

December 31

 

2020

 

 

2019

 

Projected benefit obligation

 

$

503.2

 

 

$

414.6

 

Plan assets

 

 

368.8

 

 

 

324.3

 

 
Schedule of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss

The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows:

 

Year Ended December 31

 

2020

 

 

2019

 

 

2018

 

Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

21.0

 

 

$

15.1

 

 

$

10.9

 

Interest cost

 

 

9.4

 

 

 

12.7

 

 

 

11.6

 

Expected return on assets

 

 

(13.5

)

 

 

(12.9

)

 

 

(10.6

)

Settlements

 

 

13.8

 

 

 

0.4

 

 

 

—

 

Net loss

 

 

2.7

 

 

 

1.2

 

 

 

1.4

 

Prior service cost

 

 

0.7

 

 

 

0.7

 

 

 

0.6

 

Net periodic benefit cost

 

 

34.1

 

 

 

17.2

 

 

 

13.9

 

Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income/Loss

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

 

44.1

 

 

 

45.5

 

 

 

(16.6

)

Prior service cost

 

 

0.4

 

 

 

1.0

 

 

 

1.4

 

Amortization of net loss

 

 

(6.3

)

 

 

(1.6

)

 

 

(1.4

)

Amortization of prior service cost

 

 

(0.7

)

 

 

(0.7

)

 

 

(0.6

)

Total recognized in other comprehensive income/loss

 

 

37.5

 

 

 

44.2

 

 

 

(17.2

)

Total recognized in net periodic benefit cost and other comprehensive income/loss

 

$

71.6

 

 

$

61.4

 

 

$

(3.3

)

The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows:

 

Year Ended December 31

 

2020

 

 

2019

 

 

2018

 

Net Periodic Benefit Credit

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

0.4

 

 

$

0.5

 

 

$

0.5

 

Net loss

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Prior service credit

 

 

(0.8

)

 

 

(0.8

)

 

 

(0.8

)

Net periodic benefit credit

 

$

(0.3

)

 

$

(0.3

)

 

$

(0.2

)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income/Loss

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

1.1

 

 

$

0.8

 

 

$

(0.5

)

Amortization of net loss

 

 

(0.1

)

 

 

—

 

 

 

(0.1

)

Amortization of prior service credit

 

 

0.8

 

 

 

0.8

 

 

 

0.8

 

Total recognized in other comprehensive income/loss

 

 

1.8

 

 

 

1.6

 

 

 

0.2

 

Total recognized in net periodic benefit cost and other comprehensive income/loss

 

$

1.5

 

 

$

1.3

 

 

$

—

 
Schedule of Weighted-Average Assumptions Used in Measurement of Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used in the measurement of the benefit obligation were as follows:

 

 

 

United States Plans

 

 

Non-United States Plans

 

Year Ended December 31

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Discount rate

 

 

2.1

%

 

 

2.5

%

 

 

0.6

%

 

 

1.1

%

Rate of compensation increase

 

 

—

 

 

 

3.0

%

 

 

1.7

%

 

 

1.7

%

 

The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows:

 

 

 

United States Plans

 

 

Non-United States Plans

 

Year Ended December 31

 

2020

 

 

2019

 

 

2018

 

 

2020

 

 

2019

 

 

2018

 

Discount rate - service cost

 

 

2.5

%

 

 

4.2

%

 

 

3.6

%

 

 

1.1

%

 

 

1.8

%

 

 

2.1

%

Discount rate - interest cost

 

 

2.5

%

 

 

4.2

%

 

 

3.2

%

 

 

1.1

%

 

 

1.8

%

 

 

2.1

%

Expected long-term return on plan assets

 

 

—

 

 

 

4.3

%

 

 

4.5

%

 

 

2.2

%

 

 

2.7

%

 

 

2.7

%

Rate of compensation increase

 

 

—

 

 

 

3.0

%

 

 

3.0

%

 

 

1.7

%

 

 

1.7

%

 

 

1.8

%

Interest crediting rates for cash balance plans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.0

%

 

 

2.0

%

 

 

—

 
Schedule of Fair Value of Plan Assets By Asset Category

The fair value of our pension plan assets by asset category was as follows. As of December 31, 2020, all of our plan assets were associated with non-United States plans.

 

 

 

 

Fair Value Measurements Using

 

 

December 31, 2020

 

 

Quoted Prices

in Active Markets for

Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

16.1

 

 

$

16.1

 

 

$

—

 

 

$

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

116.1

 

 

 

116.1

 

 

 

—

 

 

 

—

 

Common stock

 

25.4

 

 

 

25.4

 

 

 

—

 

 

 

—

 

Fixed income instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

185.6

 

 

 

—

 

 

 

185.6

 

 

 

—

 

Annuity contract

 

56.2

 

 

 

—

 

 

 

—

 

 

 

56.2

 

Bonds

 

41.4

 

 

 

—

 

 

 

41.4

 

 

 

—

 

Guaranteed insurance contracts

 

21.0

 

 

 

—

 

 

 

21.0

 

 

 

—

 

Other types of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance contracts

 

157.8

 

 

 

—

 

 

 

—

 

 

 

157.8

 

Real estate funds

 

92.1

 

 

 

—

 

 

 

90.8

 

 

 

1.3

 

Hedge funds

 

32.0

 

 

 

—

 

 

 

11.4

 

 

 

20.6

 

Other

 

9.9

 

 

 

—

 

 

 

3.2

 

 

 

6.7

 

 

$

753.6

 

 

$

157.6

 

 

$

353.4

 

 

$

242.6

 

 

 


 

 

 

 

United States Plans

 

 

Non-United States Plans

 

 

 

Fair Value Measurements Using

 

 

Fair Value Measurements Using

 

 

 

December 31, 2019

 

 

Quoted

Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

 

December 31, 2019

 

 

Quoted

Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (1)

 

$

5.8

 

 

$

—

 

 

$

5.8

 

 

$

—

 

 

$

5.5

 

 

$

5.5

 

 

$

—

 

 

$

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

7.8

 

 

 

7.8

 

 

 

—

 

 

 

—

 

 

 

98.0

 

 

 

98.0

 

 

 

—

 

 

 

—

 

Common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.3

 

 

 

22.3

 

 

 

—

 

 

 

—

 

Fixed income instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

 

25.2

 

 

 

—

 

 

 

25.2

 

 

 

—

 

 

 

160.0

 

 

 

—

 

 

 

160.0

 

 

 

—

 

Annuity contract

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52.5

 

 

 

—

 

 

 

—

 

 

 

52.5

 

Bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37.0

 

 

 

—

 

 

 

37.0

 

 

 

—

 

Guaranteed insurance contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18.5

 

 

 

—

 

 

 

18.5

 

 

 

—

 

Other types of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130.6

 

 

 

—

 

 

 

—

 

 

 

130.6

 

Real estate funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93.3

 

 

 

—

 

 

 

87.3

 

 

 

6.0

 

Hedge funds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

29.3

 

 

 

—

 

 

 

9.6

 

 

 

19.7

 

Other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8.4

 

 

 

—

 

 

 

2.4

 

 

 

6

 

 

 

$

38.8

 

 

$

7.8

 

 

$

31.0

 

 

$

—

 

 

$

655.4

 

 

$

125.8

 

 

$

314.8

 

 

$

214.8

 

 

(1) This category includes a prime obligations money market portfolio.
Schedule of Changes in Fair Value of Pension Assets Measured Using Level 3 Inputs

The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. We determined that transfers between fair-value-measurement levels occurred on the date of the event that caused the transfer.

 

Year Ended December 31

 

2020

 

 

2019

 

Balance, beginning of year

 

$

214.8

 

 

$

153.9

 

Actual return on plan assets

 

 

16.4

 

 

 

30.5

 

Acquisitions

 

 

—

 

 

 

27.6

 

Purchases, sales and settlements, net

 

 

(6.3

)

 

 

2.5

 

Currency exchange rate changes

 

 

17.7

 

 

 

0.3

 

Balance, end of year

 

$

242.6

 

 

$

214.8

 
Schedule of Projected Future Benefit Payments Projected benefit payments from the plans as of December 31, 2020 were estimated as follows:

 

Year

 

Pension Plans

 

 

Retiree Health

Care Plan

 

2021

 

$

65.8

 

 

$

1.1

 

2022

 

 

35.6

 

 

 

1.1

 

2023

 

 

27.1

 

 

 

1.1

 

2024

 

 

25.7

 

 

 

1.0

 

2025

 

 

25.0

 

 

 

1.0

 

2026–2029

 

 

150.0

 

 

 

4.6

 

Total projected benefit payments

 

$

329.2

 

 

$

9.9