v3.22.4
Pension and Other Postemployment Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Pension Plans [Member]  
Components of Net Periodic Benefit Expense The components of net periodic benefit expense were (in millions):
Year Ended December 31,
202220212020
Service cost$2.8 $5.2 $7.5 
Interest cost5.6 4.2 7.7 
Expected return on plan assets(1.4)(1.5)(2.6)
Amortization of prior service cost0.4 0.8 0.8 
Amortization of actuarial loss4.0 9.3 6.7 
 $11.4 $18.0 $20.1 
Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense The weighted average assumptions used to determine net periodic benefit expense were:
Year Ended December 31,
202220212020
Discount rate2.1 %1.4 %2.4 %
Compensation increases2.6 %2.7 %2.5 %
Expected return on plan assets1.6 %5.0 %5.1 %
Change in Benefit Obligation, Fair Value of Plan Assets, Funded Status and Balance Sheet Classification of Defined Benefit Pension Plans The change in benefit obligation and fair value of plan assets of the defined benefit pension plans were (in millions):
December 31,
20222021
Benefit Obligation:  
January 1$289.4 $309.3 
Service cost2.8 5.2 
Interest cost5.6 4.2 
Amendments, curtailments and settlements(0.1)(0.4)
Actuarial (gain) loss(52.2)(13.9)
Benefits paid(10.9)(8.1)
Foreign currency translation(6.0)(6.9)
December 31$228.6 $289.4 
Fair Value of Plan Assets:  
January 1$63.0 $63.3 
Actual return on plan assets(14.3)4.1 
Employer contributions8.2 6.4 
Benefits paid(10.9)(8.1)
Foreign currency translation and other(2.0)(2.7)
December 31$44.0 $63.0 
The funded status and balance sheet classification of the defined benefit pension plans were (in millions):
December 31,
20222021
Funded Status$(184.6)$(226.4)
Other assets$2.4 $3.7 
Other current liabilities(7.5)(5.8)
Long-term liabilities(179.5)(224.3)
 $(184.6)$(226.4)
Plans with Benefit Obligations in Excess of Plan Assets Plans with benefit obligations in excess of plan assets were (in millions):
December 31,
20222021
Benefit obligation$(221.2)$(258.1)
Plan assets34.2 28.0 
 $(187.0)$(230.1)
Weighted Average Assumptions Used to Determine Benefit Obligation The weighted average assumptions used to determine the benefit obligation were:
December 31,
20222021
Discount rate4.4 %2.1 %
Compensation increases3.5 %2.7 %
Estimated Future Benefit Payments At December 31, 2022, the estimated benefits expected to be paid over the next 10 years are (in millions):
2023$11.2 
202415.3 
202517.9 
202617.5 
202718.7 
2028 - 203297.1 
Postemployment Arrangements [Member]  
Components of Net Periodic Benefit Expense The components of net periodic benefit expense were (in millions):
Year Ended December 31,
202220212020
Service cost$4.5 $4.8 $4.6 
Interest cost2.6 2.1 3.4 
Amortization of prior service cost3.8 4.1 4.3 
Amortization of actuarial loss2.5 3.9 2.1 
 $13.4 $14.9 $14.4 
Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense The weighted average assumptions used to determine net periodic benefit expense were:
Year Ended December 31,
202220212020
Discount rate1.8 %1.4 %2.5 %
Compensation increases3.5 %3.5 %3.5 %
Change in Benefit Obligation, Fair Value of Plan Assets, Funded Status and Balance Sheet Classification of Defined Benefit Pension Plans
The benefit obligation and balance sheet classification at December 31, 2022 and 2021, were (in millions):
20222021
January 1$153.0 $164.6 
Service cost4.5 4.8 
Interest cost2.6 2.1 
Amendments5.8 (1.2)
Actuarial (gain) loss(24.7)(7.8)
Benefits paid(10.4)(9.5)
December 31$130.8 $153.0 
Other current liabilities$10.5 $10.4 
Long-term liabilities120.3 142.6 
 $130.8 $153.0 
Weighted Average Assumptions Used to Determine Benefit Obligation The weighted average assumptions used to determine the benefit obligation were:
December 31,
20222021
Discount rate4.8 %2.4 %
Compensation increases3.5 %3.5 %
Estimated Future Benefit Payments At December 31, 2022, the estimated benefits expected to be paid over the next 10 years are (in millions):
2023$10.5 
202410.7 
202511.5 
202610.8 
202710.9 
2028 - 203250.2