v3.20.4
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES  
Schedule of impairment of assets

Year Ended

December 31,

December 31,

December 31,

(In millions)

    

2020

 

2019

2018

Impairment of long-lived assets

$

177.9

$

84.3

$

13.8

Impairment of definite-lived intangible assets

14.4

Impairment of indefinite-lived intangible assets

15.2

Impairment of goodwill (1)

2,306.4

Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill

2,513.9

84.3

13.8

Impairment of equity method investments recorded in equity in earnings (loss) of non-consolidated entities

8.6

Impairment of other assets recorded in investment expense (income)

15.9

3.6

Total impairment loss

$

2,538.4

$

87.9

$

13.8

(1)See Note 5—Goodwill and Intangible Assets for information regarding goodwill impairment.
Schedule of benefit obligations and plan assets and the accrued liability

U.S. Pension Benefits

International Pension Benefits

Year Ended

Year Ended

(In millions)

    

December 31, 2020

    

December 31, 2019

    

December 31, 2020

    

December 31, 2019

Aggregated projected benefit obligation at end of period (1)

$

(123.9)

$

(115.9)

$

(133.1)

$

(120.5)

Aggregated fair value of plan assets at end of period

 

84.2

 

76.3

 

128.7

 

119.4

Net liability for benefit cost - funded status

$

(39.7)

$

(39.6)

$

(4.4)

$

(1.1)

(1)At December 31, 2020 and December 31, 2019, U.S. aggregated accumulated benefit obligations were $123.9 million and $115.9 million, respectively, and international aggregated accumulated benefit obligations were $129.5 million and $117.2 million, respectively.
Schedule of weighted-average assumptions used to determine benefit obligations

The weighted-average assumptions used to determine benefit obligations are as follows:

U.S. Pension Benefits

International Pension Benefits

December 31, 2020

December 31, 2019

December 31, 2020

December 31, 2019

Discount rate

 

2.26%

3.07%

1.78%

1.97%

Rate of compensation increase

 

N/A

N/A

2.29%

2.27%

The weighted-average assumptions used to determine net periodic benefit cost are as follows:

U.S. Pension Benefits

International Pension Benefits

Year Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

December 31,

December 31,

    

2020

    

2019

    

2018

    

2020

    

2019

    

2018

Discount rate

 

3.07%

4.12%

3.42%

1.97%

2.86%

2.58%

Weighted average expected long-term return on plan assets

 

6.70%

6.70%

7.00%

2.15%

2.99%

2.86%

Rate of compensation increase

 

N/A

N/A

N/A

2.27%

2.19%

2.19%

Schedule of expected benefit payments

(In millions)

U.S. Pension Benefits

International Pension Benefits

2021

$

4.7

$

3.3

2022

 

5.4

3.4

2023

 

4.8

3.5

2024

 

5.2

3.6

2025

 

5.3

3.7

Years 2026 - 2030

 

28.9

19.9

Schedule components of other expense (income)

Year Ended

December 31,

(In millions)

    

2020

    

2019

    

2018

Derivative liability fair value adjustment for embedded conversion feature in the Convertible Notes

$

89.4

$

(23.5)

$

(66.4)

Derivative asset fair value adjustment for contingent call option related to the Class B common stock purchase and cancellation agreement

19.6

17.7

(45.0)

Business interruption insurance recoveries

(0.5)

(1.1)

(0.4)

Credit losses related to contingent lease guarantees

15.0

Governmental assistance due to COVID-19

(38.6)

Loss on Pound sterling forward contract

0.9

0.4

Foreign currency transactions losses

(2.8)

1.5

1.4

Non-operating components of net periodic benefit cost

1.1

1.2

0.8

Loss on repayment of indebtedness

16.6

Gain on extinguishment Second Lien Notes due 2026

(93.6)

Financing fees related to modification of debt

39.3

0.4

Other

 

 

0.1

0.7

Other expense (income)

$

28.9

$

13.4

$

(108.1)