XML 57 R40.htm IDEA: XBRL DOCUMENT v3.22.4
Pensions and Postretirement Benefits Other than Pensions (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Assumptions [Table Text Block]
Weighted-average assumptions used to determine net periodic pension cost for the years ended December 31 were as follows:
202220212020
Discount rate:
U.S. plans
Service cost3.06 %2.75 %3.36 %
Interest cost2.36 %1.82 %2.78 %
Non-U.S. plans
Service cost2.07 %1.56 %1.87 %
Interest cost1.62 %1.09 %1.51 %
Rate of compensation increase:
U.S. plans4.00 %4.00 %4.00 %
Non-U.S. plans4.00 %4.00 %3.75 %
Expected return on plan assets:
U.S. plans4.00 %4.00 %4.75 %
Non-U.S. plans2.50 %2.25 %2.75 %
 
Pension Plans [Member]    
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
The following table details information regarding the Company’s pension plans at December 31:
In millions20222021
Change in benefit obligations:
Benefit obligation at beginning of year$3,394.5 $3,662.8 
Service cost47.5 50.9 
Interest cost70.3 58.6 
Employee contributions0.9 0.9 
Amendments— (0.3)
Actuarial (gains) losses (1)
(810.3)(121.9)
Benefits paid(243.1)(200.6)
Currency translation(59.6)(28.4)
Curtailments, settlements and special termination benefits(5.0)(20.0)
Other, including expenses paid(9.1)(7.5)
Benefit obligation at end of year$2,386.1 $3,394.5 
Change in plan assets:
Fair value at beginning of year$2,993.8 $3,114.6 
Actual return on assets(706.7)73.5 
Company contributions90.5 55.9 
Employee contributions0.9 0.9 
Benefits paid(243.1)(200.6)
Currency translation(62.6)(21.8)
Settlements(5.0)(20.5)
Other, including expenses paid(16.2)(8.2)
Fair value of assets end of year$2,051.6 $2,993.8 
Net unfunded liability$(334.5)$(400.7)
Amounts included in the balance sheet:
Other noncurrent assets$61.0 $82.2 
Accrued compensation and benefits(27.3)(56.4)
Postemployment and other benefit liabilities(368.2)(426.5)
Net amount recognized$(334.5)$(400.7)
 
Schedule of Comprehensive Income (Loss) [Table Text Block]
The pretax amounts recognized in Accumulated other comprehensive income (loss) were as follows:
In millionsPrior service benefit (cost)Net actuarial gains (losses)Total
December 31, 2021$(26.3)$(559.8)$(586.1)
Current year changes recorded to AOCI— 0.5 0.5 
Amortization reclassified to earnings3.9 23.3 27.2 
Settlements/curtailments reclassified to earnings— 15.0 15.0 
Currency translation and other1.5 11.2 12.7 
December 31, 2022$(20.9)$(509.8)$(530.7)
 
Defined Benefit Plan, Assumptions [Table Text Block]
Weighted-average assumptions used to determine the benefit obligation at December 31 were as follows:
20222021
Discount rate:
U.S. plans5.51 %2.88 %
Non-U.S. plans4.63 %1.74 %
Rate of compensation increase:
U.S. plans4.00 %4.00 %
Non-U.S. plans4.25 %4.00 %
 
Schedule of Expected Benefit Payments [Table Text Block]
Pension benefit payments are expected to be paid as follows:
In millions
2023$202.7 
2024192.9 
2025178.1 
2026180.8 
2027190.4 
2028-2032873.5 
 
Schedule of Net Benefit Costs [Table Text Block]
The components of the Company’s net periodic pension benefit costs for the years ended December 31 include the following:
In millions202220212020
Service cost$47.5 $50.9 $58.3 
Interest cost70.3 58.6 83.8 
Expected return on plan assets(103.8)(106.2)(121.1)
Net amortization of:
Prior service costs (benefits)3.9 5.0 5.3 
Plan net actuarial (gains) losses23.3 35.6 43.7 
Net periodic pension benefit cost41.2 43.9 70.0 
Net curtailment, settlement, and special termination benefits (gains) losses15.0 8.0 (1.8)
Net periodic pension benefit cost after net curtailment and settlement (gains) losses$56.2 $51.9 $68.2 
Amounts recorded in continuing operations:
   Operating income$43.2 $47.1 $51.7 
   Other income/(expense), net9.2 (0.9)11.7 
Amounts recorded in discontinued operations3.8 5.7 4.8 
Total$56.2 $51.9 $68.2 
 
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The fair values of the Company’s pension plan assets at December 31, 2022 by asset category were as follows:
 Fair value measurementsNet asset valueTotal
fair value
In millionsLevel 1Level 2Level 3
Cash and cash equivalents$3.3 $50.6 $— $— $53.9 
Equity investments:
Registered mutual funds – equity specialty— — — 68.0 68.0 
Commingled funds – equity specialty— — — 244.5 244.5 
— — — 312.5 312.5 
Fixed income investments:
U.S. government and agency obligations— 323.6 — — 323.6 
Corporate and non-U.S. bonds(a)
— 1,065.7 — — 1,065.7 
Asset-backed and mortgage-backed securities— 12.5 — — 12.5 
Registered mutual funds – fixed income specialty— — — 105.0 105.0 
Commingled funds – fixed income specialty— — — 61.7 61.7 
Other fixed income(b)
— — 29.3 — 29.3 
— 1,401.8 29.3 166.7 1,597.8 
Derivatives— (1.5)— — (1.5)
Real estate(c)
— — 0.9 — 0.9 
Other(d)
— — 79.6 — 79.6 
Total assets at fair value$3.3 $1,450.9 $109.8 $479.2 $2,043.2 
Receivables and payables, net8.4 
Net assets available for benefits   $2,051.6 
The fair values of the Company’s pension plan assets at December 31, 2021 by asset category were as follows:
 Fair value measurementsNet asset valueTotal
fair value
In millionsLevel 1Level 2Level 3
Cash and cash equivalents$1.6 $50.5 $— $— $52.1 
Equity investments:
Registered mutual funds – equity specialty— — — 107.5 107.5 
Commingled funds – equity specialty— — — 362.5 362.5 
— — — 470.0 470.0 
Fixed income investments:
U.S. government and agency obligations— 551.4 — — 551.4 
Corporate and non-U.S. bonds(a)
— 1,453.6 — — 1,453.6 
Asset-backed and mortgage-backed securities— 63.7 — — 63.7 
Registered mutual funds – fixed income specialty— — — 191.4 191.4 
Commingled funds – fixed income specialty— — — 77.7 77.7 
Other fixed income(b)
— — 32.0 — 32.0 
— 2,068.7 32.0 269.1 2,369.8 
Derivatives— (0.5)— — (0.5)
Real estate(c)
— — 2.1 — 2.1 
Other(d)
— — 106.1 — 106.1 
Total assets at fair value$1.6 $2,118.7 $140.2 $739.1 $2,999.6 
Receivables and payables, net(5.8)
Net assets available for benefits   $2,993.8 
(a)This class includes state and municipal bonds.
(b)This class includes group annuity and guaranteed interest contracts.
(c)This class includes a private equity fund that invests in real estate.
(d)This investment comprises the Company's non-significant, non-US pension plan assets. It primarily includes insurance contracts.
Postretirement [Member]    
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
The following table details changes in the Company’s postretirement plan benefit obligations for the years ended December 31:
In millions20222021
Benefit obligation at beginning of year$342.2 $389.1 
Service cost1.8 2.1 
Interest cost6.9 5.5 
Plan participants’ contributions5.7 5.6 
Actuarial (gains) losses (1)
(53.7)(22.2)
Benefits paid, net of Medicare Part D subsidy (2)
(39.8)(37.8)
Amendments3.3 — 
Other— (0.1)
Benefit obligations at end of year$266.4 $342.2 
(1) Actuarial (gains) losses primarily resulted from changes in discount rates.
(2) Amounts are net of Medicare Part D subsidy of $0.4 million and $0.5 million in 2022 and 2021, respectively.
 
Schedule of Comprehensive Income (Loss) [Table Text Block]
The pre-tax amounts recognized in Accumulated other comprehensive income (loss) were as follows:
In millionsPrior service benefit (cost)Net actuarial gains (losses)Total
Balance at December 31, 2021$— $72.4 $72.4 
Current year changes recorded to AOCI(3.3)53.7 50.4 
Amortization reclassified to earnings— (5.6)(5.6)
Balance at December 31, 2022$(3.3)$120.5 $117.2 
 
Defined Benefit Plan, Assumptions [Table Text Block]
202220212020
Discount rate:
Benefit obligations at December 315.51 %2.73 %2.25 %
Net periodic benefit cost
Service cost2.82 %2.40 %3.18 %
Interest cost2.33 %1.84 %2.73 %
Assumed health-care cost trend rates at December 31:
Current year medical inflation6.50 %6.25 %6.50 %
Ultimate inflation rate5.00 %4.75 %4.75 %
Year that the rate reaches the ultimate trend rate202820282028
 
Schedule of Expected Benefit Payments [Table Text Block]
Benefit payments for postretirement benefits, which are net of expected plan participant contributions and Medicare Part D subsidy, are expected to be paid as follows:
In millions
2023$35.1 
202430.0 
202528.6 
202627.2 
202725.6 
2028 — 2032106.1 
 
Schedule of Net Funded Status [Table Text Block]
The benefit plan obligations are reflected in the Consolidated Balance Sheets as follows:
In millionsDecember 31, 2022December 31, 2021
Accrued compensation and benefits$(34.2)$(33.8)
Postemployment and other benefit liabilities(232.2)(308.4)
Total$(266.4)$(342.2)
 
Schedule of Costs of Retirement Plans [Table Text Block]
The components of net periodic postretirement benefit cost for the years ended December 31 were as follows:
In millions202220212020
Service cost$1.8 $2.1 $2.4 
Interest cost6.9 5.5 9.7 
Net amortization of net actuarial (gains) losses(5.6)(2.0)(5.6)
Net periodic postretirement benefit cost$3.1 $5.6 $6.5 
Amounts recorded in continuing operations:
   Operating income$1.8 $2.1 $2.4 
   Other income/(expense), net1.4 2.5 3.0 
Amounts recorded in discontinued operations(0.1)1.0 1.1 
Total$3.1 $5.6 $6.5