XML 71 R41.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pensions and Postretirement Benefits Other than Pensions (Tables)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
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:
202320222021
Discount rate:
U.S. plans
Service cost5.48 %3.06 %2.75 %
Interest cost5.35 %2.36 %1.82 %
Non-U.S. plans
Service cost4.82 %2.07 %1.56 %
Interest cost4.65 %1.62 %1.09 %
Rate of compensation increase:
U.S. plans4.25 %4.00 %4.00 %
Non-U.S. plans4.23 %4.00 %4.00 %
Expected return on plan assets:
U.S. plans6.25 %4.00 %4.00 %
Non-U.S. plans5.02 %2.50 %2.25 %
  
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 millions20232022
Change in benefit obligations:
Benefit obligation at beginning of year$2,386.1 $3,394.5 
Service cost34.4 47.5 
Interest cost119.6 70.3 
Employee contributions1.0 0.9 
Actuarial (gains) losses (1)
63.7 (810.3)
Benefits paid(187.9)(243.1)
Currency translation22.0 (59.6)
Curtailments, settlements and special termination benefits(2.4)(5.0)
Other, including expenses paid(24.0)(9.1)
Benefit obligation at end of year$2,412.5 $2,386.1 
Change in plan assets:
Fair value at beginning of year$2,051.6 $2,993.8 
Actual return on assets192.2 (706.7)
Company contributions93.5 90.5 
Employee contributions1.0 0.9 
Benefits paid(187.9)(243.1)
Currency translation22.9 (62.6)
Settlements(2.4)(5.0)
Other, including expenses paid(25.2)(16.2)
Fair value of assets end of year$2,145.7 $2,051.6 
Net unfunded liability$(266.8)$(334.5)
Amounts included in the balance sheet:
Other noncurrent assets$52.5 $61.0 
Accrued compensation and benefits(10.8)(27.3)
Postemployment and other benefit liabilities(308.5)(368.2)
Net amount recognized$(266.8)$(334.5)
  
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, 2022$(20.9)$(509.8)$(530.7)
Current year changes recorded to AOCI— 9.4 9.4 
Amortization reclassified to earnings3.6 16.2 19.8 
Settlements/curtailments reclassified to earnings— 1.4 1.4 
Currency translation and other(0.7)(3.0)(3.7)
December 31, 2023$(18.0)$(485.8)$(503.8)
  
Defined Benefit Plan, Assumptions [Table Text Block]
Weighted-average assumptions used to determine the benefit obligation at December 31 were as follows:
20232022
Discount rate:
U.S. plans5.16 %5.51 %
Non-U.S. plans4.18 %4.63 %
Rate of compensation increase:
U.S. plans4.02 %4.00 %
Non-U.S. plans4.07 %4.25 %
  
Schedule of Expected Benefit Payments [Table Text Block]
Pension benefit payments are expected to be paid as follows:
In millions
2024$187.7 
2025195.5 
2026184.9 
2027192.5 
2028178.4 
2029-2033871.8 
  
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 millions202320222021
Service cost$34.4 $47.5 $50.9 
Interest cost119.6 70.3 58.6 
Expected return on plan assets(120.3)(103.8)(106.2)
Net amortization of:
Prior service costs (benefits)3.6 3.9 5.0 
Plan net actuarial (gains) losses16.2 23.3 35.6 
Net periodic pension benefit cost53.5 41.2 43.9 
Net curtailment, settlement, and special termination benefits (gains) losses1.4 15.0 8.0 
Net periodic pension benefit cost after net curtailment and settlement (gains) losses$54.9 $56.2 $51.9 
Amounts recorded in continuing operations:
   Operating income$29.6 $43.2 $47.1 
   Other income/(expense), net18.6 9.2 (0.9)
Amounts recorded in discontinued operations6.7 3.8 5.7 
Total$54.9 $56.2 $51.9 
  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The fair values of the Company’s pension plan assets at December 31, 2023 by asset category were as follows:
 Fair value measurementsNet asset valueTotal
fair value
In millionsLevel 1Level 2Level 3
Cash and cash equivalents$4.7 $43.9 $— $— $48.6 
Equity investments:
Registered mutual funds – equity specialty— — — 78.7 78.7 
Commingled funds – equity specialty— — — 262.4 262.4 
— — — 341.1 341.1 
Fixed income investments:
U.S. government and agency obligations— 355.7 — — 355.7 
Corporate and non-U.S. bonds(a)
— 1,079.5 — — 1,079.5 
Asset-backed and mortgage-backed securities— 12.5 — — 12.5 
Registered mutual funds – fixed income specialty— — — 96.1 96.1 
Commingled funds – fixed income specialty— — — 75.0 75.0 
Other fixed income(b)
— — 31.2 — 31.2 
— 1,447.7 31.2 171.1 1,650.0 
Derivatives— 5.9 — — 5.9 
Other(d)
— — 89.7 — 89.7 
Total assets at fair value$4.7 $1,497.5 $120.9 $512.2 $2,135.3 
Receivables and payables, net10.4 
Net assets available for benefits   $2,145.7 
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 
(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 millions20232022
Benefit obligation at beginning of year$266.4 $342.2 
Service cost1.4 1.8 
Interest cost13.3 6.9 
Plan participants’ contributions— 5.7 
Actuarial (gains) losses (1)
(7.4)(53.7)
Benefits paid, net of Medicare Part D subsidy (2)
(32.4)(39.8)
Amendments— 3.3 
Benefit obligations at end of year$241.3 $266.4 
(1) Actuarial gains in fiscal year 2023 primarily due to plan experience. Actuarial gains in fiscal year 2022 primarily resulted from changes in discount rates.
(2) Amounts are net of Medicare Part D subsidy of $0.4 million in both 2023 and 2022.
  
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, 2022$(3.3)$120.5 $117.2 
Current year changes recorded to AOCI— 7.4 7.4 
Amortization reclassified to earnings0.6 (13.0)(12.4)
Balance at December 31, 2023$(2.7)$114.9 $112.2 
  
Defined Benefit Plan, Assumptions [Table Text Block]
202320222021
Discount rate:
Benefit obligations at December 315.17 %5.51 %2.73 %
Net periodic benefit cost
Service cost5.54 %2.82 %2.40 %
Interest cost5.38 %2.33 %1.84 %
Assumed health-care cost trend rates at December 31:
Current year medical inflation6.28 %6.50 %6.25 %
Ultimate inflation rate5.00 %5.00 %4.75 %
Year that the rate reaches the ultimate trend rate202920282028
  
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
2024$30.1 
202528.2 
202626.5 
202724.8 
202823.3 
2029—203393.3 
  
Schedule of Net Funded Status [Table Text Block]
The benefit plan obligations are reflected in the Consolidated Balance Sheets as follows:
In millionsDecember 31, 2023December 31, 2022
Accrued compensation and benefits$(29.3)$(34.2)
Postemployment and other benefit liabilities(212.0)(232.2)
Total$(241.3)$(266.4)
  
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 millions202320222021
Service cost$1.4 $1.8 $2.1 
Interest cost13.3 6.9 5.5 
Net amortization of:
Prior service costs (benefits)0.6 — — 
Plan net actuarial (gains) losses
(13.0)(5.6)(2.0)
Net periodic postretirement benefit cost$2.3 $3.1 $5.6 
Amounts recorded in continuing operations:
   Operating income$1.4 $1.8 $2.1 
   Other income/(expense), net1.4 1.4 2.5 
Amounts recorded in discontinued operations(0.5)(0.1)1.0 
Total$2.3 $3.1 $5.6