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Pension And Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Pension And Other Postretirement Benefits [Abstract]  
Schedule Of Net Funded Status Pension Benefits Postretirement Benefits 2021 2020 2021 2020Change in Benefit Obligation: Benefit obligation at beginning of period$ 921.8 $ 825.1 $ 80.9 $ 76.2Service cost 30.2 29.2 2.2 2.1Interest cost 23.9 26.7 1.7 2.4Actuarial (gain) loss (11.6) 134.7 (5.0) 4.9Benefits paid from plan assets (2.5) (2.1) — —Benefits paid from Company assets (1.6) (1.8) (5.6) (5.8)Plan participants' contributions — — 0.9 1.1Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Benefit Obligation at End of Period 841.9 921.8 75.1 80.9Change in Plan Assets: Fair value of plan assets at beginning of period 722.0 658.4 — —Actual return on plan assets 39.5 115.7 — —Employer contributions(A) 41.6 41.8 4.7 4.7Plan participants' contributions — — 0.9 1.1Benefits paid(A) (4.1) (3.9) (5.6) (5.8)Administrative expenses paid (1.5) (3.2) — —Settlements (116.8) (86.8) — —Fair Value of Plan Assets at End of Period 680.7 722.0 — —Unfunded Status$ 161.2 $ 199.8 $ 75.1 $ 80.9 (A) Includes $1.6 million and $1.8 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2021 and 2020, respectively.
Schedule Of Amounts Recognized In Balance Sheet Pension Benefits Postretirement Benefits 2021 2020 2021 2020Current accrued benefit cost$ 2.1 $ 1.9 $ 6.6 $ 6.8Non-current accrued benefit cost 159.1 197.9 68.5 74.1Net amount recognized$ 161.2 $ 199.8 $ 75.1 $ 80.9
Schedule Of Amounts Recognized In Accumulated Other Comprensive Income (Loss) Pension Benefits Postretirement Benefits 2021 2020 2021 2020Net actuarial loss$ 166.1 $ 227.9 $ 9.3 $ 13.6Prior service cost — — 0.1 0.1Accumulated other comprehensive loss$ 166.1 $ 227.9 $ 9.4 $ 13.7
Schedule Of Net Periodic Benefit Costs The net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 included the following components: Pension Benefits Postretirement BenefitsComponents of Net Periodic Benefit Cost2021 2020 2019 2021 2020 2019Selling, general and administrative expenses: Service cost$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Total selling, general and administrative expenses$ 30.2 $ 29.2 $ 25.6 $ 2.2 $ 2.1 $ 2.0Non-operating expenses: Interest cost 23.9 26.7 30.0 1.7 2.4 2.9Expected return on plan assets (30.6) (32.8) (34.1) — — —Amortization of: Net actuarial loss 32.3 30.2 19.1 0.8 0.7 0.3Settlement charge 30.4 27.7 — — — —Total non-operating expenses$ 56.0 $ 51.8 $ 15.0 $ 2.5 $ 3.1 $ 3.2Net periodic benefit cost$ 86.2 $ 81.0 $ 40.6 $ 4.7 $ 5.2 $ 5.2 During 2021, we made lump-sum pension benefit distributions and purchased nonparticipating annuity contracts exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year, which is the settlement accounting threshold. During 2020, we made lump-sum pension benefit distributions exceeding the settlement accounting threshold. Accordingly, we recorded a non-cash pension settlement charge of $30.4 million and $27.7 million in non-operating expenses on our consolidated statements of income for the year ended December 31, 2021 and 2020, respectively. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions and purchases of the nonparticipating annuity contracts. Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were: Pension Benefits Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount rate2.62% / 2.72% 3.38% / 2.72% 4.31% 2.22% 3.19% 4.16%Expected return on plan assets5.00% 5.50% 5.75% — — — Rate of compensation increase4.32% 4.24% 4.36% — — — Healthcare cost trend on covered charges— — — 5.00% 5.00% 5.00%
Schedule Of Expected Benefit Payments YearPension‎Benefits Postretirement‎Benefits 2022$ 58.6 $ 6.6 2023 59.3 6.9 2024 58.9 7.3 2025 59.0 7.4 2026 59.2 7.3 2027 to 2031 288.6 31.8
Schedule Of Allocation Of Plan Assets Investment2021‎Actual‎Allocation 2021‎Target‎Allocation‎Range2020‎Actual‎Allocation 2020‎Target‎Allocation‎RangeEquity securities - U.S. 6%3-10 % 7%3-10 %Equity securities - International 6%2-10 % 10%2-10 %Fixed income investments 55%40-80 % 66%40-80 %Hedge funds 6%2-8 % 5%2-8 %Real assets 5%2-10 % 5%0-15 %Private equity 5%2-8 % 2%0-15 %Other investments 5%0-8 % 4%0-8 %Short-term investments 12%1-10 % 1%1-10 %Total 100%100 % 100%100 %
Schedule Of Changes In Fair Value Of Plan Assets The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2021 and 2020: December 31, 2021InvestmentInvestments‎Measured at‎NAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 13.6 $ 27.3 $ — $ — $ 40.9Equity securities - International 13.9 28.4 — — 42.3Fixed income investments 96.1 — 279.7 — 375.8Hedge funds 41.8 — — — 41.8Real assets 16.4 20.3 — — 36.7Private equity 8.2 — — 21.7 29.9Other investments 20.1 — — 11.4 31.5Short-term investments 81.8 — — — 81.8Total$ 291.9 $ 76.0 $ 279.7 $ 33.1 $ 680.7 December 31, 2020InvestmentInvestments‎Measured at‎NAV Level 1 Level 2 Level 3 TotalEquity securities - U.S.$ 17.3 $ 30.6 $ — $ — $ 47.9Equity securities - International 24.9 45.4 — — 70.3Fixed income investments 317.4 — 162.5 — 479.9Hedge funds 36.0 — — — 36.0Real assets 13.6 21.2 — — 34.8Private equity 2.0 — — 13.8 15.8Other investments 22.1 — — 11.4 33.5Short-term investments 3.8 — — — 3.8Total$ 437.1 $ 97.2 $ 162.5 $ 25.2 $ 722.0 Certain reclassifications have been made to the fair value hierarchy in prior year to conform to the December 31, 2021 presentation. The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2021 and 2020: December 31, 2021 Private Equity Other Investments TotalBalance, beginning of year$ 13.8 $ 11.4 $ 25.2Realized gains 0.8 0.2 1.0Unrealized gains 9.2 1.1 10.3Purchases 0.1 — 0.1Sales (2.2) (1.3) (3.5)Balance, end of year$ 21.7 $ 11.4 $ 33.1 December 31, 2020 Private Equity Other Investments TotalBalance, beginning of year$ 11.0 $ 11.4 $ 22.4Unrealized gains 1.0 0.6 1.6Purchases 2.5 — 2.5Sales (0.7) (0.6) (1.3)Balance, end of year$ 13.8 $ 11.4 $ 25.2