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Pension And Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status
A summary of the projected benefit obligations, fair value of plan assets and funded status is as follows:
 
 
Pension Benefits
 
Postretirement Benefits
(in millions) December 31,
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
1,031.0

 
$
1,074.7

 
$
29.0

 
$
7.9

Service cost
 
5.4

 
5.9

 
0.3

 
0.3

Interest cost
 
32.7

 
30.1

 
1.1

 
1.1

Plan participants’ contributions
 
0.5

 
0.6

 
0.1

 
0.3

Amendments
 
0.5

 
4.4

 
—

 
(7.3
)
Actuarial loss (gain)
 
131.3

 
(59.5
)
 
1.8

 
(3.0
)
Settlements
 
(0.7
)
 
(1.9
)
 
—

 
—

Benefits paid
 
(47.7
)
 
(48.1
)
 
(2.4
)
 
(2.6
)
Foreign currency exchange and other
 
16.4

 
(23.3
)
 
(0.9
)
 
—

Acquisitions/curtailments/divestitures
 
—

 
48.4

 
—

 
32.3

Administrative expenses paid
 
(0.7
)
 
(0.3
)
 
—

 
—

Benefit obligation at end of year
 
$
1,168.7

 
$
1,031.0

 
$
29.0

 
$
29.0

Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
877.2

 
$
908.1

 
$
—

 
$
—

Actual return on plan assets
 
113.8

 
(47.6
)
 
—

 
—

Foreign currency exchange and other
 
19.6

 
(25.4
)
 
—

 
—

Employer contributions
 
4.2

 
57.5

 
2.3

 
1.4

Administrative expenses paid
 
(1.1
)
 
(0.7
)
 
—

 
—

Acquisitions
 
—

 
34.9

 
—

 
—

Plan participants’ contributions
 
0.5

 
0.6

 
0.1

 
0.3

Settlements/divestitures
 
(0.7
)
 
(2.1
)
 
—

 
—

Benefits paid
 
(47.7
)
 
(48.1
)
 
(2.4
)
 
(1.7
)
Fair value of plan assets at end of year
 
$
965.8

 
$
877.2

 
$
—

 
$
—

Funded status
 
$
(202.9
)
 
$
(153.8
)
 
$
(29.0
)
 
$
(29.0
)
Schedule Of Amounts Recognized In Consolidated Balance Sheets
Amounts recognized on our Consolidated Balance Sheets consist of:
 
 
Pension Benefits
 
Postretirement Benefits
(in millions) December 31,
 
2019
 
2018
 
2019
 
2018
Other assets
 
$
64.8

 
$
60.7

 
$
—

 
$
—

Current liabilities
 
(1.4
)
 
(1.3
)
 
(2.2
)
 
(2.6
)
Accrued pension and postretirement benefits
 
(266.3
)
 
(213.2
)
 
(26.8
)
 
(26.4
)
Funded status
 
$
(202.9
)
 
$
(153.8
)
 
$
(29.0
)
 
$
(29.0
)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
Pension Benefits
 
Postretirement Benefits
(in millions) December 31,
 
2019
 
2018
 
2019
 
2018
Net actuarial loss (gain)
 
$
466.1

 
$
404.8

 
$
(2.9
)
 
$
(4.2
)
Prior service credit
 
(4.5
)
 
(5.5
)
 
(5.2
)
 
(6.3
)
Total recognized in accumulated other comprehensive loss
 
$
461.6

 
$
399.3

 
$
(8.1
)
 
$
(10.5
)
Schedule Of Accumulated And Projected Benefit Obligations
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows:
 
 
Pension Obligations/Assets
 
 
U.S.
 
Non-U.S.
 
Total
(in millions) December 31,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation
 
$
650.2

 
$
580.6

 
$
518.5

 
$
450.4

 
$
1,168.7

 
$
1,031.0

Accumulated benefit obligation
 
650.2

 
580.6

 
508.8

 
441.7

 
1,159.0

 
1,022.3

Fair value of plan assets
 
451.5

 
417.5

 
514.3

 
459.7

 
965.8

 
877.2
Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:
(in millions) December 31,
 
2019
 
2018
Projected benefit obligation
 
$
950.1

 
$
695.2

Accumulated benefit obligation
 
940.6

 
687.1

Fair value of plan assets
 
682.4

 
480.7
Components Of Net Periodic Cost
Components of net periodic (benefit) cost are as follows:
 
 
Pension Benefits
 
Postretirement Benefits
(in millions) For the year ended December 31,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Net Periodic (Benefit) Cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
$
5.4

 
$
5.9

 
$
5.4

 
$
0.3

 
$
0.3

 
$
—

Interest cost
 
32.7

 
30.1

 
29.5

 
1.1

 
1.1

 
0.2

Expected return on plan assets
 
(53.7
)
 
(65.6
)
 
(57.0
)
 
—

 
—

 
—

Amortization of prior service cost
 
(0.3
)
 
(0.5
)
 
(0.6
)
 
(1.1
)
 
(1.0
)
 
(0.2
)
Amortization of net loss (gain)
 
15.3

 
14.2

 
14.3

 
(0.3
)
 
(0.2
)
 
(0.3
)
Recognized curtailment loss
 
—

 
0.3

 
(0.3
)
 
—

 
—

 
—

Settlement costs
 
—

 
0.3

 
0.5

 
—

 
—

 
—

Net periodic (benefit) cost
 
$
(0.6
)
 
$
(15.3
)
 
$
(8.2
)
 
$
—

 
$
0.2

 
$
(0.3
)
Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost
The weighted average assumptions used to determine benefit obligations are as follows:
 
 
Pension Benefits
 
Postretirement Benefits
For the year ended December 31,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.34
%
 
4.36
%
 
3.75
%
 
3.20
%
 
4.30
%
 
3.90
%
Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

Non-U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
1.70
%
 
2.42
%
 
2.15
%
 
N/A

 
3.30
%
 
3.30
%
Rate of compensation increase
 
2.89
%
 
3.06
%
 
2.80
%
 
N/A

 
N/A

 
N/A


The weighted-average assumptions used to determine net periodic benefit cost are as follows:
 
 
Pension Benefits
 
Postretirement Benefits
For the year ended December 31,
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
4.36
%
 
3.75
%
 
4.29
%
 
4.10
%
 
3.50
%
 
3.30
%
Expected rate of return on plan assets
 
7.25
%
 
7.75
%
 
7.75
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

Non-U.S. Plans:
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
2.42
%
 
2.15
%
 
2.29
%
 
N/A

 
N/A

 
N/A

Expected rate of return on plan assets
 
5.34
%
 
6.49
%
 
6.45
%
 
N/A

 
N/A

 
N/A

Rate of compensation increase
 
3.06
%
 
2.80
%
 
2.85
%
 
N/A

 
N/A

 
N/A
Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows:
 
 
 Target Allocation
 
Actual Allocation
Asset Category December 31,
 

 
2019

 
2018

Equity securities
 
15%-75% 
 
43
%
 
39
%
Fixed income securities
 
15%-75% 
 
26
%
 
24
%
Alternative assets/Other
 
0%-45% 
 
29
%
 
32
%
Cash and money market
 
0%-10% 
 
2
%
 
5
%
Schedule Of Fair Value Of Company Pension Plan Assets
The fair value of our pension plan assets as of December 31, 2019, by asset category, are as follows:
(in millions)
 
Active
Markets
for
Identical
Assets
Level 1
 
Other
Observable
Inputs
Level 2
 
Unobservable
Inputs
Level 3
 
Net Asset Value ("NAV") Practical Expedient*
 
Total
Fair Value
Cash Equivalents and Money Markets
 
$
14.7

 
$
—

 
$
—

 
$
—

 
$
14.7

Common Stocks
 
 
 
 
 
 
 
 
 
 
Actively Managed U.S. Equities
 
130.6

 
—

 
—

 
—

 
130.6

Fixed Income Bonds and Notes
 
—

 
0.1

 
—

 
—

 
0.1

Commingled and Mutual Funds
 
 
 
 
 
 
 
 
 
 
U.S. Equity Funds
 
77.9

 
—

 
—

 
—

 
77.9

Non-U.S. Equity Funds
 
44.8

 
—

 
—

 
158.6

 
203.4

U.S. Fixed Income, Government and Corporate
 
75.7

 
—

 
—

 
—

 
75.7

Registered Investment Company
 
30.2

 
—

 
—

 
—

 
30.2

Collective Trust
 
—

 
—

 
22.6

 
21.2

 
43.8

Non-U.S. Fixed Income, Government and Corporate
 
—

 
—

 
—

 
176.1

 
176.1

International Balanced Funds
 
—

 
—

 
—

 
1.8

 
1.8

Alternative Investments
 
 
 
 
 
 
 
 
 
 
Insurance / Annuity Contract(s)
 
—

 
15.1

 
—

 
—

 
15.1

Hedge Funds and LDI
 
—

 
—

 
—

 
147.3

 
147.3

International Property Funds
 
—

 
—

 
—

 
49.1

 
49.1

Total Fair Value
 
$
373.9

 
$
15.2

 
$
22.6

 
$
554.1

 
$
965.8

* Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2019, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.

The fair value of our pension plan assets as of December 31, 2018, by asset category, are as follows:
(in millions)
 
Active
Markets
for
Identical
Assets
Level 1
 
Other
Observable
Inputs
Level 2
 
Unobservable
Inputs
Level 3
 
Net Asset Value ("NAV") Practical Expedient*
 
Total
Fair Value
Cash Equivalents and Money Markets
 
$
72.0

 
$
—

 
$
—

 
$
—

 
$
72.0

Common Stocks
 
 
 
 
 
 
 
 
 
 
Actively Managed U.S. Equities
 
110.7

 
—

 
—

 
—

 
110.7

Fixed Income Bonds and Notes
 
—

 
0.1

 
—

 
—

 
0.1

Commingled and Mutual Funds
 
 
 
 
 
 
 
 
 
 
U.S. Equity Funds
 
49.4

 
—

 
—

 
—

 
49.4

Non-U.S. Equity Funds
 
14.4

 
—

 
—

 
140.8

 
155.2

U.S. Fixed Income, Government and Corporate
 
59.5

 
—

 
—

 
—

 
59.5

Registered Investment Company
 
16.8

 
—

 
—

 
—

 
16.8

Collective Trust
 
—

 
—

 
20.8

 
19.0

 
39.8

Non-U.S. Fixed Income, Government and Corporate
 
—

 
—

 
—

 
155.5

 
155.5

International Balanced Funds
 
—

 
—

 
—

 
1.5

 
1.5

Alternative Investments
 
 
 
 
 
 
 
 
 
 
Insurance / Annuity Contract(s)
 
—

 
13.4

 
—

 
—

 
13.4

Hedge Funds and LDI
 
—

 
—

 
—

 
157.0

 
157.0

International Property Funds
 
—

 
—

 
—

 
46.3

 
46.3

Total Fair Value
 
$
322.8

 
$
13.5

 
$
20.8

 
$
520.1

 
$
877.2

The table above has been revised to correct our previously reported classification of $165.2 million of investments in commingled and mutual funds from NAV to Level 1 and $9.3 million of investments in annuity contracts from NAV to Level 2 as of December 31, 2018.
* Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy.
In 2018, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis.
Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent
The following table sets forth a summary of pension plan assets valued using NAV or its equivalent as of December 31, 2019 and December 31, 2018:
 
 
Redemption
Frequency
 
Unfunded
Commitment
 
Other
Redemption
Restrictions
 
Redemption Notice Period
Non-U.S. Equity Funds (a)
 
Immediate
 
None
 
None
 
None
Non-U.S. Fixed Income, Government and Corporate (b)
 
Immediate
 
None
 
None
 
None
International Balanced Funds (c)
 
Immediate
 
None
 
None
 
None
Collective Trust Fund (d)
 
Immediate
 
None
 
None
 
None
Hedge Funds (e)
 
Quarterly
 
None
 
None
 
65 days written
Hedge Funds (e)
 
Quarterly
 
None
 
None
 
30 days written
Hedge Funds (e)
 
Quarterly
 
None
 
None
 
60 days written
International Property Funds (f)
 
Immediate
 
None
 
None
 
None
Hedge Funds and LDI (g)
 
Immediate
 
None
 
None
 
None

(a)
These funds invest in corporate equity securities outside the United States.
(b)
These funds invest in corporate and government fixed income securities outside the United States.
(c)
These funds invest in a blend of equities, fixed income, cash and property outside the United States.
(d)
These funds are manged in a collective trust under Australia's Superannuation plan structure
(e)
These funds are direct investment alternative investments/hedge funds that deploy a multi-strategy approach to investing (e.g. long/short/event-driven, credit).
(f)
These funds invest in real property outside the United States.
(g)
These funds invest in strategies that seek to add diversification to a portfolio with uncorrelated risk profiles or are designed to track the duration of all or part of the underlying liability.
Summary Of Estimated Future Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Estimated future payments (in millions)
Pension
Benefits
 
Postretirement Benefits
2020
$
49.6

 
$
2.3

2021
50.2

 
2.3

2022
52.0

 
2.3

2023
53.7

 
2.2

2024
54.3

 
2.1

2025 to 2029
291.7

 
9.5

Total payments
$
551.5

 
$
20.7