RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Financial information related to pension and postretirement health care plans


	U.S.				International				U.S. Postretirement
	Pension (a)				Pension				Health Care
(millions)	2016		2015		2016		2015		2016		2015
Accumulated Benefit Obligation, end of year		$ 2,147.1		$ 2,040.2		$ 1,239.8		$ 1,185.7		$ 173.5		$ 229.2
Projected Benefit Obligation
Projected benefit obligation, beginning of year		$ 2,186.8		$ 2,252.7		$ 1,279.9		$ 1,424.9		$ 229.2		$ 240.4
Service cost		67.1		76.5		27.8		31.8		3.0		3.8
Interest		81.5		91.1		31.9		38.1		7.4		9.6
Participant contributions		-		-		3.3		3.4		8.0		8.7
Medicare subsidies received		-		-		-		-		0.8		1.1
Curtailments and settlements		(0.8)		(1.2)		(12.3)		(5.5)		-		-
Plan amendments		1.2		-		2.0		(5.3)		(62.2)		-
Actuarial loss (gain)		60.2		(126.0)		123.9		(13.5)		7.5		(13.4)
Assumed through acquisitions		-		-		6.7		-		-		-
Benefits paid		(128.1)		(106.3)		(35.5)		(37.5)		(20.2)		(21.0)
Reclassification associated with Venezuelan entities		-		-		-		(13.1)		-		-
Foreign currency translation		-		-		(92.1)		(143.4)		-		-
Projected benefit obligation, end of year		$ 2,267.9		$ 2,186.8		$ 1,335.6		$ 1,279.9		$ 173.5		$ 229.2

Plan Assets
Fair value of plan assets, beginning of year		$ 1,770.7		$ 1,871.6		$ 813.5		$ 847.7		$ 11.3		$ 13.3
Actual returns on plan assets		152.3		0.4		89.2		32.9		0.8		0.1
Company contributions		156.0		6.2		39.4		41.2		16.4		17.5
Participant contributions		-		-		3.3		3.4		1.3		1.3
Acquisitions		-		-		2.6		-		-		-
Settlements		(0.8)		(1.2)		(8.3)		(5.5)		-		-
Benefits paid		(128.1)		(106.3)		(35.5)		(37.5)		(20.2)		(21.0)
Foreign currency translation		-		-		(82.3)		(68.7)		-		-
Fair value of plan assets, end of year		$ 1,950.1		$ 1,770.7		$ 821.9		$ 813.5		$ 9.6		$ 11.2
Funded Status, end of year		$ (317.8)		$ (416.1)		$ (513.7)		$ (466.4)		$ (163.9)		$ (218.0)

Amounts recognized in Consolidated Balance Sheet:
Other assets		$ -		$ -		$ 27.2		$ 28.0		$ -		$ -
Other current liabilities		(6.8)		(12.1)		(20.3)		(16.9)		(2.7)		(7.3)
Postretirement healthcare and pension benefits		(311.0)		(404.0)		(520.6)		(477.5)		(161.2)		(210.7)
Net liability		$ (317.8)		$ (416.1)		$ (513.7)		$ (466.4)		$ (163.9)		$ (218.0)

Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)		$ 533.0		$ 512.8		$ 357.6		$ 310.1		$ (30.9)		$ (40.0)
Unrecognized net prior service benefits		(25.5)		(33.7)		(7.3)		(9.9)		(59.0)		0.1
Tax expense (benefit)		(199.2)		(188.4)		(89.4)		(77.1)		32.1		13.0
Accumulated other comprehensive loss (income), net of tax		$ 308.3		$ 290.7		$ 260.9		$ 223.1		$ (57.8)		$ (26.9)

Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial loss		$ (30.7)		$ (48.5)		$ (12.8)		$ (15.4)		$ 1.6		$ 6.2
Amortization of prior service costs (benefits)		6.9		6.9		0.8		0.4		4.3		0.1
Current period net actuarial loss (gain)		51.5		6.2		87.2		9.2		7.5		(12.6)
Current period prior service costs (benefits)		1.2		-		2.0		(5.6)		(13.4)		-
Settlement		(0.5)		(0.7)		(1.8)		(1.0)		-		-
Tax expense (benefit)		(10.8)		13.4		(12.3)		16.3		19.1		2.3
Postretirement benefits changes		-		-		(4.0)		-		(50.0)		-
Reclassification associated with Venezuelan entities		-		-		-		(3.5)		-		-
Foreign currency translation		-		-		(21.3)		(39.3)		-		-
Other comprehensive loss (income)		$ 17.6		$ (22.7)		$ 37.8		$ (38.9)		$ (30.9)		$ (4.0)

(a)

Includes qualified and non-qualified plans

Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost

Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2017 are as follows:


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pension (a)		Pension		Health Care
Net actuarial loss (gain)		$ 28.7		$ 17.7		$ (4.8)
Net prior service costs (benefits)		(6.8)		(0.7)		(16.7)
Total		$ 21.9		$ 17.0		$ (21.5)

(a)

Includes qualified and non-qualified plans

Aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets


December 31, (millions)	2016		2015
Aggregate projected benefit obligation		$ 3,257.6		$ 3,088.0
Accumulated benefit obligation		3,071.6		2,882.5
Fair value of plan assets		2,418.1		2,190.6

Net periodic pension and postretirement health care benefit costs


	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(millions)	2016		2015		2014		2016		2015		2014		2016		2015		2014
Service cost		$ 67.1		$ 76.5		$ 66.4		$ 27.8		$ 31.8		$ 32.2		$ 3.0		$ 3.8		$ 4.3
Interest cost on benefit obligation		81.5		91.1		90.0		31.9		38.1		49.8		7.4		9.6		10.8
Expected return on plan assets		(143.6)		(132.6)		(128.4)		(52.5)		(55.6)		(54.6)		(0.7)		(0.9)		(1.0)
Recognition of net actuarial (gain) loss		30.7		48.5		23.7		12.8		15.4		7.0		(1.6)		(6.2)		(8.2)
Amortization of prior service
cost (benefit)		(6.9)		(6.9)		(6.9)		(0.8)		(0.4)		0.4		(4.3)		(0.1)		(0.3)
Settlements/Curtailments		0.5		0.7		-		1.8		1.0		(1.3)		-		-		-
Total expense		$ 29.3		$ 77.3		$ 44.8		$ 21.0		$ 30.3		$ 33.5		$ 3.8		$ 6.2		$ 5.6

(a)

Includes qualified and non-qualified plans

Plan Assumptions


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(percent)	2016		2015		2014		2016		2015		2014		2016		2015		2014
Weighted-average actuarial assumptions used to
determine benefit obligations as of year end:
Discount rate	4.27	%	4.51	%	4.14	%	2.33	%	2.93	%	3.02	%	4.14	%	4.38	%	4.08	%
Projected salary increase	4.03		4.32		4.32		2.52		2.50		2.66
Weighted-average actuarial assumptions used to
determine net cost:
Discount rate	4.51		4.14		4.92		2.68		2.78		4.45		4.38		4.08		4.77
Expected return on plan assets	7.75		7.75		7.75		6.71		6.80		6.90		7.75		7.75		7.75
Projected salary increase	4.32		4.32		4.32		2.75		2.83		3.58

(a)

Includes qualified and non-qualified plans

Effects of one-percentage point change in the assumed health care cost trend rates


	1-Percentage Point
(millions)	Increase		Decrease
Effect on total of service and interest cost components		$ -		$ -
Effect on postretirement benefit obligation		0.7		(0.7)

Estimated future benefits payments


			Medicare
			Subsidy
(millions)	All Plans		Receipts
2017		$ 171		$ 1
2018		177		-
2019		187		-
2020		202		-
2021		214		-
2022 - 2026		1,158		-

U.S. Pension and Postretirement Health Care Benefits

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans

The fair value of the Company’s U.S. plan assets for its defined benefit pension and postretirement health care benefit plans are as follows:


	Fair Value as of						Fair Value as of
(millions)	December 31, 2016						December 31, 2015
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$ 6.3				$ 6.3		$ 6.9				$ 6.9
Equity securities:
Large cap equity		696.0				696.0		660.5				660.5
Small cap equity		179.0				179.0		184.2				184.2
International equity		293.4				293.4		247.4				247.4
Fixed income:
Core fixed income		351.5				351.5		336.5				336.5
High-yield bonds		107.6				107.6		86.7				86.7
Emerging markets		33.5				33.5		27.1				27.1
Insurance company accounts		-		$ 0.3		0.3		-		$ 0.3		0.3
Total investments at fair value		1,667.3		0.3		1,667.6		1,549.3		0.3		1,549.6
Investments measured at NAV						292.1						232.3
Total		$ 1,667.3		$ 0.3		$ 1,959.7		$ 1,549.3		$ 0.3		$ 1,781.9

The Company had no level 3 assets as of December 31, 2016 or 2015.

The allocation of the Company’s U.S. plan assets for its defined benefit pension and postretirement health care benefit plans are as follows:



	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31 (%)	2016		2015		2016		2015

Cash	-	%	-	%	-	%	-	%
Equity securities:
Large cap equity	34		34		36		37
Small cap equity	9		9		9		10
International equity	15		15		15		14
Fixed income:
Core fixed income	18		18		18		19
High-yield bonds	5		5		5		5
Emerging markets	2		2		2		2
Other:
Real estate	6		6		7		5
Hedge funds	5		5		3		3
Private equity	6		6		5		5
Total	100	%	100	%	100	%	100	%

International Pension

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans

The fair value of the Company’s international plan assets for its defined benefit pension plans are as follows:


	Fair Value as of			Fair Value as of
(millions)	December 31, 2016			December 31, 2015
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$ 5.5		$ 5.5	$ 3.1		$ 3.1
Equity securities:
International equity	-	363.1	363.1		356.2	356.2
Fixed income:			-
Corporate bonds	6.4	164.6	171.0	6.6	170.3	176.9
Government bonds	9.5	145.6	155.1	9.8	146.5	156.3
Insurance company accounts		114.0	114.0		106.1	106.1
Total investments at fair value	21.4	787.3	808.7	19.5	779.1	798.6
Investments measured at NAV			13.2			14.9
Total	$ 21.4	$ 787.3	$ 821.9	$ 19.5	$ 779.1	$ 813.5

The Company had no level 3 assets as of December 31, 2016 or 2015.

The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans are as follows:


	Percentage
Asset Category	of Plan Assets

December 31 (%)	2016		2015

Cash	1	%	-	%
Equity securities:
International equity	44		44
Fixed income:
Corporate bonds	21		22
Government bonds	19		19
Total fixed income	40		41
Other:
Insurance contracts	14		13
Real estate	1		2
Total	100	%	100	%