RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans

	U.S.				International				U.S. Postretirement
	Pension (a)				Pension				Health Care
(millions)	2018		2017		2018		2017		2018		2017
Accumulated Benefit Obligation, end of year		$2,189.0		$2,399.5		$1,349.9		$1,434.5		$147.3		$181.3
Projected Benefit Obligation
Projected benefit obligation, beginning of year		$2,485.1		$2,267.9		$1,537.9		$1,335.6		$181.3		$173.5
Service cost		74.5		70.2		33.2		31.4		2.7		2.6
Interest		83.1		83.4		29.1		28.4		5.6		5.8
Participant contributions		-		-		3.5		3.5		3.5		8.3
Medicare subsidies received		-		-		-		-		-		0.5
Curtailments and settlements		-		0.1		(22.8)		(10.7)		-		-
Plan amendments		(40.4)		-		-		-		(13.7)		1.8
Actuarial (gain) loss		(181.3)		183.1		(42.7)		31.9		(18.4)		9.2
Assumed through acquisitions		-		-		11.4		24.1		-		-
Benefits paid		(180.0)		(119.6)		(38.7)		(35.8)		(13.7)		(20.4)
Foreign currency translation		-		-		(74.2)		129.5		-		-
Projected benefit obligation, end of year		$2,241.0		$2,485.1		$1,436.7		$1,537.9		$147.3		$181.3
Plan Assets
Fair value of plan assets, beginning of year		$2,226.4		$1,950.1		$981.1		$821.9		$7.6		$9.6
Actual returns on plan assets		(70.7)		310.2		2.6		76.1		(0.2)		1.2
Company contributions		5.7		85.9		42.0		41.0		12.3		17.2
Participant contributions		-		-		3.5		3.5		-		-
Acquisitions		-		-		6.4		12.5		-		-
Settlements		-		(0.2)		(22.8)		(10.7)		-		-
Benefits paid		(180.0)		(119.6)		(38.7)		(35.8)		(13.7)		(20.4)
Foreign currency translation		-		-		(48.5)		72.6		-		-
Fair value of plan assets, end of year		$1,981.4		$2,226.4		$925.6		$981.1		$6.0		$7.6
Funded Status, end of year		$(259.6)		$(258.7)		$(511.1)		$(556.8)		$(141.3)		$(173.7)
Amounts recognized in Consolidated Balance Sheet:
Other assets		$-		$-		$39.0		$41.7		$-		$-
Other current liabilities		(5.9)		(5.6)		(24.4)		(23.0)		(5.0)		(3.5)
Postretirement healthcare and pension benefits		(253.7)		(253.1)		(525.7)		(575.5)		(136.3)		(170.2)
Net liability		$(259.6)		$(258.7)		$(511.1)		$(556.8)		$(141.3)		$(173.7)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)		$539.2		$526.9		$368.0		$388.2		$(36.0)		$(20.1)
Unrecognized net prior service benefits		(52.3)		(18.7)		(6.0)		(7.0)		(34.4)		(40.4)
Tax expense (benefit)		(194.4)		(199.5)		(92.7)		(98.4)		27.6		25.2
Accumulated other comprehensive loss (income), net of tax		$292.5		$308.7		$269.3		$282.8		$(42.8)		$(35.3)
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial (gain) loss		$(38.9)		$(28.7)		$(16.5)		$(18.5)		$1.9		$2.4
Amortization of prior service costs		6.8		6.8		0.9		0.7		19.7		16.7
Current period net actuarial loss (gain)		51.2		22.6		17.9		14.0		(17.8)		8.5
Current period prior service costs		-		-		-		-		5.2		1.8
Settlement		-		-		(2.3)		(0.9)		-		-
Tax expense (benefit)		5.1		(0.3)		5.7		(9.0)		2.4		(6.9)
Pension and Postretirement benefits changes		(40.4)		-		-		-		(18.9)		-
Foreign currency translation		-		-		(19.2)		35.6		-		-
Other comprehensive loss (income)		$(16.2)		$0.4		$(13.5)		$21.9		$(7.5)		$22.5

(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 2019 are as follows:

					U.S. Post-
	U.S.		International		Retirement
(millions)	Pension (a)		Pension		Health Care
Net actuarial loss (gain)		$23.6		$16.4		$(4.0)
Net prior service costs (benefits)		(11.5)		(0.9)		(23.2)
Total		$12.1		$15.5		$(27.2)

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)	2018		2017
Aggregate projected benefit obligation		$3,427.1		$3,636.2
Accumulated benefit obligation		3,308.4		3,476.1
Fair value of plan assets		2,624.3		2,794.0

Net periodic pension and postretirement health care benefit costs

	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(millions)	2018		2017		2016		2018		2017		2016		2018		2017		2016
Service cost		$74.5		$70.2		$67.1		$33.2		$31.4		$27.8		$2.7		$2.6		$3.0
Interest cost on benefit obligation		83.1		83.4		81.5		29.1		28.4		31.9		5.6		5.8		7.4
Expected return on plan assets		(161.9)		(149.9)		(143.6)		(63.2)		(56.3)		(52.5)		(0.4)		(0.5)		(0.7)
Recognition of net actuarial (gain) loss		39.0		28.7		30.7		17.2		18.5		12.8		(1.9)		(2.4)		(1.6)
Amortization of prior service
cost (benefit)		(6.8)		(6.8)		(6.9)		(0.9)		(0.7)		(0.8)		(19.7)		(16.7)		(4.3)
Settlements/Curtailments		-		0.3		0.5		2.3		0.9		1.8		-		-		-
Total expense (benefit)		$27.9		$25.9		$29.3		$17.7		$22.2		$21.0		$(13.7)		$(11.2)		$3.8

(a) Includes qualified and non-qualified plans

Plan Assumptions

Plan Assumptions	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(percent)	2018		2017		2016		2018		2017		2016		2018		2017		2016
Weighted-average actuarial assumptions used to
determine benefit obligations as of year end:
Discount rate	4.34	%	3.70	%	4.27	%	2.49	%	2.17	%	2.33	%	4.29	%	3.66	%	4.14	%
Projected salary increase	4.03		4.03		4.03		2.46		2.46		2.52
Weighted-average actuarial assumptions used to
determine net cost:
Discount rate	3.70		4.27		4.51		2.29		2.32		2.68		3.66		4.14		4.38
Expected return on plan assets	7.75		7.75		7.75		6.67		6.67		6.71		7.75		7.75		7.75
Projected salary increase	4.03		4.03		4.32		2.67		2.83		2.75

(a) Includes qualified and non-qualified plans

Estimated future benefits payments

(millions)	All Plans
2019		$ 203
2020		223
2021		234
2022		243
2023		238
2024 - 2028		1,233

Pension and Postretirement Health Care Benefit Plans

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, 2018						December 31, 2017
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$7.1		$-		$7.1		$8.0		$-		$8.0
Equity securities:
Large cap equity		683.5		-		683.5		869.8		-		869.8
Small cap equity		168.6		-		168.6		198.4		-		198.4
International equity		285.0		-		285.0		340.2		-		340.2
Fixed income:
Core fixed income		358.3		-		358.3		390.0		-		390.0
High-yield bonds		107.6		-		107.6		109.9		-		109.9
Emerging markets		39.4		-		39.4		42.9		-		42.9
Insurance company accounts		-		0.3		0.3		-		0.3		0.3
Total investments at fair value		1,649.5		0.3		1,649.8		1,959.2		0.3		1,959.5
Investments measured at NAV						337.6						274.5
Total		$1,649.5		$0.3		$1,987.4		$1,959.2		$0.3		$2,234.0

The Company had no level 3 assets as part of its U.S. plan assets as of December 31, 2018 or 2017.

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 (%)	2018		2017		2018		2017
Cash	-	%	-	%	-	%	-	%
Equity securities:
Large cap equity	34		34		34		39
Small cap equity	9		9		9		9
International equity	15		15		14		15
Fixed income:
Core fixed income	18		18		19		18
High-yield bonds	5		5		5		5
Emerging markets	2		2		2		2
Other:
Real estate	6		6		8		7
Private equity	8		8		7		5
Distressed debt	3		3		2		-
Total	100	%	100	%	100	%	100	%

International

Pension and Postretirement Plans

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

	Fair Value as of			Fair Value as of
(millions)	December 31, 2018			December 31, 2017
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$7.1	$-	$7.1	$8.7	$-	$8.7
Equity securities:
International equity	-	412.1	412.1	-	442.2	442.2
Fixed income:
Corporate bonds	7.9	162.1	170.0	8.2	173.0	181.2
Government bonds	12.3	169.2	181.5	12.4	177.6	190.0
Insurance company accounts	-	140.5	140.5	-	144.1	144.1
Total investments at fair value	27.3	883.9	911.2	29.3	936.9	966.2
Investments measured at NAV			14.4			14.9
Total	$27.3	$883.9	$925.6	$29.3	$936.9	$981.1

The Company had no level 3 assets as part of its international plan assets as of December 31, 2018 or 2017.

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 (%)	2018		2017
Cash	1	%	1	%
Equity securities:
International equity	45		45
Fixed income:
Corporate bonds	18		19
Government bonds	20		19
Total fixed income	38		38
Other:
Insurance contracts	15		15
Real estate	1		1
Total	100	%	100	%