RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019		2020		2019		2020		2019
Accumulated benefit obligation, end of year		$2,728.4		$2,535.9		$1,759.8		$1,585.5		$172.4		$165.7
Projected benefit obligation
Projected benefit obligation, beginning of year		$2,562.5		$2,241.0		$1,667.6		$1,436.7		$165.7		$147.3
Service cost		68.4		72.8		30.8		30.2		1.2		1.4
Interest cost		70.3		89.0		22.3		31.2		4.4		5.6
Participant contributions		-		-		2.6		3.0		3.8		3.4
Curtailments and settlements		(0.6)		3.4		(34.3)		(18.6)		-		0.6
Plan amendments		-		-		(1.7)		0.1		-		-
Actuarial (gain) loss		241.8		336.4		83.6		235.8		12.2		22.2
Other events		-		-		0.3		0.6		-		-
Benefits paid		(214.0)		(180.1)		(39.6)		(37.6)		(14.9)		(14.8)
Foreign currency translation		-		-		102.6		(13.8)		-		-
Projected benefit obligation, end of year (b)		$2,728.4		$2,562.5		$1,834.2		$1,667.6		$172.4		$165.7
Plan assets
Fair value of plan assets, beginning of year		$2,292.9		$1,981.4		$1,027.1		$925.6		$6.1		$6.0
Actual returns on plan assets		281.3		366.9		87.7		110.5		0.8		1.1
Company contributions		13.3		129.0		41.3		43.3		13.7		13.8
Participant contributions		-		-		2.6		3.0		-		-
Curtailments and settlements		(0.6)		(4.3)		(25.7)		(17.6)		-		-
Benefits paid		(214.0)		(180.1)		(39.6)		(37.6)		(14.9)		(14.8)
Foreign currency translation		-		-		54.6		(0.1)		-		-
Fair value of plan assets, end of year (c)		$2,372.9		$2,292.9		$1,148.0		$1,027.1		$5.7		$6.1
Funded Status, end of year		($355.5)		($269.6)		($686.2)		($640.5)		($166.7)		($159.6)
Amounts recognized in the Consolidated Balance Sheet:
Other assets		$-		$-		$37.0		$31.1		$-		$-
Other current liabilities		(14.7)		(12.5)		(24.0)		(23.6)		(5.5)		(5.2)
Postretirement healthcare and pension benefits		(340.8)		(257.1)		(699.2)		(647.8)		(161.2)		(154.4)
Net liability		($355.5)		($269.6)		($686.2)		($640.3)		($166.7)		($159.6)
Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$691.3		$632.4		$595.6		$527.7		$1.3		($10.5)
Unrecognized net prior service costs (benefits)		(32.7)		(40.0)		(1.2)		0.6		-		(11.0)
Tax (benefit) expense		(165.1)		(149.1)		(151.9)		(129.6)		(2.0)		3.4
Accumulated other comprehensive loss (income), net of tax (d)		$493.5		$443.3		$442.5		$398.7		($0.7)		($18.1)
Change in accumulated other comprehensive loss (income):
Amortization of net actuarial (gain) loss		($51.8)		($23.5)		($29.5)		($17.3)		($0.1)		$4.1
Amortization of prior service costs		7.4		11.5		(0.2)		1.1		11.0		23.2
Current period net actuarial loss (gain)		113.3		119.0		66.4		185.8		11.9		21.4
Current period prior service costs		-		-		(1.7)		0.1		-		-
Curtailments and settlements		(2.7)		(1.5)		(2.2)		1.8		-		0.2
Tax (benefit) expense		(16.0)		(25.7)		(22.3)		(36.9)		(5.4)		(11.7)
Foreign currency translation		-		-		33.3		(5.2)		-		-
Other comprehensive loss (income)		$50.2		$79.8		$43.8		$129.4		$17.4		$37.2

(a) Includes qualified and non-qualified plans

(b) Projected benefit obligation includes discontinued operations of $5.3 as of December 31, 2019.

(c) Fair value of the plan assets includes discontinued operations of $0.6 as of December 31, 2019.

(d) Accumulated other comprehensive includes discontinued operations of $2.9 as of December 31, 2019.

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

					U.S. Post-
	U.S.		International		Retirement
(millions)	Pension (a)		Pension		Health Care
Net actuarial loss		$64.8		$28.5		$0.7
Net prior service benefits		(6.9)		(0.2)		-
Total		$57.9		$28.3		$0.7

(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)	2020		2019
Aggregate projected benefit obligation (a)		$4,155.4		$3,970.3
Accumulated benefit obligation (b)		4,098.6		3,877.4
Fair value of plan assets (c)		3,085.2		3,040.5

(a) Projected benefit obligation includes discontinued operations of $5.3 as of December 31, 2019.

(b) Accumulated benefit obligation includes discontinued operations of $1.1 as of December 31, 2019.

(c) Fair value of plan assets includes discontinued operations of $0.6 as of December 31, 2019.

Net periodic pension and postretirement health care benefit costs

	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(millions)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Service cost		$68.4		$72.8		$74.5		$30.8		$30.2		$33.2		$1.2		$1.4		$2.7
Interest cost on benefit obligation		70.3		89.0		83.1		22.3		31.2		29.1		4.4		5.6		5.6
Expected return on plan assets		(152.9)		(149.5)		(161.9)		(63.9)		(59.9)		(63.2)		(0.4)		(0.4)		(0.4)
Recognition of net actuarial loss (gain)		51.9		23.6		39.0		26.1		16.3		17.2		0.1		(4.1)		(1.9)
Amortization of prior service benefit		(7.4)		(11.5)		(6.8)		(0.1)		(0.9)		(0.9)		(11.0)		(23.2)		(19.7)
Curtailments and settlements		2.5		9.1		-		2.2		(1.9)		2.3		-		0.3		-
Total expense (benefit) (b)		$32.8		$33.5		$27.9		$17.4		$15.0		$17.7		($5.7)		($20.4)		($13.7)

(a) Includes qualified and non-qualified plans.

(b) Service cost includes discontinued operations of $2.5, $7.8, and $7.1 for the years ended December 31, 2020, 2019, and 2018, respectively.

Plan Assumptions

Plan Assumptions	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(percent)	2020		2019		2018		2020		2019		2018		2020		2019		2018
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	2.48	%	3.20	%	4.34	%	1.13	%	1.52	%	2.49	%	2.37	%	3.16	%	4.29	%
Projected salary increase	4.03		4.03		4.03		2.12		2.50		2.46
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	1.81		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	3.20		4.34		3.70		1.84		2.66		2.29		3.16		4.29		3.66
Expected return on plan assets	7.25		7.25		7.75		6.24		6.66		6.67		7.25		7.25		7.75
Projected salary increase	4.03		4.03		4.03		2.81		2.70		2.67

(a) Includes qualified and non-qualified plans.

Estimated future benefits payments

(millions)	All Plans
2021		$ 232
2022		262
2023		247
2024		253
2025		261
2026 - 2030		1,254

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. qualified pension plan assets are as follows:

	Fair Value as of						Fair Value as of
(millions)	December 31, 2020						December 31, 2019
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$38.3		$-		$38.3		$13.2		$-		$13.2
Equity securities:
Large cap equity		610.0		-		610.0		785.9		-		785.9
Small cap equity		36.5		68.3		104.8		201.7		-		201.7
International equity		95.8		42.9		138.7		350.4		-		350.4
Fixed income:
Core fixed income		360.3		327.8		688.1		410.0		-		410.0
High-yield bonds		76.3		-		76.3		107.9		-		107.9
Emerging markets		-		55.6		55.6		41.7		-		41.7
Insurance company accounts		-		-		-		-		0.3		0.3
Total investments at fair value		1,217.2		494.6		1,711.8		1,910.8		0.3		1,911.1
Investments measured at NAV						666.9						387.9
Total		$1,217.2		$494.6		$2,378.7		$1,910.8		$0.3		$2,299.0

The Company had no level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2020 or 2019.

The allocation of the Company’s U.S. qualified pension plan assets plans are as follows:

	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets
December 31	2020		2019		2020		2019
Cash	-	%	-	%	2	%	1	%
Equity securities:
Large cap equity	27		34		26		34
Small cap equity	4		9		4		8
International equity	16		15		15		15
Fixed income:
Core fixed income	30		18		29		18
High-yield bonds	4		5		3		5
Emerging markets	2		2		2		2
Other:
Real estate	6		6		7		7
Private equity	8		8		9		7
Distressed debt	3		3		3		3
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, 2020			December 31, 2019
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$11.0	$-	$11.0	$7.7	$-	$7.7
Equity securities:
International equity	-	467.0	467.0	-	418.1	418.1
Fixed income:
Corporate bonds	9.1	218.6	227.7	8.2	207.6	215.8
Government bonds	6.8	241.9	248.7	12.6	215.8	228.4
Insurance company accounts	-	149.6	149.6	-	144.2	144.2
Total investments at fair value	26.9	1,077.1	1,104.0	28.5	985.7	1,014.2
Investments measured at NAV			44.0			12.9
Total	$26.9	$1,077.1	$1,148.0	$28.5	$985.7	$1,027.1

The Company had no level 3 assets as part of its international plan assets as of December 31, 2020 or 2019.

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	2020		2019
Cash	1	%	1	%
Equity securities:
International equity	40		41
Fixed income:
Corporate bonds	20		21
Government bonds	22		22
Total fixed income	42		43
Other:
Insurance contracts	14		14
Debt securities	2		-
Real estate	1		1
Total	100	%	100	%