RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans

	U.S.				International				U.S. Postretirement
	Pension				Pension				Health Care
(millions)	2021		2020		2021		2020		2021		2020
Accumulated benefit obligation, end of year		$2,462.7		$2,728.4		$1,696.2		$1,759.8		$155.4		$172.4
Projected benefit obligation
Projected benefit obligation, beginning of year		$2,728.4		$2,562.5		$1,834.2		$1,667.6		$172.4		$165.7
Service cost		43.9		68.4		31.4		30.8		1.0		1.2
Interest cost		51.4		70.3		17.3		22.3		2.9		4.4
Participant contributions		-		-		2.9		2.6		3.3		3.8
Curtailments and settlements		(35.3)		(0.6)		(24.8)		(34.3)		-		-
Plan amendments		-		-		0.7		(1.7)		-		-
Actuarial (gain) loss		(79.6)		241.8		(25.3)		83.6		(12.1)		12.2
Assumed through acquisitions		-		-		34.0		-		-		-
Other events		-		-		4.3		0.3		-		-
Benefits paid		(246.1)		(214.0)		(43.7)		(39.6)		(12.1)		(14.9)
Foreign currency translation		-		-		(51.3)		102.6		-		-
Projected benefit obligation, end of year		$2,462.7		$2,728.4		$1,779.7		$1,834.2		$155.4		$172.4
Plan assets
Fair value of plan assets, beginning of year		$2,372.9		$2,292.9		$1,148.0		$1,027.1		$5.7		$6.1
Actual returns on plan assets		276.8		281.3		107.5		87.7		0.6		0.8
Company contributions		8.5		13.3		40.7		41.3		11.0		13.7
Participant contributions		-		-		2.9		2.6		-		-
Acquired through acquisitions		-		-		12.9				-		-
Curtailments and settlements		(35.3)		(0.6)		(24.8)		(25.7)		-		-
Benefits paid		(246.1)		(214.0)		(43.7)		(39.6)		(12.1)		(14.9)
Foreign currency translation		-		-		(23.6)		54.6		-		-
Fair value of plan assets, end of year		$2,376.8		$2,372.9		$1,219.9		$1,148.0		$5.2		$5.7
Funded Status, end of year		($85.9)		($355.5)		($559.8)		($686.2)		($150.2)		($166.7)
Amounts recognized in the Consolidated Balance Sheets:
Other assets		$28.2		$-		$86.5		$37.0		$-		$-
Other current liabilities		(14.8)		(14.7)		(27.0)		(24.0)		(5.5)		(5.5)
Postretirement healthcare and pension benefits		(99.3)		(340.8)		(619.3)		(699.2)		(144.7)		(161.2)
Net liability		($85.9)		($355.5)		($559.8)		($686.2)		($150.2)		($166.7)
Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$396.8		$691.3		$485.7		$595.6		($11.7)		$1.3
Unrecognized net prior service costs (benefits)		(25.8)		(32.7)		(0.2)		(1.2)		-		-
Tax (benefit) expense		(95.3)		(165.1)		(117.8)		(151.9)		1.2		(2.0)
Accumulated other comprehensive loss (income), net of tax		$275.7		$493.5		$367.7		$442.5		($10.5)		($0.7)
Change in accumulated other comprehensive loss (income):
Amortization of net actuarial (gain) loss		($56.2)		($51.8)		($28.7)		($29.5)		($0.7)		($0.1)
Amortization of prior service costs		6.9		7.4		0.1		(0.2)		-		11.0
Current period net actuarial loss (gain)		(203.0)		113.3		(56.1)		66.4		(12.3)		11.9
Current period prior service costs		-		-		0.7		(1.7)		-		-
Curtailments and settlements		(35.3)		(2.7)		(3.5)		(2.2)		-		-
Tax (benefit) expense		69.8		(16.0)		25.4		(22.3)		3.2		(5.4)
Foreign currency translation		-		-		(12.7)		33.3		-		-
Other comprehensive loss (income)		($217.8)		$50.2		($74.8)		$43.8		($9.8)		$17.4

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

					U.S. Post-
	U.S.		International		Retirement
(millions)	Pension		Pension		Health Care
Net actuarial loss		$39.9		$24.1		$0.7
Net prior service benefits		(4.6)		(0.2)		-
Total		$35.3		$23.9		$0.7

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)	2021		2020
Aggregate projected benefit obligation		$1,022.3		$4,155.4
Accumulated benefit obligation		964.5		4,098.6
Fair value of plan assets		280.9		3,085.2

Net periodic pension and postretirement health care benefit costs

	U.S.						International						U.S. Postretirement
	Pension						Pension						Health Care
(millions)	2021		2020		2019		2021		2020		2019		2021		2020		2019
Service cost (a)		$43.9		$68.4		$72.8		$31.4		$30.8		$30.2		$1.0		$1.2		$1.4
Interest cost on benefit obligation		51.4		70.3		89.0		17.3		22.3		31.2		2.9		4.4		5.6
Expected return on plan assets		(152.3)		(152.9)		(149.5)		(70.7)		(63.9)		(59.9)		(0.4)		(0.4)		(0.4)
Recognition of net actuarial loss (gain)		56.7		51.9		23.6		28.7		26.1		16.3		0.7		0.1		(4.1)
Amortization of prior service benefit		(6.9)		(7.4)		(11.5)		(0.1)		(0.1)		(0.9)		-		(11.0)		(23.2)
Curtailments and settlements (b)		35.3		2.5		9.1		3.5		2.2		(1.9)		-		-		0.3
Total expense (benefit)		$28.1		$32.8		$33.5		$10.1		$17.4		$15.0		$4.2		($5.7)		($20.4)

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

(b) Settlement expense of $37.2 million was recognized as special charges in 2021.

Plan Assumptions

Plan Assumptions	U.S.						International						U.S. Postretirement
	Pension						Pension						Health Care
(percent)	2021		2020		2019		2021		2020		2019		2021		2020		2019
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	2.86	%	2.48	%	3.20	%	1.45	%	1.13	%	1.52	%	2.75	%	2.37	%	3.16	%
Projected salary increase	4.03		4.03		4.03		2.42		2.12		2.50
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	0.87		1.81		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	2.49		3.20		4.34		1.37		1.84		2.66		2.37		3.16		4.29
Expected return on plan assets	7.00		7.25		7.25		6.24		6.24		6.66		7.00		7.25		7.25
Projected salary increase	4.03		4.03		4.03		2.31		2.81		2.70

Estimated future benefits payments

(millions)	All Plans
2022		$ 225
2023		234
2024		241
2025		248
2026		246
2027 - 2031		1,208

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. qualified pension plan assets are as follows:

	Fair Value as of						Fair Value as of
(millions)	December 31, 2021						December 31, 2020
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$43.6		$-		$43.6		$38.3		$-		$38.3
Equity securities:
Large cap equity		412.2		-		412.2		610.0		-		610.0
Small cap equity		21.3		40.7		62.0		36.5		68.3		104.8
International equity		62.9		28.0		90.9		95.8		42.9		138.7
Fixed income:
Core fixed income		510.7		589.7		1,100.4		360.3		327.8		688.1
High-yield bonds		49.0		-		49.0		76.3		-		76.3
Emerging markets		-		36.6		36.6		-		55.6		55.6
Total investments at fair value		1,099.7		695.0		1,794.7		1,217.2		494.6		1,711.8
Investments measured at NAV						587.3						666.9
Total		$1,099.7		$695.0		$2,382.0		$1,217.2		$494.6		$2,378.7

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2021 or 2020.

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	2021		2020		2021		2020
Cash	-	%	-	%	2	%	2	%
Equity securities:
Large cap equity	21		27		17		26
Small cap equity	3		4		3		4
International equity	10		16		10		15
Fixed income:
Core fixed income	48		30		46		29
High-yield bonds	3		4		2		3
Emerging markets	4		2		2		2
Other:
Real estate	3		6		4		7
Private equity	5		8		11		9
Distressed debt	3		3		3		3
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

	Fair Value as of			Fair Value as of
(millions)	December 31, 2021			December 31, 2020
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$7.2	$-	$7.2	$11.0	$-	$11.0
Equity securities:
International equity	-	490.1	490.1	-	467.0	467.0
Fixed income:
Corporate bonds	9.7	220.0	229.7	9.1	218.6	227.7
Government bonds	7.2	298.5	305.7	6.8	241.9	248.7
Insurance company accounts	-	121.2	121.2	-	149.6	149.6
Total investments at fair value	24.1	1,129.8	1,153.9	26.9	1,077.1	1,104.0
Investments measured at NAV			66.0			44.0
Total	$24.1	$1,129.8	$1,219.9	$26.9	$1,077.1	$1,148.0

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2021 or 2020.

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	2021		2020
Cash	1	%	1	%
Equity securities:
International equity	40		40
Fixed income:
Corporate bonds	19		20
Government bonds	25		22
Total fixed income	44		42
Other:
Insurance contracts	10		14
Debt securities	2		2
Real estate	3		1
Total	100	%	100	%