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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Line Items] [Line Items]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
12,455.9

 
$
11,719.2

 
$
1,494.6

 
$
1,467.4

Service cost
331.3

 
277.7

 
46.4

 
39.1

Interest cost
413.4

 
420.8

 
52.9

 
53.2

Actuarial (gain) loss
1,580.5

 
806.5

 
40.0

 
50.9

Benefits paid
(486.3
)
 
(454.5
)
 
(60.1
)
 
(59.8
)
Plan amendments
—

 
—

 
—

 
(35.8
)
Curtailment
90.4

 
—

 
105.2

 
—

Special termination benefit
317.2

 
—

 
37.5

 
—

Foreign currency exchange rate changes and other adjustments
396.0

 
(313.8
)
 
12.0

 
(20.4
)
Benefit obligation at end of year
15,098.4

 
12,455.9

 
1,728.5

 
1,494.6
Schedule of Changes in Fair Value of Plan Assets
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
10,179.7

 
9,995.6

 
1,961.2

 
1,943.7

Actual return on plan assets
1,447.6

 
853.4

 
462.0

 
68.9

Employer contribution
414.3

 
110.2

 
9.1

 
8.4

Benefits paid
(486.3
)
 
(454.5
)
 
(60.1
)
 
(59.8
)
Foreign currency exchange rate changes and other adjustments
289.2

 
(325.0
)
 
0.2

 
—

Fair value of plan assets at end of year
11,844.5

 
10,179.7

 
2,372.4

 
1,961.2
Schedule of Net Funded Status
Funded status
(3,253.9
)
 
(2,276.2
)
 
643.9

 
466.6

Unrecognized net actuarial loss
5,645.5

 
4,915.7

 
182.0

 
458.8

Unrecognized prior service (benefit) cost
15.2

 
21.7

 
(395.0
)
 
(525.1
)
Net amount recognized
$
2,406.8

 
$
2,661.2

 
$
430.9

 
$
400.3
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheet consisted of:
 
 
 
 
 
 
 
Sundry
$
106.8

 
$
29.7

 
$
869.0

 
$
689.3

Other current liabilities
(64.8
)
 
(68.0
)
 
(7.1
)
 
(6.7
)
Accrued retirement benefits
(3,295.9
)
 
(2,237.9
)
 
(218.0
)
 
(216.0
)
Accumulated other comprehensive (income) loss before income taxes
5,660.7

 
4,937.4

 
(213.0
)
 
(66.3
)
Net amount recognized
$
2,406.8

 
$
2,661.2

 
$
430.9

 
$
400.3
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
During 2018, we expect the following components of AOCL to be recognized as components of net periodic benefit cost:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
Unrecognized net actuarial loss
$
366.1

 
$
9.5

Unrecognized prior service (benefit) cost
5.1

 
(81.3
)
Total
$
371.2

 
$
(71.8
)
Schedule of Assumptions Used
The following represents our weighted-average assumptions as of December 31:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
(Percents)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate for benefit obligation
3.4
%
 
3.9
%
 
4.3
%
 
3.7
%
 
4.3
%
 
4.5
%
Discount rate for net benefit costs
3.9

 
4.3

 
4.0

 
4.3

 
4.5

 
4.1

Rate of compensation increase for benefit obligation
3.4

 
3.4

 
3.4

 
 
 
 
 
 
Rate of compensation increase for net benefit costs
3.4

 
3.4

 
3.4

 
 
 
 
 
 
Expected return on plan assets for net benefit costs
7.4

 
7.4

 
7.4

 
8.0

 
8.0

 
8.0
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023-2027
Defined benefit pension plans
$
603.9

 
$
601.4

 
$
611.6

 
$
621.4

 
$
639.5

 
$
3,455.8

Retiree health benefit plans
92.8

 
94.8

 
96.5

 
98.7

 
98.5

 
496.3
Schedule of Net Benefit Costs
Net pension and retiree health benefit expense included the following components:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Components of net periodic (benefit) cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
331.3

 
$
277.7

 
$
315.7

 
$
46.4

 
$
39.1

 
$
45.1

Interest cost
413.4

 
420.8

 
476.8

 
52.9

 
53.2

 
62.6

Expected return on plan assets
(776.0
)
 
(752.1
)
 
(782.3
)
 
(160.7
)
 
(150.2
)
 
(150.0
)
Amortization of prior service (benefit) cost
5.7

 
11.8

 
10.4

 
(90.0
)
 
(85.8
)
 
(91.1
)
Recognized actuarial loss
288.2

 
285.6

 
383.2

 
18.4

 
19.1

 
38.0

Curtailment
93.5

 
—

 
—

 
65.5

 
—

 
—

Special termination benefit
317.2

 
—

 
—

 
37.5

 
—

 
—

Net periodic (benefit) cost
$
673.3

 
$
243.8

 
$
403.8

 
$
(30.0
)
 
$
(124.6
)
 
$
(95.4
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2017, 2016, and 2015:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Actuarial gain (loss) arising during period
$
(915.1
)
 
$
(725.2
)
 
$
120.4

 
$
261.3

 
$
(132.2
)
 
$
48.6

Plan amendments during period
—

 
—

 
0.4

 
—

 
35.8

 
—

Curtailment
3.2

 
—

 
—

 
(39.7
)
 
—

 
—

Amortization of prior service (benefit) cost included in net income
5.7

 
11.8

 
10.4

 
(90.0
)
 
(85.8
)
 
(91.1
)
Amortization of net actuarial loss included in net income
288.2

 
285.6

 
383.2

 
18.4

 
19.1

 
38.0

Foreign currency exchange rate changes and other
(105.3
)
 
75.6

 
58.8

 
(3.3
)
 
2.5

 
4.2

Total other comprehensive income (loss) during period
$
(723.3
)
 
$
(352.2
)
 
$
573.2

 
$
146.7

 
$
(160.6
)
 
$
(0.3
)
Schedule of Allocation of Plan Assets
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2017 by asset category are as follows:
 
 
 
Fair Value Measurements Using
 
 
Asset Class
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
466.2

 
$
199.6

 
$
—

 
$
—

 
$
266.6

International
2,934.2

 
955.1

 
—

 
—

 
1,979.1

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
3,182.9

 
28.7

 
2,468.2

 
—

 
686.0

Developed markets - repurchase agreements
(1,372.9
)
 
—

 
(1,372.9
)
 
—

 
—

Emerging markets
584.7

 
4.2

 
252.0

 
3.1

 
325.4

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
2,984.6

 
—

 
—

 
—

 
2,984.6

Equity-like funds
1,639.6

 
—

 
—

 
16.8

 
1,622.8

Real estate
563.9

 
338.6

 
—

 
—

 
225.3

Other
861.3

 
119.2

 
602.8

 
2.2

 
137.1

Total
$
11,844.5

 
$
1,645.4

 
$
1,950.1

 
$
22.1

 
$
8,226.9

 
 
 
 
 
 
 
 
 
 
Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
43.0

 
$
19.4

 
$
—

 
$
—

 
$
23.6

International
182.5

 
61.3

 
—

 
—

 
121.2

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
71.2

 
—

 
63.5

 
—

 
7.7

Emerging markets
53.1

 
—

 
24.4

 
0.3

 
28.4

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
256.0

 
—

 
—

 
—

 
256.0

Equity-like funds
137.0

 
—

 
—

 
1.6

 
135.4

Cash value of trust owned insurance contract
1,524.6

 
—

 
1,524.6

 
—

 
—

Real estate
33.0

 
33.0

 
—

 
—

 
—

Other
72.0

 
15.0

 
50.5

 
0.2

 
6.3

Total
$
2,372.4

 
$
128.7

 
$
1,663.0

 
$
2.1

 
$
578.6


(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2016 by asset category are as follows:
 
 
 
Fair Value Measurements Using
 
 
Asset Class
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
402.4

 
$
165.5

 
$
—

 
$
—

 
$
236.9

International
2,285.6

 
770.5

 
—

 
—

 
1,515.1

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
2,631.3

 
27.2

 
1,983.0

 
—

 
621.1

Developed markets - repurchase agreements
(1,024.4
)
 
—

 
(1,024.4
)
 
—

 
—

Emerging markets
450.0

 
—

 
180.1

 
0.3

 
269.6

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
2,904.6

 
—

 
—

 
—

 
2,904.6

Equity-like funds
1,355.0

 
—

 
0.2

 
16.8

 
1,338.0

Real estate
504.1

 
344.5

 
—

 
—

 
159.6

Other
671.1

 
365.0

 
108.1

 
—

 
198.0

Total
$
10,179.7

 
$
1,672.7

 
$
1,247.0

 
$
17.1

 
$
7,242.9

 
 
 
 
 
 
 
 
 
 
Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
38.7

 
$
16.7

 
$
—

 
$
—

 
$
22.0

International
146.3

 
52.0

 
—

 
—

 
94.3

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
68.0

 
—

 
58.4

 
—

 
9.6

Emerging markets
42.6

 
—

 
18.2

 
—

 
24.4

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
261.0

 
—

 
—

 
—

 
261.0

Equity-like funds
116.0

 
—

 
—

 
1.7

 
114.3

Cash value of trust owned insurance contract
1,208.3

 
—

 
1,208.3

 
—

 
—

Real estate
34.8

 
34.8

 
—

 
—

 
—

Other
45.5

 
28.1

 
3.7

 
—

 
13.7

Total
$
1,961.2

 
$
131.6

 
$
1,288.6

 
$
1.7

 
$
539.3


(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:
 
2017
 
2016
Projected benefit obligation
$
13,025.0

 
$
10,597.0

Fair value of plan assets
9,664.3

 
8,291.2
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
 
2017
 
2016
 
2017
 
2016
Accumulated benefit obligation
$
11,956.7

 
$
9,805.4

 
$
225.1

 
$
222.7

Fair value of plan assets
9,639.4

 
8,285.2

 
—

 
—