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 |
| | — |
| | — |
|
|