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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
We use a measurement date of December 31 to determine 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
2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$13,222.0 $17,565.0 $1,258.8 $1,663.8 
Service cost290.4 351.7 31.8 46.6 
Interest cost648.2 398.1 61.3 37.8 
Actuarial (gain) loss590.5 (4,158.9)34.5 (395.9)
Benefits paid(610.5)(608.9)(80.6)(86.8)
Foreign currency exchange rate changes and other adjustments117.3 (325.0)4.5 (6.7)
Benefit obligation at end of year14,257.9 13,222.0 1,310.3 1,258.8 
Change in plan assets:
Fair value of plan assets at beginning of year13,195.8 16,416.0 2,492.5 3,361.4 
Actual return on plan assets881.9 (2,388.1)166.8 (796.0)
Employer contribution120.6 118.1 1.7 13.9 
Benefits paid(610.5)(608.9)(80.6)(86.8)
Foreign currency exchange rate changes and other adjustments120.9 (341.3)(0.1)— 
Fair value of plan assets at end of year13,708.7 13,195.8 2,580.3 2,492.5 
Funded status(549.2)(26.2)1,270.0 1,233.7 
Unrecognized net actuarial (gain) loss3,357.9 2,687.2 109.6 54.5 
Unrecognized prior service (benefit) cost6.4 8.4 (9.5)(62.2)
Net amount recognized$2,815.1 $2,669.4 $1,370.1 $1,226.0 
Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets$810.6 $1,208.0 $1,427.7 $1,383.4 
Other current liabilities(70.4)(70.4)(8.3)(8.4)
Accrued retirement benefits(1,289.4)(1,163.8)(149.4)(141.3)
Accumulated other comprehensive (income) loss before income taxes3,364.3 2,695.6 100.1 (7.7)
Net amount recognized$2,815.1 $2,669.4 $1,370.1 $1,226.0 
Schedule of Assumptions Used
The following represents our weighted-average assumptions:
 Defined Benefit
Pension Plans
Retiree Health
Benefit Plans
202320222021202320222021
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate
5.1 %2.8 %2.4 %5.2 %3.0 %2.6 %
Rate of compensation increase
4.3 3.5 3.3 
Expected return on plan assets
8.1 8.1 6.8 7.3 7.3 5.0 
Weighted-average assumptions used to determine benefit obligation as of December 31:
Discount rate
4.8 %5.1 %2.8 %5.0 %5.2 %3.0 %
Rate of compensation increase
4.3 4.3 3.5 
Schedule of Expected Benefit Payments
Expected benefit payments, which reflect expected future service, are as follows:
20242025202620272028
2029-2033
Defined benefit pension plans$661.2 $671.4 $695.0 $722.5 $746.5 $4,160.7 
Retiree health benefit plans93.8 94.5 94.7 95.2 95.6 475.9 
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:
 20232022
Projected benefit obligation$2,395.3 $2,211.2 
Fair value of plan assets1,035.4 977.1 
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
 2023202220232022
Accumulated benefit obligation$1,659.5 $1,721.7 $157.7 $149.8 
Fair value of plan assets564.3 652.7  — 
Schedule of Net Periodic (Benefit) Costs
Net periodic (benefit) cost included the following components:
 Defined Benefit
Pension Plans
Retiree Health
Benefit Plans
202320222021202320222021
Components of net periodic (benefit) cost:
Service cost$290.4 $351.7 $369.2 $31.8 $46.6 $49.2 
Interest cost648.2 398.1 337.8 61.3 37.8 32.5 
Expected return on plan assets(1,055.0)(947.6)(949.3)(182.1)(152.1)(146.2)
Amortization of prior service (benefit) cost2.4 2.4 4.2 (52.9)(54.8)(59.6)
Recognized actuarial (gain) loss122.0 342.4 487.7 (5.8)0.9 3.2 
Net periodic (benefit) cost$8.0 $147.0 $249.6 $(147.7)$(121.6)$(120.9)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2023, 2022, and 2021:
Defined Benefit
Pension Plans
Retiree Health
Benefit Plans
202320222021202320222021
Actuarial gain (loss) arising during period$(763.9)$823.6 $2,072.4 $(49.8)$(552.2)$142.5 
Amortization of prior service (benefit) cost included in net income2.4 2.4 4.2 (52.9)(54.8)(59.6)
Amortization of net actuarial (gain) loss included in net income122.0 342.4 487.7 (5.8)0.9 3.2 
Foreign currency exchange rate changes and other(29.2)55.5 47.2 0.7 (0.9)1.9 
Total other comprehensive income (loss) during period$(668.7)$1,223.9 $2,611.5 $(107.8)$(607.0)$88.0 
Schedule of Allocation of Plan Assets
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2023 by asset category were as follows:
  Fair Value Measurements Using
Asset ClassTotalQuoted 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.$1,379.7 $490.5 $0.3 $— $888.9 
International1,408.9 441.2 333.4 — 634.3 
Fixed income:
Developed markets2,783.9 21.2 2,597.3 0.1 165.3 
Developed markets - repurchase agreements(772.8)13.2 (786.0)— — 
Emerging markets295.6 10.4 35.7 — 249.5 
Private alternative investments:
Hedge funds3,125.9 — — — 3,125.9 
Equity-like funds4,093.7 — — 25.1 4,068.6 
Real estate369.7 261.9 — — 107.8 
Other1,024.1 170.8 42.6 — 810.7 
Total$13,708.7 $1,409.2 $2,223.3 $25.2 $10,051.0 
Retiree Health Benefit Plans
Public equity securities:
U.S.$127.0 $44.2 $— $— $82.8 
International89.9 38.2 — — 51.7 
Fixed income:
Developed markets74.9 — 74.9 — — 
Emerging markets23.4 — — — 23.4 
Private alternative investments:
Hedge funds281.2 — — — 281.2 
Equity-like funds335.1 — — 2.4 332.7 
Cash value of trust owned insurance contract1,526.5 — 1,526.5 — — 
Real estate24.5 24.5 — — — 
Other97.8 23.2 2.1 — 72.5 
Total$2,580.3 $130.1 $1,603.5 $2.4 $844.3 
(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.
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2022 by asset category were as follows:
  Fair Value Measurements Using
Asset ClassTotalQuoted 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.$1,132.4 $396.6 $0.1 $— $735.7 
International1,177.1 369.4 300.9 — 506.8 
Fixed income:
Developed markets2,445.5 19.8 2,058.2 0.1 367.4 
Developed markets - repurchase agreements(706.6)6.4 (713.0)— — 
Emerging markets273.5 10.6 32.0 — 230.9 
Private alternative investments:
Hedge funds3,249.0 — — — 3,249.0 
Equity-like funds4,014.1 — — 25.4 3,988.7 
Real estate349.1 234.9 — — 114.2 
Other1,261.7 251.0 (131.8)— 1,142.5 
Total$13,195.8 $1,288.7 $1,546.4 $25.5 $10,335.2 
Retiree Health Benefit Plans
Public equity securities:
U.S.$104.2 $35.7 $— $— $68.5 
International72.0 31.9 — — 40.1 
Fixed income:
Developed markets63.1 — 63.1 — — 
Emerging markets21.0 — — — 21.0 
Private alternative investments:
Hedge funds294.9 — — — 294.9 
Equity-like funds332.8 — — 2.4 330.4 
Cash value of trust owned insurance contract1,470.8 — 1,470.8 — — 
Real estate21.6 21.6 — — — 
Other112.1 24.2 (19.9)— 107.8 
Total$2,492.5 $113.4 $1,514.0 $2.4 $862.7 
(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.