PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Changes in benefit obligation and plan assets

Changes in the benefit obligation and plan assets were as follows:

	December 31, 2020						December 31, 2019
	U.S.		Foreign		Total		U.S.		Foreign		Total
Change in Benefit Obligation	($ in millions)
Benefit obligation at beginning of year	$	2,620.2	$	377.6	$	2,997.8	$	2,365.5	$	302.3	$	2,667.8
Service cost	0.9		10.0		10.9		1.0		10.3		11.3
Interest cost	70.7		4.4		75.1		88.7		6.0		94.7
Actuarial loss	203.5		31.6		235.1		299.5		64.6		364.1
Benefits paid	(136.4)		(4.8)		(141.2)		(134.5)		(4.8)		(139.3)
Plan participant’s contributions	—		0.4		0.4		—		1.7		1.7
Plan amendments	—		(4.2)		(4.2)		—		(0.7)		(0.7)
Foreign currency translation adjustments	—		31.4		31.4		—		(1.8)		(1.8)
Benefit obligation at end of year	$	2,758.9	$	446.4	$	3,205.3	$	2,620.2	$	377.6	$	2,997.8

	December 31, 2020						December 31, 2019
	U.S.		Foreign		Total		U.S.		Foreign		Total
Change in Plan Assets	($ in millions)
Fair value of plans’ assets at beginning of year	$	2,122.6	$	76.7	$	2,199.3	$	1,925.8	$	67.2	$	1,993.0
Actual return on plans’ assets	397.3		6.4		403.7		318.8		7.6		326.4
Employer contributions	0.3		2.1		2.4		12.5		2.4		14.9
Benefits paid	(136.4)		(2.9)		(139.3)		(134.5)		(3.4)		(137.9)
Foreign currency translation adjustments	—		3.0		3.0		—		2.9		2.9
Fair value of plans’ assets at end of year	$	2,383.8	$	85.3	$	2,469.1	$	2,122.6	$	76.7	$	2,199.3

	December 31, 2020						December 31, 2019
	U.S.		Foreign		Total		U.S.		Foreign		Total
Funded Status	($ in millions)
Qualified plans	$	(371.8)	$	(358.5)	$	(730.3)	$	(494.3)	$	(298.4)	$	(792.7)
Non-qualified plans	(3.3)		(2.6)		(5.9)		(3.3)		(2.5)		(5.8)
Total funded status	$	(375.1)	$	(361.1)	$	(736.2)	$	(497.6)	$	(300.9)	$	(798.5)

Amounts recognized in consolidated balance sheets

Amounts recognized in the consolidated balance sheets consisted of:

	December 31, 2020						December 31, 2019
	U.S.		Foreign		Total		U.S.		Foreign		Total
	($ in millions)
Accrued benefit in current liabilities	$	(0.7)	$	(2.2)	$	(2.9)	$	(0.6)	$	(0.2)	$	(0.8)
Accrued benefit in noncurrent liabilities	(374.4)		(358.9)		(733.3)		(497.0)		(300.7)		(797.7)
Accumulated other comprehensive loss	798.4		130.1		928.5		891.6		111.6		1,003.2
Net balance sheet impact	$	423.3	$	(231.0)	$	192.3	$	394.0	$	(189.3)	$	204.7

Schedule of projected and accumulated benefit obligation, and fair value of plan assets

	December 31,
	2020		2019
	($ in millions)
Projected benefit obligation	$	3,205.3	$	2,997.8
Accumulated benefit obligation	3,180.2		2,972.4
Fair value of plans’ assets	2,469.1		2,199.3

Components of net periodic benefit income (loss)

	Years Ended December 31,
	2020		2019		2018
Components of Net Periodic Benefit (Income) Costs	($ in millions)
Service cost	$	10.9	$	11.3	$	11.1
Interest cost	75.1		94.7		86.3
Expected return on plans’ assets	(141.7)		(141.8)		(146.5)
Amortization of prior service cost	(0.4)		—		0.1
Recognized actuarial loss	44.4		27.0		34.5
Net periodic benefit (income) costs	$	(11.7)	$	(8.8)	$	(14.5)
Included in Other Comprehensive Loss (Pretax)
Liability adjustment	$	(30.7)	$	177.7	$	100.6
Amortization of prior service costs and actuarial losses	(44.0)		(27.0)		(34.6)

Assumptions used in calculations

	U.S. Pension Benefits							Foreign Pension Benefits
Weighted-Average Assumptions	2020			2019		2018		2020		2019		2018
Discount rate—periodic benefit cost	3.2	%	(1)	4.2	%	3.6	%	1.4	%	2.2	%	2.2	%
Expected return on assets	7.75	%		7.75	%	7.75	%	4.4	%	5.2	%	5.2	%
Rate of compensation increase	3.0	%		3.0	%	3.0	%	2.7	%	2.9	%	2.9	%
Discount rate—benefit obligation	2.4	%		3.2	%	4.2	%	0.8	%	1.4	%	2.2	%

(1)     The discount rate—periodic benefit cost for our domestic qualified pension plan is comprised of the discount rate used to determine interest costs of 2.8% and the discount rate used to determine service costs of 3.3%.

Schedule of rate of returns by asset class considered in setting the long-term rate of return assumption

The following rates of return by asset class were considered in setting the long-term rate of return assumption:

U.S. equities	9%	to	13%
Non-U.S. equities	6%	to	11%
Fixed income/cash	5%	to	9%
Alternative investments	5%	to	15%

Target allocation and ranges

As of December 31, 2020, the following target allocation and ranges have been set for each asset class:

Asset Class	Target Allocation		Target Range
U.S. equities(1)	34	%	24-44
Non-U.S. equities(1)	22	%	0-42
Fixed income/cash(1)	37	%	25-90
Alternative investments	7	%	0-35

(1)     The target allocation for these asset classes include alternative investments, primarily hedge funds, based on the underlying investments in each hedge fund.

Pension plan asset allocation by asset class

The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2020:

Asset Class	Investments Measured at Net Asset Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	($ in millions)
U.S. equities	$	85.0	$	233.6	$	—	$	—	$	318.6
Non-U.S. equities	382.3		39.9		0.4		—		422.6
Fixed income/cash
Cash	—		122.8		—		—		122.8
Government treasuries	—		—		419.9		—		419.9
Corporate debt instruments	114.6		—		62.1		—		176.7
Asset-backed securities	126.3		—		23.2		—		149.5
Alternative investments
Hedge fund of funds	817.8		—		—		—		817.8
Real estate funds	9.0		—		—		—		9.0
Private equity funds	32.2		—		—		—		32.2
Total assets	$	1,567.2	$	396.3	$	505.6	$	—	$	2,469.1

The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2019:

Asset Class	Investments Measured at Net Asset Value		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	($ in millions)
U.S. equities	$	117.2	$	132.8	$	—	$	—	$	250.0
Non-U.S. equities	341.2		32.7		0.3		—		374.2
Fixed income/cash
Cash	—		101.5		—		—		101.5
Government treasuries	—		—		285.0		—		285.0
Corporate debt instruments	99.1		—		158.3		—		257.4
Asset-backed securities	166.9		—		19.2		—		186.1
Alternative investments
Hedge fund of funds	698.3		—		—		—		698.3
Real estate funds	16.9		—		—		—		16.9
Private equity funds	29.9		—		—		—		29.9
Total assets	$	1,469.5	$	267.0	$	462.8	$	—	$	2,199.3

Plan Asset Allocation by Type

Our pension plan asset allocations at December 31, 2020 and 2019 by asset class were as follows:

	Percentage of Plan Assets
Asset Class	2020		2019
U.S. equities	13	%	11	%
Non-U.S. equities	17	%	17	%
Fixed income/cash	35	%	38	%
Alternative investments	35	%	34	%
Total	100	%	100	%