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PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Changes in benefit obligation and plan assets
Changes in the benefit obligation and plan assets were as follows:
December 31, 2021December 31, 2020
U.S.ForeignTotalU.S.ForeignTotal
Change in Benefit Obligation($ in millions)
Benefit obligation at beginning of year$2,758.9 $446.4 $3,205.3 $2,620.2 $377.6 $2,997.8 
Service cost0.9 10.5 11.4 0.9 10.0 10.9 
Interest cost48.4 2.9 51.3 70.7 4.4 75.1 
Actuarial (gain) loss(163.7)(41.7)(205.4)203.5 31.6 235.1 
Benefits paid(138.5)(11.4)(149.9)(136.4)(4.8)(141.2)
Plan participant’s contributions— 0.9 0.9 — 0.4 0.4 
Plan amendments— (0.7)(0.7)— (4.2)(4.2)
Foreign currency translation adjustments— (24.6)(24.6)— 31.4 31.4 
Benefit obligation at end of year$2,506.0 $382.3 $2,888.3 $2,758.9 $446.4 $3,205.3 
December 31, 2021December 31, 2020
U.S.ForeignTotalU.S.ForeignTotal
Change in Plan Assets($ in millions)
Fair value of plans’ assets at beginning of year$2,383.8 $85.3 $2,469.1 $2,122.6 $76.7 $2,199.3 
Actual return on plans’ assets184.0 (1.1)182.9 397.3 6.4 403.7 
Employer contributions0.3 1.5 1.8 0.3 2.1 2.4 
Benefits paid(138.5)(9.1)(147.6)(136.4)(2.9)(139.3)
Foreign currency translation adjustments— (0.5)(0.5)— 3.0 3.0 
Fair value of plans’ assets at end of year$2,429.6 $76.1 $2,505.7 $2,383.8 $85.3 $2,469.1 
December 31, 2021December 31, 2020
U.S.ForeignTotalU.S.ForeignTotal
Funded Status($ in millions)
Qualified plans$(73.7)$(303.6)$(377.3)$(371.8)$(358.5)$(730.3)
Non-qualified plans(2.7)(2.6)(5.3)(3.3)(2.6)(5.9)
Total funded status$(76.4)$(306.2)$(382.6)$(375.1)$(361.1)$(736.2)
Amounts recognized in consolidated balance sheets
Amounts recognized in the consolidated balance sheets consisted of:
December 31, 2021December 31, 2020
U.S.ForeignTotalU.S.ForeignTotal
($ in millions)
Accrued benefit in current liabilities$(0.6)$(0.1)$(0.7)$(0.7)$(2.2)$(2.9)
Accrued benefit in noncurrent liabilities(75.8)(306.1)(381.9)(374.4)(358.9)(733.3)
Accumulated other comprehensive loss545.4 85.1 630.5 798.4 130.1 928.5 
Net balance sheet impact$469.0 $(221.1)$247.9 $423.3 $(231.0)$192.3 
Schedule of projected and accumulated benefit obligation, and fair value of plan assets
December 31,
20212020
($ in millions)
Projected benefit obligation$2,888.3 $3,205.3 
Accumulated benefit obligation2,862.7 3,180.2 
Fair value of plans’ assets2,505.7 2,469.1 
Components of net periodic benefit income (loss)
Years Ended December 31,
202120202019
Components of Net Periodic Benefit Income($ in millions)
Service cost$11.4 $10.9 $11.3 
Interest cost51.3 75.1 94.7 
Expected return on plans’ assets(142.3)(141.7)(141.8)
Amortization of prior service cost(0.6)(0.4)— 
Recognized actuarial loss52.7 44.4 27.0 
Net periodic benefit income$(27.5)$(11.7)$(8.8)
Included in Other Comprehensive Income (Loss) (Pretax)
Liability adjustment$(245.9)$(30.7)$177.7 
Amortization of prior service costs and actuarial losses(52.1)(44.0)(27.0)
Assumptions used in calculations
U.S. Pension BenefitsForeign Pension Benefits
Weighted-Average Assumptions202120202019202120202019
Discount rate—periodic benefit cost2.4 %(1)3.2 %4.2 %0.8 %1.4 %2.2 %
Expected return on assets7.25 %7.75 %7.75 %4.2 %4.4 %5.2 %
Rate of compensation increase3.0 %3.0 %3.0 %3.0 %2.7 %2.9 %
Discount rate—benefit obligation2.9 %2.4 %3.2 %1.4 %0.8 %1.4 %

(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 1.8% and the discount rate used to determine service costs of 2.5%.
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. equities7%to11%
Non-U.S. equities8%to12%
Fixed income/cash3%to7%
Alternative investments5%to15%
Plan Asset Allocation by Type
Our pension plan asset allocations at December 31, 2021 and 2020 by asset class were as follows:
Percentage of Plan Assets
Asset Class20212020
U.S. equities6 %13 %
Non-U.S. equities11 %17 %
Fixed income/cash44 %35 %
Alternative investments39 %35 %
Total100 %100 %
Target allocation and ranges
As of December 31, 2021, the following target allocation and ranges have been set for each asset class:
Asset ClassTarget AllocationTarget Range
U.S. equities(1)
21 %10-30
Non-U.S. equities(1)
14 %0-35
Fixed income/cash(1)
58 %25-90
Alternative investments7 %0-40

(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, 2021:
Asset ClassInvestments Measured at Net Asset ValueQuoted 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$59.7 $86.7 $— $— $146.4 
Non-U.S. equities287.7 1.3 0.6 — 289.6 
Fixed income/cash
Cash— 129.3 — — 129.3 
Government treasuries— — 363.8 — 363.8 
Corporate debt instruments433.9 — 40.3 — 474.2 
Asset-backed securities107.2 — 18.5 — 125.7 
Alternative investments
Hedge fund of funds820.9 — — — 820.9 
Real estate funds17.0 — — — 17.0 
Private equity funds138.8 — — — 138.8 
Total assets$1,865.2 $217.3 $423.2 $— $2,505.7 
The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2020:
Asset ClassInvestments Measured at Net Asset ValueQuoted Prices In Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Equity securities($ in millions)
U.S. equities$85.0 $233.6 $— $— $318.6 
Non-U.S. equities382.3 39.9 0.4 — 422.6 
Fixed income/cash
Cash— 122.8 — — 122.8 
Government treasuries— — 419.9 — 419.9 
Corporate debt instruments114.6 — 62.1 — 176.7 
Asset-backed securities126.3 — 23.2 — 149.5 
Alternative investments
Hedge fund of funds817.8 — — — 817.8 
Real estate funds9.0 — — — 9.0 
Private equity funds32.2 — — — 32.2 
Total assets$1,567.2 $396.3 $505.6 $— $2,469.1