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Pension And Other Benefit Programs (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Amounts Recognized In Assets And Liabilities

Amounts recognized in assets (liabilities) on the consolidated balance sheets at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plan

 

 

Retiree Health and Life
Insurance Benefits

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Prepaid pension costs

 

$

109.0

 

 

$

119.5

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Accounts payable and accrued expenses

 

 

(2.9

)

 

 

(2.9

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(6.9

)

 

 

(6.5

)

Postretirement benefit liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(71.1

)

 

 

(74.9

)

Pension benefit liabilities

 

 

(34.5

)

 

 

(37.6

)

 

 

(2.4

)

 

 

(2.8

)

 

 

-

 

 

 

-

 

Net amount recognized

 

$

71.6

 

 

$

79.0

 

 

$

(2.5

)

 

$

(2.9

)

 

$

(78.0

)

 

$

(81.4

)

Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End

Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:

 

 

 

U.S. Pension Plans

 

 

Retiree Health and Life
Insurance Benefits

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net actuarial (loss) gain

 

$

(152.1

)

 

$

(142.6

)

 

$

13.7

 

 

$

17.9

 

Prior service credit

 

 

-

 

 

 

-

 

 

 

1.4

 

 

 

1.7

 

Accumulated other comprehensive (loss)
   income

 

$

(152.1

)

 

$

(142.6

)

 

$

15.1

 

 

$

19.6

 

Schedule Of Expected Benefit Payments

 

 

 

U.S. Pension
Benefits
 (1)

 

 

Retiree Health
and Life
Insurance
Benefits, Net

 

2022

 

$

15.7

 

 

$

6.9

 

2023

 

 

17.4

 

 

 

6.6

 

2024

 

 

19.6

 

 

 

6.3

 

2025

 

 

20.6

 

 

 

6.0

 

2026

 

 

21.8

 

 

 

5.7

 

2027 - 2031

 

 

118.4

 

 

 

23.7

 

 

(1)
We were not required and did not make contributions to the RIP during 2021, 2020 or 2019 as, based on guidelines established by the Pension Benefit Guaranty Corporation, the RIP had sufficient assets to fund its distribution obligations. Benefit payments to RIP participants have been made directly from the RIP while benefit payments under the RBEP are made from Company cash. 
Defined Benefit Pension Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

2021

 

 

2020

 

Change in benefit obligations:

 

 

 

 

 

 

Benefit obligations as of beginning of period

 

$

441.7

 

 

$

1,431.4

 

Service cost

 

 

4.8

 

 

 

5.5

 

Interest cost

 

 

9.0

 

 

 

15.5

 

Settlement payments

 

 

-

 

 

 

(1,006.3

)

Special termination benefits

 

 

-

 

 

 

2.0

 

Actuarial (gain) loss

 

 

(10.9

)

 

 

31.2

 

Benefits paid

 

 

(9.5

)

 

 

(37.6

)

Benefit obligations as of end of period

 

$

435.1

 

 

$

441.7

 

 

 

 

2021

 

 

2020

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

520.7

 

 

$

1,478.4

 

Actual return on plan assets

 

 

(7.4

)

 

 

83.1

 

Employer contributions

 

 

2.9

 

 

 

3.1

 

Settlement payments

 

 

-

 

 

 

(1,006.3

)

Benefits paid

 

 

(9.5

)

 

 

(37.6

)

Fair value of plan assets as of end of period

 

$

506.7

 

 

$

520.7

 

Funded status

 

$

71.6

 

 

$

79.0

 

Schedule Of Assumptions Used

 

 

 

2021

 

 

2020

 

Weighted-average assumptions used to determine benefit
   obligations at end of period:

 

 

 

 

 

 

Discount rate

 

 

2.98

%

 

 

2.68

%

Rate of compensation increase

 

 

3.05

%

 

 

3.05

%

Weighted-average assumptions used to determine net periodic
   benefit cost for the period:

 

 

 

 

 

 

Discount rate

 

 

2.67

%

 

 

3.07

%

Expected return on plan assets

 

 

3.25

%

 

 

5.25

%

Rate of compensation increase

 

 

3.05

%

 

 

3.05

%

Schedule Of Benefit Obligations In Excess Of Assets

 

 

 

2021

 

 

2020

 

Pension plans with benefit obligations in excess of assets

 

 

 

 

 

 

RBEP Projected benefit obligation, December 31

 

$

37.4

 

 

$

40.5

 

RBEP Accumulated benefit obligation, December 31

 

 

37.4

 

 

 

40.5

 

 

Schedule Of Periodic Benefit (Credits) Costs

The components of the pension cost (credit) for the U.S. defined benefit pension plans are as follows:

 

 

 

2021

 

 

2020

 

 

2019

 

Service cost of benefits earned during the period

 

$

4.8

 

 

$

5.5

 

 

$

4.8

 

Interest cost on projected benefit obligation

 

 

9.0

 

 

 

15.5

 

 

 

50.3

 

Expected return on plan assets

 

 

(16.5

)

 

 

(34.5

)

 

 

(80.1

)

Recognized net actuarial loss

 

 

3.5

 

 

 

6.3

 

 

 

19.2

 

Settlement

 

 

-

 

 

 

374.4

 

 

 

-

 

Special termination benefits

 

 

-

 

 

 

2.0

 

 

 

-

 

Net periodic pension cost (credit)

 

$

0.8

 

 

$

369.2

 

 

$

(5.8

)

Schedule Of Defined Asset Allocation

 

 

 

Target

 

 

 

 

 

 

 

 

 

Weight at

 

 

 

 

 

 

 

 

 

December 31,

 

 

Position at December 31,

 

Asset Class

 

2021

 

 

2021 (1)

 

 

2020 (1)

 

Long duration bonds

 

 

90.0

%

 

 

89.0

%

 

 

89.0

%

Equities, real estate and private equity

 

 

10.0

%

 

 

11.0

%

 

 

11.0

%

 

(1)
Investments in collective trust funds as of December 31, 2021 and 2020 have been categorized within the asset classes above based on the underlying investments in those funds.
Summary Of Fair Value Of Assets Plan

 

 

 

Value at December 31, 2021

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Collective trust funds - bonds

 

$

-

 

 

$

451.9

 

 

$

-

 

 

$

451.9

 

Collective trust funds - equities

 

 

-

 

 

 

46.8

 

 

 

-

 

 

 

46.8

 

Cash, other short-term investments and payables, net

 

 

(0.3

)

 

 

1.9

 

 

 

-

 

 

 

1.6

 

Net assets measured at fair value

 

$

(0.3

)

 

$

500.6

 

 

$

-

 

 

$

500.3

 

Investments measured at net asset value as a practical expedient

 

 

 

6.4

 

Net assets

 

 

 

 

 

 

 

 

 

 

$

506.7

 

 

 

 

Value at December 31, 2020

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Collective trust funds - bonds

 

$

-

 

 

$

460.9

 

 

$

-

 

 

$

460.9

 

Collective trust funds - equities

 

 

-

 

 

 

51.4

 

 

 

-

 

 

 

51.4

 

Cash, other short-term investments and payables, net

 

 

(0.3

)

 

 

0.9

 

 

 

-

 

 

 

0.6

 

Net assets measured at fair value

 

$

(0.3

)

 

$

513.2

 

 

$

-

 

 

$

512.9

 

Investments measured at net asset value as a practical expedient

 

 

 

7.8

 

Net assets

 

 

 

 

 

 

 

 

 

 

$

520.7

 

Summary Of Assets Measured At NAV

 

 

 

Value at December 31, 2021

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice
Period

Real estate

 

$

6.4

 

 

$

2.2

 

 

Quarterly

 

60 days

 

 

 

Value at December 31, 2020

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice
Period

Real estate

 

$

7.8

 

 

$

2.2

 

 

Quarterly

 

60 days

U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member]  
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

2021

 

 

2020

 

Change in benefit obligations:

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

81.4

 

 

$

77.5

 

Interest cost

 

 

1.2

 

 

 

1.9

 

Plan participants' contributions

 

 

1.9

 

 

 

1.9

 

Actuarial loss

 

 

2.0

 

 

 

8.2

 

Benefits paid

 

 

(8.5

)

 

 

(8.1

)

Benefit obligations as of end of period

 

$

78.0

 

 

$

81.4

 

 

 

 

2021

 

 

2020

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

-

 

 

$

-

 

Employer contributions

 

 

6.6

 

 

 

6.2

 

Plan participants' contributions

 

 

1.9

 

 

 

1.9

 

Benefits paid

 

 

(8.5

)

 

 

(8.1

)

Fair value of plan assets as of end of period

 

$

-

 

 

$

-

 

Funded status

 

$

(78.0

)

 

$

(81.4

)

Schedule Of Assumptions Used

 

 

 

2021

 

 

2020

 

Weighted-average discount rate used to determine benefit obligations at end of period

 

 

2.72

%

 

 

2.37

%

Weighted-average discount rate used to determine net periodic benefit cost for the period

 

 

2.35

%

 

 

3.14

%

Schedule Of Periodic Benefit (Credits) Costs

The components of postretirement benefit (credit) are as follows:

 

 

 

2021

 

 

2020

 

 

2019

 

 

Service cost of benefits earned during the period

 

$

-

 

 

$

-

 

 

$

0.1

 

 

Interest cost on accumulated postretirement benefit obligation

 

 

1.2

 

 

 

1.9

 

 

 

2.4

 

 

Amortization of prior service (credit)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.2

)

 

Amortization of net actuarial gain

 

 

(2.2

)

 

 

(6.6

)

 

 

(8.5

)

 

Net periodic postretirement benefit (credit)

 

$

(1.3

)

 

$

(5.0

)

 

$

(6.2

)