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Pension And Other Benefit Programs (Tables)
12 Months Ended
Dec. 31, 2020
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

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Prepaid pension costs

 

$

119.5

 

 

$

94.8

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Accounts payable and accrued expenses

 

 

(2.9

)

 

 

(3.9

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(6.5

)

 

 

(6.5

)

Postretirement benefit liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(74.9

)

 

 

(71.0

)

Pension benefit liabilities

 

 

(37.6

)

 

 

(43.9

)

 

 

(2.8

)

 

 

(2.7

)

 

 

-

 

 

 

-

 

Net amount recognized

 

$

79.0

 

 

$

47.0

 

 

$

(2.9

)

 

$

(2.8

)

 

$

(81.4

)

 

$

(77.5

)

 

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

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net actuarial (loss) gain

 

$

(142.6

)

 

$

(540.7

)

 

$

17.9

 

 

$

32.8

 

Prior service credit

 

 

-

 

 

 

-

 

 

 

1.7

 

 

 

2.0

 

Accumulated other comprehensive (loss)

   income

 

$

(142.6

)

 

$

(540.7

)

 

$

19.6

 

 

$

34.8

 

 

Schedule Of Expected Benefit Payments

 

 

 

U.S. Pension

Benefits (1)

 

 

Retiree Health

and Life

Insurance

Benefits, Net

 

2021

 

$

12.0

 

 

$

6.5

 

2022

 

 

15.0

 

 

 

6.4

 

2023

 

 

17.0

 

 

 

6.2

 

2024

 

 

19.0

 

 

 

5.8

 

2025

 

 

20.2

 

 

 

5.6

 

2026 - 2030

 

 

114.0

 

 

 

23.6

 

 

(1)

We were not required and did not make contributions to the RIP during 2020, 2019 or 2018 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

 

 

 

2020

 

 

2019

 

Change in benefit obligations:

 

 

 

 

 

 

 

 

Benefit obligations as of beginning of period

 

$

1,431.4

 

 

$

1,359.7

 

Service cost

 

 

5.5

 

 

 

4.8

 

Interest cost

 

 

15.5

 

 

 

50.3

 

Settlement payments

 

 

(1,006.3

)

 

 

-

 

Special termination benefits

 

 

2.0

 

 

 

-

 

Actuarial loss

 

 

31.2

 

 

 

117.0

 

Benefits paid

 

 

(37.6

)

 

 

(100.4

)

Benefit obligations as of end of period

 

$

441.7

 

 

$

1,431.4

 

 

 

 

 

2020

 

 

2019

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

1,478.4

 

 

$

1,360.4

 

Actual return on plan assets

 

 

83.1

 

 

 

214.4

 

Employer contributions

 

 

3.1

 

 

 

4.0

 

Settlement payments

 

 

(1,006.3

)

 

 

-

 

Benefits paid

 

 

(37.6

)

 

 

(100.4

)

Fair value of plan assets as of end of period

 

$

520.7

 

 

$

1,478.4

 

Funded status

 

$

79.0

 

 

$

47.0

 

 

Schedule Of Assumptions Used

 

 

 

2020

 

 

2019

 

Weighted-average assumptions used to determine benefit

   obligations at end of period:

 

 

 

 

 

 

 

 

Discount rate

 

 

2.68

%

 

 

3.16

%

Rate of compensation increase

 

 

3.05

%

 

 

3.05

%

Weighted-average assumptions used to determine net periodic

   benefit cost for the period:

 

 

 

 

 

 

 

 

Discount rate

 

 

3.07

%

 

 

4.28

%

Expected return on plan assets

 

 

5.25

%

 

 

5.75

%

Rate of compensation increase

 

 

3.05

%

 

 

3.05

%

Schedule Of Benefit Obligations In Excess Of Assets

 

 

2020

 

 

2019

 

Pension plans with benefit obligations in excess of assets

 

 

 

 

 

 

 

 

RBEP Projected benefit obligation, December 31

 

$

40.5

 

 

$

47.8

 

RBEP Accumulated benefit obligation, December 31

 

 

40.5

 

 

 

47.8

 

 

Schedule Of Periodic Benefit (Credits) Costs

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

 

 

 

2020

 

 

2019

 

 

2018

 

Service cost of benefits earned during the period

 

$

5.5

 

 

$

4.8

 

 

$

5.7

 

Interest cost on projected benefit obligation

 

 

15.5

 

 

 

50.3

 

 

 

46.1

 

Expected return on plan assets

 

 

(34.5

)

 

 

(80.1

)

 

 

(95.9

)

Recognized net actuarial loss

 

 

6.3

 

 

 

19.2

 

 

 

20.0

 

Settlement

 

 

374.4

 

 

 

-

 

 

 

-

 

Special termination benefits

 

 

2.0

 

 

 

-

 

 

 

-

 

Net periodic pension cost (credit)

 

$

369.2

 

 

$

(5.8

)

 

$

(24.1

)

 

Schedule Of Defined Asset Allocation

 

 

 

Target

 

 

 

 

 

 

 

 

 

 

 

Weight at

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

Position at December 31,

 

Asset Class

 

2020

 

 

2020 (1)

 

 

2019 (1)

 

Long duration bonds

 

 

90.0

%

 

 

89.0

%

 

 

69.0

%

Equities, real estate and private equity

 

 

10.0

%

 

 

11.0

%

 

 

30.0

%

Other

 

 

 

 

 

 

 

 

 

 

1.0

%

 

(1)

Investments in collective trust funds as of December 31, 2020 and 2019 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, 2020

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Bonds

 

$

-

 

 

$

460.9

 

 

$

-

 

 

$

460.9

 

Collective trust fund

 

 

-

 

 

 

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

 

 

 

7.8

 

Net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

520.7

 

 

 

 

 

Value at December 31, 2019

 

Description

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Bonds

 

$

-

 

 

$

1,017.7

 

 

$

-

 

 

$

1,017.7

 

Collective trust fund

 

 

-

 

 

 

434.6

 

 

 

-

 

 

 

434.6

 

Other investments

 

 

-

 

 

 

-

 

 

 

2.5

 

 

 

2.5

 

Cash, other short-term investments and payables, net

 

 

0.3

 

 

 

12.6

 

 

 

-

 

 

 

12.9

 

Net assets measured at fair value

 

$

0.3

 

 

$

1,464.9

 

 

$

2.5

 

 

$

1,467.7

 

Investments measured at net asset value

 

 

 

10.7

 

Net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,478.4

 

 

Summary Of Assets Measured At NAV

 

 

 

Value at December 31, 2020

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded

Commitments

 

 

Redemption

Frequency

 

Redemption

Notice

Period

Real estate

 

$

7.8

 

 

$

2.2

 

 

Quarterly

 

60 days

 

 

 

Value at December 31, 2019

 

 

 

 

 

Description

 

Fair Value

 

 

Unfunded

Commitments

 

 

Redemption

Frequency

 

Redemption

Notice

Period

Real estate

 

$

10.7

 

 

$

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

 

 

 

2020

 

 

2019

 

Change in benefit obligations:

 

 

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

77.5

 

 

$

65.4

 

Service cost

 

 

-

 

 

 

0.1

 

Interest cost

 

 

1.9

 

 

 

2.4

 

Plan participants' contributions

 

 

1.9

 

 

 

2.0

 

Plan amendments

 

 

-

 

 

 

(1.1

)

Actuarial loss

 

 

8.2

 

 

 

18.1

 

Benefits paid

 

 

(8.1

)

 

 

(9.4

)

Benefit obligations as of end of period

 

$

81.4

 

 

$

77.5

 

 

 

 

2020

 

 

2019

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

-

 

 

$

-

 

Employer contributions

 

 

6.2

 

 

 

7.4

 

Plan participants' contributions

 

 

1.9

 

 

 

2.0

 

Benefits paid

 

 

(8.1

)

 

 

(9.4

)

Fair value of plan assets as of end of period

 

$

-

 

 

$

-

 

Funded status

 

$

(81.4

)

 

$

(77.5

)

 

Schedule Of Assumptions Used

 

 

2020

 

 

2019

 

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

 

 

2.37

%

 

 

3.14

%

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

 

 

3.14

%

 

 

4.31

%

 

The largest contributors to the actuarial losses affecting the benefit obligations for the postretirement plans were the decreases in the discount rates and the updates to the per capita claims assumptions.

 

Schedule Of Periodic Benefit (Credits) Costs

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

 

 

 

2020

 

 

2019

 

 

2018

 

 

Service cost of benefits earned during the period

 

$

-

 

 

$

0.1

 

 

$

0.2

 

 

Interest cost on accumulated postretirement benefit obligation

 

 

1.9

 

 

 

2.4

 

 

 

2.6

 

 

Amortization of prior service (credit)

 

 

(0.3

)

 

 

(0.2

)

 

 

(0.1

)

 

Amortization of net actuarial gain

 

 

(6.6

)

 

 

(8.5

)

 

 

(5.7

)

 

Net periodic postretirement benefit (credit)

 

$

(5.0

)

 

$

(6.2

)

 

$

(3.0

)