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 |
) |
|
|