Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Allocation of Plan Assets by Investment

The following information details the allocation of plan assets by investment type. See Note Q for definitions of fair value levels.

		FAIR VALUE HIERARCHY
At December 31, 2020	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	1,047.0	$	1,047.0
Global equities									1,140.6		1,140.6
Total equities	50 - 70%								2,187.6		2,187.6
Fixed income:
U.S. fixed income		$	83.9	$	296.0	$	379.9	$	719.9	$	1,099.8
Non-U.S. fixed income					30.4		30.4		372.8		403.2
Total fixed income	30 - 50%		83.9		326.4		410.3		1,092.7		1,503.0
Cash and other			2.6		99.8		102.4		.4		102.8
Total plan assets		$	86.5	$	426.2	$	512.7	$	3,280.7	$	3,793.4

		FAIR VALUE HIERARCHY
At December 31, 2019	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	860.1	$	860.1
Global equities									973.1		973.1
Total equities	50 - 70%								1,833.2		1,833.2
Fixed income:
U.S. fixed income		$	90.6	$	260.3	$	350.9	$	611.7	$	962.6
Non-U.S. fixed income					28.1		28.1		322.0		350.1
Total fixed income	30 - 50%		90.6		288.4		379.0		933.7		1,312.7
Cash and other			10.6		68.2		78.8		1.7		80.5
Total plan assets		$	101.2	$	356.6	$	457.8	$	2,768.6	$	3,226.4

Weighted Average Assumptions of Pension Plans

The following weighted average assumptions relate to all pension plans of the Company:

At December 31,	2020			2019
Discount rate		2.2	%		2.9	%
Rate of increase in future compensation levels		3.7	%		3.8	%
Assumed long-term rate of return on plan assets		6.2	%		6.3	%

Components of Change in Projected Benefit Obligation and Change in Plan Assets

The components of the change in projected benefit obligation and change in plan assets are as follows:

At December 31,	2020			2019
Change in projected benefit obligation:
Benefit obligation at January 1	$	3,234.4		$	2,655.4
Service cost		130.4			102.0
Interest cost		83.0			95.6
Benefits paid		(120.2	)		(127.0	)
Actuarial loss		379.5			478.0
Currency translation and other		54.4			30.0
Participant contributions		.4			.4
Projected benefit obligation at December 31	$	3,761.9		$	3,234.4
Change in plan assets:
Fair value of plan assets at January 1	$	3,226.4		$	2,699.2
Employer contributions		184.9			35.7
Actual return on plan assets		453.4			588.1
Benefits paid		(120.2	)		(127.0	)
Currency translation and other		48.5			30.0
Participant contributions		.4			.4
Fair value of plan assets at December 31	$	3,793.4		$	3,226.4
Funded status at December 31	$	31.5		$	(8.0	)

Amounts Recorded on Balance Sheets

At December 31,	2020		2019
Amounts recorded on Balance Sheet:
Other noncurrent assets	$	222.1	$	146.5
Accounts payable, accrued expenses and other		25.5		39.9
Other liabilities		165.1		114.6
Accumulated other comprehensive loss:
Actuarial loss		571.7		512.5
Prior service cost		6.3		5.1
Net initial transition amount				.1

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for all plans with an accumulated benefit obligation in excess of plan assets is as follows:

At December 31,	2020		2019
Projected benefit obligation	$	167.9	$	170.6
Accumulated benefit obligation		148.7		150.1
Fair value of plan assets		13.5		23.4

Components of Pension Expense

The components of pension expense are as follows:

Year Ended December 31,		2020			2019			2018
Service cost	$	130.4		$	102.0		$	108.3
Interest on projected benefit obligation		83.0			95.6			85.8
Expected return on assets		(190.6	)		(176.6	)		(177.2	)
Amortization of prior service costs		1.5			1.4			1.4
Recognized actuarial loss		44.2			20.5			35.3
Settlement loss		11.6
Net pension expense	$	80.1		$	42.9		$	53.6

Multi-employer Plans

The Company’s participation in the following multi-employer plans for the years ended December 31 are as follows:

		PENSION PLAN	COMPANY CONTRIBUTIONS
PENSION PLAN	EIN	NUMBER		2020		2019		2018
Metal and Electrical Engineering Industry Pension Fund		135668	$	33.9	$	27.8	$	27.9
Western Metal Industry Pension Plan	91-6033499	001		3.0		3.8		2.7
Other plans				.9		1.2		1.2
			$	37.8	$	32.8	$	31.8