Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans

The table below provides summary information on our defined benefit plans:

	December 31,
	2022		2021		2020 (a)
	in millions
Fair value of plan assets (b)	$	1,066.1	$	1,269.9	$	1,196.8
Projected benefit obligation	$	1,016.0	$	1,280.5	$	1,302.7
Net asset (liability)	$	50.1	$	(10.6)	$	(105.9)

_______________ 

(a)Due to the held-for-sale presentation of the U.K. JV Entities at December 31, 2020, amounts exclude the defined benefit pension plans associated with such entities.

(b)The fair value of plan assets at December 31, 2022 includes $976.6 million and $89.5 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets.