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Pension And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Pension And Other Postretirement Benefits [Abstract]



	Pension Benefits				Postretirement Benefits
		2020		2019		2020		2019
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	825.1	$	708.8	$	76.2	$	72.5
Service cost		29.2		25.6		2.1		2.0
Interest cost		26.7		30.0		2.4		2.9
Actuarial loss		134.7		117.0		4.9		3.0
Benefits paid from plan assets		(2.1)		(52.3)		—		—
Benefits paid from Company assets		(1.8)		(1.7)		(5.8)		(5.8)
Plan participants' contributions		—		—		1.1		1.4
Administrative expenses paid		(3.2)		(2.3)		—		—
Plan amendments		—		—		—		0.2
Settlements		(86.8)		—		—		—
Benefit Obligation at End of Period		921.8		825.1		80.9		76.2
Change in Plan Assets:
Fair value of plan assets at beginning of period		658.4		588.3		—		—
Actual return on plan assets		115.7		114.7		—		—
Employer contributions^(A)		41.8		11.7		4.7		4.4
Plan participants' contributions		—		—		1.1		1.4
Benefits paid^(A)		(3.9)		(54.0)		(5.8)		(5.8)
Administrative expenses paid		(3.2)		(2.3)		—		—
Settlements		(86.8)		—		—		—
Fair Value of Plan Assets at End of Period		722.0		658.4		—		—
Unfunded Status	$	199.8	$	166.7	$	80.9	$	76.2

^(A)Includes $1.8 million and $1.7 million paid from our assets for unfunded nonqualified pension benefits in fiscal years 2020 and 2019, respectively.

Schedule Of Amounts Recognized In Balance Sheet



	Pension Benefits				Postretirement Benefits
		2020		2019		2020		2019
Current accrued benefit cost	$	1.9	$	2.1	$	6.8	$	6.8
Non-current accrued benefit cost		197.9		164.6		74.1		69.4
Net amount recognized	$	199.8	$	166.7	$	80.9	$	76.2

Schedule Of Amounts Recognized In Accumulated Other Comprensive Income (Loss)



	Pension Benefits				Postretirement Benefits
		2020		2019		2020		2019
Net actuarial loss	$	227.9	$	232.4	$	13.6	$	10.4
Prior service cost		—		—		0.1		0.1
Accumulated other comprehensive loss	$	227.9	$	232.4	$	13.7	$	10.5

Schedule Of Net Periodic Benefit Costs

The net periodic benefit cost for the years ended December 31, 2020, 2019, and 2018 included the following components:



		Pension Benefits					Postretirement Benefits
Components of Net Periodic Benefit Cost	2020		2019		2018		2020		2019		2018
Selling, general, and administrative expenses:
Service cost	$	29.2	$	25.6	$	28.6	$	2.1	$	2.0	$	2.3
Total selling, general, and administrative expenses	$	29.2	$	25.6	$	28.6	$	2.1	$	2.0	$	2.3
Non-operating expenses:
Interest cost		26.7		30.0		27.3		2.4		2.9		2.6
Expected return on plan assets		(32.8)		(34.1)		(31.9)		—		—		—
Amortization of:
Net actuarial loss		30.2		19.1		26.5		—		0.3		0.9
Prior service cost (gain)		—		—		0.3		0.7		—		(2.0)
Settlement charge		27.7		—		—		—		—		—
Total non-operating expenses	$	51.8	$	15.0	$	22.2	$	3.1	$	3.2	$	1.5
Net periodic benefit cost	$	81.0	$	40.6	$	50.8	$	5.2	$	5.2	$	3.8

During 2020, we made lump-sum pension benefit distributions exceeding the settlement accounting threshold. A pension settlement charge is required when the cost of all settlements during the year is greater than the sum of the service and interest cost components of the annual net periodic pension cost. Accordingly, we recorded a non-cash pension settlement charge of $27.7 million in non-operating expenses on our consolidated statements of income. This settlement charge represented the immediate recognition into expense of a portion of the unrecognized loss within accumulated other comprehensive loss in proportion to the share of the projected benefit obligation that was settled by the lump-sum pension benefit distributions.

Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31 were:



	Pension Benefits						Postretirement Benefits
	2020		2019		2018		2020		2019		2018
Discount rate	3.38% / 2.72%		4.31	%	3.67	%	3.19	%	4.16	%	3.44	%
Expected return on plan assets	5.50	%	5.75	%	5.75	%	—		—		—
Rate of compensation increase	4.24	%	4.36	%	4.49	%	—		—		—
Healthcare cost trend on covered charges	—		—		—		5.00	%	5.00	%	5.50% / 5.00%

Schedule Of Expected Benefit Payments



Year	Pension ‎Benefits		Postretirement ‎Benefits
2021	$	64.0	$	6.9
2022		61.5		7.2
2023		63.7		7.4
2024		61.7		7.5
2025		62.1		7.4
2026 to 2030		301.8		32.8

Schedule Of Allocation Of Plan Assets



Investment	2020 ‎Actual ‎Allocation		2020 ‎Target ‎Allocation ‎Range	2019 ‎Actual ‎Allocation		2019 ‎Target ‎Allocation ‎Range
Equity securities-U.S.	7	%	3-10 %	6	%	3-10 %
Equity securities-International	10	%	2-10 %	9	%	2-10 %
Fixed income investments	66	%	40-80 %	68	%	40-80 %
Hedge funds	5	%	2-8 %	5	%	2-8 %
Private markets	4	%	0-15 %	4	%	0-15 %
Other investments	7	%	0-14 %	8	%	0-14 %
Short-term investments	1	%	1-10 %	—	%	1-10 %
Total	100	%	100 %	100	%	100 %

Schedule Of Changes In Fair Value Of Plan Assets

The following tables set forth, by level within the fair value hierarchy, the Pension Plan assets measured at fair value as of December 31, 2020 and 2019:



December 31, 2020
Investment	Investments ‎Measured at ‎NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	17.3	$	30.6	$	—	$	—	$	47.9
Equity securities - International		24.9		45.4		—		—		70.3
Fixed income investments		317.4		162.5		—		—		479.9
Hedge funds		36.0		—		—		—		36.0
Private markets		15.6		—		—		13.8		29.4
Other investments		22.1		21.2		—		11.4		54.7
Short-term investments		3.8		—		—		—		3.8
Total	$	437.1	$	259.7	$	—	$	25.2	$	722.0



December 31, 2019
Investment	Investments ‎Measured at ‎NAV		Level 1		Level 2		Level 3		Total
Equity securities - U.S.	$	14.0	$	26.0	$	—	$	—	$	40.0
Equity securities - International		20.7		37.9		—		—		58.6
Fixed income investments		312.7		135.2		—		—		447.9
Hedge funds		32.0		—		—		—		32.0
Private markets		17.0		—		—		11.0		28.0
Other investments		17.7		20.4		—		11.4		49.5
Short-term investments		2.4		—		—		—		2.4
Total	$	416.5	$	219.5	$	—	$	22.4	$	658.4

The tables below set forth a summary of changes in the fair value of the Pension Plan's Level 3 assets for the years ended December 31, 2020 and 2019:



December 31, 2020
	Private Markets		Other Investments		Total
Balance, beginning of year	$	11.0	$	11.4	$	22.4
Unrealized gains		1.0		0.6		1.6
Purchases		2.5		—		2.5
Sales		(0.7)		(0.6)		(1.3)
Balance, end of year	$	13.8	$	11.4	$	25.2



December 31, 2019
	Private Markets		Other Investments		Total
Balance, beginning of year	$	6.0	$	4.4	$	10.4
Realized gains		0.1		—		0.1
Unrealized gains		0.7		0.8		1.5
Purchases		4.4		6.8		11.2
Sales		(0.2)		(0.6)		(0.8)
Balance, end of year	$	11.0	$	11.4	$	22.4