Pension Benefit Plans (Tables) - Pension benefit plans

12 Months Ended

Dec. 31, 2018

Defined Benefit Plans and Other Post-Retirement Benefit Plans [Line Items]

The following sets forth the funded status of the U.S. and non-U.S. plans as of the most recent actuarial valuations using measurement dates of December 31 ($ in millions):



	U.S. Pension Benefits						Non-U.S. Pension Benefits
	2018			2017			2018			2017
Change in pension benefit obligation:
Benefit obligation at beginning of year	$	(2,612.9	)	$	(2,558.1	)	$	(1,571.8	)	$	(1,493.0	)
Service cost	(6.7		)	(7.3		)	(35.5		)	(32.7		)
Interest cost	(81.0		)	(82.3		)	(25.1		)	(25.5		)
Employee contributions	—			—			(9.3		)	(8.2		)
Benefits and other expenses paid	179.0			181.8			51.4			58.3
Acquisitions and other	—			—			(3.6		)	—
Actuarial gain (loss)	145.2			(139.9		)	68.9			51.4
Amendments, settlements and curtailments	31.4			(7.1		)	26.5			10.5
Foreign exchange rate impact	—			—			56.2			(132.6		)
Benefit obligation at end of year	(2,345.0		)	(2,612.9		)	(1,442.3		)	(1,571.8		)
Change in plan assets:
Fair value of plan assets at beginning of year	2,004.9			1,868.2			1,199.3			1,042.9
Actual (loss) return on plan assets	(72.1		)	265.3			(19.9		)	74.6
Employer contributions	55.1			53.2			52.4			44.7
Employee contributions	—			—			9.3			8.2
Amendments and settlements	(30.6		)	—			(28.2		)	(3.7		)
Benefits and other expenses paid	(179.0		)	(181.8		)	(51.4		)	(58.3		)
Acquisitions and other	—			—			1.9			—
Foreign exchange rate impact	—			—			(45.0		)	90.9
Fair value of plan assets at end of year	1,778.3			2,004.9			1,118.4			1,199.3
Funded status	$	(566.7	)	$	(608.0	)	$	(323.9	)	$	(372.5	)

Weighted Average Assumptions Used To Determine Benefit Obligations And Cost

Weighted average assumptions used to determine benefit obligations at date of measurement:



	U.S. Plans				Non-U.S. Plans
	2018		2017		2018		2017
Discount rate	4.3	%	3.6	%	2.0	%	1.8	%
Rate of compensation increase	4.0	%	4.0	%	2.3	%	2.2	%

Weighted average assumptions used to determine net periodic pension (cost) benefit at date of measurement:



	U.S. Plans				Non-U.S. Plans
	2018		2017		2018		2017
Discount rate	3.6	%	4.1	%	1.8	%	1.8	%
Expected long-term return on plan assets	7.0	%	7.0	%	3.9	%	3.9	%
Rate of compensation increase	4.0	%	4.0	%	2.3	%	2.9	%

Components of Net Periodic Pension Cost

Components of net periodic pension benefit (cost):



	U.S. Pension Benefits						Non-U.S. Pension Benefits
($ in millions)	2018			2017			2018			2017
Service cost	$	(6.7	)	$	(7.3	)	$	(35.5	)	$	(32.7	)
Interest cost	(81.0		)	(82.3		)	(25.1		)	(25.5		)
Expected return on plan assets	132.0			130.5			46.9			42.4
Amortization of prior service (cost) credit	(0.9		)	—			0.5			0.3
Amortization of net loss	(31.3		)	(24.9		)	(6.0		)	(7.8		)
Curtailment and settlement gains recognized	—			—			4.9			0.5
Net periodic pension benefit (cost)	$	12.1		$	16.0		$	(14.3	)	$	(22.8	)

Disaggregation of Service Cost

The net periodic benefit cost of the noncontributory defined benefit pension plans incurred during the years ended December 31, 2018 and 2017 are reflected in the following captions in the accompanying Consolidated Statements of Earnings ($ in millions):



	Year Ended December 31
	2018			2017			2016
Service cost:
Cost of sales	$	(11.4	)	$	(8.2	)	$	(9.8	)
Selling, general and administrative expenses	(30.8		)	(31.8		)	(35.6		)
Total service cost	(42.2		)	(40.0		)	(45.4		)
Other net periodic pension costs:
Nonoperating income (expense), net	40.0			33.2			19.2
Total	$	(2.2	)	$	(6.8	)	$	(26.2	)

Fair Values Of Pension Plan Assets

The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2018, by asset category were as follows ($ in millions):



	Quoted Prices in Active Market (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and equivalents	$	29.7	$	—	$	—	$	29.7
Equity securities:
Common stock	355.7		—		—		355.7
Preferred stock	4.6		—		—		4.6
Fixed income securities:
Corporate bonds	—		76.8		—		76.8
Government issued	—		32.8		—		32.8
Mutual funds	284.6		205.2		—		489.8
Insurance contracts	—		168.7		—		168.7
Total	$	674.6	$	483.5	$	—	1,158.1
Investments measured at NAV ^(a):
Mutual funds							179.8
Insurance contracts							209.1
Common collective trusts							957.8
Venture capital, partnerships and other private investments							391.9
Total assets at fair value							$	2,896.7


^(a)	The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.

The fair values of the Company’s pension plan assets for both the U.S. and non-U.S. plans as of December 31, 2017, by asset category were as follows ($ in millions):



	Quoted Prices in Active Market (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and equivalents	$	36.0	$	—	$	—	$	36.0
Equity securities:
Common stock	444.8		—		—		444.8
Preferred stock	6.7		—		—		6.7
Fixed income securities:
Corporate bonds	—		113.3		—		113.3
Government issued	—		37.5		—		37.5
Mutual funds	341.5		147.0		—		488.5
Insurance contracts	—		299.4		—		299.4
Total	$	829.0	$	597.2	$	—	1,426.2
Investments measured at NAV ^(a):
Mutual funds							232.4
Insurance contracts							72.1
Common collective trusts							1,089.8
Venture capital, partnerships and other private investments							383.7
Total assets at fair value							$	3,204.2


^(a)	The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total plan assets.

Benefit Payments That Reflect Expected Future Service

The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the periods indicated ($ in millions):



	U.S. Pension Plans		Non-U.S. Pension Plans		All Pension Plans
2019	$	172.3	$	50.2	$	222.5
2020	174.1		52.4		226.5
2021	174.8		51.1		225.9
2022	174.3		54.1		228.4
2023	174.2		56.3		230.5
2024 - 2028	814.7		308.7		1,123.4