RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans

	U.S.				International				U.S. Postretirement
	Pension (a)				Pension				Health Care
(millions)	2019		2018		2019		2018		2019		2018
Accumulated benefit obligation, end of year		$2,535.9		$2,189.0		$1,585.5		$1,349.9		$165.7		$147.3
Projected benefit obligation
Projected benefit obligation, beginning of year		$2,241.0		$2,485.1		$1,436.7		$1,537.9		$147.3		$181.3
Service cost		72.8		74.5		30.2		33.2		1.4		2.7
Interest cost		89.0		83.1		31.2		29.1		5.6		5.6
Participant contributions		-		-		3.0		3.5		3.4		3.5
Medicare subsidies received		-		-		-		-		-		-
Curtailments and settlements		3.4		-		(18.6)		(22.8)		0.6		-
Plan amendments		-		(40.4)		0.1		-		-		(13.7)
Actuarial (gain) loss		336.4		(181.3)		235.8		(42.7)		22.2		(18.4)
Assumed through acquisitions		-		-		-		11.4		-		-
Other events		-		-		0.6		-		-		-
Benefits paid		(180.1)		(180.0)		(37.6)		(38.7)		(14.8)		(13.7)
Foreign currency translation		-		-		(13.8)		(74.2)		-		-
Projected benefit obligation, end of year (b)		$2,562.5		$2,241.0		$1,667.6		$1,436.7		$165.7		$147.3
Plan assets
Fair value of plan assets, beginning of year		$1,981.4		$2,226.4		$925.6		$981.1		$6.0		$7.6
Actual returns on plan assets		366.9		(70.7)		110.5		2.6		1.1		(0.2)
Company contributions		129.0		5.7		43.3		42.0		13.8		12.3
Participant contributions		-		-		3.0		3.5		-		-
Acquisitions		-		-		-		6.4		-		-
Curtailments and settlements		(4.3)		-		(17.6)		(22.8)		-		-
Benefits paid		(180.1)		(180.0)		(37.6)		(38.7)		(14.8)		(13.7)
Foreign currency translation		-		-		(0.1)		(48.5)		-		-
Fair value of plan assets, end of year (c)		$2,292.9		$1,981.4		$1,027.1		$925.6		$6.1		$6.0
Funded Status, end of year		$(269.6)		$(259.6)		$(640.5)		$(511.1)		$(159.6)		$(141.3)
Amounts recognized in the Consolidated Balance Sheet:
Other assets		$-		$-		$31.1		$39.0		$-		$-
Other current liabilities		(12.5)		(5.9)		(23.6)		(24.4)		(5.2)		(5.0)
Postretirement healthcare and pension benefits		(257.1)		(253.7)		(647.8)		(525.7)		(154.4)		(136.3)
Net liability		$(269.6)		$(259.6)		$(640.3)		$(511.1)		$(159.6)		$(141.3)
Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain) (d)		$632.4		$539.2		$527.7		$368.0		$(10.5)		$(36.0)
Unrecognized net prior service costs (benefits)		(40.0)		(52.3)		0.6		(6.0)		(11.0)		(34.4)
Tax (benefit) expense		(149.1)		(194.4)		(129.6)		(92.7)		3.4		27.6
Accumulated other comprehensive loss (income), net of tax		$443.3		$292.5		$398.7		$269.3		$(18.1)		$(42.8)
Change in accumulated other comprehensive loss (income):
Amortization of net actuarial (gain) loss		$(23.5)		$(38.9)		$(17.3)		$(16.5)		$4.1		$1.9
Amortization of prior service costs		11.5		6.8		1.1		0.9		23.2		19.7
Current period net actuarial loss (gain)		119.0		51.2		185.8		17.9		21.4		(17.8)
Current period prior service costs		-		-		0.1		-		-		5.2
Curtailments and settlements		(1.5)		-		1.8		(2.3)		0.2		-
Tax (benefit) expense		(25.7)		5.1		(36.9)		5.7		(11.7)		2.4
Pension and postretirement benefits changes		-		(40.4)		-		-		-		(18.9)
Foreign currency translation		-		-		(5.2)		(19.2)		-		-
Other comprehensive loss (income)		$79.8		$(16.2)		$129.4		$(13.5)		$37.2		$(7.5)

(a) Includes qualified and non-qualified plans.

(b) Projected benefit obligation includes discontinued operations of $5.3 and $1.4 for the years ended December 31, 2019 and 2018, respectively.

(c) Fair value of the plan assets includes discontinued operations of $0.6 for the year ended December 31, 2019. There were no plan assets in discontinued operations for the year ended December 31, 2018.

(d) Accumulated other comprehensive includes discontinued operations of $2.9 and $(0.1) for the years ended December 31, 2019 and 2018, respectively.

Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost

Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2020 are as follows:

					U.S. Post-
	U.S.		International		Retirement
(millions)	Pension (a)		Pension		Health Care
Net actuarial loss		$51.9		$25.5		$0.1
Net prior service benefits		(7.4)		(0.1)		(11.0)
Total		$44.5		$25.4		$(10.9)

(a) Includes qualified and non-qualified plans.

Aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets

December 31, (millions)	2019		2018
Aggregate projected benefit obligation (a)		$3,970.3		$3,427.1
Accumulated benefit obligation (b)		3,877.4		3,308.4
Fair value of plan assets (c)		3,040.5		2,624.3

(a) Projected benefit obligation includes discontinued operations of $5.3 and $1.4 for the years ended December 31, 2019 and 2018, respectively.

(b) Accumulated benefit obligation includes discontinued operations of $1.1 for each year ended December 31, 2019 and 2018.

(c) Fair value of plan assets includes discontinued operations of $0.6 for the year ended December 31, 2019. There were no plan assets in discontinued operations for the year ended December 31, 2018.

Net periodic pension and postretirement health care benefit costs

	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(millions)	2019		2018		2017		2019		2018		2017		2019		2018		2017
Service cost (b)		$72.8		$74.5		$70.2		$30.2		$33.2		$31.4		$1.4		$2.7		$2.6
Interest cost on benefit obligation		89.0		83.1		83.4		31.2		29.1		28.4		5.6		5.6		5.8
Expected return on plan assets		(149.5)		(161.9)		(149.9)		(59.9)		(63.2)		(56.3)		(0.4)		(0.4)		(0.5)
Recognition of net actuarial loss
(gain)		23.6		39.0		28.7		16.3		17.2		18.5		(4.1)		(1.9)		(2.4)
Amortization of prior service benefit		(11.5)		(6.8)		(6.8)		(0.9)		(0.9)		(0.7)		(23.2)		(19.7)		(16.7)
Curtailments and settlements		9.1		-		0.3		(1.9)		2.3		0.9		0.3		-		-
Total expense (benefit)		$33.5		$27.9		$25.9		$15.0		$17.7		$22.2		$(20.4)		$(13.7)		$(11.2)

(a) Includes qualified and non-qualified plans.

(b) Service cost includes discontinued operations of $7.8, $7.1 and $6.9 for the year ended December 31, 2019, 2018 and 2017, respectively.

Plan Assumptions	U.S.						International						U.S. Postretirement
	Pension (a)						Pension						Health Care
(percent)	2019		2018		2017		2019		2018		2017		2019		2018		2017
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	3.20	%	4.34	%	3.70	%	1.52	%	2.49	%	2.17	%	3.16	%	4.29	%	3.66	%
Projected salary increase	4.03		4.03		4.03		2.50		2.46		2.46
Weighted-average actuarial assumptions
used to determine net cost:
Discount rate	4.34		3.70		4.27		2.66		2.29		2.32		4.29		3.66		4.14
Expected return on plan assets	7.25		7.75		7.75		6.66		6.67		6.67		7.25		7.75		7.75
Projected salary increase	4.03		4.03		4.03		2.70		2.67		2.83

(a) Includes qualified and non-qualified plans.

Plan Assumptions

Estimated future benefits payments

(millions)	All Plans (a)
2020		$ 253
2021		232
2022		263
2023		239
2024		251
2025 - 2029		1,244

(a) Estimate of benefits expected to be paid includes discontinued operations of $2 as of December 31, 2019.

U.S. Pension and Postretirement Health Care Benefits

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans

The fair value of the Company’s U.S. plan assets for its defined benefit pension and postretirement health care benefit plans are as follows:

	Fair Value as of						Fair Value as of
(millions)	December 31, 2019						December 31, 2018
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$13.2		$-		$13.2		$7.1		$-		$7.1
Equity securities:
Large cap equity		785.9		-		785.9		683.5		-		683.5
Small cap equity		201.7		-		201.7		168.6		-		168.6
International equity		350.4		-		350.4		285.0		-		285.0
Fixed income:
Core fixed income		410.0		-		410.0		358.3		-		358.3
High-yield bonds		107.9		-		107.9		107.6		-		107.6
Emerging markets		41.7		-		41.7		39.4		-		39.4
Insurance company accounts		-		0.3		0.3		-		0.3		0.3
Total investments at fair value		1,910.8		0.3		1,911.1		1,649.5		0.3		1,649.8
Investments measured at NAV						387.9						337.6
Total		$1,910.8		$0.3		$2,299.0		$1,649.5		$0.3		$1,987.4

The Company had no level 3 assets as part of its U.S. plan assets as of December 31, 2019 or 2018.

The allocation of the Company’s U.S. plan assets for its defined benefit pension and postretirement health care benefit plans are as follows:

	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets
December 31	2019		2018		2019		2018
Cash	-	%	-	%	1	%	-	%
Equity securities:
Large cap equity	34		34		34		34
Small cap equity	9		9		8		9
International equity	15		15		15		14
Fixed income:
Core fixed income	18		18		18		19
High-yield bonds	5		5		5		5
Emerging markets	2		2		2		2
Other:
Real estate	6		6		7		8
Private equity	8		8		7		7
Distressed debt	3		3		3		2
Total	100	%	100	%	100	%	100	%

International Pension

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans

	Fair Value as of			Fair Value as of
(millions)	December 31, 2019			December 31, 2018
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$7.7	$-	$7.7	$7.1	$-	$7.1
Equity securities:
International equity	-	418.1	418.1	-	412.1	412.1
Fixed income:
Corporate bonds	8.2	207.6	215.8	7.9	162.1	170.0
Government bonds	12.6	215.8	228.4	12.3	169.2	181.5
Insurance company accounts	-	144.2	144.2	-	140.5	140.5
Total investments at fair value	28.5	985.7	1,014.2	27.3	883.9	911.2
Investments measured at NAV			12.9			14.4
Total	$28.5	$985.7	$1,027.1	$27.3	$883.9	$925.6

The Company had no level 3 assets as part of its international plan assets as of December 31, 2019 or 2018.

The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans are as follows:

	Percentage
Asset Category	of Plan Assets
December 31	2019		2018
Cash	1	%	1	%
Equity securities:
International equity	41		45
Fixed income:
Corporate bonds	21		18
Government bonds	22		20
Total fixed income	43		38
Other:
Insurance contracts	14		15
Real estate	1		1
Total	100	%	100	%