RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans

	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2023		2022		2023		2022		2023		2022
Accumulated benefit obligation, end of year		$1,859.5		$1,799.0		$1,125.8		$1,171.1		$112.0		$115.5
Projected benefit obligation
Projected benefit obligation, beginning of year		$1,799.0		$2,462.7		$1,221.9		$1,779.7		$115.5		$155.4
Service cost		40.9		40.8		21.7		28.4		0.4		0.8
Interest cost		88.1		65.3		45.9		22.0		5.6		3.3
Participant contributions		-		-		2.8		3.0		3.8		3.7
Plan amendments		-		-		(1.5)		-		-		-
Actuarial (gain) loss		90.2		(479.8)		(101.0)		(436.8)		(0.1)		(33.7)
Assumed through acquisitions		-		-		-		15.1		-		-
Other events		-		-		2.9		-		-		-
Benefits paid		(158.7)		(290.0)		(69.8)		(54.3)		(13.2)		(14.0)
Foreign currency translation		-		-		51.1		(135.2)		-		-
Projected benefit obligation, end of year		$1,859.5		$1,799.0		$1,174.0		$1,221.9		$112.0		$115.5
Plan assets
Fair value of plan assets, beginning of year		$1,668.5		$2,376.8		$905.1		$1,219.9		$3.2		$5.2
Actual returns on plan assets		149.1		(430.3)		(44.0)		(218.3)		0.2		(0.8)
Company contributions		60.8		12.0		35.4		38.3		12.2		12.8
Participant contributions		-		-		2.8		3.0		-		-
Acquired through acquisitions		-		-		2.9		15.1		-		-
Benefits paid		(158.7)		(290.0)		(67.6)		(54.3)		(13.2)		(14.0)
Foreign currency translation		-		-		36.6		(98.6)		-		-
Fair value of plan assets, end of year		$1,719.7		$1,668.5		$871.2		$905.1		$2.4		$3.2
Funded Status, end of year		($139.8)		($130.5)		($302.8)		($316.8)		($109.6)		($112.3)
Amounts recognized in the Consolidated Balance Sheets:
Other assets		$-		$-		$118.4		$118.6		$-		$-
Other current liabilities		($9.2)		(9.2)		(33.0)		(28.6)		(8.7)		(7.6)
Postretirement healthcare and pension benefits		($130.6)		(121.3)		(388.2)		(406.8)		(100.9)		(104.7)
Net liability		($139.8)		($130.5)		($302.8)		($316.8)		($109.6)		($112.3)
Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$495.2		$411.9		$278.5		$279.7		($40.8)		($43.6)
Unrecognized net prior service (benefits) costs		(16.7)		(21.2)		(0.4)		0.3		-		-
Tax (benefit) expense		(122.8)		(100.8)		(64.4)		(66.5)		6.2		7.7
Accumulated other comprehensive loss (income), net of tax		$355.7		$289.9		$213.7		$213.5		($34.6)		($35.9)
Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($0.2)		($30.2)		($14.8)		($22.7)		$3.1		$0.6
Amortization of prior service credits		4.5		4.5		0.5		0.1		-		-
Current period net actuarial loss (gain)		83.5		97.0		(1.0)		(147.8)		(0.3)		(32.5)
Current period prior service costs		-		-		(1.5)		-		-		-
Curtailments and settlements		-		(51.6)		2.7		-		-		-
Tax (benefit) expense		(22.0)		(5.5)		2.1		51.3		(1.5)		6.5
Foreign currency translation		-		-		12.2		(35.1)		-		-
Other comprehensive loss (income)		$65.8		$14.2		$0.2		($154.2)		$1.3		($25.4)

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

					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$6.1		$10.0		($3.2)
Net prior service benefits		(4.6)		(0.6)		-
Total		$1.5		$9.4		($3.2)

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)	2023		2022
Aggregate projected benefit obligation		$2,428.8		$2,392.1
Accumulated benefit obligation		2,392.4		2,355.8
Fair value of plan assets		1,868.9		1,828.1

Net periodic pension and postretirement health care benefit costs

	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(millions)	2023		2022		2021		2023		2022		2021		2023		2022		2021
Service cost		$40.9		$40.8		$43.9		$21.7		$28.4		$31.4		$0.4		$0.8		$1.0
Interest cost on benefit obligation		88.1		65.3		51.4		45.9		22.0		17.3		5.6		3.3		2.9
Expected return on plan assets		(145.1)		(144.4)		(152.3)		(56.1)		(69.8)		(70.7)		(0.2)		(0.3)		(0.4)
Recognition of net actuarial loss (gain)		0.2		30.2		56.7		12.5		22.8		28.7		(3.1)		(0.6)		0.7
Amortization of prior service benefit		(4.5)		(4.5)		(6.9)		(0.5)		(0.1)		(0.1)		-		-		-
Curtailments and settlements (a)		-		51.6		35.3		(2.7)		-		3.5		-		-		-
Total expense (benefit)		($20.4)		$39.0		$28.1		$20.8		$3.3		$10.1		$2.7		$3.2		$4.2

(a) $50.6 and $37.2 of settlement expense was recognized as special charges in 2022 and 2021, respectively.

Plan Assumptions

Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2023		2022		2021		2023		2022		2021		2023		2022		2021
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	4.95	%	5.17	%	2.86	%	4.34	%	3.70	%	1.45	%	4.95	%	5.14	%	2.75	%
Projected salary increase	4.03		4.03		4.03		2.84		2.81		2.42
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	3.89		1.56		0.87		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	5.17		2.86		2.49		3.70		1.46		1.37		5.14		2.75		2.37
Expected return on plan assets	7.75		7.00		7.00		6.27		6.18		6.24		7.75		7.00		7.00
Projected salary increase	4.03		4.03		4.03		3.08		2.47		2.31

Estimated future benefits payments

(millions)	All Plans
2024		$242
2025		242
2026		241
2027		244
2028		246
2029 - 2033		1,215

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. qualified pension plan assets were as follows:

	Fair Value as of						Fair Value as of
(millions)	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$30.1		$-		$30.1		$54.8		$-		$54.8
Equity securities:
Large cap equity		276.1		-		276.1		237.1		-		237.1
Small cap equity		14.6		29.6		44.2		15.4		25.1		40.5
International equity		40.4		19.2		59.6		37.4		17.2		54.6
Fixed income:
Core fixed income		150.7		669.6		820.3		145.5		646.5		792.0
High-yield bonds		34.7		-		34.7		33.4		-		33.4
Emerging markets		-		24.8		24.8		-		25.4		25.4
Total investments at fair value		546.6		743.2		1,289.8		523.6		714.2		1,237.8
Investments measured at net asset value						432.3						433.9
Total		$546.6		$743.2		$1,722.1		$523.6		$714.2		$1,671.7

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2023 or 2022.

The allocation of the Company’s U.S. qualified pension plan assets plans were as follows:

	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets
December 31	2023		2022		2023		2022
Cash	-	%	-	%	2	%	3	%
Equity securities:
Large cap equity	21		21		16		14
Small cap equity	3		3		3		2
International equity	13		13		9		9
Fixed income:
Core fixed income	48		48		48		47
High-yield bonds	3		3		2		2
Emerging markets	2		2		1		2
Other:
Real estate	3		3		3		4
Private equity	5		5		14		15
Distressed debt	2		2		2		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, 2023			December 31, 2022
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$12.6	$-	$12.6	$9.9	$-	$9.9
Equity securities:
International equity	-	182.5	182.5	-	219.3	219.3
Fixed income:
Corporate bonds	-	147.5	147.5	-	158.5	158.5
Government bonds	-	321.4	321.4	-	365.9	365.9
Insurance company accounts	-	163.4	163.4	-	106.2	106.2
Total investments at fair value	12.6	814.8	827.4	9.9	849.9	859.8
Investments measured at net asset value			43.8			45.3
Total	$12.6	$814.8	$871.2	$9.9	$849.9	$905.1

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2023 or 2022.

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

	Percentage
Asset Category	of Plan Assets
December 31	2023		2022
Cash	1	%	1	%
Equity securities:
International equity	21		24
Fixed income:
Corporate bonds	17		18
Government bonds	37		40
Total fixed income	54		58
Other:
Insurance contracts	19		12
Real estate	5		5
Total	100	%	100	%