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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Accumulated Postemployment Benefit Obligations We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
13,427.1

 
$
14,839.7

 
$
1,540.0

 
$
1,718.7

Service cost
250.4

 
292.7

 
36.3

 
41.5

Interest cost
486.0

 
458.5

 
58.0

 
57.3

Actuarial (gain) loss
2,631.7

 
(1,386.5
)
 
54.3

 
(176.9
)
Benefits paid
(584.2
)
 
(579.4
)
 
(87.3
)
 
(82.8
)
Plan amendments
—

 
17.6

 
—

 
(14.1
)
Curtailment (gain) loss
(16.8
)
 
(43.9
)
 
(0.5
)
 
2.5

Foreign currency exchange rate changes and other adjustments
56.8

 
(171.6
)
 
0.6

 
(6.2
)
Benefit obligation at end of year
16,251.0

 
13,427.1

 
1,601.4

 
1,540.0
Schedule of Changes in Fair Value of Plan Assets
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
10,932.6

 
11,713.0

 
2,398.1

 
2,372.4

Actual return on plan assets
2,012.0

 
(360.1
)
 
444.1

 
32.6

Employer contribution
429.9

 
319.0

 
13.2

 
75.9

Benefits paid
(584.2
)
 
(579.4
)
 
(87.3
)
 
(82.8
)
Foreign currency exchange rate changes and other adjustments
67.7

 
(159.9
)
 
0.1

 
—

Fair value of plan assets at end of year
12,858.0

 
10,932.6

 
2,768.2

 
2,398.1
Schedule of Net Funded Status
Funded status
(3,393.0
)
 
(2,494.5
)
 
1,166.8

 
858.1

Unrecognized net actuarial (gain) loss
6,177.6

 
5,011.3

 
(111.6
)
 
140.6

Unrecognized prior service (benefit) cost
17.4

 
25.0

 
(236.4
)
 
(299.9
)
Net amount recognized
$
2,802.0

 
$
2,541.8

 
$
818.8

 
$
698.8
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheet consisted of:
 
 
 
 
 
 
 
Other noncurrent assets
$
163.3

 
$
193.7

 
$
1,381.3

 
$
1,043.6

Other current liabilities
(65.3
)
 
(64.2
)
 
(7.3
)
 
(7.3
)
Accrued retirement benefits
(3,491.0
)
 
(2,624.0
)
 
(207.2
)
 
(178.2
)
Accumulated other comprehensive (income) loss before income taxes
6,195.0

 
5,036.3

 
(348.0
)
 
(159.3
)
Net amount recognized
$
2,802.0

 
$
2,541.8

 
$
818.8

 
$
698.8
Schedule of Assumptions Used
The following represents our weighted-average assumptions as of December 31:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
(Percents)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate for benefit obligation
3.0
%
 
4.0
%
 
3.4
%
 
3.3
%
 
4.4
%
 
3.7
%
Discount rate for net benefit costs
4.0

 
3.4

 
3.9

 
4.4

 
3.7

 
4.3

Rate of compensation increase for benefit obligation
3.3

 
3.4

 
3.4

 
 
 
 
 
 
Rate of compensation increase for net benefit costs
3.4

 
3.4

 
3.4

 
 
 
 
 
 
Expected return on plan assets for net benefit costs
7.4

 
7.4

 
7.4

 
6.0

 
8.0

 
8.0
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
 
2020
 
2021
 
2022
 
2023
 
2024
 
2025-2029
Defined benefit pension plans
$
614.5

 
$
621.8

 
$
641.0

 
$
652.3

 
$
682.4

 
$
3,712.1

Retiree health benefit plans
93.7

 
93.8

 
92.9

 
91.7

 
94.3

 
469.8
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:
 
2019
 
2018
Projected benefit obligation
$
14,039.7

 
$
11,584.2

Fair value of plan assets
10,483.4

 
8,895.6
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
 
2019
 
2018
 
2019
 
2018
Accumulated benefit obligation
$
13,063.7

 
$
10,837.8

 
$
214.4

 
$
189.4

Fair value of plan assets
10,483.4

 
8,895.6

 
—

 
—
Schedule of Net Benefit Costs
Net pension and retiree health benefit expense included the following components:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic (benefit) cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
250.4

 
$
292.7

 
$
320.8

 
$
36.3

 
$
41.5

 
$
46.4

Interest cost
486.0

 
458.5

 
411.6

 
58.0

 
57.3

 
52.9

Expected return on plan assets
(839.6
)
 
(842.1
)
 
(773.6
)
 
(144.3
)
 
(177.9
)
 
(160.7
)
Amortization of prior service (benefit) cost
6.1

 
4.6

 
5.6

 
(62.9
)
 
(79.5
)
 
(90.0
)
Recognized actuarial loss
284.9

 
332.5

 
286.8

 
1.9

 
6.1

 
18.4

Curtailment (gain) loss
2.2

 
1.3

 
93.5

 
—

 
(29.3
)
 
65.5

Special termination benefit
—

 
—

 
317.2

 
—

 
—

 
37.5

Net periodic (benefit) cost
$
190.0

 
$
247.5

 
$
661.9

 
$
(111.0
)
 
$
(181.8
)
 
$
(30.0
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Actuarial gain (loss) arising during period
$
(1,461.0
)
 
$
182.8

 
$
(898.1
)
 
$
246.1

 
$
37.5

 
$
261.3

Plan amendments during period
—

 
(17.6
)
 
—

 
—

 
14.1

 
—

Curtailment gain (loss)
19.0

 
45.2

 
3.2

 
—

 
(31.8
)
 
(39.7
)
Amortization of prior service (benefit) cost included in net income
6.1

 
4.6

 
5.6

 
(62.9
)
 
(79.5
)
 
(90.0
)
Amortization of net actuarial loss included in net income
284.9

 
332.5

 
286.8

 
1.9

 
6.1

 
18.4

Foreign currency exchange rate changes and other
(7.7
)
 
47.1

 
(108.8
)
 
3.6

 
(0.1
)
 
(3.3
)
Total other comprehensive income (loss) during period
$
(1,158.7
)
 
$
594.6

 
$
(711.3
)
 
$
188.7

 
$
(53.7
)
 
$
146.7
Schedule of Allocation of Plan Assets
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2019 by asset category were as follows:
 
 
 
Fair Value Measurements Using
 
 
Asset Class
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant
Observable 
Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
794.2

 
$
532.5

 
$
—

 
$
—

 
$
261.7

International
2,439.2

 
1,046.8

 
—

 
—

 
1,392.4

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
3,661.4

 
4.8

 
2,658.9

 
—

 
997.7

Developed markets - repurchase agreements
(1,659.1
)
 
—

 
(1,659.1
)
 
—

 
—

Emerging markets
648.0

 
18.5

 
277.4

 
4.1

 
348.0

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
2,897.9

 
—

 
—

 
—

 
2,897.9

Equity-like funds
2,279.3

 
—

 
—

 
16.8

 
2,262.5

Real estate
570.3

 
166.2

 
—

 
—

 
404.1

Other
1,226.8

 
62.9

 
222.6

 
6.6

 
934.7

Total
$
12,858.0

 
$
1,831.7

 
$
1,499.8

 
$
27.5

 
$
9,499.0

 
 
 
 
 
 
 
 
 
 
Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
76.5

 
$
52.1

 
$
—

 
$
—

 
$
24.4

International
152.6

 
60.8

 
—

 
—

 
91.8

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
82.7

 
—

 
56.3

 
—

 
26.4

Emerging markets
58.5

 
—

 
27.0

 
0.4

 
31.1

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
250.8

 
—

 
—

 
—

 
250.8

Equity-like funds
187.4

 
—

 
—

 
1.6

 
185.8

Cash value of trust owned insurance contract
1,832.2

 
—

 
1,832.2

 
—

 
—

Real estate
31.3

 
16.2

 
—

 
—

 
15.1

Other
96.2

 
11.4

 
7.9

 
0.7

 
76.2

Total
$
2,768.2

 
$
140.5

 
$
1,923.4

 
$
2.7

 
$
701.6


(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2018 by asset category were as follows:
 
 
 
Fair Value Measurements Using
 
 
Asset Class
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
617.7

 
$
409.1

 
$
—

 
$
—

 
$
208.6

International
2,117.8

 
828.8

 
—

 
1.8

 
1,287.2

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
2,933.4

 
17.2

 
2,173.3

 
—

 
742.9

Developed markets - repurchase agreements
(1,225.5
)
 
—

 
(1,225.5
)
 
—

 
—

Emerging markets
565.2

 
3.4

 
255.8

 
6.1

 
299.9

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
2,795.3

 
—

 
—

 
—

 
2,795.3

Equity-like funds
1,893.5

 
—

 
—

 
16.8

 
1,876.7

Real estate
505.7

 
147.1

 
—

 
—

 
358.6

Other
729.5

 
213.0

 
83.7

 
—

 
432.8

Total
$
10,932.6

 
$
1,618.6

 
$
1,287.3

 
$
24.7

 
$
8,002.0

 
 
 
 
 
 
 
 
 
 
Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
 
 
U.S.
$
59.9

 
$
41.0

 
$
—

 
$
—

 
$
18.9

International
127.0

 
50.5

 
—

 
0.2

 
76.3

Fixed income:
 
 
 
 
 
 
 
 
 
Developed markets
69.1

 
—

 
61.5

 
—

 
7.6

Emerging markets
53.5

 
—

 
25.5

 
0.6

 
27.4

Private alternative investments:
 
 
 
 
 
 
 
 
 
Hedge funds
245.8

 
—

 
—

 
—

 
245.8

Equity-like funds
169.2

 
—

 
—

 
1.7

 
167.5

Cash value of trust owned insurance contract
1,574.7

 
—

 
1,574.7

 
—

 
—

Real estate
27.7

 
14.7

 
—

 
—

 
13.0

Other
71.2

 
38.1

 
(3.8
)
 
—

 
36.9

Total
$
2,398.1

 
$
144.3

 
$
1,657.9

 
$
2.5

 
$
593.4


(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.