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PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Changes in benefit obligation and plan assets
Changes in the benefit obligation and plan assets were as follows:
 
December 31, 2019
 
December 31, 2018
 
U.S.
 
Foreign
 
Total
 
U.S.
 
Foreign
 
Total
Change in Benefit Obligation
($ in millions)
Benefit obligation at beginning of year
$
2,365.5

 
$
302.3

 
$
2,667.8

 
$
2,579.9

 
$
303.4

 
$
2,883.3

Service cost
1.0

 
10.3

 
11.3

 
1.4

 
9.7

 
11.1

Interest cost
88.7

 
6.0

 
94.7

 
80.6

 
5.7

 
86.3

Actuarial loss (gain)
299.5

 
64.6

 
364.1

 
(163.2
)
 
1.5

 
(161.7
)
Benefits paid
(134.5
)
 
(4.8
)
 
(139.3
)
 
(133.2
)
 
(3.7
)
 
(136.9
)
Plan participant’s contributions
—

 
1.7

 
1.7

 
—

 
1.2

 
1.2

Plan amendments
—

 
(0.7
)
 
(0.7
)
 
—

 
(0.4
)
 
(0.4
)
Foreign currency translation adjustments
—

 
(1.8
)
 
(1.8
)
 
—

 
(15.1
)
 
(15.1
)
Benefit obligation at end of year
$
2,620.2

 
$
377.6

 
$
2,997.8

 
$
2,365.5

 
$
302.3

 
$
2,667.8


 
December 31, 2019
 
December 31, 2018
 
U.S.
 
Foreign
 
Total
 
U.S.
 
Foreign
 
Total
Change in Plan Assets
($ in millions)
Fair value of plans’ assets at beginning of year
$
1,925.8

 
$
67.2

 
$
1,993.0

 
$
2,172.5

 
$
74.4

 
$
2,246.9

Actual return on plans’ assets
318.8

 
7.6

 
326.4

 
(113.9
)
 
(2.1
)
 
(116.0
)
Employer contributions
12.5

 
2.4

 
14.9

 
0.4

 
1.8

 
2.2

Benefits paid
(134.5
)
 
(3.4
)
 
(137.9
)
 
(133.2
)
 
(2.2
)
 
(135.4
)
Foreign currency translation adjustments
—

 
2.9

 
2.9

 
—

 
(4.7
)
 
(4.7
)
Fair value of plans’ assets at end of year
$
2,122.6

 
$
76.7

 
$
2,199.3

 
$
1,925.8

 
$
67.2

 
$
1,993.0


 
December 31, 2019
 
December 31, 2018
 
U.S.
 
Foreign
 
Total
 
U.S.
 
Foreign
 
Total
Funded Status
($ in millions)
Qualified plans
$
(494.3
)
 
$
(298.4
)
 
$
(792.7
)
 
$
(436.1
)
 
$
(232.8
)
 
$
(668.9
)
Non-qualified plans
(3.3
)
 
(2.5
)
 
(5.8
)
 
(3.6
)
 
(2.3
)
 
(5.9
)
Total funded status
$
(497.6
)
 
$
(300.9
)
 
$
(798.5
)
 
$
(439.7
)
 
$
(235.1
)
 
$
(674.8
)
Amounts recognized in consolidated balance sheets

Amounts recognized in the consolidated balance sheets consisted of:
 
December 31, 2019
 
December 31, 2018
 
U.S.
 
Foreign
 
Total
 
U.S.
 
Foreign
 
Total
 
($ in millions)
Accrued benefit in current liabilities
$
(0.6
)
 
$
(0.2
)
 
$
(0.8
)
 
$
(0.4
)
 
$
(0.1
)
 
$
(0.5
)
Accrued benefit in noncurrent liabilities
(497.0
)
 
(300.7
)
 
(797.7
)
 
(439.3
)
 
(235.0
)
 
(674.3
)
Accumulated other comprehensive loss
891.6

 
111.6

 
1,003.2

 
796.5

 
56.0

 
852.5

Net balance sheet impact
$
394.0

 
$
(189.3
)
 
$
204.7

 
$
356.8

 
$
(179.1
)
 
$
177.7
Schedule of projected and accumulated benefit obligation, and fair value of plan assets
 
December 31,
 
2019
 
2018
 
($ in millions)
Projected benefit obligation
$
2,997.8

 
$
2,667.8

Accumulated benefit obligation
2,972.4

 
2,641.3

Fair value of plan assets
2,199.3

 
1,993.0
Components of net periodic benefit income (loss)
 
Years Ended December 31,

2019
 
2018
 
2017
Components of Net Periodic Benefit (Income) Costs
($ in millions)
Service cost
$
11.3

 
$
11.1

 
$
9.4

Interest cost
94.7

 
86.3

 
86.6

Expected return on plans’ assets
(141.8
)
 
(146.5
)
 
(149.4
)
Amortization of prior service cost
—

 
0.1

 
2.2

Recognized actuarial loss
27.0

 
34.5

 
24.8

Net periodic benefit (income) costs
$
(8.8
)
 
$
(14.5
)
 
$
(26.4
)
 
 
 
 
 
 
Included in Other Comprehensive Loss (Pretax)
 
 
 
 
 
Liability adjustment
$
177.7

 
$
100.6

 
$
26.9

Amortization of prior service costs and actuarial losses
(27.0
)
 
(34.6
)
 
(27.0
)
Assumptions used in calculations
 
U.S. Pension Benefits
 
Foreign Pension Benefits
Weighted-Average Assumptions
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate—periodic benefit cost
4.2
%
(1) 
3.6
%
 
4.1
%
 
2.2
%
 
2.2
%
 
2.3
%
Expected return on assets
7.75
%
 
7.75
%
 
7.75
%
 
5.2
%
 
5.2
%
 
5.6
%
Rate of compensation increase
3.0
%
 
3.0
%
 
3.0
%
 
2.9
%
 
2.9
%
 
3.0
%
Discount rate—benefit obligation
3.2
%
 
4.2
%
 
3.6
%
 
1.4
%
 
2.2
%
 
2.2
%


(1)
The discount rate—periodic benefit cost for our domestic qualified pension plan is comprised of the discount rate used to determine interest costs of 3.9% and the discount rate used to determine service costs of 4.3%.
Schedule of Rate of Returns by Asset Class Considered in Setting Long-Term Rate of Return Assumption he following rates of return by asset class were considered in setting the long-term rate of return assumption:
U.S. equities
9%
 
to
 
13%
Non-U.S. equities
6%
 
to
 
11%
Fixed income/cash
5%
 
to
 
9%
Alternative investments
5%
 
to
 
15%
Pension plan asset allocation by asset class
Our pension plan asset allocations at December 31, 2019 and 2018 by asset class were as follows:
 
Percentage of Plan Assets
Asset Class
2019
 
2018
U.S. equities
11
%
 
12
%
Non-U.S. equities
17
%
 
15
%
Fixed income/cash
38
%
 
32
%
Alternative investments
34
%
 
24
%
Absolute return strategies
0
%
 
17
%
Total
100
%
 
100
%
Target allocation and ranges
As of December 31, 2019, the following target allocation and ranges have been set for each asset class:
Asset Class
Target Allocation
 
Target Range
U.S. equities(1)
27
%
 
27-37
Non-U.S. equities(1)
18
%
 
2-38
Fixed income/cash(1)
47
%
 
25-90
Alternative investments
8
%
 
0-35


(1)
The target allocation for these asset classes include alternative investments, primarily hedge funds, based on the underlying investments in each hedge fund.
Pension Plan Investments Measured At Fair Value [Text Block] The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2019:
Asset Class
Investments Measured at Net Asset Value
 
Quoted Prices In Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total
Equity securities
($ in millions)
U.S. equities
$
117.2

 
$
132.8

 
$
—

 
$
—

 
$
250.0

Non-U.S. equities
341.2

 
32.7

 
0.3

 
—

 
374.2

Fixed income/cash
 
 
 
 
 
 
 
 
 
Cash
—

 
101.5

 
—

 
—

 
101.5

Government treasuries
—

 
—

 
285.0

 
—

 
285.0

Corporate debt instruments
99.1

 
—

 
158.3

 
—

 
257.4

Asset-backed securities
166.9

 
—

 
19.2

 
—

 
186.1

Alternative investments
 
 
 
 
 
 
 
 
 
Hedge fund of funds
698.3

 
—

 
—

 
—

 
698.3

Real estate funds
16.9

 
—

 
—

 
—

 
16.9

Private equity funds
29.9

 
—

 
—

 
—

 
29.9

Total assets
$
1,469.5

 
$
267.0

 
$
462.8

 
$
—

 
$
2,199.3


The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2018:
Asset Class
Investments Measured at Net Asset Value
 
Quoted Prices In Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total
Equity securities
($ in millions)
U.S. equities
$
111.5

 
$
136.6

 
$
—

 
$
—

 
$
248.1

Non-U.S. equities
255.8

 
44.5

 
0.9

 
—

 
301.2

Fixed income/cash


 
 
 
 
 
 
 
 
Cash
—

 
55.7

 
—

 
—

 
55.7

Government treasuries
0.7

 
—

 
175.0

 
—

 
175.7

Corporate debt instruments
83.7

 
—

 
139.2

 
—

 
222.9

Asset-backed securities
153.6

 
—

 
17.6

 
—

 
171.2

Alternative investments


 
 
 
 
 
 
 
 
Hedge fund of funds
440.8

 
—

 
—

 
—

 
440.8

Real estate funds
22.3

 
—

 
—

 
—

 
22.3

Private equity funds
7.6

 
—

 
—

 
—

 
7.6

Absolute return strategies
347.5

 
—

 
—

 
—

 
347.5

Total assets
$
1,423.5

 
$
236.8

 
$
332.7

 
$
—

 
$
1,993.0