Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Allocation of Plan Assets by Investment

The following information details the allocation of plan assets by investment type. See Note Q for definitions of fair value levels.

		FAIR VALUE HIERARCHY
At December 31, 2023	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	1,004.4	$	1,004.4
Global equities									771.8		771.8
Total equities	45 - 65%								1,776.2		1,776.2
Fixed income:
U.S. fixed income		$	95.7	$	275.4	$	371.1	$	676.9	$	1,048.0
Non-U.S. fixed income					39.3		39.3		530.2		569.5
Total fixed income	35 - 55%		95.7		314.7		410.4		1,207.1		1,617.5
Cash and other			.4		99.4		99.8		.6		100.4
Total plan assets		$	96.1	$	414.1	$	510.2	$	2,983.9	$	3,494.1

		FAIR VALUE HIERARCHY
At December 31, 2022	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	830.9	$	830.9
Global equities									795.9		795.9
Total equities	45 - 65%								1,626.8		1,626.8
Fixed income:
U.S. fixed income		$	82.2	$	258.0	$	340.2	$	605.2	$	945.4
Non-U.S. fixed income					31.4		31.4		419.4		450.8
Total fixed income	35 - 55%		82.2		289.4		371.6		1,024.6		1,396.2
Cash and other			5.8		86.1		91.9		.3		92.2
Total plan assets		$	88.0	$	375.5	$	463.5	$	2,651.7	$	3,115.2

Weighted Average Assumptions of Pension Plans

The following weighted-average assumptions relate to all pension plans of the Company:

At December 31,	2023			2022
Discount rate		4.8	%		5.0	%
Rate of increase in future compensation levels		3.9	%		3.9	%
Assumed long-term rate of return on plan assets		6.6	%		6.0	%

Components of Change in Projected Benefit Obligation and Change in Plan Assets

The components of the change in projected benefit obligation and change in plan assets are as follows:

At December 31,	2023			2022
Change in projected benefit obligation:
Benefit obligation at January 1	$	2,567.0		$	3,709.6
Service cost		94.0			148.5
Interest cost		127.5			84.9
Benefits paid		(110.1	)		(107.7	)
Actuarial loss (gain)		186.5			(1,190.4	)
Currency translation and other		37.8			(78.3	)
Participant contributions		.6			.4
Projected benefit obligation at December 31	$	2,903.3		$	2,567.0
Change in plan assets:
Fair value of plan assets at January 1	$	3,115.2		$	4,094.5
Employer contributions		27.3			39.1
Actual gain (loss) on plan assets		412.5			(809.6	)
Benefits paid		(110.1	)		(107.7	)
Currency translation and other		48.6			(101.5	)
Participant contributions		.6			.4
Fair value of plan assets at December 31	$	3,494.1		$	3,115.2
Funded status at December 31	$	590.8		$	548.2

Amounts Recorded on Balance Sheets

At December 31,	2023		2022
Amounts recorded on Balance Sheets:
Other noncurrent assets	$	734.8	$	671.2
Accounts payable, accrued expenses and other		23.8		18.0
Other liabilities		120.2		105.0
Accumulated other comprehensive loss:
Actuarial loss		98.0		97.9
Prior service cost		12.3		13.0

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for all plans with an accumulated benefit obligation in excess of plan assets is as follows:

At December 31,	2023		2022
Projected benefit obligation	$	138.7	$	126.7
Accumulated benefit obligation		124.1		113.7
Fair value of plan assets		7.1		6.8

Components of Pension Expense

The components of pension expense are as follows:

Year Ended December 31,		2023			2022			2021
Service cost	$	94.0		$	148.5		$	148.4
Interest on projected benefit obligation		127.5			84.9			65.3
Expected return on assets		(230.3	)		(215.1	)		(203.3	)
Amortization of prior service costs		1.4			.7			.8
Recognized actuarial loss		4.7			28.9			58.7
Net pension (gain) expense	$	(2.7	)	$	47.9		$	69.9

T

Multi-employer Plans

The Company’s participation in the following multi-employer plans for the years ended December 31 are as follows:

		PENSION PLAN		COMPANY CONTRIBUTIONS
PENSION PLAN	EIN	NUMBER	SURCHARGE		2023		2022		2021
Metal and Electrical Engineering Industry Pension Fund		135668	Yes	$	46.1	$	37.1	$	38.1
Western Metal Industry Pension Plan	91-6033499	001	Yes		4.5		4.0		4.0
Other plans					1.2		1.0		1.1
				$	51.8	$	42.1	$	43.2