Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [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, 2018	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	680.2	$	680.2
Global equities									772.6		772.6
Total equities	50 - 70%								1,452.8		1,452.8
Fixed income:
U.S. fixed income		$	223.2	$	223.4	$	446.6	$	419.6	$	866.2
Non-U.S. fixed income					21.6		21.6		279.0		300.6
Total fixed income	30 - 50%		223.2		245.0		468.2		698.6		1,166.8
Cash and other			9.0		69.0		78.0		1.6		79.6
Total plan assets		$	232.2	$	314.0	$	546.2	$	2,153.0	$	2,699.2

		FAIR VALUE HIERARCHY
At December 31, 2017	TARGET	LEVEL 1		LEVEL 2		TOTAL		MEASURED AT NAV		TOTAL
Equities:
U.S. equities								$	768.5	$	768.5
Global equities									866.8		866.8
Total equities	50 - 70%								1,635.3		1,635.3
Fixed income:
U.S. fixed income		$	223.3	$	238.2	$	461.5	$	416.0	$	877.5
Non-U.S. fixed income					27.4		27.4		299.4		326.8
Total fixed income	30 - 50%		223.3		265.6		488.9		715.4		1,204.3
Cash and other			9.2		70.1		79.3		.7		80.0
Total plan assets		$	232.5	$	335.7	$	568.2	$	2,351.4	$	2,919.6

Weighted Average Assumptions of Pension Plans

The following additional data relates to all pension plans of the Company:

At December 31,	2018			2017
Weighted average assumptions:
Discount rate		3.9	%		3.3	%
Rate of increase in future compensation levels		3.8	%		3.9	%
Assumed long-term rate of return on plan assets		6.3	%		6.4	%

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,	2018			2017
Change in projected benefit obligation:
Benefit obligation at January 1	$	2,820.7		$	2,505.6
Service cost		108.3			92.9
Interest cost		85.8			81.1
Benefits paid		(87.6	)		(82.6	)
Actuarial (gain) loss		(232.6	)		154.7
Currency translation and other		(39.6	)		68.6
Participant contributions		.4			.4
Projected benefit obligation at December 31	$	2,655.4		$	2,820.7
Change in plan assets:
Fair value of plan assets at January 1	$	2,919.6		$	2,494.1
Employer contributions		88.9			70.6
Actual return on plan assets		(177.5	)		369.8
Benefits paid		(87.6	)		(82.6	)
Currency translation and other		(44.6	)		67.3
Participant contributions		.4			.4
Fair value of plan assets at December 31	$	2,699.2		$	2,919.6
Funded status at December 31	$	43.8		$	98.9

Amounts Recorded on Balance Sheets

At December 31,	2018		2017
Amounts recorded on Balance Sheet:
Other noncurrent assets	$	174.7	$	228.9
Other liabilities		130.9		130.0
Accumulated other comprehensive loss:
Actuarial loss		471.5		372.9
Prior service cost		6.2		2.6
Net initial transition amount		.1		.1

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,	2018		2017
Projected benefit obligation	$	138.3	$	142.5
Accumulated benefit obligation		124.0		124.0
Fair value of plan assets		22.0		23.5

Components of Pension Expense

The components of pension expense are as follows:

Year Ended December 31,		2018			2017			2016
Service cost	$	108.3		$	92.9		$	88.6
Interest on projected benefit obligation		85.8			81.1			94.3
Expected return on assets		(177.2	)		(159.7	)		(141.7	)
Amortization of prior service costs		1.4			1.2			1.2
Recognized actuarial loss		35.3			25.4			27.7
Net pension expense	$	53.6		$	40.9		$	70.1

Multi-employer Plans

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

		PENSIONPLAN	COMPANY CONTRIBUTIONS
PENSION PLAN	EIN	NUMBER		2018		2017		2016
Metal and Electrical Engineering Industry    Pension Fund		135668	$	27.9	$	25.0	$	23.1
Western Metal Industry Pension Plan	91-6033499	001		2.7		1.4		1.5
Other plans				1.2		.8		.7
			$	31.8	$	27.2	$	25.3