Pensions - The Company has noncontributory defined benefit pension plans covering eligible employees, including certain employees in foreign countries. Plans for most salaried employees provide pay-related benefits based on years of service. Plans for hourly employees generally provide benefits based on flat-dollar amounts and years of service. The Company also has arrangements for certain key employees which provide for supplemental retirement benefits. In general, the Company's policy is to fund these plans based on legal requirements, tax considerations, local practices and investment opportunities. The Company also sponsors defined contribution plans and participates in government-sponsored programs in certain foreign countries.



	2019			2018			2017
Benefit cost
Service cost	$	76,647		$	82,993		$	94,356
Interest cost	160,542			144,339			126,131
Expected return on plan assets	(251,072		)	(258,490		)	(239,537		)
Amortization of prior service cost	6,655			6,570			8,116
Amortization of unrecognized actuarial loss	121,823			147,387			212,433
Amortization of transition obligation	18			18			18
Net periodic benefit cost	$	114,613		$	122,817		$	201,517



	2019			2018
Change in benefit obligation
Benefit obligation at beginning of year	$	5,033,997		$	5,217,857
Service cost	76,647			82,993
Interest cost	160,542			144,339
Plan amendments	7,719			2,932
Divestiture	—			(9,535		)
Actuarial loss (gain)	491,792			(182,588		)
Benefits paid	(237,080		)	(216,169		)
Foreign currency translation and other	(46,043		)	(5,832		)
Benefit obligation at end of year	$	5,487,574		$	5,033,997

Change in plan assets
Fair value of plan assets at beginning of year	$	3,915,889		$	3,896,001
Actual gain on plan assets	318,809			174,951
Divestiture	—			(12,231		)
Employer contributions	284,965			81,518
Benefits paid	(237,080		)	(216,169		)
Foreign currency translation and other	(37,614		)	(8,181		)
Fair value of plan assets at end of year	$	4,244,969		$	3,915,889
Funded status	$	(1,242,605	)	$	(1,118,108	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(8,396	)	$	(11,333	)
Pensions and other postretirement benefits	(1,234,209		)	(1,106,775		)
Net amount recognized	$	(1,242,605	)	$	(1,118,108	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial loss	$	1,510,901		$	1,216,612
Prior service cost	19,602			18,900
Transition obligation	44			61
Net amount recognized	$	1,530,547		$	1,235,573

The increase in the benefit obligation in 2019, largely reflected in the net actuarial loss component, is primarily due to the decrease in the discount rate used to measure the obligation across all pension plans. Additionally, the benefit obligation increased slightly as a result of updated census data for the domestic qualified defined benefit plan due to delayed retirements and higher than anticipated compensation increases.

The increase in the fair value of plan assets in 2019 is attributable to a $200 million discretionary contribution made during 2019 into the domestic qualified defined benefit plan and investment gains. The increase in the fair value of plan assets in 2018 is predominantly due to the favorable investment returns of plan assets.

The accumulated benefit obligation for all defined benefit plans was $5,184,637 and $4,751,111 at June 30, 2019 and 2018, respectively. The accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $5,094,129 and $4,140,395, respectively, at June 30, 2019, and $4,665,272 and $3,807,859, respectively, at June 30, 2018. The projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets were $5,427,084 and $4,175,871, respectively, at June 30, 2019, and $4,970,120 and $3,842,539, respectively, at June 30, 2018.

The Company expects to make cash contributions of approximately $77 million to its defined benefit pension plans in 2020, the majority of which relate to its non-U.S. plans. Estimated future benefit payments in the five years ending June 30, 2020 through 2024 are $235,709, $249,814, $306,446, $266,915 and $274,452, respectively, and $1,482,681 in the aggregate for the five years ending June 30, 2025 through June 30, 2029.



	2019		2018		2017
U.S. defined benefit plan
Discount rate	4.01	%	3.64	%	3.33	%
Average increase in compensation	3.65	%	3.89	%	5.02	%
Expected return on plan assets	7.00	%	7.50	%	7.50	%
Non-U.S. defined benefit plans
Discount rate	0.30 to 3.37%		0.30 to 7.57%		0.23 to 7.75%
Average increase in compensation	1.75 to 5.5%		2.0 to 5.5%		2.0 to 5.5%
Expected return on plan assets	1.0 to 5.75%		1.0 to 5.75%		1.0 to 5.75%

The discount rate assumption is based on current rates of high-quality, long-term corporate bonds over the same estimated time period that benefit payments will be required to be made. The expected return on plan assets assumption is based on the weighted-average expected return of the various asset classes in the plans' portfolio. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance.

The weighted-average target asset allocation as of June 30, 2019 is 42 percent equity securities, 46 percent debt securities and 12 percent other investments. The investment strategy for the Company's worldwide defined benefit pension plan assets focuses on achieving prudent actuarial funding ratios while maintaining acceptable levels of risk in order to provide adequate liquidity to meet immediate and future benefit requirements. This strategy requires investment portfolios that are broadly diversified across various asset classes and external investment managers. Assets held in the U.S. defined benefit plan account for approximately 75 percent of the Company's total defined benefit plan assets. The Company's overall investment strategy with respect to the Company's U.S. defined benefit plan is to opportunistically migrate from its traditional mix between growth seeking assets (primarily consisting of global public equities in developed and emerging countries and hedge fund strategies) and income generating assets (primarily consisting of high quality bonds, both domestic and global) to an allocation more heavily weighted toward liability-hedging assets. Over time, the Company will continue to add long duration fixed income assets to the portfolio and eliminate hedge funds. These securities are highly correlated with the Company's pension liabilities and will be managed in a liability framework.



	June 30, 2019			Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	111,520		$	117,823	$	(6,303	)	$	—
Equity securities
U.S. based companies	226,027			226,027		—			—
Non-U.S. based companies	16,385			16,385		—			—
Fixed income securities
Corporate debt securities	701,842			137,227		564,615			—
Government issued securities	528,394			367,518		160,876			—
Mutual funds
Equity funds	266,240			266,240		—			—
Fixed income funds	183,732			183,732		—			—
Mutual funds measured at net asset value	304,504
Common/Collective trusts
Equity funds	84,790			84,790		—			—
Common/Collective trusts measured at net asset value	1,872,473
Limited Partnerships measured at net asset value	240,803
Miscellaneous	(291,741		)	—		(291,741		)	—
Total at June 30, 2019	$	4,244,969		$	1,399,742	$	427,447		$	—



	June 30, 2018			Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	57,307		$	54,322	$	2,985		$	—
Equity securities
U.S. based companies	447,553			447,553		—			—
Non-U.S. based companies	243,253			243,253		—			—
Fixed income securities
Corporate debt securities	225,929			115,534		110,395			—
Government issued securities	272,604			184,636		87,968			—
Mutual funds
Equity funds	176,846			176,846		—			—
Fixed income funds	179,562			179,562		—			—
Mutual funds measured at net asset value	232,050
Common/Collective trusts
Equity funds	89,578			89,578		—			—
Fixed income funds	46,620			46,620		—			—
Common/Collective trusts measured at net asset value	1,737,543
Limited Partnerships measured at net asset value	243,536
Miscellaneous	(36,492		)	—		(36,492		)	—
Total at June 30, 2018	$	3,915,889		$	1,537,904	$	164,856		$	—

Mutual funds are valued using the closing market price reported on the active market on which the fund is traded or at net asset value per share and primarily consist of equity and fixed income funds. The equity funds primarily provide exposure to U.S. and international equities, real estate and commodities. The fixed income funds primarily provide exposure to high-yield securities and emerging market fixed income instruments. Mutual funds measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to total pension plan assets.

Common/Collective trusts primarily consist of equity, fixed income and real estate funds and are valued using the closing market price reported on the active market on which the fund is traded or at net asset value per share. Common/Collective trust investments can be redeemed without restriction after giving appropriate notice to the issuer. Generally, redemption of the entire investment balance requires a 60-day notice period. The equity funds provide exposure to large, mid and small cap U.S. equities, international large and small cap equities and emerging market equities. The fixed income funds provide exposure to U.S., international and emerging market debt securities. Common/Collective trusts measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to total pension plan assets.

Limited Partnerships primarily consist of hedge funds valued using a net asset value per share and provide exposure to a variety of hedging strategies including long/short equity, relative value, event driven and global macro. Limited Partnership investments can be redeemed either monthly or quarterly and without restriction after giving appropriate notice to the issuer. Redemption of the entire investment balance generally requires no more than a 95-day notice period. Limited Partnerships measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy and are being presented in the tables above to permit a reconciliation of the fair value hierarchy to total pension plan assets.

Miscellaneous primarily includes insurance contracts held in the asset portfolio of the Company's non-U.S. defined benefit pension plans and net payables for securities purchased but not settled in the asset portfolio of the Company's U.S. defined benefit pension plan. Insurance contracts are valued at the present value of future cash flows promised under the terms of the insurance contracts.

The primary investment objective of equity securities and equity funds, within both the mutual fund and common/collective trust asset class, is to obtain capital appreciation in an amount that at least equals various market-based benchmarks. The primary investment objective of fixed income securities and fixed income funds, within both the mutual fund and common/collective trust asset class, is to provide for a constant stream of income while preserving capital. The primary investment objective of limited partnerships is to achieve capital appreciation through an investment program focused on specialized investment strategies. The primary investment objective of insurance contracts, included in the miscellaneous asset class, is to provide a stable rate of return over a specified period of time.

Employee Savings Plan - The Company sponsors an employee stock ownership plan ("ESOP") as part of its existing savings and investment 401(k) plan. The ESOP is available to eligible domestic employees. Company matching contributions, up to a maximum of four percent of an employee's annual compensation, are recorded as compensation expense. Participants may direct company matching contributions to any investment option within the savings and investment 401(k) plan.

The Company has a retirement income account ("RIA") within the employee savings plan. The Company makes a cash contribution to the participant's RIA each year, the amount of which is based on the participant's age and years of service. Participants do not contribute to the RIA. The Company recognized $30,603, $29,023 and $29,309 in expense related to the RIA in 2019, 2018 and 2017, respectively.

During 2017, the Company assumed various defined contribution plans previously sponsored by Clarcor. The Company recognized expense of $4,481 and $2,199 in 2018 and 2017, respectively, related to these defined contribution plans. In January 2018, the former employees of Clarcor became eligible to participate in the savings and investment 401(k) plan.

Other Postretirement Benefits - The Company provides postretirement medical and life insurance benefits to certain retirees and eligible dependents. Most plans are contributory, with retiree contributions adjusted annually. The plans are unfunded and pay stated percentages of covered medically necessary expenses incurred by retirees, after subtracting payments by Medicare or other providers and after stated deductibles have been met. For most plans, the Company has established cost maximums to more effectively control future medical costs. The Company has reserved the right to change these benefit plans.

The Company recognized $1,838, $2,755 and $4,357 in expense related to other postretirement benefits in 2019, 2018 and 2017, respectively. Components of net other postretirement benefit cost, other than service cost, are included in other (income) expense, net in the Consolidated Statement of Income.



	2019			2018
Change in benefit obligation
Benefit obligation at beginning of year	$	66,521		$	79,933
Service cost	205			320
Interest cost	2,043			2,003
Actuarial gain	(3,235		)	(11,259		)
Benefits paid	(4,536		)	(4,476		)
Benefit obligation at end of year	$	60,998		$	66,521
Funded status	$	(60,998	)	$	(66,521	)



Amounts recognized on the Consolidated Balance Sheet
Other accrued liabilities	$	(5,308	)	$	(6,180	)
Pensions and other postretirement benefits	(55,690		)	(60,341		)
Net amount recognized	$	(60,998	)	$	(66,521	)

Amounts recognized in Accumulated Other Comprehensive (Loss)
Net actuarial (gain) loss	$	(1,713	)	$	1,232
Prior service credit	(194		)	(314		)
Net amount recognized	$	(1,907	)	$	918

The decrease in the benefit obligation in 2019, largely reflected in the net actuarial gain component, is primarily due to updated census data resulting from a different mix of benefit selections and actuarial assumptions reflecting lower benefit claims offset by decreases in the discount rates. The decrease in the benefit obligation in 2018, which is also primarily reflected in the net actuarial gain component, is due to increases in the discount rates, updated census data related to coverage elections and actuarial assumption changes.



	2019		2018		2017
Discount rate	3.92	%	3.46	%	3.15	%
Current medical cost trend rate (Pre-65 participants)	7.47	%	8.19	%	7.35	%
Current medical cost trend rate (Post-65 participants)	7.87	%	9.79	%	8.68	%
Ultimate medical cost trend rate	4.50	%	4.50	%	4.50	%
Medical cost trend rate decreases to ultimate in year	2026		2025		2025

Other - The Company has established nonqualified deferred compensation programs, which permit officers, directors and certain management employees annually to elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred, Company matching contributions and earnings on the deferrals. In addition, the Company maintains a defined contribution nonqualified supplemental executive pension plan in which the Company is the only contributor. During 2019, 2018 and 2017, the Company recorded expense relating to these programs of $5,916, $13,420 and $20,400, respectively.