BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Reconciliations of Changes in the Defined Benefit and Postretirement Healthcare Plans' Benefit Obligations, Fair Value of Assets and Statement of Funded Status

Reconciliation of changes in the defined benefit obligations, fair value of assets and statement of funded status were as follows:

	Year Ended December 31,
(in millions)	2019		2018
Change in Benefit Obligation
Benefit obligation at beginning of year	$	511.8	$	545.5
Service cost	14.3		16.2
Interest cost	7.6		7.3
Participant contributions	4.0		4.2
Actuarial losses (gains)	79.5		(11.1)
Plan amendments	—		(3.8)
Acquisitions/Divestitures	(0.1)		0.3
Effect of exchange rate changes	(7.2)		(20.3)
Plan curtailments and settlements	(22.5)		(17.5)
Benefits paid	(9.2)		(9.0)
Benefit obligation at end of year	$	578.2	$	511.8
Change in Plan Assets
Fair value of plan assets at beginning of year	$	173.1	$	185.7
Actual return on assets	23.5		(7.5)
Plan settlements	(22.5)		(13.4)
Effect of exchange rate changes	1.9		(2.4)
Employer contributions	14.3		15.5
Participant contributions	4.0		4.2
Benefits paid	(9.2)		(9.0)
Fair value of plan assets at end of year	$	185.1	$	173.1
Funded status at end of year	$	(393.1)	$	(338.7)

Amounts Recognized in the Accompanying Consolidated Balance Sheets, Net of Tax Effects

The amounts recognized in the accompanying Consolidated Balance Sheets, net of tax effects, were as follows:

	Location In The	Year Ended December 31,
(in millions)	Consolidated Balance Sheets	2019		2018
Deferred tax asset	Other noncurrent assets, net	$	39.6	$	27.5
Total assets		$	39.6	$	27.5
Current liabilities	Accrued liabilities	(9.1)		(8.4)
Other noncurrent liabilities	Other noncurrent liabilities	(384.0)		(330.3)
Deferred tax liability	Deferred income taxes	(0.4)		(0.4)
Total liabilities		$	(393.5)	$	(339.1)
Accumulated other comprehensive income	Accumulated other comprehensive loss	113.2		77.9
Net amount recognized		$	(240.7)	$	(233.7)

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts recognized in AOCI were as follows:

	Year Ended December 31,
(in millions)	2019		2018
Net actuarial loss	$	156.7	$	109.7
Net prior service cost	(4.2)		(4.6)
Before tax AOCI	$	152.5	$	105.1
Less: Deferred taxes	39.3		27.2
Net of tax AOCI	$	113.2	$	77.9

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

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

	Year Ended December 31,
(in millions)	2019		2018
Projected benefit obligation	$	397.6	$	487.7
Accumulated benefit obligation	371.3		465.0
Fair value of plan assets	8.3		149.0

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost were as follows:

	Year Ended December 31,						Location in Consolidated
(in millions)	2019		2018		2017		Statements of Operations
Service cost	$	6.1	$	6.1	$	6.0	Cost of products sold
Service cost	8.2		10.1		9.7		Selling, general and administrative expenses
Interest cost	7.6		7.3		6.5		Other expense (income), net
Expected return on plan assets	(4.9)		(5.3)		(4.0)		Other expense (income), net
Amortization of prior service credit	(0.5)		(0.2)		(0.2)		Other expense (income), net
Amortization of net actuarial loss	5.6		6.2		6.9		Other expense (income), net
Curtailment and settlement (gains) loss	6.0		(1.2)		—		Other expense (income), net
Net periodic benefit cost	$	28.1	$	23.0	$	24.9

Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI

Other changes in plan assets and benefit obligations recognized in AOCI were as follows:

	Year Ended December 31,
(in millions)	2019		2018		2017
Net actuarial loss (gain)	$	52.6	$	(5.8)	$	13.3
Net prior service cost (credit)	—		(3.5)		0.3
Amortization	(5.1)		(6.0)		(6.7)
Total recognized in AOCI	$	47.5	$	(15.3)	$	6.9
Total recognized in net periodic benefit cost and AOCI	$	75.6	$	7.7	$	31.8

Amounts in AOCI that are Expected to be Amortized as Net Expense (Income) During Next Fiscal Year

The expected amounts of net loss, prior service cost and transition obligation for defined benefit plans in AOCI that are expected to be amortized as net expense (income) during 2020 were as follows:

(in millions)	Pension Benefits
Amount of net prior service credit	$	(0.5)
Amount of net loss	9.0
Total amount to be amortized out of AOCI in 2019	$	8.5

Weighted Average Assumptions Used to Determine Benefit Obligations, Principally in Foreign Locations

The weighted average assumptions used to determine benefit obligations for the Company’s plans, principally in foreign locations were as follows:

	Year Ended December 31,
	2019		2018		2017
Discount rate	1.0	%	1.8	%	1.6	%
Rate of compensation increase	2.1	%	2.5	%	2.5	%

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted average assumptions used to determine net periodic benefit cost for the Company’s plans, principally in foreign locations were as follows:

	Year Ended December 31,
	2019		2018		2017
Discount rate	1.8	%	1.6	%	1.6	%
Expected return on plan assets	2.9	%	2.9	%	2.9	%
Rate of compensation increase	2.5	%	2.5	%	2.6	%
Measurement date	12/31/2019		12/31/2018		12/31/2017

Fair Value Measurements of Plan Assets

The fair value of the Company’s pension plan assets at December 31, 2019 and 2018 is presented in the table below by asset category. Approximately 76% of the total plan assets are categorized as Level 1, and therefore, the values assigned to these pension assets are based on quoted prices available in active markets. For the other category levels, a description of the valuation is provided in Note 1, Significant Accounting Policies, under the “Fair Value Measurement” heading.

	December 31, 2019
(in millions)	Total		Level 1		Level 2		Level 3
Assets Category
Cash and cash equivalents	$	12.9	$	12.9	$	—	$	—
Equity securities:
International	55.1		55.1		—		—
Fixed income securities:
Fixed rate bonds (a)	55.1		55.1		—		—
Other types of investments:
Mutual funds (b)	18.3		18.3		—		—
Common trusts (c)	4.3		—		4.3		—
Insurance contracts	30.1		—		—		30.1
Hedge funds	8.9		—		—		8.9
Real estate	0.4		—		—		0.4
Total	$	185.1	$	141.4	$	4.3	$	39.4

	December 31, 2018
(in millions)	Total		Level 1		Level 2		Level 3
Assets Category
Cash and cash equivalents	$	12.4	$	12.4	$	—	$	—
Equity securities:
International	47.2		47.2		—		—
Fixed income securities:
Fixed rate bonds (a)	49.2		49.2		—		—
Other types of investments:
Mutual funds (b)	17.4		17.4		—		—
Common trusts (c)	11.8		—		11.8		—
Insurance contracts	27.7		—		—		27.7
Hedge funds	7.1		—		—		7.1
Real estate	0.3		—		—		0.3
Total	$	173.1	$	126.2	$	11.8	$	35.1

(a)This category includes fixed income securities invested primarily in Swiss bonds, foreign bonds denominated in Swiss francs, foreign currency bonds, mortgage notes and pledged letters.

(b) This category includes mutual funds balanced between moderate-income generation and moderate capital appreciation with investment allocations of approximately 50% equities and 50% fixed income investments.

(c)This category includes common/collective funds with investments in approximately 65% equities and 35% in fixed income investments.

Reconciliation for the Plans Assets Categorized as Level 3

A reconciliation from December 31, 2018 to December 31, 2019 for the plan assets categorized as Level 3 were as follows:

	December 31, 2019
(in millions)	Insurance Contracts		Hedge Funds		Real Estate		Total
Balance at December 31, 2018	$	27.7	$	7.1	$	0.3	$	35.1
Actual return on plan assets:
Relating to assets still held at the reporting date	3.7		(1.3)		—		2.4
Purchases, sales and settlements, net	(0.6)		2.9		—		2.3
Effect of exchange rate changes	(0.6)		0.2		—		(0.4)
Balance at December 31, 2019	$	30.2	$	8.9	$	0.3	$	39.4

	December 31, 2018
(in millions)	Insurance Contracts		Hedge Funds		Real Estate		Total
Balance at December 31, 2017	$	29.0	$	7.1	$	0.3	$	36.4
Actual return on plan assets:
Relating to assets still held at the reporting date	(1.1)		(0.6)		—		(1.7)
Purchases, sales and settlements, net	1.1		0.7		—		1.8
Effect of exchange rate changes	(1.3)		(0.1)		—		(1.4)
Balance at December 31, 2018	$	27.7	$	7.1	$	0.3	$	35.1

Estimated Future Benefit Payments

Estimated Future Benefit Payments

Total benefits expected to be paid from the plans in the future were as follows:

(in millions)	Pension Benefits
2020	$	19.9
2021	18.9
2022	18.9
2023	19.3
2024	19.6
2025-2029	111.2