Employee Benefit Plans (Tables)

12 Months Ended

Jan. 31, 2018

The following tables provide a reconciliation of benefit obligations, plan assets and funded status of the pension and other postretirement benefit plans as of the measurement date:



	January 31,
	Pension Benefits						Other Postretirement Benefits
(in millions)	2018			2017			2018			2017
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	783.7		$	742.6		$	72.5		$	78.4
Service cost	17.3			17.4			2.8			2.8
Interest cost	32.0			31.6			3.0			3.1
Participants' contributions	—			—			1.0			1.2
MMA retiree drug subsidy	—			—			0.2			—
Actuarial loss (gain)	21.1			15.9			1.5			(10.5		)
Benefits paid	(59.4		)	(24.3		)	(2.5		)	(2.5		)
Translation	0.9			0.5			—			—
Projected benefit obligation at end of year	795.6			783.7			78.5			72.5
Change in plan assets:
Fair value of plan assets at beginning of year	530.1			385.8			—			—
Actual return on plan assets	86.1			42.9			—			—
Employer contribution	21.3			125.7			1.3			1.3
Participants' contributions	—			—			1.0			1.2
MMA retiree drug subsidy	—			—			0.2			—
Benefits paid	(59.4		)	(24.3		)	(2.5		)	(2.5		)
Fair value of plan assets at end of year	578.1			530.1			—			—
Funded status at end of year	$	(217.5	)	$	(253.6	)	$	(78.5	)	$	(72.5	)

Schedule of Accumulated and Projected Benefit Obligations

The following tables provide additional information regarding the Company's pension plans' projected benefit obligations and assets (included in pension benefits in the table above) and accumulated benefit obligation:



	January 31, 2018
(in millions)	Qualified			Excess/SRIP			Other			Total
Projected benefit obligation	$	662.0		$	112.6		$	21.0		$	795.6
Fair value of plan assets	578.1			—			—			578.1
Funded status	$	(83.9	)	$	(112.6	)	$	(21.0	)	$	(217.5	)
Accumulated benefit obligation	$	600.2		$	98.5		$	19.3		$	718.0



	January 31, 2017
(in millions)	Qualified			Excess/SRIP			Other			Total
Projected benefit obligation	$	661.5		$	103.6		$	18.6		$	783.7
Fair value of plan assets	530.1			—			—			530.1
Funded status	$	(131.4	)	$	(103.6	)	$	(18.6	)	$	(253.6	)
Accumulated benefit obligation	$	599.0		$	90.9		$	16.9		$	706.8

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss



	January 31,
(in millions)	2018			2017
Accumulated other comprehensive (loss) earnings, net of tax:
Foreign currency translation adjustments	$	(48.0	)	$	(143.7	)
Unrealized (loss) gain on marketable securities	(1.8		)	0.8
Deferred hedging loss	(22.9		)	(16.1		)
Net unrealized loss on benefit plans	(65.3		)	(97.2		)
	$	(138.0	)	$	(256.2	)

Amounts recognized in accumulated other comprehensive loss consist of:



	January 31,
	Pension Benefits				Other Postretirement Benefits
(in millions)	2018		2017		2018			2017
Net actuarial loss (gain)	$	116.5	$	161.8	$	1.3		$	(0.1	)
Prior service cost (credit)	0.6		0.8		(1.7		)	(2.4		)
Total before tax	$	117.1	$	162.6	$	(0.4	)	$	(2.5	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated pre-tax amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost within the next 12 months is as follows:



(in millions)	Pension Benefits		Other Postretirement Benefits
Net actuarial loss	$	13.2	$	0.1
Prior service cost (credit)	0.1		(0.7		)
	$	13.3	$	(0.6	)

Schedule of Net Periodic Pension and Other Postretirement Benefit Expense

Components of Net Periodic Benefit Cost and

Other Amounts Recognized in Other Comprehensive Earnings



	Years Ended January 31,
	Pension Benefits									Other Postretirement Benefits
(in millions)	2018			2017			2016			2018			2017			2016
Service cost	$	17.3		$	17.4		$	22.6		$	2.8		$	2.8		$	4.2
Interest cost	32.0			31.6			30.6			3.0			3.1			3.2
Expected return on plan assets	(32.9		)	(23.5		)	(24.7		)	—			—			—
Curtailments	—			—			0.2			—			—			—
Amortization of prior service cost	0.2			—			—			(0.7		)	(0.7		)	(0.7		)
Amortization of net loss	13.2			14.7			28.9			0.1			—			1.5
Net periodic benefit cost	29.8			40.2			57.6			5.2			5.2			8.2

Net actuarial (gain) loss	(32.1		)	(3.6		)	(102.1		)	1.5			(10.5		)	(20.4		)
Recognized actuarial loss	(13.2		)	(14.7		)	(28.9		)	(0.1		)	—			(1.5		)
Recognized prior service (cost) credit	(0.2		)	—			(0.1		)	0.7			0.7			0.7
Total recognized in other comprehensive earnings	(45.5		)	(18.3		)	(131.1		)	2.1			(9.8		)	(21.2		)
Total recognized in net periodic benefit cost and other comprehensive earnings	$	(15.7	)	$	21.9		$	(73.5	)	$	7.3		$	(4.6	)	$	(13.0	)

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations:



	January 31,
	2018		2017
Discount rate:
Qualified Plan	4.00	%	4.25	%
Excess Plan/SRIP	3.75	%	4.25	%
Other Plans	0.83	%	0.81	%
Other Postretirement Benefits	4.00	%	4.25	%
Rate of increase in compensation:
Qualified Plan	3.00	%	3.00	%
Excess Plan	4.25	%	4.25	%
SRIP	6.50	%	6.50	%
Other Plans	1.13	%	1.12	%

Weighted-average assumptions used to determine net periodic benefit cost:



	Years Ended January 31,
	2018		2017		2016
Discount rate:
Qualified Plan	4.25	%	4.50	%	3.75	%
Excess Plan/SRIP	4.25	%	4.25	%	3.75	%
Other Plans	1.49	%	1.40	%	1.71	%
Other Postretirement Benefits	4.25	%	4.50	%	3.50	%
Expected return on plan assets	7.00	%	7.00	%	7.50	%
Rate of increase in compensation:
Qualified Plan	3.00	%	3.00	%	2.75	%
Excess Plan	4.25	%	4.25	%	4.25	%
SRIP	6.50	%	6.50	%	7.25	%
Other Plans	1.38	%	1.38	%	1.56	%

Fair Value Of Companys Qualified Plan Assets

The fair value of the Qualified Plan's assets at January 31, 2018 and 2017 by asset category is as follows:



	Fair Value at		Fair Value Measurements Using Inputs Considered as*
(in millions)	January 31, 2018		Level 1		Level 2		Level 3
Equity securities:
U.S. equity securities	$	74.3	$	74.3	$	—	$	—
Mutual fund	44.7		44.7		—		—
Fixed income securities:
Government bonds	79.0		77.3		1.7		—
Corporate bonds	115.2		—		115.2		—
Other types of investments:
Cash and cash equivalents	2.3		2.3		—		—
Mutual funds	49.6		49.6		—		—
Net assets in fair value hierarchy	365.1		248.2		116.9		—
Investments at NAV practical expedient ^a	213.0
Plan assets at fair value	$	578.1	$	248.2	$	116.9	$	—

	Fair Value at		Fair Value Measurements Using Inputs Considered as*
(in millions)	January 31, 2017		Level 1		Level 2		Level 3
Equity securities:
U.S. equity securities	$	56.2	$	56.2	$	—	$	—
Mutual fund	35.1		35.1		—		—
Fixed income securities:
Government bonds	78.2		77.8		0.4		—
Corporate bonds	83.8		—		83.8		—
Other types of investments:
Cash and cash equivalents	7.8		7.8		—		—
Mutual funds	36.7		36.7		—		—
Net assets in fair value hierarchy	297.8		213.6		84.2		—
Investments at NAV practical expedient^a	232.3
Plan assets at fair value	$	530.1	$	213.6	$	84.2	$	—


*	See "Note I. Fair Value of Financial Instruments" for a description of the levels of inputs.

In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the Qualified Plan's fair value of plan assets at the end of each respective year.

Schedule of Expected Benefit Payments

he Company estimates the following future benefit payments to be paid:



Years Ending January 31,	Pension Benefits (in millions)		Other Postretirement Benefits (in millions)
2019	$	27.1	$	1.9
2020	27.4		2.0
2021	28.5		2.1
2022	29.8		2.2
2023	30.6		2.4
2024-2028	175.1		14.8