Employee Benefit Plans - (Tables)

12 Months Ended

Jan. 31, 2019

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:



	Years Ended January 31,
	Pension Benefits						Other Postretirement Benefits
(in millions)	2019			2018			2019			2018
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	795.6		$	783.7		$	78.5		$	72.5
Service cost	17.9			17.3			3.0			2.8
Interest cost	30.7			32.0			3.0			3.0
Participants' contributions	—			—			1.3			1.0
MMA retiree drug subsidy	—			—			0.1			0.2
Actuarial (gain) loss	(22.4		)	21.1			(7.0		)	1.5
Benefits paid	(26.8		)	(59.4		)	(2.8		)	(2.5		)
Translation	—			0.9			—			—
Projected benefit obligation at end of year	795.0			795.6			76.1			78.5
Change in plan assets:
Fair value of plan assets at beginning of year	578.1			530.1			—			—
Actual return on plan assets	(20.1		)	86.1			—			—
Employer contribution	18.5			21.3			1.4			1.3
Participants' contributions	—			—			1.3			1.0
MMA retiree drug subsidy	—			—			0.1			0.2
Benefits paid	(26.8		)	(59.4		)	(2.8		)	(2.5		)
Fair value of plan assets at end of year	549.7			578.1			—			—
Funded status at end of year	$	(245.3	)	$	(217.5	)	$	(76.1	)	$	(78.5	)

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, 2019
(in millions)	Qualified			Excess/SRIP			Other			Total
Projected benefit obligation	$	658.5		$	109.4		$	27.1		$	795.0
Fair value of plan assets	549.7			—			—			549.7
Funded status	$	(108.8	)	$	(109.4	)	$	(27.1	)	$	(245.3	)
Accumulated benefit obligation	$	598.8		$	94.0		$	22.2		$	715.0



	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

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss



	January 31,
(in millions)	2019			2018
Accumulated other comprehensive loss, net of tax:
Foreign currency translation adjustments	$	(108.2	)	$	(48.0	)
Unrealized loss on marketable securities ^a	—			(1.8		)
Deferred hedging loss	(24.5		)	(22.9		)
Net unrealized loss on benefit plans	(72.1		)	(65.3		)
	$	(204.8	)	$	(138.0	)

The Company adopted ASU 2016-01 - Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities on February 1, 2018 using the modified retrospective method. Under ASU 2016-01, the Company recognizes both realized and unrealized gains and losses on marketable securities in Other expense, net. Previously, unrealized gains and losses were recorded as a separate component of stockholders' equity.

Pre-tax amounts recognized in accumulated other comprehensive loss consisted of:



	Years Ended January 31,
	Pension Benefits				Other Postretirement Benefits
(in millions)	2019		2018		2019			2018
Net actuarial loss (gain)	$	132.7	$	116.5	$	(5.8	)	$	1.3
Prior service cost (credit)	0.5		0.6		(1.0		)	(1.7		)
Total before tax	$	133.2	$	117.1	$	(6.8	)	$	(0.4	)

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	$	10.5	$
Prior service cost (credit)	0.1		(0.7		)
	$	10.6	$	(0.7	)

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)	2019			2018			2017			2019			2018			2017
Service cost	$	17.9		$	17.3		$	17.4		$	3.0		$	2.8		$	2.8
Interest cost	30.7			32.0			31.6			3.0			3.0			3.1
Expected return on plan assets	(33.4		)	(32.9		)	(23.5		)	—			—			—
Amortization of prior service cost	0.1			0.2			—			(0.7		)	(0.7		)	(0.7		)
Amortization of net loss	15.0			13.2			14.7			0.1			0.1			—
Net periodic benefit cost	30.3			29.8			40.2			5.4			5.2			5.2

Net actuarial loss (gain)	31.2			(32.1		)	(3.6		)	(7.0		)	1.5			(10.5		)
Recognized actuarial loss	(15.0		)	(13.2		)	(14.7		)	(0.1		)	(0.1		)	—
Recognized prior service (cost) credit	(0.1		)	(0.2		)	—			0.7			0.7			0.7
Total recognized in other comprehensive earnings	16.1			(45.5		)	(18.3		)	(6.4		)	2.1			(9.8		)
Total recognized in net periodic benefit cost and other comprehensive earnings	$	46.4		$	(15.7	)	$	21.9		$	(1.0	)	$	7.3		$	(4.6	)

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations:



	January 31,
	2019		2018
Discount rate:
Qualified Plan	4.25	%	4.00	%
Excess Plan/SRIP	4.25	%	3.75	%
Other Plans	0.81	%	0.83	%
Other Postretirement Benefits	4.50	%	4.00	%
Rate of increase in compensation:
Qualified Plan	3.00	%	3.00	%
Excess Plan	4.25	%	4.25	%
SRIP	6.50	%	6.50	%
Other Plans	2.56	%	1.13	%

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



	Years Ended January 31,
	2019		2018		2017
Discount rate:
Qualified Plan	4.00	%	4.25	%	4.50	%
Excess Plan/SRIP	3.75	%	4.25	%	4.25	%
Other Plans	1.54	%	1.49	%	1.40	%
Other Postretirement Benefits	4.00	%	4.25	%	4.50	%
Expected return on plan assets	7.00	%	7.00	%	7.00	%
Rate of increase in compensation:
Qualified Plan	3.00	%	3.00	%	3.00	%
Excess Plan	4.25	%	4.25	%	4.25	%
SRIP	6.50	%	6.50	%	6.50	%
Other Plans	1.41	%	1.38	%	1.38	%

Fair Value Of Companys Qualified Plan Assets

The fair value of the Qualified Plan's assets at January 31, 2019 and 2018 by asset category is as follows:



	Fair Value at		Fair Value Measurements Using Inputs Considered as*
(in millions)	January 31, 2019		Level 1		Level 2		Level 3
Equity securities:
U.S. equity securities	$	63.4	$	63.4	$	—	$	—
Mutual fund	38.7		38.7		—		—
Fixed income securities:
Government bonds	80.8		79.6		1.2		—
Corporate bonds	122.7		—		122.7		—
Other types of investments:
Cash and cash equivalents	2.7		2.7		—		—
Mutual funds	52.0		52.0		—		—
Net assets in fair value hierarchy	360.3		236.4		123.9		—
Investments at NAV practical expedient ^a	189.4
Plan assets at fair value	$	549.7	$	236.4	$	123.9	$	—

	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	$	—


*	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

The Company estimates the following future benefit payments:



Years Ending January 31,	Pension Benefits (in millions)		Other Postretirement Benefits (in millions)
2020	$	28.4	$	2.0
2021	29.3		2.1
2022	30.3		2.2
2023	31.3		2.4
2024	32.5		2.6
2025-2029	188.0		16.1