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Employee Benefit Plans - (Tables)
 12 Months Ended
Jan. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
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)
2020

2019

 
2020

2019

Change in benefit obligation:
 
 
 
 
 
Projected benefit obligation at beginning of year
$
795.0

$
795.6

 
$
76.1

$
78.5

Service cost
17.0

17.9

 
2.6

3.0

Interest cost
32.5

30.7

 
3.3

3.0

Participants' contributions
—

—

 
1.3

1.3

MMA retiree drug subsidy
—

—

 
0.1

0.1

Actuarial loss (gain)
139.8

(22.4
)
 
15.4

(7.0
)
Benefits paid
(28.2
)
(26.8
)
 
(2.7
)
(2.8
)
Projected benefit obligation at end of year
956.1

795.0

 
96.1

76.1

Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of year
549.7

578.1

 
—

—

Actual return on plan assets
109.9

(20.1
)
 
—

—

Employer contributions
37.3

18.5

 
1.3

1.4

Participants' contributions
—

—

 
1.3

1.3

MMA retiree drug subsidy
—

—

 
0.1

0.1

Benefits paid
(28.2
)
(26.8
)
 
(2.7
)
(2.8
)
Fair value of plan assets at end of year
668.7

549.7

 
—

—

Funded status at end of year
$
(287.4
)
$
(245.3
)
 
$
(96.1
)
$
(76.1
)
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, 2020
 
(in millions)
Qualified

Excess/SRIP

Other

Total

Projected benefit obligation
$
800.3

$
127.8

$
28.0

$
956.1

Fair value of plan assets
668.7

—

—

668.7

Funded status
$
(131.6
)
$
(127.8
)
$
(28.0
)
$
(287.4
)
Accumulated benefit obligation
$
722.1

$
110.6

$
22.8

$
855.5


 
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
Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Loss
 
January 31,
 
(in millions)
2020

 
2019

  Accumulated other comprehensive loss, net of tax:
 
 
 
Foreign currency translation adjustments
$
(130.4
)
 
$
(108.2
)
Deferred hedging gain (loss)
5.4

 
(24.5
)
Net unrealized loss on benefit plans
(148.2
)
 
(72.1
)
 
$
(273.2
)
 
$
(204.8
)


Pre-tax amounts recognized in accumulated other comprehensive loss consisted of:
 
January 31,
 
 
Pension Benefits
 
 
Other Postretirement Benefits
 
(in millions)
2020

2019

 
2020

2019

Net actuarial loss (gain)
$
188.0

$
132.7

 
$
9.7

$
(5.8
)
Prior service cost (credit)
0.4

0.5

 
(0.4
)
(1.0
)
Total before tax
$
188.4

$
133.2

 
$
9.3

$
(6.8
)
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)
2020

2019

2018

 
2020

2019

2018

Service cost
$
17.0

$
17.9

$
17.3

 
$
2.6

$
3.0

$
2.8

Interest cost
32.5

30.7

32.0

 
3.3

3.0

3.0

Expected return on plan assets
(36.7
)
(33.4
)
(32.9
)
 
—

—

—

Amortization of prior service cost (credit)
0.1

0.1

0.2

 
(0.6
)
(0.7
)
(0.7
)
Amortization of net loss (gain)
11.3

15.0

13.2

 
(0.1
)
0.1

0.1

Net periodic benefit cost
24.2

30.3

29.8

 
5.2

5.4

5.2

 
 
 
 
 
 
 
 
Net actuarial loss (gain)
66.6

31.2

(32.1
)
 
15.4

(7.0
)
1.5

Recognized actuarial (loss) gain
(11.3
)
(15.0
)
(13.2
)
 
0.1

(0.1
)
(0.1
)
Recognized prior service (cost) credit
(0.1
)
(0.1
)
(0.2
)
 
0.6

0.7

0.7

Total recognized in other comprehensive earnings
55.2

16.1

(45.5
)
 
16.1

(6.4
)
2.1

Total recognized in net periodic benefit cost and other comprehensive earnings
$
79.4

$
46.4

$
(15.7
)
 
$
21.3

$
(1.0
)
$
7.3
Schedule of Assumptions Used
Weighted-average assumptions used to determine benefit obligations:
 
January 31,
 
 
2020

2019

Discount rate:
 
 
Qualified Plan
3.25
%
4.25
%
Excess Plan/SRIP
3.00
%
4.25
%
Other Plans
0.76
%
0.81
%
Other Postretirement Benefits
3.25
%
4.50
%
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
%
2.56
%

Weighted-average assumptions used to determine net periodic benefit cost:
 
Years Ended January 31,
 
 
2020

2019

2018

Discount rate:
 
 
 
Qualified Plan
4.25
%
4.00
%
4.25
%
Excess Plan/SRIP
4.25
%
3.75
%
4.25
%
Other Plans
1.32
%
1.54
%
1.49
%
Other Postretirement Benefits
4.50
%
4.00
%
4.25
%
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
2.66
%
1.41
%
1.38
%
Fair Value of Company's Qualified Plan Assets
The fair value of the Qualified Plan's assets at January 31, 2020 and 2019 by asset category is as follows:
 
Fair Value at
Fair Value Measurements
Using Inputs Considered as*
(in millions)
January 31, 2020
Level 1
Level 2
Level 3
Equity securities:
 
 
 
 
U.S. equity securities
$
53.0

$
53.0

$
—

$
—

Mutual funds
119.5

119.5

—

—

Fixed income securities:
 
 
 
 
Government bonds
100.5

99.3

1.2

—

Corporate bonds
139.9

—

139.9

—

Other types of investments:
 
 
 
 
Cash and cash equivalents
2.5

2.5

—

—

Mutual funds
73.9

61.8

12.1

—

Net assets in fair value hierarchy
489.3

336.1

153.2

—

Investments at NAV practical expedient a
179.4

 
 
 
Plan assets at fair value
$
668.7

$
336.1

$
153.2

$
—

 
 
 
 
 
 
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

$
—

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

2021
                    $
29.3

                    $
2.0

2022
30.4

2.1

2023
31.1

2.2

2024
32.6

2.4

2025
33.9

2.5

2026-2030
197.5

16.1