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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:

			Defined Benefit Pension Plans												Retiree Health Benefit Plans
			2021						2020						2021						2020
Change in benefit obligation:
Benefit obligation at beginning of year			$	18,225.5					$	16,251.0					$	1,753.7					$	1,601.4
Service cost			369.2						325.5						49.2						40.8
Interest cost			337.8						425.8						32.5						43.7
Actuarial (gain) loss			(564.3)						1,563.1						(86.1)						142.1
Benefits paid			(630.1)						(587.2)						(79.3)						(75.1)
Curtailment loss			—						2.2						—						—
Foreign currency exchange rate changes and other adjustments			(173.1)						245.1						(6.2)						0.8
Benefit obligation at end of year			17,565.0						18,225.5						1,663.8						1,753.7

Schedule of Changes in Fair Value of Plan Assets

Change in plan assets:
Fair value of plan assets at beginning of year			14,579.0						12,858.0						3,227.0						2,768.2
Actual return on plan assets			2,458.1						1,802.4						202.6						539.0
Employer contribution			131.2						318.8						11.1						(5.1)
Benefits paid			(630.1)						(587.2)						(79.3)						(75.1)
Foreign currency exchange rate changes and other adjustments			(122.2)						187.0						—						—
Fair value of plan assets at end of year			16,416.0						14,579.0						3,361.4						3,227.0

Schedule of Net Funded Status

Funded status			(1,149.0)						(3,646.5)						1,697.6						1,473.3
Unrecognized net actuarial (gain) loss			3,908.2						6,515.5						(497.2)						(349.1)
Unrecognized prior service (benefit) cost			11.2						15.4						(117.6)						(177.6)
Net amount recognized			$	2,770.4					$	2,884.4					$	1,082.8					$	946.6

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheet consisted of:
Other noncurrent assets			$	668.5					$	299.6					$	1,910.2					$	1,697.0
Other current liabilities			(68.3)						(67.9)						(7.9)						(7.4)
Accrued retirement benefits			(1,749.3)						(3,878.2)						(204.8)						(216.3)
Accumulated other comprehensive (income) loss before income taxes			3,919.5						6,530.9						(614.7)						(526.7)
Net amount recognized			$	2,770.4					$	2,884.4					$	1,082.8					$	946.6

Schedule of Assumptions Used

The following represents our weighted-average assumptions as of December 31:

			Defined Benefit Pension Plans																		Retiree Health Benefit Plans
(Percents)			2021						2020						2019						2021						2020						2019
Discount rate for benefit obligation			2.8		%				2.4		%				3.0		%				3.0		%				2.6		%				3.3		%
Discount rate for net benefit costs			2.4						3.0						4.0						2.6						3.3						4.4
Rate of compensation increase for benefit obligation			3.5						3.3						3.3
Rate of compensation increase for net benefit costs			3.3						3.3						3.4
Expected return on plan assets for net benefit costs			6.8						7.3						7.4						5.0						6.0						6.0

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:

			2022						2023						2024						2025						2026						2027-2031
Defined benefit pension plans			$	631.9					$	641.8					$	669.4					$	686.6					$	707.5					$	3,919.7
Retiree health benefit plans			89.4						89.5						93.1						93.9						94.5						477.7

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:

			2021						2020
Projected benefit obligation			$	3,360.3					$	15,770.7
Fair value of plan assets			1,542.8						11,824.4

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:

			Defined Benefit Pension Plans												Retiree Health Benefit Plans
			2021						2020						2021						2020
Accumulated benefit obligation			$	2,532.0					$	14,682.3					$	212.6					$	223.8
Fair value of plan assets			973.4						11,824.4						—						—

Schedule of Net Benefit Costs

Net pension and retiree health benefit expense included the following components:

			Defined Benefit Pension Plans																		Retiree Health Benefit Plans
			2021						2020						2019						2021						2020						2019
Components of net periodic (benefit) cost:
Service cost			$	369.2					$	325.5					$	250.4					$	49.2					$	40.8					$	36.3
Interest cost			337.8						425.8						486.0						32.5						43.7						58.0
Expected return on plan assets			(949.3)						(901.5)						(839.6)						(146.2)						(158.1)						(144.3)
Amortization of prior service (benefit) cost			4.2						4.5						6.1						(59.6)						(59.5)						(62.9)
Recognized actuarial (gain) loss			487.7						396.3						284.9						3.2						(3.0)						1.9
Curtailment loss			—						—						2.2						—						—						—
Net periodic (benefit) cost			$	249.6					$	250.6					$	190.0					$	(120.9)					$	(136.1)					$	(111.0)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31, 2021, 2020, and 2019:

			Defined Benefit Pension Plans																		Retiree Health Benefit Plans
			2021						2020						2019						2021						2020						2019
Actuarial gain (loss) arising during period			$	2,072.4					$	(663.0)					$	(1,461.0)					$	142.5					$	238.8					$	246.1
Plan amendments during period			—						(2.2)						—						—						—						—
Curtailment gain			—						—						19.0						—						—						—
Amortization of prior service (benefit) cost included in net income			4.2						4.5						6.1						(59.6)						(59.5)						(62.9)
Amortization of net actuarial (gain) loss included in net income			487.7						396.3						284.9						3.2						(3.0)						1.9
Foreign currency exchange rate changes and other			47.2						(71.5)						(7.7)						1.9						2.4						3.6
Total other comprehensive income (loss) during period			$	2,611.5					$	(335.9)					$	(1,158.7)					$	88.0					$	178.7					$	188.7

Schedule of Allocation of Plan Assets

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2021 by asset category were as follows:

									Fair Value Measurements Using
Asset Class			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable  Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
Public equity securities:
U.S.			$	1,325.4					$	430.4					$	0.1					$	1.2					$	893.7
International			2,722.7						815.0						—						—						1,907.7
Fixed income:
Developed markets			4,496.0						2.6						3,356.6						—						1,136.8
Developed markets - repurchase agreements			(1,376.2)						—						(1,376.2)						—						—
Emerging markets			611.0						11.3						250.5						0.1						349.1
Private alternative investments:
Hedge funds			3,046.8						—						—						—						3,046.8
Equity-like funds			3,816.4						2.1						—						5.5						3,808.8
Real estate			630.3						363.8						7.5						10.7						248.3
Other			1,143.6						103.2						263.2						(2.1)						779.3
Total			$	16,416.0					$	1,728.4					$	2,501.7					$	15.4					$	12,170.5
Retiree Health Benefit Plans
Public equity securities:
U.S.			$	124.7					$	40.9					$	—					$	0.1					$	83.7
International			180.6						47.7						—						—						132.9
Fixed income:
Developed markets			102.2						—						80.5						—						21.7
Emerging markets			51.6						—						23.7						—						27.9
Private alternative investments:
Hedge funds			275.4						—						—						—						275.4
Equity-like funds			317.8						—						—						0.5						317.3
Cash value of trust owned insurance contract			2,166.8						—						2,166.8						—						—
Real estate			36.2						34.5						0.7						1.0						—
Other			106.1						24.4						18.3						(0.1)						63.5
Total			$	3,361.4					$	147.5					$	2,290.0					$	1.5					$	922.4

(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2020 by asset category were as follows:

									Fair Value Measurements Using
Asset Class			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans
Public equity securities:
U.S.			$	737.6					$	476.1					$	—					$	1.0					$	260.5
International			2,635.8						1,102.3						—						—						1,533.5
Fixed income:
Developed markets			4,301.3						2.9						3,179.2						—						1,119.2
Developed markets - repurchase agreements			(1,670.8)						—						(1,670.8)						—						—
Emerging markets			631.0						14.2						262.7						0.1						354.0
Private alternative investments:
Hedge funds			2,661.3						—						—						—						2,661.3
Equity-like funds			2,844.7						—						—						16.9						2,827.8
Real estate			558.9						259.6						6.9						5.8						286.6
Other			1,879.2						60.4						301.2						18.0						1,499.6
Total			$	14,579.0					$	1,915.5					$	2,079.2					$	41.8					$	10,542.5
Retiree Health Benefit Plans
Public equity securities:
U.S.			$	68.3					$	45.0					$	—					$	0.1					$	23.2
International			162.3						58.1						—						—						104.2
Fixed income:
Developed markets			101.5						—						80.3						—						21.2
Emerging markets			53.5						—						24.7						—						28.8
Private alternative investments:
Hedge funds			229.7						—						—						—						229.7
Equity-like funds			223.4						—						—						1.6						221.8
Cash value of trust owned insurance contract			2,204.6						—						2,204.6						—						—
Real estate			25.8						24.5						0.7						0.6						—
Other			157.9						14.1						21.1						1.7						121.0
Total			$	3,227.0					$	141.7					$	2,331.4					$	4.0					$	749.9

(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

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