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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Pension and Postretirement Plans |
Financial information related to pension and postretirement health care plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement |
​ | ​ | Pension (a) | ​ | Pension | ​ | Health Care |
(millions) | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019 | ​ | 2020 | ​ | 2019 |
Accumulated benefit obligation, end of year | ​ | ​ | $2,728.4 | ​ | ​ | ​ | $2,535.9 | ​ | ​ | $1,759.8 | ​ | ​ | ​ | $1,585.5 | ​ | ​ | $172.4 | ​ | ​ | ​ | $165.7 | ​
Projected benefit obligation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation, beginning of year |  | ​ | $2,562.5 | ​ | ​ | ​ | $2,241.0 | ​ | ​ | $1,667.6 | ​ | ​ | ​ | $1,436.7 | ​ | ​ | $165.7 | ​ | ​ | ​ | $147.3 | ​
Service cost |  | ​ | 68.4 | ​ | ​ | ​ | 72.8 | ​ | ​ | 30.8 | ​ | ​ | ​ | 30.2 | ​ | ​ | 1.2 | ​ | ​ | ​ | 1.4 | ​
Interest cost |  | ​ | 70.3 | ​ | ​ | ​ | 89.0 | ​ | ​ | 22.3 | ​ | ​ | ​ | 31.2 | ​ | ​ | 4.4 | ​ | ​ | ​ | 5.6 | ​
Participant contributions |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.6 | ​ | ​ | ​ | 3.0 | ​ | ​ | 3.8 | ​ | ​ | ​ | 3.4 | ​
Curtailments and settlements |  | ​ | (0.6) | ​ | ​ | ​ | 3.4 | ​ | ​ | (34.3) | ​ | ​ | ​ | (18.6) | ​ | ​ | - | ​ | ​ | ​ | 0.6 | ​
Plan amendments |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (1.7) | ​ | ​ | ​ | 0.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Actuarial (gain) loss |  | ​ | 241.8 | ​ | ​ | ​ | 336.4 | ​ | ​ | 83.6 | ​ | ​ | ​ | 235.8 | ​ | ​ | 12.2 | ​ | ​ | ​ | 22.2 | ​
Other events | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 0.3 | ​ | ​ | ​ | 0.6 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid |  | ​ | (214.0) | ​ | ​ | ​ | (180.1) | ​ | ​ | (39.6) | ​ | ​ | ​ | (37.6) | ​ | ​ | (14.9) | ​ | ​ | ​ | (14.8) | ​
Foreign currency translation |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 102.6 | ​ | ​ | ​ | (13.8) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Projected benefit obligation, end of year (b) |  | ​ | $2,728.4 | ​ | ​ | ​ | $2,562.5 | ​ | ​ | $1,834.2 | ​ | ​ | ​ | $1,667.6 | ​ | ​ | $172.4 | ​ | ​ | ​ | $165.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | ​ | $2,292.9 | ​ | ​ | ​ | $1,981.4 | ​ | ​ | $1,027.1 | ​ | ​ | ​ | $925.6 | ​ | ​ | $6.1 | ​ | ​ | ​ | $6.0 | ​
Actual returns on plan assets | ​ | ​ | 281.3 | ​ | ​ | ​ | 366.9 | ​ | ​ | 87.7 | ​ | ​ | ​ | 110.5 | ​ | ​ | 0.8 | ​ | ​ | ​ | 1.1 | ​
Company contributions | ​ | ​ | 13.3 | ​ | ​ | ​ | 129.0 | ​ | ​ | 41.3 | ​ | ​ | ​ | 43.3 | ​ | ​ | 13.7 | ​ | ​ | ​ | 13.8 | ​
Participant contributions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 2.6 | ​ | ​ | ​ | 3.0 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Curtailments and settlements | ​ | ​ | (0.6) | ​ | ​ | ​ | (4.3) | ​ | ​ | (25.7) | ​ | ​ | ​ | (17.6) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid | ​ | ​ | (214.0) | ​ | ​ | ​ | (180.1) | ​ | ​ | (39.6) | ​ | ​ | ​ | (37.6) | ​ | ​ | (14.9) | ​ | ​ | ​ | (14.8) | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 54.6 | ​ | ​ | ​ | (0.1) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Fair value of plan assets, end of year (c) | ​ | ​ | $2,372.9 | ​ | ​ | ​ | $2,292.9 | ​ | ​ | $1,148.0 | ​ | ​ | ​ | $1,027.1 | ​ | ​ | $5.7 | ​ | ​ | ​ | $6.1 | ​
Funded Status, end of year | ​ | ​ | ($355.5) | ​ | ​ | ​ | ($269.6) | ​ | ​ | ($686.2) | ​ | ​ | ​ | ($640.5) | ​ | ​ | ($166.7) | ​ | ​ | ​ | ($159.6) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the Consolidated Balance Sheet: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other assets | ​ | ​ | $- | ​ | ​ | ​ | $- | ​ | ​ | $37.0 | ​ | ​ | ​ | $31.1 | ​ | ​ | $- | ​ | ​ | ​ | $- | ​
Other current liabilities | ​ | ​ | (14.7) | ​ | ​ | ​ | (12.5) | ​ | ​ | (24.0) | ​ | ​ | ​ | (23.6) | ​ | ​ | (5.5) | ​ | ​ | ​ | (5.2) | ​
Postretirement healthcare and pension benefits | ​ | ​ | (340.8) | ​ | ​ | ​ | (257.1) | ​ | ​ | (699.2) | ​ | ​ | ​ | (647.8) | ​ | ​ | (161.2) | ​ | ​ | ​ | (154.4) | ​
Net liability | ​ | ​ | ($355.5) | ​ | ​ | ​ | ($269.6) | ​ | ​ | ($686.2) | ​ | ​ | ​ | ($640.3) | ​ | ​ | ($166.7) | ​ | ​ | ​ | ($159.6) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial loss (gain) | ​ | ​ | $691.3 | ​ | ​ | ​ | $632.4 | ​ | ​ | $595.6 | ​ | ​ | ​ | $527.7 | ​ | ​ | $1.3 | ​ | ​ | ​ | ($10.5) | ​
Unrecognized net prior service costs (benefits) | ​ | ​ | (32.7) | ​ | ​ | ​ | (40.0) | ​ | ​ | (1.2) | ​ | ​ | ​ | 0.6 | ​ | ​ | - | ​ | ​ | ​ | (11.0) | ​
Tax (benefit) expense | ​ | ​ | (165.1) | ​ | ​ | ​ | (149.1) | ​ | ​ | (151.9) | ​ | ​ | ​ | (129.6) | ​ | ​ | (2.0) | ​ | ​ | ​ | 3.4 | ​
Accumulated other comprehensive loss (income), net of tax (d) | ​ | ​ | $493.5 | ​ | ​ | ​ | $443.3 | ​ | ​ | $442.5 | ​ | ​ | ​ | $398.7 | ​ | ​ | ($0.7) | ​ | ​ | ​ | ($18.1) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of net actuarial (gain) loss | ​ | ​ | ($51.8) | ​ | ​ | ​ | ($23.5) | ​ | ​ | ($29.5) | ​ | ​ | ​ | ($17.3) | ​ | ​ | ($0.1) | ​ | ​ | ​ | $4.1 | ​
Amortization of prior service costs | ​ | ​ | 7.4 | ​ | ​ | ​ | 11.5 | ​ | ​ | (0.2) | ​ | ​ | ​ | 1.1 | ​ | ​ | 11.0 | ​ | ​ | ​ | 23.2 | ​
Current period net actuarial loss (gain) | ​ | ​ | 113.3 | ​ | ​ | ​ | 119.0 | ​ | ​ | 66.4 | ​ | ​ | ​ | 185.8 | ​ | ​ | 11.9 | ​ | ​ | ​ | 21.4 | ​
Current period prior service costs | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (1.7) | ​ | ​ | ​ | 0.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Curtailments and settlements | ​ | ​ | (2.7) | ​ | ​ | ​ | (1.5) | ​ | ​ | (2.2) | ​ | ​ | ​ | 1.8 | ​ | ​ | - | ​ | ​ | ​ | 0.2 | ​
Tax (benefit) expense | ​ | ​ | (16.0) | ​ | ​ | ​ | (25.7) | ​ | ​ | (22.3) | ​ | ​ | ​ | (36.9) | ​ | ​ | (5.4) | ​ | ​ | ​ | (11.7) | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 33.3 | ​ | ​ | ​ | (5.2) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Other comprehensive loss (income) | ​ | ​ | $50.2 | ​ | ​ | ​ | $79.8 | ​ | ​ | $43.8 | ​ | ​ | ​ | $129.4 | ​ | ​ | $17.4 | ​ | ​ | ​ | $37.2 | ​
​
| (a) | Includes qualified and non-qualified plans
| (b) | Projected benefit obligation includes discontinued operations of $5.3 as of December 31, 2019.
| (c) | Fair value of the plan assets includes discontinued operations of $0.6 as of December 31, 2019.
| (d) | Accumulated other comprehensive includes discontinued operations of $2.9 as of December 31, 2019.
​
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | U.S. Post- |
​ | ​ | U.S. | ​ | International | ​ | Retirement | ​
(millions) | ​ | Pension (a) | ​ | Pension | ​ | Health Care |
Net actuarial loss | ​ | ​ | $64.8 | ​ | ​ | ​ | $28.5 | ​ | ​ | ​ | $0.7 | ​ | ​
Net prior service benefits | ​ | ​ | (6.9) | ​ | ​ | ​ | (0.2) | ​ | ​ | ​ | - | ​ | ​
Total | ​ | ​ | $57.9 | ​ | ​ | ​ | $28.3 | ​ | ​ | ​ | $0.7 | ​ | ​
​
| (a) | Includes qualified and non-qualified plans.
​
Aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (millions) |  | 2020 |  | 2019 | ​
Aggregate projected benefit obligation (a) | ​ | ​ | $4,155.4 | ​ | ​ | ​ | $3,970.3 | ​
Accumulated benefit obligation (b) | ​ |  | 4,098.6 | ​ | ​ |  | 3,877.4 | ​
Fair value of plan assets (c) | ​ |  | 3,085.2 | ​ | ​ |  | 3,040.5 | ​
​
| (a) | Projected benefit obligation includes discontinued operations of $5.3 as of December 31, 2019.
| (b) | Accumulated benefit obligation includes discontinued operations of $1.1 as of December 31, 2019.
| (c) | Fair value of plan assets includes discontinued operations of $0.6 as of December 31, 2019.
​
Net periodic pension and postretirement health care benefit costs | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement
​ | ​ | Pension (a) | ​ | Pension | ​ | Health Care
(millions) | ​ | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | ​ | ​ | $68.4 | ​ | ​ | ​ | $72.8 | ​ | ​ | $74.5 | ​ | ​ | $30.8 | ​ | ​ | ​ | $30.2 | ​ | ​ | $33.2 | ​ | ​ | $1.2 | ​ | ​ | ​ | $1.4 | ​ | ​ | $2.7
Interest cost on benefit obligation | ​ | ​ | 70.3 | ​ | ​ |  | 89.0 | ​ |  | 83.1 | ​ |  | 22.3 | ​ | ​ |  | 31.2 | ​ |  | 29.1 | ​ |  | 4.4 | ​ | ​ |  | 5.6 | ​ |  | 5.6
Expected return on plan assets | ​ | ​ | (152.9) | ​ | ​ |  | (149.5) | ​ |  | (161.9) | ​ |  | (63.9) | ​ | ​ |  | (59.9) | ​ |  | (63.2) | ​ |  | (0.4) | ​ | ​ |  | (0.4) | ​ |  | (0.4)
Recognition of net actuarial loss (gain) | ​ | ​ | 51.9 | ​ | ​ |  | 23.6 | ​ |  | 39.0 | ​ |  | 26.1 | ​ | ​ |  | 16.3 | ​ |  | 17.2 | ​ |  | 0.1 | ​ | ​ |  | (4.1) | ​ |  | (1.9)
Amortization of prior service benefit | ​ | ​ | (7.4) | ​ | ​ | ​ | (11.5) | ​ | ​ | (6.8) | ​ | ​ | (0.1) | ​ | ​ | ​ | (0.9) | ​ | ​ | (0.9) | ​ | ​ | (11.0) | ​ | ​ | ​ | (23.2) | ​ | ​ | (19.7)
Curtailments and settlements | ​ | ​ | 2.5 | ​ | ​ | ​ | 9.1 | ​ | ​ | - | ​ | ​ | 2.2 | ​ | ​ | ​ | (1.9) | ​ | ​ | 2.3 | ​ | ​ | - | ​ | ​ | ​ | 0.3 | ​ | ​ | -
Total expense (benefit) (b) | ​ | ​ | $32.8 | ​ | ​ | ​ | $33.5 | ​ | ​ | $27.9 | ​ | ​ | $17.4 | ​ | ​ | ​ | $15.0 | ​ | ​ | $17.7 | ​ | ​ | ($5.7) | ​ | ​ | ​ | ($20.4) | ​ | ​ | ($13.7)
​
| (a) | Includes qualified and non-qualified plans.
| (b) | Service cost includes discontinued operations of $2.5, $7.8, and $7.1 for the years ended December 31, 2020, 2019, and 2018, respectively.
Plan Assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan Assumptions | ​ | U.S. | ​ | International | ​ | U.S. Postretirement | ​
​ | ​ | Pension (a) | ​ | Pension | ​ | Health Care | ​
(percent) |  | 2020 | ​ | 2019 | ​ | 2018 |  | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine benefit obligations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of year end: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ | 2.48 | % | ​ | 3.20 | % | ​ | 4.34 | % | ​ | 1.13 | % | ​ | 1.52 | % | ​ | 2.49 | % | ​ | 2.37 | % | ​ | 3.16 | % | ​ | 4.29 | % | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 2.12 |  | ​ | 2.50 |  | ​ | 2.46 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine net cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest credit rate for cash balance plans | ​ | 1.81 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​
Discount rate | ​ | 3.20 |  | ​ | 4.34 |  | ​ | 3.70 |  | ​ | 1.84 |  | ​ | 2.66 |  | ​ | 2.29 |  | ​ | 3.16 |  | ​ | 4.29 |  | ​ | 3.66 | ​ | ​
Expected return on plan assets | ​ | 7.25 |  | ​ | 7.25 |  | ​ | 7.75 |  | ​ | 6.24 |  | ​ | 6.66 |  | ​ | 6.67 |  | ​ | 7.25 |  | ​ | 7.25 |  | ​ | 7.75 | ​ | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 2.81 |  | ​ | 2.70 |  | ​ | 2.67 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (a) | Includes qualified and non-qualified plans.
Estimated future benefits payments | ​
​ | ​ | ​ | ​ | ​
(millions) | ​ | All Plans | ​
2021 | ​ | ​ | $ 232 | ​
2022 | ​ |  | 262 | ​
2023 | ​ |  | 247 | ​
2024 | ​ |  | 253 | ​
2025 | ​ |  | 261 | ​
2026 - 2030 | ​ |  | 1,254 | ​
Pension and Postretirement Health Care Benefit Plans |
Pension and Postretirement Plans |
Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans | The fair value of the Company’s U.S. qualified pension plan assets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value as of | ​ | Fair Value as of
(millions) | ​ | December 31, 2020 | ​ | December 31, 2019
​ |  | Level 1 |  | Level 2 |  | Total | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | ​ | $38.3 | ​ | ​ | $- | ​ | ​ | $38.3 | ​ | ​ | $13.2 | ​ | ​ | $- | ​ | ​ | $13.2
Equity securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity |  |  | 610.0 | ​ | ​ | - | ​ | ​ | 610.0 | ​ |  | 785.9 | ​ | ​ | - | ​ | ​ | 785.9
Small cap equity |  |  | 36.5 | ​ | ​ | 68.3 | ​ | ​ | 104.8 | ​ |  | 201.7 | ​ | ​ | - | ​ | ​ | 201.7
International equity |  |  | 95.8 | ​ | ​ | 42.9 | ​ | ​ | 138.7 | ​ |  | 350.4 | ​ | ​ | - | ​ | ​ | 350.4
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income |  |  | 360.3 | ​ | ​ | 327.8 | ​ | ​ | 688.1 | ​ |  | 410.0 | ​ | ​ | - | ​ | ​ | 410.0
High-yield bonds |  |  | 76.3 | ​ | ​ | - | ​ | ​ | 76.3 | ​ |  | 107.9 | ​ | ​ | - | ​ | ​ | 107.9
Emerging markets |  |  | - | ​ | ​ | 55.6 | ​ | ​ | 55.6 | ​ |  | 41.7 | ​ | ​ | - | ​ | ​ | 41.7
Insurance company accounts | ​ |  | - | ​ | ​ | - | ​ | ​ | - | ​ |  | - | ​ | ​ | 0.3 | ​ | ​ | 0.3
Total investments at fair value | ​ |  | 1,217.2 | ​ | ​ | 494.6 | ​ |  | 1,711.8 | ​ |  | 1,910.8 | ​ | ​ | 0.3 | ​ |  | 1,911.1
Investments measured at NAV | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 666.9 | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 387.9
Total | ​ | ​ | $1,217.2 | ​ | ​ | $494.6 | ​ | ​ | $2,378.7 | ​ | ​ | $1,910.8 | ​ | ​ | $0.3 | ​ | ​ | $2,299.0
​ The Company had no level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2020 or 2019. ​ The allocation of the Company’s U.S. qualified pension plan assets plans are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Target Asset | ​ | ​ | ​ | ​ | ​ |
Asset Category | ​ | Allocation | ​ | Percentage
​ | ​ | Percentage | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 |  | 2020 | ​ | 2019 |  | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | - | % | ​ | - | % | ​ | 2 | % | ​ | 1 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity | ​ | 27 | ​ | ​ | 34 | ​ | ​ | 26 | ​ | ​ | 34 | ​
Small cap equity | ​ | 4 |  | ​ | 9 |  | ​ | 4 |  | ​ | 8 | ​
International equity | ​ | 16 |  | ​ | 15 |  | ​ | 15 |  | ​ | 15 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income | ​ | 30 |  | ​ | 18 |  | ​ | 29 |  | ​ | 18 | ​
High-yield bonds | ​ | 4 |  | ​ | 5 |  | ​ | 3 |  | ​ | 5 | ​
Emerging markets | ​ | 2 |  | ​ | 2 |  | ​ | 2 |  | ​ | 2 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate | ​ | 6 |  | ​ | 6 |  | ​ | 7 |  | ​ | 7 | ​
Private equity | ​ | 8 |  | ​ | 8 |  | ​ | 9 |  | ​ | 7 | ​
Distressed debt | ​ | 3 | ​ | ​ | 3 | ​ | ​ | 3 | ​ | ​ | 3 | ​
Total | ​ | 100 | % | ​ | 100 | % | ​ | 100 | % | ​ | 100 | %
International |
Pension and Postretirement Plans |
Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value as of |  | ​ | Fair Value as of
(millions) | ​ | December 31, 2020 |  | ​ | December 31, 2019
​ |  | Level 1 |  | Level 2 |  | Total |  | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | $11.0 | ​ | $- | ​ | $11.0 | ​ | ​ | $7.7 | ​ | $- | ​ | $7.7
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | - | ​ | 467.0 | ​ | 467.0 | ​ | ​ | - | ​ | 418.1 | ​ | 418.1
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds |  | 9.1 | ​ | 218.6 | ​ | 227.7 | ​ | ​ | 8.2 | ​ | 207.6 | ​ | 215.8
Government bonds |  | 6.8 | ​ | 241.9 | ​ | 248.7 | ​ | ​ | 12.6 | ​ | 215.8 | ​ | 228.4
Insurance company accounts | ​ | - | ​ | 149.6 | ​ | 149.6 | ​ | ​ | - | ​ | 144.2 | ​ | 144.2
Total investments at fair value | ​ | 26.9 | ​ | 1,077.1 | ​ | 1,104.0 | ​ | ​ | 28.5 | ​ | 985.7 | ​ | 1,014.2
Investments measured at NAV | ​ | ​ | ​ | ​ | ​ | 44.0 | ​ | ​ | ​ | ​ | ​ | ​ | 12.9
Total | ​ | $26.9 | ​ | $1,077.1 | ​ | $1,148.0 | ​ | ​ | $28.5 | ​ | $985.7 | ​ | $1,027.1
​ ​ The Company had no level 3 assets as part of its international plan assets as of December 31, 2020 or 2019. ​ The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage
Asset Category | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | 1 | % | ​ | 1 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | 40 | ​ |  | 41 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds | ​ | 20 | ​ |  | 21 | ​
Government bonds | ​ | 22 | ​ |  | 22 | ​
Total fixed income | ​ | 42 | ​ |  | 43 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​
Insurance contracts | ​ | 14 | ​ |  | 14 | ​
Debt securities | ​ | 2 | ​ | ​ | - | ​
Real estate | ​ | 1 | ​ | ​ | 1 | ​
Total | ​ | 100 | % | ​ | 100 | %

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- Definition Tabular disclosure of financial information associated with defined benefit plans and other post-retirement benefit plans. Information includes components of net benefit costs, accumulated benefit obligations and fair value of plan assets, funded status, amounts recognized in the consolidated balance sheet and accumulated other comprehensive income (loss), and the changes in accumulated other comprehensive income (loss). + References No definition available. + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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