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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Pension and Postretirement Plans |
Financial information related to pension and postretirement health care plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement |
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits |
(millions) | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Accumulated benefit obligation, end of year | ​ | ​ | $1,799.0 | ​ | ​ | ​ | $2,462.7 | ​ | ​ | $1,171.1 | ​ | ​ | ​ | $1,696.2 | ​ | ​ | $115.5 | ​ | ​ | ​ | $155.4 | ​
Projected benefit obligation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation, beginning of year |  | ​ | $2,462.7 | ​ | ​ | ​ | $2,728.4 | ​ | ​ | $1,779.7 | ​ | ​ | ​ | $1,834.2 | ​ | ​ | $155.4 | ​ | ​ | ​ | $172.4 | ​
Service cost |  | ​ | 40.8 | ​ | ​ | ​ | 43.9 | ​ | ​ | 28.4 | ​ | ​ | ​ | 31.4 | ​ | ​ | 0.8 | ​ | ​ | ​ | 1.0 | ​
Interest cost |  | ​ | 65.3 | ​ | ​ | ​ | 51.4 | ​ | ​ | 22.0 | ​ | ​ | ​ | 17.3 | ​ | ​ | 3.3 | ​ | ​ | ​ | 2.9 | ​
Participant contributions |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 3.0 | ​ | ​ | ​ | 2.9 | ​ | ​ | 3.7 | ​ | ​ | ​ | 3.3 | ​
Plan amendments |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | 0.7 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Actuarial (gain) loss |  | ​ | (479.8) | ​ | ​ | ​ | (79.6) | ​ | ​ | (436.8) | ​ | ​ | ​ | (25.3) | ​ | ​ | (33.7) | ​ | ​ | ​ | (12.1) | ​
Assumed through acquisitions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 15.1 | ​ | ​ | ​ | 34.0 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Other events | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | 4.3 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid |  | ​ | (290.0) | ​ | ​ | ​ | (281.4) | ​ | ​ | (54.3) | ​ | ​ | ​ | (68.5) | ​ | ​ | (14.0) | ​ | ​ | ​ | (12.1) | ​
Foreign currency translation |  | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (135.2) | ​ | ​ | ​ | (51.3) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Projected benefit obligation, end of year |  | ​ | $1,799.0 | ​ | ​ | ​ | $2,462.7 | ​ | ​ | $1,221.9 | ​ | ​ | ​ | $1,779.7 | ​ | ​ | $115.5 | ​ | ​ | ​ | $155.4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | ​ | $2,376.8 | ​ | ​ | ​ | $2,372.9 | ​ | ​ | $1,219.9 | ​ | ​ | ​ | $1,148.0 | ​ | ​ | $5.2 | ​ | ​ | ​ | $5.7 | ​
Actual returns on plan assets | ​ | ​ | (430.3) | ​ | ​ | ​ | 276.8 | ​ | ​ | (218.3) | ​ | ​ | ​ | 107.5 | ​ | ​ | (0.8) | ​ | ​ | ​ | 0.6 | ​
Company contributions | ​ | ​ | 12.0 | ​ | ​ | ​ | 8.5 | ​ | ​ | 38.3 | ​ | ​ | ​ | 40.7 | ​ | ​ | 12.8 | ​ | ​ | ​ | 11.0 | ​
Participant contributions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 3.0 | ​ | ​ | ​ | 2.9 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Acquired through acquisitions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | 15.1 | ​ | ​ | ​ | 12.9 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Benefits paid | ​ | ​ | (290.0) | ​ | ​ | ​ | (281.4) | ​ | ​ | (54.3) | ​ | ​ | ​ | (68.5) | ​ | ​ | (14.0) | ​ | ​ | ​ | (12.1) | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (98.6) | ​ | ​ | ​ | (23.6) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Fair value of plan assets, end of year | ​ | ​ | $1,668.5 | ​ | ​ | ​ | $2,376.8 | ​ | ​ | $905.1 | ​ | ​ | ​ | $1,219.9 | ​ | ​ | $3.2 | ​ | ​ | ​ | $5.2 | ​
Funded Status, end of year | ​ | ​ | ($130.5) | ​ | ​ | ​ | ($85.9) | ​ | ​ | ($316.8) | ​ | ​ | ​ | ($559.8) | ​ | ​ | ($112.3) | ​ | ​ | ​ | ($150.2) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the Consolidated Balance Sheets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other assets | ​ | ​ | $- | ​ | ​ | ​ | $28.2 | ​ | ​ | $118.6 | ​ | ​ | ​ | $86.5 | ​ | ​ | $- | ​ | ​ | ​ | $- | ​
Other current liabilities | ​ | ​ | ($9.2) | ​ | ​ | ​ | (14.8) | ​ | ​ | (28.6) | ​ | ​ | ​ | (27.0) | ​ | ​ | (7.6) | ​ | ​ | ​ | (5.5) | ​
Postretirement healthcare and pension benefits | ​ | ​ | ($121.3) | ​ | ​ | ​ | (99.3) | ​ | ​ | (406.8) | ​ | ​ | ​ | (619.3) | ​ | ​ | (104.7) | ​ | ​ | ​ | (144.7) | ​
Net liability | ​ | ​ | ($130.5) | ​ | ​ | ​ | ($85.9) | ​ | ​ | ($316.8) | ​ | ​ | ​ | ($559.8) | ​ | ​ | ($112.3) | ​ | ​ | ​ | ($150.2) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial loss (gain) | ​ | ​ | $411.9 | ​ | ​ | ​ | $396.8 | ​ | ​ | $279.7 | ​ | ​ | ​ | $485.7 | ​ | ​ | ($43.6) | ​ | ​ | ​ | ($11.7) | ​
Unrecognized net prior service (benefits) costs | ​ | ​ | (21.2) | ​ | ​ | ​ | (25.8) | ​ | ​ | 0.3 | ​ | ​ | ​ | (0.2) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Tax (benefit) expense | ​ | ​ | (100.8) | ​ | ​ | ​ | (95.3) | ​ | ​ | (66.5) | ​ | ​ | ​ | (117.8) | ​ | ​ | 7.7 | ​ | ​ | ​ | 1.2 | ​
Accumulated other comprehensive loss (income), net of tax | ​ | ​ | $289.9 | ​ | ​ | ​ | $275.7 | ​ | ​ | $213.5 | ​ | ​ | ​ | $367.7 | ​ | ​ | ($35.9) | ​ | ​ | ​ | ($10.5) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in accumulated other comprehensive loss (income): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of net actuarial gain (loss) | ​ | ​ | ($30.2) | ​ | ​ | ​ | ($56.2) | ​ | ​ | ($22.7) | ​ | ​ | ​ | ($28.7) | ​ | ​ | $0.6 | ​ | ​ | ​ | ($0.7) | ​
Amortization of prior service credits | ​ | ​ | 4.5 | ​ | ​ | ​ | 6.9 | ​ | ​ | 0.1 | ​ | ​ | ​ | 0.1 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Current period net actuarial loss (gain) | ​ | ​ | 97.0 | ​ | ​ | ​ | (203.0) | ​ | ​ | (147.8) | ​ | ​ | ​ | (56.1) | ​ | ​ | (32.5) | ​ | ​ | ​ | (12.3) | ​
Current period prior service costs | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | 0.7 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Curtailments and settlements | ​ | ​ | (51.6) | ​ | ​ | ​ | (35.3) | ​ | ​ | - | ​ | ​ | ​ | (3.5) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Tax (benefit) expense | ​ | ​ | (5.5) | ​ | ​ | ​ | 69.8 | ​ | ​ | 51.3 | ​ | ​ | ​ | 25.4 | ​ | ​ | 6.5 | ​ | ​ | ​ | 3.2 | ​
Foreign currency translation | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (35.1) | ​ | ​ | ​ | (12.7) | ​ | ​ | - | ​ | ​ | ​ | - | ​
Other comprehensive loss (income) | ​ | ​ | $14.2 | ​ | ​ | ​ | ($217.8) | ​ | ​ | ($154.2) | ​ | ​ | ​ | ($74.8) | ​ | ​ | ($25.4) | ​ | ​ | ​ | ($9.8) | ​
​
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | U.S. Post- |
​ | ​ | U.S. | ​ | International | ​ | Retirement | ​
(millions) | ​ | Pensions | ​ | Pensions | ​ | Benefits |
Net actuarial loss (gain) | ​ | ​ | $0.2 | ​ | ​ | ​ | $11.6 | ​ | ​ | ​ | ($3.1) | ​ | ​
Net prior service benefits | ​ | ​ | (4.6) | ​ | ​ | ​ | (0.3) | ​ | ​ | ​ | - | ​ | ​
Total | ​ | ​ | ($4.4) | ​ | ​ | ​ | $11.3 | ​ | ​ | ​ | ($3.1) | ​ | ​
​
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) |  | 2022 |  | 2021 | ​
Aggregate projected benefit obligation | ​ | ​ | $2,392.1 | ​ | ​ | ​ | $1,022.3 | ​
Accumulated benefit obligation | ​ |  | 2,355.8 | ​ | ​ |  | 964.5 | ​
Fair value of plan assets | ​ |  | 1,828.1 | ​ | ​ |  | 280.9 | ​
​
Net periodic pension and postretirement health care benefit costs |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | International | ​ | U.S. Postretirement
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits
(millions) |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost (a) | ​ | ​ | $40.8 | ​ | ​ | ​ | $43.9 | ​ | ​ | $68.4 | ​ | ​ | $28.4 | ​ | ​ | ​ | $31.4 | ​ | ​ | $30.8 | ​ | ​ | $0.8 | ​ | ​ | ​ | $1.0 | ​ | ​ | $1.2
Interest cost on benefit obligation |  | ​ | 65.3 | ​ | ​ |  | 51.4 | ​ | ​ | 70.3 | ​ |  | 22.0 | ​ | ​ |  | 17.3 | ​ |  | 22.3 | ​ |  | 3.3 | ​ | ​ |  | 2.9 | ​ |  | 4.4
Expected return on plan assets |  | ​ | (144.4) | ​ | ​ |  | (152.3) | ​ | ​ | (152.9) | ​ |  | (69.8) | ​ | ​ |  | (70.7) | ​ |  | (63.9) | ​ |  | (0.3) | ​ | ​ |  | (0.4) | ​ |  | (0.4)
Recognition of net actuarial loss (gain) | ​ | ​ | 30.2 | ​ | ​ |  | 56.7 | ​ | ​ | 51.9 | ​ |  | 22.8 | ​ | ​ |  | 28.7 | ​ |  | 26.1 | ​ |  | (0.6) | ​ | ​ |  | 0.7 | ​ |  | 0.1
Amortization of prior service benefit | ​ | ​ | (4.5) | ​ | ​ | ​ | (6.9) | ​ | ​ | (7.4) | ​ | ​ | (0.1) | ​ | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | (11.0)
Curtailments and settlements (b) | ​ | ​ | 51.6 | ​ | ​ | ​ | 35.3 | ​ | ​ | 2.5 | ​ | ​ | - | ​ | ​ | ​ | 3.5 | ​ | ​ | 2.2 | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | -
Total expense (benefit) | ​ | ​ | $39.0 | ​ | ​ | ​ | $28.1 | ​ | ​ | $32.8 | ​ | ​ | $3.3 | ​ | ​ | ​ | $10.1 | ​ | ​ | $17.4 | ​ | ​ | $3.2 | ​ | ​ | ​ | $4.2 | ​ | ​ | ($5.7)
​
| (a) | Service cost includes discontinued operations of $2.5 for the year ended December 31, 2020.
| (b) | $50.6 and $37.2 of settlement expense was recognized as special charges in 2022 and 2021, respectively.
Plan Assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Plan Assumptions | ​ | U.S. | ​ | International | ​ | U.S. Postretirement | ​
​ | ​ | Pensions | ​ | Pensions | ​ | Benefits | ​
(percent) |  | 2022 | ​ | 2021 | ​ | 2020 |  | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine benefit obligations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
as of year end: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | ​ | 5.17 | % | ​ | 2.86 | % | ​ | 2.48 | % | ​ | 3.70 | % | ​ | 1.45 | % | ​ | 1.13 | % | ​ | 5.14 | % | ​ | 2.75 | % | ​ | 2.37 | % | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 2.81 |  | ​ | 2.42 |  | ​ | 2.12 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average actuarial assumptions | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
used to determine net cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest credit rate for cash balance plans | ​ | 1.56 | ​ | ​ | 0.87 | ​ | ​ | 1.81 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​
Discount rate | ​ | 2.86 |  | ​ | 2.49 |  | ​ | 3.20 |  | ​ | 1.46 |  | ​ | 1.37 |  | ​ | 1.84 |  | ​ | 2.75 |  | ​ | 2.37 |  | ​ | 3.16 | ​ | ​
Expected return on plan assets | ​ | 7.00 |  | ​ | 7.00 |  | ​ | 7.25 |  | ​ | 6.18 |  | ​ | 6.24 |  | ​ | 6.24 |  | ​ | 7.00 |  | ​ | 7.00 |  | ​ | 7.25 | ​ | ​
Projected salary increase | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 4.03 |  | ​ | 2.47 |  | ​ | 2.31 |  | ​ | 2.81 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
Estimated future benefits payments | ​
​ | ​ | ​ | ​ | ​
(millions) | ​ | All Plans | ​
2023 | ​ | ​ | $207 | ​
2024 | ​ |  | 220 | ​
2025 | ​ |  | 224 | ​
2026 | ​ |  | 226 | ​
2027 | ​ |  | 229 | ​
2028 - 2032 | ​ |  | 1,151 | ​
​
U.S. Pension and Postretirement Health Care Benefits |
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 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value as of | ​ | Fair Value as of
(millions) | ​ | December 31, 2022 | ​ | December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Total | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | ​ | $54.8 | ​ | ​ | $- | ​ | ​ | $54.8 | ​ | ​ | $43.6 | ​ | ​ | $- | ​ | ​ | $43.6
Equity securities: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity |  |  | 237.1 | ​ | ​ | - | ​ | ​ | 237.1 | ​ |  | 412.2 | ​ | ​ | - | ​ | ​ | 412.2
Small cap equity |  |  | 15.4 | ​ | ​ | 25.1 | ​ | ​ | 40.5 | ​ |  | 21.3 | ​ | ​ | 40.7 | ​ | ​ | 62.0
International equity |  |  | 37.4 | ​ | ​ | 17.2 | ​ | ​ | 54.6 | ​ |  | 62.9 | ​ | ​ | 28.0 | ​ | ​ | 90.9
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income |  |  | 145.5 | ​ | ​ | 646.5 | ​ | ​ | 792.0 | ​ |  | 510.7 | ​ | ​ | 589.7 | ​ | ​ | 1,100.4
High-yield bonds |  |  | 33.4 | ​ | ​ | - | ​ | ​ | 33.4 | ​ |  | 49.0 | ​ | ​ | - | ​ | ​ | 49.0
Emerging markets |  |  | - | ​ | ​ | 25.4 | ​ | ​ | 25.4 | ​ |  | - | ​ | ​ | 36.6 | ​ | ​ | 36.6
Total investments at fair value | ​ |  | 523.6 | ​ | ​ | 714.2 | ​ |  | 1,237.8 | ​ |  | 1,099.7 | ​ | ​ | 695.0 | ​ |  | 1,794.7
Investments measured at net asset value | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 433.9 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 587.3
Total | ​ | ​ | $523.6 | ​ | ​ | $714.2 | ​ | ​ | $1,671.7 | ​ | ​ | $1,099.7 | ​ | ​ | $695.0 | ​ | ​ | $2,382.0
​ The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2022 or 2021. ​ The allocation of the Company’s U.S. qualified pension plan assets plans were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Target Asset | ​ | ​ | ​ | ​ | ​ |
Asset Category | ​ | Allocation | ​ | Percentage
​ | ​ | Percentage | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 |  | 2022 | ​ | 2021 |  | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | - | % | ​ | - | % | ​ | 3 | % | ​ | 2 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Large cap equity | ​ | 21 | ​ | ​ | 21 | ​ | ​ | 14 | ​ | ​ | 17 | ​
Small cap equity | ​ | 3 |  | ​ | 3 |  | ​ | 2 |  | ​ | 3 | ​
International equity | ​ | 13 |  | ​ | 10 |  | ​ | 9 |  | ​ | 10 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Core fixed income | ​ | 48 |  | ​ | 48 |  | ​ | 47 |  | ​ | 46 | ​
High-yield bonds | ​ | 3 |  | ​ | 3 |  | ​ | 2 |  | ​ | 2 | ​
Emerging markets | ​ | 2 |  | ​ | 4 |  | ​ | 2 |  | ​ | 2 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Real estate | ​ | 3 |  | ​ | 3 |  | ​ | 4 |  | ​ | 4 | ​
Private equity | ​ | 5 |  | ​ | 5 |  | ​ | 15 |  | ​ | 11 | ​
Distressed debt | ​ | 2 | ​ | ​ | 3 | ​ | ​ | 2 | ​ | ​ | 3 | ​
Total | ​ | 100 | % | ​ | 100 | % | ​ | 100 | % | ​ | 100 | %
​
International Pension |
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, 2022 |  | ​ | December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Total |  | ​ | Level 1 |  | Level 2 |  | Total
Cash | ​ | $9.9 | ​ | $- | ​ | $9.9 | ​ | ​ | $7.2 | ​ | $- | ​ | $7.2
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | - | ​ | 219.3 | ​ | 219.3 | ​ | ​ | - | ​ | 490.1 | ​ | 490.1
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds |  | - | ​ | 158.5 | ​ | 158.5 | ​ | ​ | 9.7 | ​ | 220.0 | ​ | 229.7
Government bonds |  | - | ​ | 365.9 | ​ | 365.9 | ​ | ​ | 7.2 | ​ | 298.5 | ​ | 305.7
Insurance company accounts | ​ | - | ​ | 106.2 | ​ | 106.2 | ​ | ​ | - | ​ | 121.2 | ​ | 121.2
Total investments at fair value | ​ | 9.9 | ​ | 849.9 | ​ | 859.8 | ​ | ​ | 24.1 | ​ | 1,129.8 | ​ | 1,153.9
Investments measured at net asset value | ​ | ​ | ​ | ​ | ​ | 45.3 | ​ | ​ | ​ | ​ | ​ | ​ | 66.0
Total | ​ | $9.9 | ​ | $849.9 | ​ | $905.1 | ​ | ​ | $24.1 | ​ | $1,129.8 | ​ | $1,219.9
​ ​ ​ The Company had no Level 3 assets as part of its international plan assets as of December 31, 2022 or 2021. ​ The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Percentage
Asset Category | ​ | of Plan Assets
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | 1 | % | ​ | 1 | %
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​
International equity | ​ | 24 | ​ |  | 40 | ​
Fixed income: | ​ | ​ | ​ | ​ | ​ | ​
Corporate bonds | ​ | 18 | ​ |  | 19 | ​
Government bonds | ​ | 40 | ​ |  | 25 | ​
Total fixed income | ​ | 58 | ​ |  | 44 | ​
Other: | ​ | ​ | ​ | ​ | ​ | ​
Insurance contracts | ​ | 12 | ​ |  | 10 | ​
Debt securities | ​ | - | ​ | ​ | 2 | ​
Real estate | ​ | 5 | ​ | ​ | 3 | ​
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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123450688&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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