XML 70 R45.htm IDEA: XBRL DOCUMENT
v3.22.4

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Retirement Benefits [Abstract] |
Expense for Defined Contribution Plans | The expense (benefit) for defined contribution plans, aside from the earlier discussed ESOP plans, are as follows:
(Millions of Dollars) | 2022 |  | 2021 |  | 2020
Multi-employer plan expense | $ | 6.0 |  |  | $ | 7.1 |  |  | $ | 7.8 |
Other defined contribution plan (benefit) expense | $ | (2.4) |  |  | $ | 28.6 |  |  | $ | 24.9 |
Net Periodic Pension Expense | The components of net periodic pension (benefit) expense are as follows:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 6.2 |  |  | $ | 6.5 |  |  | $ | 6.8 |  |  | $ | 15.1 |  |  | $ | 17.6 |  |  | $ | 16.1 |
Interest cost | 33.6 |  |  | 23.0 |  |  | 35.3 |  |  | 22.9 |  |  | 16.7 |  |  | 22.5 |
Expected return on plan assets | (60.9) |  |  | (54.9) |  |  | (58.7) |  |  | (37.7) |  |  | (39.9) |  |  | (41.2) |
Amortization of prior service cost (credit) | 0.9 |  |  | 1.1 |  |  | 1.0 |  |  | (0.7) |  |  | (0.8) |  |  | (0.7) |
Actuarial loss amortization | 5.9 |  |  | 9.2 |  |  | 8.5 |  |  | 7.9 |  |  | 12.2 |  |  | 11.7 |
Special termination benefit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Settlement / curtailment loss | 0.2 |  |  | 0.4 |  |  | — |  |  | 0.2 |  |  | 0.7 |  |  | 0.6 |
Net periodic pension (benefit) expense | $ | (14.1) |  |  | $ | (14.7) |  |  | $ | (7.1) |  |  | $ | 7.7 |  |  | $ | 6.5 |  |  | $ | 9.2 |
Net periodic post-retirement benefit expense was comprised of the following:
| Other Benefit Plans
(Millions of Dollars) | 2022 |  | 2021 |  | 2020
Service cost | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.6 |
Interest cost | 1.5 |  |  | 0.9 |  |  | 1.5 |
Amortization of prior service credit | — |  |  | (0.7) |  |  | (1.3) |
Actuarial (gain) loss amortization | (0.7) |  |  | — |  |  | 0.3 |
Settlement / curtailment gain | (0.4) |  |  | — |  |  | — |
Special termination benefit | 6.9 |  |  | — |  |  | 16.1 |
Net periodic post-retirement expense | $ | 7.6 |  |  | $ | 0.6 |  |  | $ | 17.2 |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in Accumulated other comprehensive loss in 2022 are as follows:
(Millions of Dollars) | 2022
Current year actuarial gain | $ | (75.1) |
Amortization of actuarial loss | (13.3) |
Prior service cost from plan amendments | 1.2 |
Settlement / curtailment loss | — |
Currency / other | (24.5) |
Total gain recognized in Accumulated other comprehensive loss (pre-tax) | $ | (111.7) |
Changes in Pension and Other Post-retirement Benefit Obligations, Fair Value of Plan Assets | The changes in the pension and other post-retirement benefit obligations, fair value of plan assets, as well as amounts recognized in the Consolidated Balance Sheets, are shown below.
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
(Millions of Dollars) | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at end of prior year | $ | 1,458.2 |  |  | $ | 1,404.3 |  |  | $ | 1,490.4 |  |  | $ | 1,622.3 |  |  | $ | 50.3 |  |  | $ | 61.2 |
Service cost | 6.2 |  |  | 6.5 |  |  | 15.1 |  |  | 17.6 |  |  | 0.3 |  |  | 0.4 |
Interest cost | 33.6 |  |  | 23.0 |  |  | 22.9 |  |  | 16.7 |  |  | 1.5 |  |  | 0.9 |
Special termination benefit | — |  |  | — |  |  | — |  |  | — |  |  | 6.9 |  |  | — |
Settlements/curtailments | (10.7) |  |  | (0.8) |  |  | (4.4) |  |  | (15.3) |  |  | (0.4) |  |  | — |
Actuarial gain | (314.7) |  |  | (47.2) |  |  | (409.5) |  |  | (92.4) |  |  | (9.5) |  |  | (6.6) |
Plan amendments | 0.7 |  |  | 0.8 |  |  | 0.1 |  |  | 0.1 |  |  | 0.4 |  |  | — |
Foreign currency exchange rate changes | — |  |  | — |  |  | (133.1) |  |  | (37.7) |  |  | (0.2) |  |  | (0.2) |
Participant contributions | — |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | — |
Acquisitions, divestitures, and other | (4.5) |  |  | 152.4 |  |  | 2.2 |  |  | 28.9 |  |  | — |  |  | — |
Benefits paid | (85.3) |  |  | (80.8) |  |  | (52.9) |  |  | (50.0) |  |  | (6.5) |  |  | (5.4) |
Benefit obligation at end of year | $ | 1,083.5 |  |  | $ | 1,458.2 |  |  | $ | 931.0 |  |  | $ | 1,490.4 |  |  | $ | 42.8 |  |  | $ | 50.3 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at end of prior year | $ | 1,340.1 |  |  | $ | 1,191.5 |  |  | $ | 1,226.6 |  |  | $ | 1,229.6 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (279.0) |  |  | 63.4 |  |  | (281.3) |  |  | 17.9 |  |  | — |  |  | — |
Participant contributions | — |  |  | — |  |  | 0.2 |  |  | 0.2 |  |  | — |  |  | — |
Employer contributions | 7.0 |  |  | 13.8 |  |  | 18.4 |  |  | 20.8 |  |  | 6.5 |  |  | 5.4 |
Settlements | (11.0) |  |  | (0.8) |  |  | (4.4) |  |  | (13.7) |  |  | — |  |  | — |
Foreign currency exchange rate changes | — |  |  | — |  |  | (121.0) |  |  | (15.6) |  |  | — |  |  | — |
Acquisitions, divestitures, and other | (4.5) |  |  | 153.0 |  |  | (2.2) |  |  | 37.4 |  |  | — |  |  | — |
Benefits paid | (85.3) |  |  | (80.8) |  |  | (52.9) |  |  | (50.0) |  |  | (6.5) |  |  | (5.4) |
Fair value of plan assets at end of plan year | $ | 967.3 |  |  | $ | 1,340.1 |  |  | $ | 783.4 |  |  | $ | 1,226.6 |  |  | $ | — |  |  | $ | — |
Funded status — assets less than benefit obligation | $ | (116.2) |  |  | $ | (118.1) |  |  | $ | (147.6) |  |  | $ | (263.8) |  |  | $ | (42.8) |  |  | $ | (50.3) |
Unrecognized prior service cost (credit) | 2.9 |  |  | 3.5 |  |  | (13.8) |  |  | (16.4) |  |  | 0.4 |  |  | 0.1 |
Unrecognized net actuarial loss (gain) | 233.2 |  |  | 213.4 |  |  | 143.1 |  |  | 268.3 |  |  | (18.3) |  |  | (9.7) |
Net amount recognized | $ | 119.9 |  |  | $ | 98.8 |  |  | $ | (18.3) |  |  | $ | (11.9) |  |  | $ | (60.7) |  |  | $ | (59.9) |
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
(Millions of Dollars) | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost (non-current) | $ | 4.1 |  |  | $ | 0.6 |  |  | $ | 67.7 |  |  | $ | 62.4 |  |  | $ | — |  |  | $ | — |
Current benefit liability | (6.1) |  |  | (6.0) |  |  | (9.5) |  |  | (10.3) |  |  | (8.9) |  |  | (7.5) |
Non-current benefit liability | (114.2) |  |  | (112.7) |  |  | (205.8) |  |  | (315.9) |  |  | (33.9) |  |  | (42.8) |
Net liability recognized | $ | (116.2) |  |  | $ | (118.1) |  |  | $ | (147.6) |  |  | $ | (263.8) |  |  | $ | (42.8) |  |  | $ | (50.3) |
Accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | $ | 2.9 |  |  | $ | 3.5 |  |  | $ | (13.8) |  |  | $ | (16.4) |  |  | $ | 0.4 |  |  | $ | 0.1 |
Actuarial loss (gain) | 233.2 |  |  | 213.4 |  |  | 143.1 |  |  | 268.3 |  |  | (18.3) |  |  | (9.7) |
| 236.1 |  |  | 216.9 |  |  | 129.3 |  |  | 251.9 |  |  | (17.9) |  |  | (9.6) |
Net amount recognized | $ | 119.9 |  |  | $ | 98.8 |  |  | $ | (18.3) |  |  | $ | (11.9) |  |  | $ | (60.7) |  |  | $ | (59.9) |
The following table provides information regarding pension plans in which projected benefit obligations (inclusive of anticipated future compensation increases) exceed plan assets as of December 31, 2022 and January 1, 2022:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2022 |  | 2021 |  | 2022 |  | 2021
Projected benefit obligation | $ | 982.3 |  |  | $ | 1,303.3 |  |  | $ | 266.7 |  |  | $ | 399.1 |
Fair value of plan assets | $ | 862.0 |  |  | $ | 1,184.6 |  |  | $ | 51.3 |  |  | $ | 72.9 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table provides information regarding pension plans in which accumulated benefit obligations exceed plan assets as of December 31, 2022 and January 1, 2022:
| U.S. Plans |  | Non-U.S. Plans
(Millions of Dollars) | 2022 |  | 2021 |  | 2022 |  | 2021
Accumulated benefit obligation | $ | 982.3 |  |  | $ | 1,299.8 |  |  | $ | 208.7 |  |  | $ | 326.1 |
Fair value of plan assets | $ | 862.0 |  |  | $ | 1,184.6 |  |  | $ | 25.7 |  |  | $ | 50.3 |
Assumptions used in Valuing Pension and Post-Retirement Plan Obligations and Net Costs | The major assumptions used in valuing pension and post-retirement plan obligations and net costs were as follows:
| Pension Benefits |  |
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Weighted-average assumptions used to determine benefit obligations at year end: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.36 | % |  | 2.80 | % |  | 2.39 | % |  | 4.70 | % |  | 1.78 | % |  | 1.31 | % |  | 5.47 | % |  | 2.84 | % |  | 2.19 | %
Rate of compensation increase | — |  |  | 3.00 | % |  | 3.56 | % |  | 3.64 | % |  | 3.56 | % |  | 3.29 | % |  | — |  |  | — |  |  | 3.50 | %
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate - service cost | 3.14 | % |  | 2.95 | % |  | 3.58 | % |  | 2.67 | % |  | 1.41 | % |  | 1.57 | % |  | 4.41 | % |  | 4.42 | % |  | 5.62 | %
Discount rate - interest cost | 2.28 | % |  | 1.68 | % |  | 2.75 | % |  | 1.69 | % |  | 1.06 | % |  | 1.61 | % |  | 2.25 | % |  | 1.60 | % |  | 3.36 | %
Rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 3.57 | % |  | 3.27 | % |  | 3.30 | % |  | — |  |  | — |  |  | 3.50 | %
Expected return on plan assets | 4.69 | % |  | 4.75 | % |  | 5.25 | % |  | 3.41 | % |  | 3.25 | % |  | 3.90 | % |  | — |  |  | — |  |  | — |
Asset Allocations by Asset Category and Level of Valuation Inputs within Fair Value Hierarchy | The Company’s worldwide asset allocations at December 31, 2022 and January 1, 2022 by asset category and the level of the valuation inputs within the fair value hierarchy established by ASC 820, Fair Value Measurement, were as follows:
Asset Category (Millions of Dollars) | 2022 |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 42.3 |  |  | $ | 28.2 |  |  | $ | 14.1 |
Equity securities |  |  |  |  |
U.S. equity securities | 181.9 |  |  | 66.2 |  |  | 115.7 |
Foreign equity securities | 123.3 |  |  | 33.0 |  |  | 90.3 |
Fixed income securities |  |  |  |  |
Government securities | 619.3 |  |  | 236.7 |  |  | 382.6 |
Corporate securities | 702.5 |  |  | — |  |  | 702.5 |
Insurance contracts | 36.7 |  |  | — |  |  | 36.7 |
Other | 44.7 |  |  | — |  |  | 44.7 |
Total | $ | 1,750.7 |  |  | $ | 364.1 |  |  | $ | 1,386.6 |
Asset Category (Millions of Dollars) | 2021 |  | Level 1 |  | Level 2
Cash and cash equivalents | $ | 74.2 |  |  | $ | 55.7 |  |  | $ | 18.5 |
Equity securities |  |  |  |  |
U.S. equity securities | 323.3 |  |  | 92.5 |  |  | 230.8 |
Foreign equity securities | 205.9 |  |  | 44.8 |  |  | 161.1 |
Fixed income securities |  |  |  |  |
Government securities | 871.1 |  |  | 340.7 |  |  | 530.4 |
Corporate securities | 996.3 |  |  | — |  |  | 996.3 |
Insurance contracts | 49.6 |  |  | — |  |  | 49.6 |
Other | 46.3 |  |  | — |  |  | 46.3 |
Total | $ | 2,566.7 |  |  | $ | 533.7 |  |  | $ | 2,033.0 |
Expected Future Benefit Payments | EXPECTED FUTURE BENEFIT PAYMENTS — Benefit payments, inclusive of amounts attributable to estimated future employee service, are expected to be paid over the next 10 years as follows:
(Millions of Dollars) |  | Total |  | Year 1 |  | Year 2 |  | Year 3 |  | Year 4 |  | Year 5 |  | Years 6-10
Future payments |  | $ | 1,451.7 |  |  | $ | 151.6 |  |  | $ | 149.0 |  |  | $ | 146.6 |  |  | $ | 144.6 |  |  | $ | 143.5 |  |  | $ | 716.4 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected 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 (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: 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
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + 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 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration