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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

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