XML 100 R40.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Employee Benefit and Retirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Schedule of Reconciliation of Benefit Obligations | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, at December 31, (dollars in millions):
| Pension Benefits |  | Postretirement Benefits
| U.S. |  | International |  |  |  |
Change in benefit obligation: | 2019 |  | 2018 |  | 2019 |  | 2018 |  | 2019 |  | 2018
Benefit obligation at beginning of year | $ | 1,348.0 |  |  | $ | 1,553.7 |  |  | $ | 581.3 |  |  | $ | 679.4 |  |  | $ | 53.0 |  |  | $ | 65.1 |
Service cost | 0.5 |  |  | 0.8 |  |  | 6.5 |  |  | 6.3 |  |  | 0.2 |  |  | 0.3 |
Interest cost | 49.1 |  |  | 46.4 |  |  | 12.6 |  |  | 13.1 |  |  | 1.8 |  |  | 1.8 |
Actuarial (gain) loss | 150.9 |  |  | (147.7 | ) |  | 45.0 |  |  | (35.2 | ) |  | 2.4 |  |  | (8.9 | )
Amendments | — |  |  | — |  |  | 0.6 |  |  | 2.5 |  |  | — |  |  | — |
Currency translation | — |  |  | — |  |  | 14.8 |  |  | (32.0 | ) |  | — |  |  | — |
Benefits paid | (99.4 | ) |  | (105.2 | ) |  | (22.3 | ) |  | (30.0 | ) |  | (5.2 | ) |  | (4.9 | )
Acquisitions and dispositions, net | — |  |  | — |  |  | 0.5 |  |  | 0.8 |  |  | — |  |  | — |
Curtailments, settlements and other | — |  |  | — |  |  | (12.7 | ) |  | (23.6 | ) |  | — |  |  | (0.4 | )
Benefit obligation at end of year (1) | $ | 1,449.1 |  |  | $ | 1,348.0 |  |  | $ | 626.3 |  |  | $ | 581.3 |  |  | $ | 52.2 |  |  | $ | 53.0 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 1,104.9 |  |  | 1,271.1 |  |  | 531.5 |  |  | 610.4 |  |  | — |  |  | — |
Actual return (loss) on plan assets | 212.7 |  |  | (71.2 | ) |  | 51.0 |  |  | (11.0 | ) |  | — |  |  | — |
Contributions | 10.0 |  |  | 10.2 |  |  | 13.0 |  |  | 15.0 |  |  | — |  |  | — |
Currency translation | — |  |  | — |  |  | 19.1 |  |  | (31.0 | ) |  | — |  |  | — |
Benefits paid | (99.4 | ) |  | (105.2 | ) |  | (22.3 | ) |  | (30.0 | ) |  | — |  |  |  |
Acquisitions and dispositions, net | — |  |  | — |  |  | 0.4 |  |  | 0.8 |  |  | — |  |  | — |
Settlements and other | — |  |  | — |  |  | (12.8 | ) |  | (22.7 | ) |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 1,228.2 |  |  | $ | 1,104.9 |  |  | $ | 579.9 |  |  | $ | 531.5 |  |  | $ | — |  |  | $ | — |
Funded status at end of year | $ | (220.9 | ) |  | $ | (243.1 | ) |  | $ | (46.4 | ) |  | $ | (49.8 | ) |  | $ | (52.2 | ) |  | $ | (53.0 | )
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |
Prepaid benefit cost, included in other assets | $ | — |  |  | $ | — |  |  | $ | 89.1 |  |  | $ | 72.2 |  |  | $ | — |  |  | $ | — |
Accrued current benefit cost—other accrued liabilities | (14.7 | ) |  | (9.9 | ) |  | (4.7 | ) |  | (4.7 | ) |  | (5.6 | ) |  | (5.3 | )
Accrued noncurrent benefit cost— other noncurrent liabilities | (206.2 | ) |  | (233.2 | ) |  | (130.8 | ) |  | (117.3 | ) |  | (46.6 | ) |  | (47.7 | )
Net amount recognized | $ | (220.9 | ) |  | $ | (243.1 | ) |  | $ | (46.4 | ) |  | $ | (49.8 | ) |  | $ | (52.2 | ) |  | $ | (53.0 | )
Assumptions: |  |  |  |  |  |  |  |  |  |  |
Weighted-average assumptions used to determine benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.06 | % |  | 4.12 | % |  | 1.79 | % |  | 2.53 | % |  | 2.80 | % |  | 3.97 | %
Long-term rate of compensation increase | 3.00 | % |  | 3.00 | % |  | 2.31 | % |  | 2.43 | % |  | — | % |  | — | %
Current health care cost trend rates | — | % |  | — | % |  | — | % |  | — | % |  | 6.74 | % |  | 6.99 | %
Ultimate health care cost trend rates | — | % |  | — | % |  | — | % |  | — | % |  | 4.50 | % |  | 4.50 | %
(1) The accumulated benefit obligation for all defined benefit pension plans was $2.1 billion and $1.9 billion at December 31, 2019 and 2018, respectively.
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The components of pension and postretirement benefit expense for the periods indicated are as follows (dollars in millions):
| Pension Benefits
| U.S. |  | International
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Service cost | $ | 0.5 |  |  | $ | 0.8 |  |  | $ | 2.8 |  |  | $ | 6.5 |  |  | $ | 6.3 |  |  | $ | 7.3 |
Interest cost | 49.1 |  |  | 46.4 |  |  | 49.6 |  |  | 12.6 |  |  | 13.1 |  |  | 13.4 |
Expected return on plan assets | (59.2 | ) |  | (67.5 | ) |  | (73.3 | ) |  | (13.0 | ) |  | (14.9 | ) |  | (18.4 | )
Amortization: |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | (0.1 | ) |  | (0.1 | ) |  | (0.1 | ) |  | 0.5 |  |  | 0.4 |  |  | 0.4 |
Net actuarial loss | 15.5 |  |  | 21.4 |  |  | 23.7 |  |  | 1.8 |  |  | 2.0 |  |  | 2.0 |
Curtailment, settlement and termination (benefit) costs | — |  |  | — |  |  | (3.7 | ) |  | 0.6 |  |  | 1.3 |  |  | 1.3 |
Total expense (income) | $ | 5.8 |  |  | $ | 1.0 |  |  | $ | (1.0 | ) |  | $ | 9.0 |  |  | $ | 8.2 |  |  | $ | 6.0 |
Assumptions |  |  |  |  |  |  |  |  |  |  |
Weighted average assumption used to calculate net periodic cost: |  |  |  |  |  |  |  |  |  |
Effective discount rate for benefit obligations | 4.12 | % |  | 3.48 | % |  | 3.99 | % |  | 2.52 | % |  | 2.24 | % |  | 2.10 | %
Effective rate for interest on benefit obligations | 3.79 | % |  | 3.09 | % |  | 3.28 | % |  | 2.20 | % |  | 1.94 | % |  | 1.70 | %
Effective rate for service cost | 3.93 | % |  | 3.32 | % |  | 3.83 | % |  | 1.89 | % |  | 2.33 | % |  | 2.44 | %
Effective rate for interest on service cost | 3.62 | % |  | 2.98 | % |  | 3.38 | % |  | 2.24 | % |  | 2.27 | % |  | 2.38 | %
Long-term rate of return on plan assets | 5.25 | % |  | 5.75 | % |  | 6.04 | % |  | 2.47 | % |  | 2.58 | % |  | 3.20 | %
Long-term rate of compensation increase | 3.00 | % |  | 2.54 | % |  | 2.50 | % |  | 2.32 | % |  | 3.47 | % |  | 3.53 | %
| Postretirement Benefits
| 2019 |  | 2018 |  | 2017
Service cost | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.1 |
Interest cost | 1.8 |  |  | 1.8 |  |  | 2.2 |
Amortization: |  |  |  |  |
Prior service credit | (4.9 | ) |  | (6.6 | ) |  | (5.2 | )
Net actuarial gain | (4.5 | ) |  | (3.6 | ) |  | (3.9 | )
Total income | $ | (7.4 | ) |  | $ | (8.1 | ) |  | $ | (6.8 | )
Assumptions |  |  |  |  |
Weighted average assumption used to calculate net periodic cost: |  |  |  |  |
Effective discount rate for benefit obligations | 3.90 | % |  | 3.09 | % |  | 3.76 | %
Effective rate for interest on benefit obligations | 2.71 | % |  | 2.71 | % |  | 3.07 | %
Effective rate for service cost | 2.97 | % |  | 2.98 | % |  | 3.25 | %
Effective rate for interest on service cost | 2.78 | % |  | 2.78 | % |  | 3.02 | %
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Company’s defined benefit pension plans and postretirement benefit plans are as follows at December 31, 2019 (in millions):
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Pension benefits | $ | 130.3 |  |  | $ | 125.4 |  |  | $ | 123.6 |  |  | $ | 122.6 |  |  | $ | 121.3 |  |  | $ | 582.9 |
Postretirement benefits | $ | 5.7 |  |  | $ | 5.5 |  |  | $ | 5.4 |  |  | $ | 5.2 |  |  | $ | 4.9 |  |  | $ | 18.3 |
Pension Benefits |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of under-funded or non-funded pension benefit plans with projected benefit obligations in excess of plan assets at December 31, (in millions):
| Pension Benefits
| 2019 |  | 2018
Projected benefit obligation | $ | 1,791.6 |  |  | $ | 1,662.0 |
Fair value of plan assets | 1,435.3 |  |  | 1,297.1 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Summary of pension plans with accumulated obligations in excess of plan assets at December 31, (in millions):
| Pension Benefits
| 2019 |  | 2018
Accumulated benefit obligation | $ | 1,783.7 |  |  | $ | 1,654.8 |
Fair value of plan assets | 1,435.3 |  |  | 1,297.1 |
Schedule of Allocation of Plan Assets | The composition of domestic pension plan assets at December 31, 2019 and 2018 is as follows (in millions):
|  | Plan Assets — Domestic Plans
|  | December 31, 2019
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds: |  |  |  |  |  |  |  |  |  |  |  |
Global equities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 232.5 |  |  | $ | 232.5 |
Fixed income securities and funds |  | 400.0 |  |  | — |  |  | — |  |  | 400.0 |  |  | 330.0 |  |  | 730.0 |
Alternative investments |  | 46.9 |  |  | — |  |  | — |  |  | 46.9 |  |  | 192.5 |  |  | 239.4 |
Cash and other |  | 10.0 |  |  | 15.2 |  |  | 1.1 |  |  | 26.3 |  |  | — |  |  | 26.3 |
Total |  | $ | 456.9 |  |  | $ | 15.2 |  |  | $ | 1.1 |  |  | $ | 473.2 |  |  | $ | 755.0 |  |  | $ | 1,228.2 |
|  | Plan Assets — Domestic Plans
|  | December 31, 2018
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds: |  |  |  |  |  |  |  |  |  |  |  |
Global equities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 179.8 |  |  | $ | 179.8 |
Fixed income securities and funds |  | 413.3 |  |  | — |  |  | — |  |  | 413.3 |  |  | 269.3 |  |  | 682.6 |
Alternative investments |  | 40.7 |  |  | — |  |  | — |  |  | 40.7 |  |  | 177.1 |  |  | 217.8 |
Cash and other |  | 8.9 |  |  | 14.8 |  |  | 1.0 |  |  | 24.7 |  |  | — |  |  | 24.7 |
Total |  | $ | 462.9 |  |  | $ | 14.8 |  |  | $ | 1.0 |  |  | $ | 478.7 |  |  | $ | 626.2 |  |  | $ | 1,104.9 |
The composition of international pension plan assets at December 31, 2019 and 2018 is as follows (in millions):
|  | Plan Assets – International Plans
|  | December 31, 2019
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | 3.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 3.1 |  |  | $ | 2.1 |  |  | $ | 5.2 |
Fixed income securities and funds |  | 298.3 |  |  | — |  |  | — |  |  | 298.3 |  |  | 2.5 |  |  | 300.8 |
Cash and other |  | 8.1 |  |  | 254.8 |  |  | 8.0 |  |  | 270.9 |  |  | 3.0 |  |  | 273.9 |
Total |  | $ | 309.5 |  |  | $ | 254.8 |  |  | $ | 8.0 |  |  | $ | 572.3 |  |  | $ | 7.6 |  |  | $ | 579.9 |
|  | Plan Assets – International Plans
|  | December 31, 2018
|  | Fair Value Measurements |  |  |  |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Subtotal |  | NAV-based assets |  | Total
Equity securities and funds |  | $ | 14.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.3 |  |  | $ | 9.1 |  |  | $ | 23.4 |
Fixed income securities and funds |  | 266.7 |  |  | — |  |  | — |  |  | 266.7 |  |  | 6.6 |  |  | 273.3 |
Cash and other |  | 6.2 |  |  | 204.9 |  |  | 9.4 |  |  | 220.5 |  |  | 14.3 |  |  | 234.8 |
Total |  | $ | 287.2 |  |  | $ | 204.9 |  |  | $ | 9.4 |  |  | $ | 501.5 |  |  | $ | 30.0 |  |  | $ | 531.5 |
Postretirement Benefits |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of the change in fair value of the defined benefit plans’ assets using significant unobservable inputs (Level 3) for 2019 and 2018 is as follows (in millions):
| Total
Balance, December 31, 2017 | $ | 14.9 |
Realized gains | — |
Unrealized losses | 0.1 |
Purchases, sales, settlements, and other, net | (4.6 | )
Balance, December 31, 2018 | 10.4 |
Realized gains | — |
Unrealized gains | 0.2 |
Purchases, sales, settlements and other, net | (1.5 | )
Balance, December 31, 2019 | $ | 9.1 |

X
- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + 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 (a) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + 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)(4) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |