Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Retirement Benefits [Abstract] |
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Schedule of Changes in Projected Benefit Obligation and Plan Assets, and Net Funded Status |
The benefit obligations and plan assets, changes to the benefit obligations and plan assets, and the funded status of the defined benefit pension plans were as follows: | | | | | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | | (In millions) | Change in benefit obligation | | | | | | | | Benefit obligation, beginning of year | $ | 64.9 |
| | $ | 72.8 |
| | $ | 24.1 |
| | $ | 22.8 |
| Interest cost | 2.5 |
| | 2.9 |
| | 0.4 |
| | 0.6 |
| Actuarial (gain) loss | 2.5 |
| | 1.1 |
| | (0.1 | ) | | 2.5 |
| Benefits paid | (2.5 | ) | | (2.3 | ) | | (1.0 | ) | | (0.9 | ) | Settlement payments | (3.7 | ) | | (9.6 | ) | | — |
| | — |
| Foreign exchange rate changes | — |
| | — |
| | 3.4 |
| | (0.9 | ) | Projected benefit obligation, end of year | $ | 63.7 |
| | $ | 64.9 |
| | $ | 26.8 |
| | $ | 24.1 |
| Change in plan assets | | | | | | | | Fair value of plan assets, beginning of year | $ | 49.8 |
| | $ | 59.1 |
| | $ | 15.2 |
| | $ | 18.6 |
| Actual return on plan assets | 4.8 |
| | 2.5 |
| | 1.1 |
| | 0.7 |
| Foreign exchange rate changes | — |
| | — |
| | 2.1 |
| | (0.5 | ) | Company contributions | 0.4 |
| | 0.1 |
| | 0.1 |
| | (2.7 | ) | Benefits paid | (2.5 | ) | | (2.3 | ) | | (1.0 | ) | | (0.9 | ) | Settlement payments | (3.7 | ) | | (9.6 | ) | | — |
| | — |
| Fair value of plan assets, end of year | 48.8 |
| | 49.8 |
| | 17.5 |
| | 15.2 |
| Funded status of the plan, end of year | $ | (14.9 | ) | | $ | (15.1 | ) | | $ | (9.3 | ) | | $ | (8.9 | ) |
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Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in our Consolidated Balance Sheets consisted of the following: | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | | (In millions) | Noncurrent liabilities | (14.9 | ) | | (15.1 | ) | | (9.3 | ) | | (8.9 | ) | Accumulated other comprehensive loss — pre-tax | 18.9 |
| | 19.3 |
| | 9.8 |
| | 9.4 |
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Schedule of Amounts Recognized in Other Comprehensive Loss |
Pre-tax amounts recognized in accumulated other comprehensive loss consisted of the following: | | | | | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | | (In millions) | Net actuarial loss | $ | 18.9 |
| | $ | 19.3 |
| | $ | 9.8 |
| | $ | 9.4 |
| Total | $ | 18.9 |
| | $ | 19.3 |
| | $ | 9.8 |
| | $ | 9.4 |
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table includes information for pension plans with an accumulated benefit obligation in excess of plan assets. | | | | | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | | (In millions) | Projected benefit obligation, end of year | $ | 63.7 |
| | $ | 64.9 |
| | $ | 26.8 |
| | $ | 24.1 |
| Accumulated benefit obligation, end of year | 63.7 |
| | 64.9 |
| | 26.8 |
| | 24.1 |
| Plan assets at fair value, end of year | 48.8 |
| | 49.8 |
| | 17.5 |
| | 15.2 |
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Schedule of Net Benefit Costs |
Components of net periodic pension cost included the following: | | | | | | | | | | | | | | | | | | | | United States | | Germany | | Years Ended December 31, | | Years Ended December 31, | | 2017 | | 2016 | | | 2017 | | 2016 | | | (In millions) | Interest cost | 2.5 |
| | 2.9 |
| | | 0.4 |
| | 0.6 |
| | Expected return on plan assets | (3.3 | ) | | (3.8 | ) | | | (0.6 | ) | | (0.6 | ) | | Amortization of net actuarial loss | 0.3 |
| | 0.4 |
| | | 0.4 |
| | 0.2 |
| | Net periodic pension cost (credit) | (0.5 | ) | | (0.5 | ) | | | 0.2 |
| | 0.2 |
| | Settlements and curtailments | 1.1 |
| | 2.9 |
| | |
|
| | — |
| | Total pension cost | $ | 0.6 |
| | $ | 2.4 |
| | | $ | 0.2 |
| | $ | 0.2 |
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Schedule of Assumptions Used |
Assumptions used to determine benefit obligations were as follows: | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | Discount rate | 3.50 | % | | 4.00 | % | | 1.56 | % | | 1.60 | % | Rate of compensation increase | — | % | | — | % | | — | % | | — | % |
Assumptions used to determine net periodic benefit costs were as follows: | | | | | | | | | | | | | | | | United States | | Germany | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | | 2017 | | 2016 | | Discount rate | 4.00 | % | | 4.25 | % | | | 1.56 | % | | 1.60 | % | | Expected return on plan assets | 6.50 | % | | 6.50 | % | | | 3.50 | % | | 3.50 | % | | Rate of compensation increase | — | % | | — | % | | | — | % | | — | % | |
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Schedule of Allocation of Plan Assets |
The plans' asset allocations by asset category were as follows: | | | | | | | | | | | | | | United States | | International | | As of December 31, | | As of December 31, | | 2017 | | 2016 | | 2017 | | 2016 | Short-term investments | 1 | % | | 1 | % | | — | % | | — | % | Fixed income securities | 27 | % | | 60 | % | | — | % | | — | % | Equity securities | 72 | % | | 39 | % | | — | % | | — | % | Insurance contracts | — | % | | — | % | | 100 | % | | 100 | % | Total | 100 | % | | 100 | % | | 100 | % | | 100 | % |
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Schedule of Expected Benefit Payments |
As of December 31, 2017, the following reflects estimated future benefit payments in each of the next five years and in the aggregate for the five years thereafter: | | | | | | United States | | International | | (In millions) | 2018 | $14.7 | | $1.0 | 2019 | 3.9 | | 1.1 | 2020 | 4.1 | | 1.1 | 2021 | 4.4 | | 1.1 | 2022 | 4.1 | | 1.2 | 2022-2026 | 18.6 | | 5.9 |
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Schedule of Fair Value of Plan Assets |
The fair value of the plan assets by asset category were as follows: | | | | | | | | | | | | | | | | | United States | December 31, 2017 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | (In millions) | Short-term investments | | | | | | | | Money market securities | $ | 0.5 |
| | $ | 0.5 |
| | $ | — |
| | $ | — |
| Mutual Funds |
| | | | | | | Equity securities | | | | | | | | Large-cap growth funds * | 19.0 |
| | — |
| | — |
| | — |
| International growth fund * | 15.7 |
| | — |
| | — |
| | — |
| Common stocks | 0.6 |
| | 0.6 |
| | — |
| | — |
| Commingled trust funds * | 13.0 |
| | — |
| | — |
| | — |
| Total | $ | 48.8 |
| | $ | 1.1 |
| | $ | — |
| | $ | — |
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* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets. | | | | | | | | | | | | | | | | | International | December 31, 2017 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | (In millions) | Insurance contracts | 17.5 |
| | — |
| | 17.5 |
| | — |
| Total | $ | 17.5 |
| | $ | — |
| | $ | 17.5 |
| | $ | — |
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| | | | | | | | | | | | | | | | | United States | December 31, 2016 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | (In millions) | Short-term investments | | | | | | | | Money market securities | $ | 0.5 |
| | $ | 0.5 |
| | $ | — |
| | $ | — |
| Mutual Funds | | | | | | | | Equity securities | | | | | | | | Large-cap growth funds * | 11.5 |
| | — |
| | — |
| | — |
| International growth fund * | 3.4 |
| | — |
| | — |
| | — |
| Common stocks | 4.3 |
| | 4.3 |
| | — |
| | — |
| Commingled trust funds * | 30.1 |
| | — |
| | — |
| | — |
| Total | $ | 49.8 |
| | $ | 4.8 |
| | $ | — |
| | $ | — |
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* In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
| | | | | | | | | | | | | | | | | International | December 31, 2016 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | (In millions) | Insurance contracts | 15.2 |
| | — |
| | 15.2 |
| | — |
| Total | $ | 15.2 |
| | $ | — |
| | $ | 15.2 |
| | $ | — |
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