XML 47 R32.htm IDEA: XBRL DOCUMENT v3.19.1
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
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,  
    2018     2017     2018     2017  
    (In millions)  
Change in benefit obligation                                
Benefit obligation, beginning of year   $ 63.7     $ 64.9     $ 26.8     $ 24.1  
Interest cost     2.2       2.5       0.4       0.4  
Actuarial (gain) loss     (2.0 )     2.5       (0.3 )     (0.1 )
Benefits paid     (2.5 )     (2.5 )     (1.0 )     (1.0 )
Settlement payments     (1.8 )     (3.7 )            
Foreign exchange rate changes                 (1.3 )     3.4  
Projected benefit obligation, end of year   $ 59.6     $ 63.7     $ 24.6     $ 26.8  
Change in plan assets                                
Fair value of plan assets, beginning of year   $ 48.8     $ 49.8     $ 17.5     $ 15.2  
Actual return on plan assets     (2.2 )     4.8       0.3       1.1  
Foreign exchange rate changes                 (0.8 )     2.1  
Company contributions     0.8       0.4             0.1  
Benefits paid     (2.5 )     (2.5 )     (1.0 )     (1.0 )
Settlement payments     (1.8 )     (3.7 )            
Fair value of plan assets, end of year     43.1       48.8       16.0       17.5  
Funded status of the plan, end of year   $ (16.5 )   $ (14.9 )   $ (8.6 )   $ (9.3 )

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,  
    2018     2017     2018     2017  
    (In millions)  
Current liabilities     (2.1 )                  
Noncurrent liabilities     (14.4 )     (14.9 )     (8.6 )     (9.3 )
Accumulated other comprehensive loss — pre-tax           18.9       8.9       9.8  

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,  
    2018     2017     2018     2017  
    (In millions)
Net actuarial loss   $ 21.8     $ 18.9     $ 8.9     $ 9.8  
Total   $ 21.8     $ 18.9     $ 8.9     $ 9.8  

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,  
    2018     2017     2018     2017  
    (In millions)  
Projected benefit obligation, end of year   $ 59.6     $ 63.7     $ 24.6     $ 26.8  
Accumulated benefit obligation, end of year     59.6       63.7       24.6       26.8  
Plan assets at fair value, end of year     43.1       48.8       16.0       17.5  

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,  
    2018     2017     2018     2017  
    (In millions)  
Interest cost     2.1       2.5       0.4       0.4  
Expected return on plan assets     (3.1 )     (3.3 )     (0.6 )     (0.6 )
Amortization of net actuarial loss     0.4       0.3       0.3       0.4  
Net periodic pension cost (credit)     (0.6 )     (0.5 )     0.1       0.2  
Settlements and curtailments           1.1              
Total pension cost   $ (0.6 )   $ 0.6     $ 0.1     $ 0.2  

Schedule of Assumptions Used

Assumptions used to determine benefit obligations were as follows:

 

    United States     Germany  
    As of December 31,     As of December 31,  
    2018     2017     2018     2017  
Discount rate     4.25 %     3.50 %     1.7 %     1.56 %
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,  
    2018     2017     2018     2017  
Discount rate     3.5 %     4.00 %     1.7 %     1.56 %
Expected return on plan assets     6.5 %     6.50 %     3.5 %     3.50 %
Rate of compensation increase     %     %     %     %

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,  
    2018     2017     2018     2017  
Short-term investments     12 %     1 %     %     %
Fixed income securities     27 %     27 %     %     %
Equity securities     61 %     72 %     %     %
Insurance contracts     %     %     100 %     100 %
Total     100 %     100 %     100 %     100 %

Schedule of Expected Benefit Payments

    United States     International  
    (In millions)  
2019   $ 14.5     $ 1.0  
2020     4.0       1.0  
2021     4.4       1.1  
2022     4.0       1.1  
2023     4.3       1.1  
2022-2026     17.3       5.6  

Schedule of Fair Value of Plan Assets

The fair value of the plan assets by asset category were as follows:

 

United States   December 31, 2018     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   $ 5.2     $ 5.2     $     $  
Mutual Funds                                
Equity securities                                
US small cap core *     1.0                    
Large-cap growth funds *     12.5                    
Emerging markets *     3.0                    
International growth fund *     9.7                    
Common stocks                        
Commingled trust funds *     11.7                    
Total   $ 43.1     $ 5.2     $     $  

 

* 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, 2018     Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    Significant Other Observable Inputs
(Level 2)
    Unobservable Inputs
(Level 3)
 
    (In millions)  
Insurance contracts     16.0             16.0        
Total   $ 16.0     $     $ 16.0     $  

 

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     $     $  

 

* 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     $