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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other amounts recognized in other comprehensive income were as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2015

2014

2013

 
2015

2014

2013

Net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
10.6

$
9.8

$
9.7

 
$
0.5

$
0.4

$
1.1

Interest cost
13.8

17.1

14.8

 
0.4

0.4

0.6

Expected return on assets
(19.5
)
(19.3
)
(17.3
)
 



Amortization of prior service credit
(1.3
)
(1.3
)
(1.3
)
 



Amortization of transition obligation
0.1

0.1

0.1

 



Amortization of actuarial loss (gain)
5.9

4.7

9.2

 
(1.4
)
(1.6
)
(0.7
)
Settlement effects
50.4



 



Net periodic benefit cost
$
60.0

$
11.1

$
15.2

 
$
(0.5
)
$
(0.8
)
$
1.0

Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax:
 
 
 
 
 
 
 
Net loss (gain) arising during period
$
17.7

$
31.5

$
(36.1
)
 
$
(0.8
)
$
0.1

$
(18.5
)
Prior service credit arising during period
(0.7
)


 



Amortization of prior service credit
1.3

1.3

1.3

 



Amortization of transition obligation
(0.1
)
(0.1
)
(0.1
)
 



Amortization of actuarial (loss) gain
(5.9
)
(4.7
)
(9.2
)
 
1.4

1.6

0.7

Settlement effects
(50.4
)


 



Foreign currency translation
(1.6
)
(2.1
)
0.6

 



Total recognized in other comprehensive income
$
(39.7
)
$
25.9

$
(43.5
)
 
$
0.6

$
1.7

$
(17.8
)
Total recognized in net periodic benefit cost and other comprehensive income
$
20.3

$
37.0

$
(28.3
)
 
$
0.1

$
0.9

$
(16.8
)
Net periodic benefit cost by geographic location is as follows:

 
Pension benefits
 
Other retirement benefits
 
2015

2014

2013

 
2015

2014

2013

U.S. plans
$
57.4

$
8.1

$
11.9

 
$
(0.5
)
$
(0.8
)
$
1.0

International plans
2.6

3.0

3.3

 



Net periodic benefit cost
$
60.0

$
11.1

$
15.2

 
$
(0.5
)
$
(0.8
)
$
1.0

Schedule of Changes in Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status
The following table presents the changes in the benefit obligation and the fair value of plan assets, as well as the funded status of the plans:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2015

2014

 
2015

2014

Change in benefit obligation:
 
 
 
 
 
Benefit obligation, January 1
$
(398.5
)
$
(360.8
)
 
$
(10.1
)
$
(9.2
)
Service cost
(10.6
)
(9.8
)
 
(0.5
)
(0.4
)
Interest cost
(13.8
)
(17.1
)
 
(0.4
)
(0.4
)
Participants' contributions
(0.6
)
(0.9
)
 
(0.6
)
(0.6
)
Actuarial (loss) gain
7.8

(44.5
)
 
0.8

(0.1
)
Amendments/transfers in
0.8


 


Benefits/expenses paid
14.6

28.8

 
0.6

0.6

Settlement
149.7


 


Foreign currency translation
4.3

5.8

 


Benefit obligation, December 31
$
(246.3
)
$
(398.5
)
 
$
(10.2
)
$
(10.1
)
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
Fair value of assets, January 1
$
322.3

$
284.7

 
$

$

Actual return on assets
(6.0
)
32.3

 


Employer contribution
38.0

35.4

 


Participants' contribution
0.6

0.9

 
0.6

0.6

Benefits/expenses paid
(14.6
)
(28.8
)
 
(0.6
)
(0.6
)
Settlement
(149.7
)

 


Foreign currency translation
(1.7
)
(2.2
)
 


Fair value of assets, December 31
$
188.9

$
322.3

 
$

$

 
 
 
 
 
 
Funded status at end of year
$
(57.4
)
$
(76.2
)
 
$
(10.2
)
$
(10.1
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet were as follows:

 
Pension benefits
Other retirement benefits
($ in millions)
2015

2014

2015

2014

Current liabilities
$
(5.0
)
$
(1.8
)
$
(0.6
)
$
(0.8
)
Noncurrent liabilities
(52.4
)
(74.4
)
(9.6
)
(9.3
)
 
$
(57.4
)
$
(76.2
)
$
(10.2
)
$
(10.1
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The amounts in accumulated other comprehensive loss, pre-tax, consisted of:

 
Pension benefits
Other retirement benefits
($ in millions)
2015

2014

2015

2014

Net actuarial loss (gain)
$
79.9

$
120.1

$
(13.2
)
$
(13.8
)
Transition obligation
0.1

0.2



Prior service credit
(5.7
)
(6.3
)


Total
$
74.3

$
114.0

$
(13.2
)
$
(13.8
)

Schedule of Expected Benefit Payments
Benefit payments expected to be paid under our defined benefit pension and other retirement benefit plans in the next ten years are as follows:
 ($ in millions)
Domestic
International
Total
2016
$
15.3

$
1.5

$
16.8

2017
12.8

1.7

14.5

2018
13.5

1.9

15.4

2019
14.1

2.2

16.3

2020
16.0

2.8

18.8

2021 to 2025
82.9

14.6

97.5

 
$
154.6

$
24.7

$
179.3

Schedule of Assumptions Used
Weighted average assumptions used to determine net periodic benefit cost were as follows:

 
Pension benefits
 
Other retirement benefits
 
2015

2014

2013

 
2015

2014

2013

Discount rate
4.08
%
4.50
%
3.99
%
 
3.90
%
4.55
%
3.50
%
Rate of compensation increase
4.07
%
4.29
%
4.24
%
 



Long-term rate of return on assets
6.84
%
7.01
%
7.12
%
 




Weighted average assumptions used to determine the benefit obligations were as follows:

 
Pension benefits
 
Other retirement benefits
 
2015

2014

 
2015

2014

Discount rate
4.22
%
3.96
%
 
4.30
%
3.90
%
Rate of compensation increase
4.07
%
4.14
%
 


Schedule of Allocation of Plan Assets
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:

 
2015

2014

Equity securities
62
%
63
%
Debt securities
35
%
35
%
Other
3
%
2
%
 
100
%
100
%
The following are the U.S. target asset allocations and acceptable allocation ranges:

 
Target allocation
Allocation range
Equity securities
65%
60%-70%
Debt securities
35%
30%-40%
Other
—%
0%-5%
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 10, Fair Value Measurements:

 
Balance at
 
 
December 31,
Basis of Fair Value Measurements
($ in millions)
2015
Level 1
Level 2
Level 3
Cash
$
0.6

$
0.6

$

$

Equity securities:
 
 
 
 
Indexed mutual funds
79.2

79.2



International mutual funds
37.7

37.7



Fixed income securities:
 
 
 
 
Mutual funds
63.0

63.0



Insurance contract
0.6


0.6


Balanced mutual fund
7.8

7.8



 
$
188.9

$
188.3

$
0.6

$


 
Balance at
 
 
December 31,
Basis of Fair Value Measurements
($ in millions)
2014
Level 1
Level 2
Level 3
Cash
$
1.1

$
1.1

$


Equity securities:
 
 
 
 
Indexed mutual funds
142.3

142.3



International mutual funds
58.7

58.7



Fixed income securities:
 
 
 
 
Mutual funds
111.4

111.4



Insurance contract
1.0


1.0


Balanced mutual fund
7.8

7.8



 
$
322.3

$
321.3

$
1.0

$