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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other amounts recognized in OCI were as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
10.4

 
$
10.2

 
$
10.6

 
$
—

 
$
0.5

 
$
0.5

Interest cost
9.8

 
10.5

 
13.8

 
0.3

 
0.5

 
0.4

Expected return on assets
(13.5
)
 
(12.6
)
 
(19.5
)
 
—

 
—

 
—

Amortization of prior service credit
(1.3
)
 
(1.4
)
 
(1.3
)
 
(0.7
)
 
—

 
—

Amortization of transition obligation
—

 
0.1

 
0.1

 
—

 
—

 
—

Amortization of actuarial loss (gain)
4.9

 
4.8

 
5.9

 
(2.6
)
 
(1.4
)
 
(1.4
)
Curtailment
—

 
(2.1
)
 
—

 
—

 
—

 
—

Settlement effects
—

 
—

 
50.4

 
—

 
—

 
—

Net periodic benefit cost
$
10.3

 
$
9.5

 
$
60.0

 
$
(3.0
)
 
$
(0.4
)
 
$
(0.5
)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
 
 
 
 
 
 
 
 
 
 
 
Net (gain) loss arising during period
$
(9.0
)
 
$
19.2

 
$
17.7

 
$
(1.1
)
 
$
(0.1
)
 
$
(0.8
)
Prior service credit arising during period
—

 
—

 
(0.7
)
 
—

 
(3.0
)
 
—

Amortization of prior service credit
1.3

 
1.4

 
1.3

 
0.7

 
—

 
—

Amortization of transition obligation
—

 
(0.1
)
 
(0.1
)
 
—

 
—

 
—

Amortization of actuarial (loss) gain
(4.9
)
 
(4.8
)
 
(5.9
)
 
2.6

 
1.4

 
1.4

Curtailment
—

 
(3.1
)
 
—

 
—

 
—

 
—

Settlement effects
—

 
—

 
(50.4
)
 
—

 
—

 
—

Foreign currency translation
2.6

 
(3.2
)
 
(1.6
)
 
—

 
—

 
—

Total recognized in OCI
$
(10.0
)
 
$
9.4

 
$
(39.7
)
 
$
2.2

 
$
(1.7
)
 
$
0.6

Total recognized in net periodic benefit cost and OCI
$
0.3

 
$
18.9

 
$
20.3

 
$
(0.8
)
 
$
(2.1
)
 
$
0.1


Net periodic benefit cost by geographic location is as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2017
 
2016
 
2015
 
2017
 
2016
 
2015
U.S. plans
$
7.3

 
$
7.1

 
$
57.4

 
$
(3.0
)
 
$
(0.4
)
 
$
(0.5
)
International plans
3.0

 
2.4

 
2.6

 
—

 
—

 
—

Net periodic benefit cost
$
10.3

 
$
9.5

 
$
60.0

 
$
(3.0
)
 
$
(0.4
)
 
$
(0.5
)
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)
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, January 1
$
(262.2
)
 
$
(246.3
)
 
$
(8.0
)
 
$
(10.2
)
Service cost
(10.4
)
 
(10.2
)
 
—

 
(0.5
)
Interest cost
(9.8
)
 
(10.5
)
 
(0.3
)
 
(0.5
)
Participants' contributions
(0.7
)
 
(0.6
)
 
(0.5
)
 
(0.5
)
Actuarial (loss) gain
(11.8
)
 
(23.4
)
 
1.2

 
0.1

Amendments/transfers in
—

 
—

 
—

 
3.0

Benefits/expenses paid
14.2

 
16.2

 
0.5

 
0.6

Curtailment
—

 
5.2

 
—

 
—

Foreign currency translation
(7.3
)
 
7.4

 
—

 
—

Benefit obligation, December 31
$
(288.0
)
 
$
(262.2
)
 
$
(7.1
)
 
$
(8.0
)
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of assets, January 1
$
192.4

 
$
188.9

 
$
—

 
$
—

Actual return on assets
34.4

 
16.8

 
—

 
—

Employer contribution
23.2

 
6.8

 
—

 
0.1

Participants' contributions
0.7

 
0.6

 
0.5

 
0.5

Benefits/expenses paid
(14.2
)
 
(16.2
)
 
(0.5
)
 
(0.6
)
Foreign currency translation
3.0

 
(4.5
)
 
—

 
—

Fair value of assets, December 31
$
239.5

 
$
192.4

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Funded status at end of year
$
(48.5
)
 
$
(69.8
)
 
$
(7.1
)
 
$
(8.0
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet were as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2017
 
2016
 
2017
 
2016
Current liabilities
$
(1.5
)
 
$
(1.5
)
 
$
(0.7
)
 
$
(0.7
)
Noncurrent liabilities
(47.0
)
 
(68.3
)
 
(6.4
)
 
(7.3
)
 
$
(48.5
)
 
$
(69.8
)
 
$
(7.1
)
 
$
(8.0
)
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)
2017
 
2016
 
2017
 
2016
Net actuarial loss (gain)
$
74.5

 
$
86.0

 
$
(10.4
)
 
$
(11.9
)
Prior service credit
(0.8
)
 
(2.3
)
 
(2.4
)
 
(3.0
)
Total
$
73.7

 
$
83.7

 
$
(12.8
)
 
$
(14.9
)
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
2018
$
13.3

 
$
2.0

 
$
15.3

2019
14.2

 
2.1

 
16.3

2020
15.2

 
2.6

 
17.8

2021
14.7

 
2.5

 
17.2

2022
15.1

 
3.0

 
18.1

2023 to 2027
72.3

 
17.2

 
89.5

 
$
144.8

 
$
29.4

 
$
174.2
Schedule of Assumptions Used
Weighted average assumptions used to determine net periodic benefit cost were as follows:
 
Pension benefits
 
Other retirement benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
3.48
%
 
3.99
%
 
4.08
%
 
3.90
%
 
4.30
%
 
3.90
%
Rate of compensation increase
4.01
%
 
4.04
%
 
4.07
%
 
—

 
—

 
—

Long-term rate of return on assets
6.47
%
 
6.95
%
 
6.84
%
 
—

 
—

 
—


Weighted average assumptions used to determine the benefit obligations were as follows:
 
Pension benefits
 
Other retirement benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.14
%
 
3.68
%
 
3.45
%
 
3.90
%
Rate of compensation increase
3.80
%
 
4.04
%
 
—

 
—
Schedule of Allocation of Plan Assets
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. In accordance with U.S. GAAP, certain pension plan assets measured at net asset value (“NAV”) have not been classified in the fair value hierarchy.
 
Balance at
 
 
 
December 31,
 
Basis of Fair Value Measurements
($ in millions)
2017
 
Level 1
 
Level 2
 
Level 3
Cash
$
1.6

 
$
1.6

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
International mutual funds
15.5

 
15.5

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
Mutual funds
17.5

 
17.5

 
—

 
—

Pension plan assets in the fair value hierarchy
$
34.6

 
$
34.6

 
$
—

 
$
—

Pension plan assets measured at NAV
204.9

 
 
 
 
 
 
Pension plan assets at fair value
$
239.5

 


 


 



 
Balance at
 
 
 
December 31,
 
Basis of Fair Value Measurements
($ in millions)
2016
 
Level 1
 
Level 2
 
Level 3
Cash
$
10.0

 
$
10.0

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
Indexed mutual funds
8.9

 
8.9

 
—

 
—

International mutual funds
3.0

 
3.0

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
Mutual funds
9.2

 
9.2

 
—

 
—

Insurance contract
0.5

 
—

 
0.5

 
—

Balanced mutual fund
6.3

 
6.3

 
—

 
—

Pension plan assets in the fair value hierarchy
$
37.9

 
$
37.4

 
$
0.5

 
$
—

Pension plan assets measured at NAV
154.5

 
 
 
 
 
 
Pension plan assets at fair value
$
192.4

 
 
 
 
 
 
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
 
2017
 
2016
Equity securities
63
%
 
60
%
Debt securities
37
%
 
30
%
Other
—
%
 
10
%
 
100
%
 
100
%