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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
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)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
10.8

 
$
10.4

 
$
10.2

 
$
—

 
$
—

 
$
0.5

Interest cost
9.4

 
9.8

 
10.5

 
0.2

 
0.3

 
0.5

Expected return on assets
(15.7
)
 
(13.5
)
 
(12.6
)
 
—

 
—

 
—

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

Amortization of transition obligation
—

 
—

 
0.1

 
—

 
—

 
—

Amortization of actuarial loss (gain)
3.8

 
4.9

 
4.8

 
(2.4
)
 
(2.6
)
 
(1.4
)
Curtailment
—

 
—

 
(2.1
)
 
—

 
—

 
—

Net periodic benefit cost
$
7.0

 
$
10.3

 
$
9.5

 
$
(2.9
)
 
$
(3.0
)
 
$
(0.4
)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
 
 
 
 
 
 
 
 
 
 
 
Net loss (gain) arising during period
$
3.5

 
$
(9.0
)
 
$
19.2

 
$
(1.4
)
 
$
(1.1
)
 
$
(0.1
)
Prior service credit arising during period
0.3

 
—

 
—

 
—

 
—

 
(3.0
)
Amortization of prior service credit
1.3

 
1.3

 
1.4

 
0.7

 
0.7

 
—

Amortization of transition obligation
—

 
—

 
(0.1
)
 
—

 
—

 
—

Amortization of actuarial (loss) gain
(3.8
)
 
(4.9
)
 
(4.8
)
 
2.4

 
2.6

 
1.4

Curtailment
—

 
—

 
(3.1
)
 
—

 
—

 
—

Foreign currency translation
(1.2
)
 
2.6

 
(3.2
)
 
—

 
—

 
—

Total recognized in OCI
$
0.1

 
$
(10.0
)
 
$
9.4

 
$
1.7

 
$
2.2

 
$
(1.7
)
Total recognized in net periodic benefit cost and OCI
$
7.1

 
$
0.3

 
$
18.9

 
$
(1.2
)
 
$
(0.8
)
 
$
(2.1
)

Net periodic benefit cost by geographic location is as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
U.S. plans
$
4.8

 
$
7.3

 
$
7.1

 
$
(2.9
)
 
$
(3.0
)
 
$
(0.4
)
International plans
2.2

 
3.0

 
2.4

 
—

 
—

 
—

Net periodic benefit cost
$
7.0

 
$
10.3

 
$
9.5

 
$
(2.9
)
 
$
(3.0
)
 
$
(0.4
)
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)
2018
 
2017
 
2018
 
2017
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation, January 1
$
(288.0
)
 
$
(262.2
)
 
$
(7.1
)
 
$
(8.0
)
Service cost
(10.8
)
 
(10.4
)
 
—

 
—

Interest cost
(9.4
)
 
(9.8
)
 
(0.2
)
 
(0.3
)
Participants’ contributions
(0.6
)
 
(0.7
)
 
(0.6
)
 
(0.5
)
Actuarial (loss) gain
20.4

 
(11.8
)
 
1.4

 
1.2

Amendments/transfers in
(0.3
)
 
—

 
—

 
—

Benefits/expenses paid
18.0

 
14.2

 
0.5

 
0.5

Foreign currency translation
3.7

 
(7.3
)
 
—

 
—

Benefit obligation, December 31
$
(267.0
)
 
$
(288.0
)
 
$
(6.0
)
 
$
(7.1
)
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of assets, January 1
$
239.5

 
$
192.4

 
$
—

 
$
—

Actual return on assets
(8.3
)
 
34.4

 
—

 
—

Employer contribution
2.7

 
23.2

 
(0.1
)
 
—

Participants’ contributions
0.6

 
0.7

 
0.6

 
0.5

Benefits/expenses paid
(18.0
)
 
(14.2
)
 
(0.5
)
 
(0.5
)
Foreign currency translation
(2.0
)
 
3.0

 
—

 
—

Fair value of assets, December 31
$
214.5

 
$
239.5

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Funded status at end of year
$
(52.5
)
 
$
(48.5
)
 
$
(6.0
)
 
$
(7.1
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet were as follows:
 
Pension benefits
 
Other retirement benefits
($ in millions)
2018
 
2017
 
2018
 
2017
Current liabilities
$
(1.6
)
 
$
(1.5
)
 
$
(0.7
)
 
$
(0.7
)
Noncurrent liabilities
(50.9
)
 
(47.0
)
 
(5.3
)
 
(6.4
)
 
$
(52.5
)
 
$
(48.5
)
 
$
(6.0
)
 
$
(7.1
)
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)
2018
 
2017
 
2018
 
2017
Net actuarial loss (gain)
$
73.0

 
$
74.5

 
$
(9.4
)
 
$
(10.4
)
Prior service cost (credit)
0.9

 
(0.8
)
 
(1.7
)
 
(2.4
)
Total
$
73.9

 
$
73.7

 
$
(11.1
)
 
$
(12.8
)
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
2019
$
13.6

 
$
2.1

 
$
15.7

2020
14.6

 
2.7

 
17.3

2021
14.1

 
2.2

 
16.3

2022
14.7

 
2.9

 
17.6

2023
14.9

 
2.3

 
17.2

2024 to 2028
69.3

 
16.9

 
86.2

 
$
141.2

 
$
29.1

 
$
170.3
Schedule of Assumptions Used
Weighted average assumptions used to determine net periodic benefit cost were as follows:
 
Pension benefits
 
Other retirement benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Discount rate
2.91
%
 
3.48
%
 
3.99
%
 
3.45
%
 
3.90
%
 
4.30
%
Rate of compensation increase
4.00
%
 
4.01
%
 
4.04
%
 
—

 
—

 
—

Long-term rate of return on assets
6.71
%
 
6.47
%
 
6.95
%
 
—

 
—

 
—


Weighted average assumptions used to determine the benefit obligations were as follows:
 
Pension benefits
 
Other retirement benefits
 
2018
 
2017
 
2018
 
2017
Discount rate
3.76
%
 
3.14
%
 
4.20
%
 
3.45
%
Rate of compensation increase
4.01
%
 
3.80
%
 
—

 
—
Schedule of Allocation of Plan Assets
The following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 11, 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)
2018
 
Level 1
 
Level 2
 
Level 3
Cash
$
1.7

 
$
1.7

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
International mutual funds
17.7

 
17.7

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
Mutual funds
13.9

 
13.9

 
—

 
—

Pension plan assets in the fair value hierarchy
$
33.3

 
$
33.3

 
$
—

 
$
—

Pension plan assets measured at NAV
181.2

 
 
 
 
 
 
Pension plan assets at fair value
$
214.5

 


 


 



 
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

 
 
 
 
 
 
The following are the U.S. target asset allocations and acceptable allocation ranges:
 
Target allocation
 
Allocation range
Equity securities
30%
 
27% - 33%
Debt securities
70%
 
67% - 73%
Other
—%
 
0% - 3%
The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:
 
2018
 
2017
Equity securities
23
%
 
63
%
Debt securities
74
%
 
37
%
Other
3
%
 
—
%
 
100
%
 
100
%