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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019		2018		2017		2019		2018		2017
Net periodic benefit cost:
Service cost	$	1.4	$	10.8	$	10.4	$	—	$	—	$	—
Interest cost	9.2		9.4		9.8		0.2		0.2		0.3
Expected return on assets	(12.0)		(15.7)		(13.5)		—		—		—
Amortization of prior service credit	0.1		(1.3)		(1.3)		(0.7)		(0.7)		(0.7)

Amortization of actuarial loss (gain)	2.1		3.8		4.9		(2.3)		(2.4)		(2.6)

Settlement effects	3.5		—		—		—		—		—
Net periodic benefit cost	$	4.3	$	7.0	$	10.3	$	(2.8)	$	(2.9)	$	(3.0)
Other changes in plan assets and benefit obligations recognized in OCI, pre-tax:
Net loss (gain) arising during period	$	1.5	$	3.5	$	(9.0)	$	0.1	$	(1.4)	$	(1.1)
Prior service credit arising during period	—		0.3		—		—		—		—
Amortization of prior service credit	(0.1)		1.3		1.3		0.7		0.7		0.7

Amortization of actuarial (loss) gain	(2.1)		(3.8)		(4.9)		2.3		2.4		2.6

Settlement effects	(3.5)		—		—		—		—		—
Foreign currency translation	0.6		(1.2)		2.6		—		—		—
Total recognized in OCI	$	(3.6)	$	0.1	$	(10.0)	$	3.1	$	1.7	$	2.2
Total recognized in net periodic benefit cost and OCI	$	0.7	$	7.1	$	0.3	$	0.3	$	(1.2)	$	(0.8)

Net periodic benefit cost by geographic location is as follows:


	Pension benefits										Other retirement benefits
($ in millions)	2019		2018		2017		2019		2018		2017
U.S. plans	$	2.4	$	4.8	$	7.3	$	(2.8)	$	(2.9)	$	(3.0)
International plans	1.9		2.2		3.0		—		—		—
Net periodic benefit cost	$	4.3	$	7.0	$	10.3	$	(2.8)	$	(2.9)	$	(3.0)

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)	2019		2018		2019		2018
Change in benefit obligation:
Benefit obligation, January 1	$	(267.0)	$	(288.0)	$	(6.0)	$	(7.1)
Service cost	(1.4)		(10.8)		—		—
Interest cost	(9.2)		(9.4)		(0.2)		(0.2)
Participants’ contributions	(0.3)		(0.6)		(0.7)		(0.6)
Actuarial (loss) gain	(30.8)		20.4		(0.2)		1.4
Amendments/transfers in	—		(0.3)		—		—
Benefits/expenses paid	6.8		18.0		0.5		0.5

Settlement effects	15.0		—		—		—
Foreign currency translation	(1.0)		3.7		—		—
Benefit obligation, December 31	$	(287.9)	$	(267.0)	$	(6.6)	$	(6.0)

Change in plan assets:
Fair value of assets, January 1	$	214.5	$	239.5	$	—	$	—
Actual return on assets	41.3		(8.3)		—		—
Employer contribution	8.0		2.7		(0.2)		(0.1)
Participants’ contributions	0.3		0.6		0.7		0.6
Benefits/expenses paid	(6.3)		(18.0)		(0.5)		(0.5)
Settlement effects	(15.0)		—		—		—
Foreign currency translation	1.3		(2.0)		—		—
Fair value of assets, December 31	$	244.1	$	214.5	$	—	$	—

Funded status at end of year	$	(43.8)	$	(52.5)	$	(6.6)	$	(6.0)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the balance sheet were as follows:


	Pension benefits						Other retirement benefits
($ in millions)	2019		2018		2019		2018
Noncurrent assets	$	4.3	$	—	$	—	$	—
Current liabilities	(1.5)		(1.6)		(0.7)		(0.7)
Noncurrent liabilities	(46.6)		(50.9)		(5.9)		(5.3)
	$	(43.8)	$	(52.5)	$	(6.6)	$	(6.0)

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)	2019		2018		2019		2018
Net actuarial loss (gain)	$	69.4	$	73.0	$	(7.0)	$	(9.4)

Prior service cost (credit)	0.8		0.9		(1.0)		(1.7)
Total	$	70.2	$	73.9	$	(8.0)	$	(11.1)

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
2020	$	21.0	$	1.3	$	22.3
2021	13.5		1.3		14.8
2022	15.0		2.0		17.0
2023	13.7		1.5		15.2
2024	13.5		1.9		15.4
2025 to 2029	60.5		13.3		73.8
	$	137.2	$	21.3	$	158.5

Schedule of Assumptions Used

Weighted average assumptions used to determine net periodic benefit cost were as follows:


	Pension benefits										Other retirement benefits
	2019		2018		2017		2019		2018		2017
Discount rate	2.70	%	2.91	%	3.48	%	4.20	%	3.45	%	3.90	%
Rate of compensation increase	2.41	%	4.00	%	4.01	%	—		—		—
Long-term rate of return on assets	5.54	%	6.71	%	6.47	%	—		—		—

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


	Pension benefits						Other retirement benefits
	2019		2018		2019		2018
Discount rate	2.79	%	3.76	%	3.20	%	4.20	%
Rate of compensation increase	2.49	%	4.01	%	—		—

Schedule of Allocation of Plan Assets

The weighted average asset allocations by asset category for our pension plans, at December 31, were as follows:


	2019		2018
Equity securities	33	%	23	%
Debt securities	65	%	74	%
Other	2	%	3	%
	100	%	100	%

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 following tables present the fair value of our pension plan assets, utilizing the fair value hierarchy discussed in Note 12, 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)	2019		Level 1		Level 2		Level 3
Cash	$	2.2	$	2.2	$	—	$	—
Equity securities:

International mutual funds	15.5		1.3		14.2		—
Fixed income securities:
Mutual funds	21.7		3.8		17.9		—


Pension plan assets in the fair value hierarchy	$	39.4	$	7.3	$	32.1	$	—
Pension plan assets measured at NAV	204.7
Pension plan assets at fair value	$	244.1


	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