XML 81 R64.htm IDEA: XBRL DOCUMENT v3.3.1.900
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2015
Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans
Pension PlansOther Retirement Plans
2015201420152014
Change in benefit obligation:
Benefit obligation, beginning of the period$ (461.8)$ (347.1)$ (26.7)$ (20.7)
Service cost (21.6) (18.4) (2.2) (1.7)
Interest cost (16.9) (16.5) (1.0) (0.9)
Plan participants’ contributions - - (0.4) (0.4)
Plan amendments 6.4 - 1.2 -
Benefits paid 7.5 6.4 0.8 0.6
Actuarial gain (loss) 1.9 (8.3) (0.1) (0.1)
Assumption changes 25.3 (77.9) 1.4 (3.5)
Benefit obligation, end of the period (459.2) (461.8) (27.0) (26.7)
Change in plan assets:
Fair value of plan assets, beginning of the period 248.4 204.6 - -
Actual return on plan assets (4.5) 12.9 - -
Benefits paid (7.4) (6.4) (0.8) (0.6)
Employer contributions 24.4 37.3 0.4 0.2
Plan participants' contributions - - 0.4 0.4
Fair value of plan assets, end of the period$ 260.9 $ 248.4 $ - $ -
Funded Status of the plans$ (198.3)$ (213.4)$ (27.0)$ (26.7)
 
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits liability - current$ (4.4)$ (4.3)$ (1.0)$ (0.8)
Pension and retirement benefits liability - non current (193.9) (209.1) (26.0) (25.9)
Net amount recognized$ (198.3)$ (213.4)$ (27.0)$ (26.7)
 
Accumulated benefit obligation, end of the period$ (405.3)$ (396.3)
Accumulated Benefit Obligation in Excess of Plan Assets
     December 31,
     2015  2014
Aggregate projected benefit obligation    $ 459.2   $461.8
Aggregate accumulated benefit obligation    $ 405.3   $396.3
Aggregate fair value of plan assets    $ 260.9   $248.4
Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI
     Pension Plans    Other Retirement Plans
     2015  2014   2015   2014
Net actuarial losses   $ (144.6)$ (165.5)   $ (4.4)   $ (6.0)
Net prior service costs      4.5  (2.7)     1.2     -
Total recognized in AOCI- pretax    $ (140.1)$ (168.2)   $ (3.2)   $ (6.0)
Summary of Post-Retirement Plans to Amortized from AOCI as Net Periodic Expense during next fiscal year
     Pension Plans    Other Retirement Plans
Net actuarial losses    $ 10.3   $ 0.2
Net prior service costs      0.1     (0.3)
Total to be recognized as components of net periodic expense    $ 10.4   $ (0.1)
Components of Net Periodic Benefit Expense Related to Retirement Plans
  Pension Plans   Other Retirement Plans
  2015  20142013  2015   2014   2013
Components of net periodic expense        
Service cost $ 21.6  $ 18.4  $ 19.8  $ 2.2   $ 1.7   $ 1.7
Interest cost   16.9    16.5    13.5    1.0     0.9     0.8
Expected return on plan assets   (14.4)  (14.3)  (12.9)    -     -     -
Amortization of net actuarial loss from earlier periods   12.5     6.6     10.8    0.3     -     0.3
Amortization of net prior service costs from earlier periods   0.7    0.7    0.6    -     -     -
Net periodic expense $ 37.3  $ 27.9  $ 31.8  $ 3.5   $ 2.6   $ 2.8
Summary of Pre-Tax Amounts Recorded in OCI
     Pension Plans   Other Retirement Plans
   20152014  2015   2014
Amortization of net actuarial losses    $ 12.5 $ 6.6  $ 0.3   $ -
Amortization of prior service costs      0.7  0.7    -     -
Prior service costs6.5-1.2-
Net actuarial gain (loss) arising during the period      8.4  (87.5)    1.3     (3.7)
Total recognized in OCI – pre-tax    $ 28.1 $ (80.2)  $ 2.8   $ (3.7)
Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements
Fair Value Measurement as of December 31, 2015
Asset CategoryBalanceLevel 1Level 2% of total assets
Cash and cash equivalent$0.5$-$0.5-
Common/collective trust funds - equity securities
Global large-cap99.9-99.938%
U.S. small and mid-cap16.0-16.06%
Emerging markets16.5-16.56%
Total equity investments132.4-132.451%
Emerging markets bond fund 10.610.6-4%
Common/collective trust funds - fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds69.8-69.827%
U.S. Treasury Inflation-Protected Securities (TIPs)12.5-12.55%
Private investment fund - convertible securities7.3-7.33%
Private investment fund - high yield securities7.4-7.43%
Total fixed-income investments107.610.697.041%
Other investment- Common/collective trust fund — private real estate fund20.4-20.48%
Total Assets$260.9$10.6$250.3100%
Fair Value Measurement as of December 31, 2014
Asset CategoryBalanceLevel 1Level 2% of total assets
Cash and cash equivalent$13.2$-$13.25%
Emerging markets equity fund14.0$14.0$-6%
Common/collective trust funds - equity securities
U.S. large-cap92.2-92.237%
U.S. small and mid-cap16.5-16.57%
Total equity investments122.714.0108.750%
Emerging markets bond fund 9.19.1-4%
Common/collective trust funds - fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds60.8-60.824%
U.S. Treasury Inflation-Protected Securities (TIPs)10.7-10.74%
Convertible securities 7.5-7.53%
Private investment fund - high yield securities6.7-6.73%
Total fixed-income investments94.89.185.738%
Other investment - Common/collective trust fund - private real estate fund17.8-17.87%
Total Assets$248.5$23.1$225.4100%
Estimated Future Benefits Payments for Retirement Plans
Year Ending December 31,    Pension Plans   Other  Retirement Plans
2016   $ 10.8   $ 1.0
2017     12.6     1.1
2018     42.4     1.3
2019     16.0     1.4
2020     17.5     1.6
2021 – 2025   $ 133.6   $ 10.5
Defined Benefit Obligation [Member]  
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
  Pension Plans Other Retirement Plans
  2015  20142015  2014
Discount rate   4.04%3.78%4.00%3.65%
Rate of compensation increase   3.74%3.76%-   -
Defined Periodic Benefit Expense [Member]  
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
     Pension Plans   Other Retirement Plans
   2015  2014  2013  2015  2014  2013
Discount rate    3.78%  4.71%  3.82%3.65%  4.45%  3.55%
Expected return on plan assets    5.80%  6.80%  7.30%-  -  -
Rate of compensation increase    3.76%  4.00%  4.00%-  -  -