XML 94 R74.htm IDEA: XBRL DOCUMENT v3.8.0.1
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans
Pension PlansOther Retirement Plans
2017201620172016
Change in benefit obligation:
Benefit obligation, beginning of the period$(489.5)$(459.2)$(29.5)$(27.0)
Service cost(18.4)(20.1)(2.5)(2.2)
Interest cost (18.5)(18.2)(1.1)(1.0)
Plan participants’ contributions --(0.4)(0.4)
Benefits paid 15.09.91.40.9
Actuarial gain (loss) 7.44.2(0.1)0.7
Assumption changes (14.1)(6.1)1.0(0.5)
Benefit obligation, end of the period$(518.1)$(489.5)$(31.2)$(29.5)
Change in plan assets:
Fair value of plan assets, beginning of the period$297.1$260.9$-$-
Actual return on plan assets44.319.7--
Benefits paid (15.0)(9.9)(1.4)(0.9)
Employer contributions31.026.41.00.5
Plan participants' contributions--0.40.4
Fair value of plan assets, end of the period$357.4$297.1$-$-
Funded Status of the plans$(160.7)$(192.4)$(31.2)$(29.5)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits liability - current$(4.9)$(5.1)$(1.0)$(1.0)
Pension and retirement benefits liability - non current(155.8)(187.3)(30.2)(28.5)
Net amount recognized$(160.7)$(192.4)$(31.2)$(29.5)
Accumulated benefit obligation, end of the period$(461.5)$(433.1)
Accumulated Benefit Obligation in Excess of Plan Assets
     December 31,
     2017  2016
Aggregate projected benefit obligation    $ 518.1   $489.5
Aggregate accumulated benefit obligation    $ 461.5   $433.1
Aggregate fair value of plan assets    $ 357.4   $297.1
Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI
     Pension Plans    Other Retirement Plans
     2017  2016   2017   2016
Net actuarial losses   $ (104.0)$ (133.9)   $ (3.0)   $ (4.0)
Net prior service costs      4.5  4.5     0.6     0.9
Total recognized in AOCI – pretax    $ (99.5)$ (129.4)   $ (2.4)   $ (3.1)
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    $ 6.0   $ -
Net prior service costs      (0.3)     (0.3)
Total to be recognized as components of net periodic expense    $ 5.7   $ (0.3)
Components of Net Periodic Benefit Expense Related to Retirement Plans
  Pension Plans   Other Retirement Plans
  20172016  2015  20172016   2015
Components of net periodic expense     
Service cost $ 18.4$ 20.1$ 21.6    $ 2.5$ 2.2$ 2.2
Interest cost   18.5  18.2  16.9      1.1  1.0  1.0
Expected return on plan assets   (16.5)  (17.0)  (14.4)    -  -  -
Amortization of net actuarial loss from earlier periods   8.8  9.8  12.5       0.1  0.2  0.3
Amortization of net prior service costs from earlier periods   -  0.1  0.7      (0.3)  (0.3)  -
Net periodic expense $ 29.2$ 31.2  $ 37.3    $ 3.4$ 3.1   $ 3.5
Summary of Pre-Tax Amounts Recorded in OCI
     Pension Plans   Other Retirement Plans
   201720162015  201720162015
Amortization of net actuarial losses    $ 8.8$ 9.8$ 12.5  $ 0.1$ 0.2$ 0.3
Amortization of prior service costs      -  0.1  0.7    (0.3)  (0.3)  -
Prior service costs--6.5--1.2
Net actuarial gain (loss) arising during the period      21.1  0.8  8.4    0.9  0.2  1.3
Total recognized in OCI – pre-tax    $ 29.9$ 10.7$28.1  $ 0.7$ 0.1$2.8
Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements
Fair Value Measurement as of December 31, 2017
Asset CategoryBalanceLevel 1Level 2Measured using NAV practical expedient (a)% of total assets
Cash and cash equivalent$16.5$-$16.5$-4%
Common/collective trust funds - equity securities
U.S. large-cap140.3-140.3-39%
U.S. small and mid-cap23.3-23.3-7%
Emerging markets28.1-28.1-8%
Total equity investments191.7-191.7-54%
Emerging markets bond fund 12.112.1--3%
Common/collective trust funds - fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds83.7-83.7-23%
U.S. Treasury Inflation-Protected Securities (TIPs)13.4-13.4-4%
Private investment fund - convertible securities 9.9--9.93%
Private investment fund - high yield securities 9.7--9.73%
Total fixed-income investments128.812.197.119.636%
Other investment - private real estate debt fund 20.4--20.46%
Total Assets$357.4$12.1$305.3$40.0100%
Fair Value Measurement as of December 31, 2016
Asset CategoryBalanceLevel 1Level 2Measured using NAV practical expedient (a)% of total assets
Cash and cash equivalent$1.2$-$1.2$--
Common/collective trust funds - equity securities
U.S. large-cap130.1-130.1-44%
U.S. small and mid-cap19.7-19.7-7%
Emerging markets20.8-20.8-7%
Total equity investments170.6-170.6-58%
Emerging markets bond fund 11.411.4--4%
Common/collective trust funds - fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds74.3-74.3-25%
U.S. Treasury Inflation-Protected Securities (TIPs)13.1-13.1-4%
Private investment fund - convertible securities 9.1--9.13%
Private investment fund - high yield securities 9.0--9.03%
Total fixed-income investments116.911.487.418.139%
Other investment - private real estate fund8.4--8.43%
Total Assets$297.1$11.4$259.2$26.5100%
(a) Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.
Estimated Future Benefits Payments for Retirement Plans
Year Ending December 31,    Pension Plans   Other  Retirement Plans
2018   $ 12.2   $ 1.0
2019     13.0     1.1
2020     41.4     1.2
2021     17.8     1.3
2022     19.5     1.4
2023 – 2027   $ 135.7   $ 10.2
Defined Benefit Obligation [Member]  
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
  Pension Plans Other Retirement Plans
  2017201620172016
Discount rate   3.46%3.89%3.45%3.85%
Rate of compensation increase   3.71%3.72%--
Defined Periodic Benefit Expense [Member]  
Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses
     Pension Plans   Other Retirement Plans
   20172016  2015  20172016  2015
Discount rate    3.89%4.04%3.78%3.85%4.00%3.65%
Expected return on plan assets    5.40%6.10%5.80%---
Rate of compensation increase    3.72%3.74%3.76%---