XML 58 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]  
Defined contribution plans
We recorded the following expenses related to our contributions to the defined contribution plans (in millions):
 
For the Years Ended December 31,
 
2016
 
2015
 
2014
Contributions to defined contribution plans
$
16.3

 
$
16.1

 
$
14.8
Pension and postretirement benefit plans recognized in financial statements
The following tables set forth amounts recognized in our financial statements and the plans' funded status for our pension and post-retirement benefit plans (dollars in millions):
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Accumulated benefit obligation
$
374.1

 
$
409.2

 
N/A

 
N/A

 
 
 
 
 
 
 
 
Changes in projected benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
415.4

 
$
446.5

 
$
4.9

 
$
5.4

Service cost
4.4

 
4.8

 
—

 
—

Interest cost
15.3

 
17.2

 
0.1

 
0.2

Plan participants' contributions
—

 
—

 
0.3

 
0.5

Amendments
0.1

 
0.1

 
—

 
—

Other
—

 
—

 
—

 
—

Actuarial (gain) loss
22.8

 
(29.6
)
 
(0.7
)
 
0.1

Effect of exchange rates
(3.8
)
 
(5.2
)
 
—

 
—

Divestiture
—

 
—

 
—

 
—

Settlements and curtailments
(50.6
)
 
(0.8
)
 
—

 
—

Benefits paid
(22.0
)
 
(17.6
)
 
(1.3
)
 
(1.3
)
Benefit obligation at end of year
$
381.6

 
$
415.4

 
$
3.3

 
$
4.9

 
 
 
 
 
 
 
 
Changes in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
293.0

 
$
315.0

 
$
—

 
$
—

Actual gain (loss) return on plan assets
21.0

 
(3.2
)
 
—

 
—

Employer contribution
53.9

 
3.8

 
1.0

 
0.8

Plan participants' contributions
—

 
—

 
0.3

 
0.5

Effect of exchange rates
(2.8
)
 
(4.2
)
 
—

 
—

Divestiture
—

 
—

 
—

 
—

Plan settlements
(50.6
)
 
(0.8
)
 
—

 
—

Benefits paid
(22.0
)
 
(17.6
)
 
(1.3
)
 
(1.3
)
Fair value of plan assets at end of year
292.5

 
293.0

 
—

 
—

Funded status / net amount recognized
$
(89.1
)
 
$
(122.4
)
 
$
(3.3
)
 
$
(4.9
)
 
 
 
 
 
 
 
 
Net amount recognized consists of:
 
 
 
 
 
 
 
Current liability
$
(1.6
)
 
$
(1.6
)
 
$
(0.5
)
 
$
(0.8
)
Non-current liability
(87.5
)
 
(120.8
)
 
(2.8
)
 
(4.1
)
Net amount recognized
$
(89.1
)
 
$
(122.4
)
 
$
(3.3
)
 
$
(4.9
)
Schedule of non-current pension liability plan
 
For the Years Ended December 31,
 
2016
 
2015
Pension plans with a benefit obligation in excess of plan assets:
 
 
 
Projected benefit obligation
$
370.2

 
$
404.5

Accumulated benefit obligation
362.9

 
398.4

Fair value of plan assets
280.8

 
281.8
Components of net periodic benefit cost
Our U.S.-based pension plans comprised approximately 88% of the projected benefit obligation and 88% of plan assets as of December 31, 2016.

 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Components of net periodic benefit cost as of December 31:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
4.4

 
$
4.8

 
$
4.2

 
$
—

 
$
—

 
$
—

Interest cost
15.3

 
17.2

 
17.7

 
0.1

 
0.2

 
0.2

Expected return on plan assets
(21.5
)
 
(21.4
)
 
(22.7
)
 
—

 
—

 
—

Amortization of prior service cost
0.3

 
0.2

 
0.3

 
(3.0
)
 
(3.1
)
 
(3.1
)
Recognized actuarial loss
7.6

 
9.5

 
6.6

 
1.4

 
1.5

 
1.5

Settlements and curtailments(1)
31.6

 
0.4

 
0.4

 
—

 
—

 
—

Net periodic benefit cost (2)
$
37.7

 
$
10.7

 
$
6.5

 
$
(1.5
)
 
$
(1.4
)
 
$
(1.4
)


(1) The Consolidated Statements of Operations discloses $31.4 million related to pension settlement charges that represent the lump-sum payments made in the fourth quarter of 2016.
(2) No pension expense was included in Loss from discontinued operations in 2014, 2015 or 2016.
Summary of amounts recognized in AOCI in our financial statements
The following table sets forth amounts recognized in AOCI and Other comprehensive income (loss) in our financial statements for 2016 and 2015 (in millions):
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Amounts recognized in AOCI:
 
 
 
 
 
 
 
Prior service costs
$
(0.9
)
 
$
(1.2
)
 
$
12.0

 
$
15.0

Actuarial loss
(197.3
)
 
(214.7
)
 
(16.3
)
 
(18.4
)
Subtotal
(198.2
)
 
(215.9
)
 
(4.3
)
 
(3.4
)
Deferred taxes
71.0

 
78.7

 
1.6

 
1.3

Net amount recognized
$
(127.2
)
 
$
(137.2
)
 
$
(2.7
)
 
$
(2.1
)
Changes recognized in other comprehensive income (loss):
 
 
 
 
 
 
 
Current year prior service costs
0.1

 
0.1

 
—

 
—

Current year actuarial (gain) loss
23.3

 
(5.0
)
 
(0.7
)
 
0.1

Effect of exchange rates
(1.5
)
 
(2.2
)
 
—

 
—

Amortization of prior service (costs) credits
(0.3
)
 
(0.3
)
 
3.1

 
3.1

Amortization of actuarial loss
(39.2
)
 
(9.9
)
 
(1.4
)
 
(1.5
)
Total recognized in other comprehensive income (loss)
$
(17.6
)
 
$
(17.3
)
 
$
1.0

 
$
1.7

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
20.1

 
$
(6.6
)
 
$
(0.5
)
 
$
0.3
Summary of health care cost trend rates
The following table sets forth the healthcare trend rate assumptions used:
 
2016
 
2015
Assumed health care cost trend rates as of December 31:
 
 
 
Health care cost trend rate assumed for next year
6.50
%
 
7.00
%
Rate to which the cost rate is assumed to decline (the ultimate trend rate)
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
2020

 
2020
Summary of one percentage-point change in assumed healthcare cost trend rate
A one percentage-point change in assumed healthcare cost trend rates would have the following effects (in millions):
 
1-Percentage-Point Increase
 
1-Percentage-Point Decrease
Effect on total of service and interest cost
$
—

 
$
—

Effect on the post-retirement benefit obligation
0.1

 
(0.1
)
Summary of expected future benefit payments
Expected future benefit payments are shown in the table below (in millions):
 
For the Years Ended December 31,
 
2017
 
2018
 
2019
 
2020
 
2021
 
2022-2026
Pension benefits
$
18.7

 
$
18.9

 
$
19.2

 
$
19.6

 
$
24.9

 
$
135.1

Other benefits
0.6

 
0.5

 
0.4

 
0.4

 
0.3

 
1.1
Summary of weighted-average asset allocations
Our U.S. pension plans' weighted-average asset allocations as of December 31, 2016 and 2015, by asset category, are as follows:
 
Plan Assets as of December 31,
Asset Category:
2016
 
2015
U.S. equity
27.0
%
 
27.1
%
International equity
18.5
%
 
17.7
%
Fixed income
52.5
%
 
53.8
%
Money market/cash
2.0
%
 
1.4
%
Total
100.0
%
 
100.0
%
Summary of target allocation percentage of assets
U.S. pension plan assets are invested according to the following targets:
Asset Category:
Target
U.S. equity
25.0
%
International equity
17.0
%
Fixed income
56.0
%
Money market/cash
2.0
%
Summary of fair value of pension plan asset, by asset category
The fair values of our pension plan assets, by asset category, are as follows (in millions):
 
Fair Value Measurements as of December 31, 2016
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Asset Category:
 
 
 
 
 
 
 
Cash and cash equivalents
5.3

 
—

 
—

 
5.3

Commingled pools / Collective Trusts:
 
 
 
 
 
 
 
U.S. equity (1)
—

 
69.5

 
—

 
69.5

International equity (2)
—

 
47.6

 
—

 
47.6

Fixed income (3)
—

 
134.9

 
—

 
134.9

Balanced pension trust: (4)
 
 
 
 
 
 
 
International equity
—

 
4.7

 
—

 
4.7

Fixed income
—

 
11.9

 
—

 
11.9

Pension fund:
 
 
 
 
 
 
 
International equity (5)
—

 
13.5

 
—

 
13.5

Fixed income (6)
—

 
5.1

 
—

 
5.1

Total
5.3

 
287.2

 
—

 
292.5

 
 
Fair Value Measurements as of December 31, 2015
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Asset Category:
 
 
 
 
 
 
 
Cash and cash equivalents
3.8

 
—

 
—

 
3.8

Commingled pools / Collective Trusts:
 
 
 
 
 
 
 
U.S. equity (1)
—

 
69.7

 
—

 
69.7

International equity (2)
—

 
45.5

 
—

 
45.5

Fixed income (3)
—

 
138.1

 
—

 
138.1

Balanced pension trust: (4)
 
 
 
 
 
 
 
International equity
—

 
4.7

 
—

 
4.7

Fixed income
—

 
12.1

 
—

 
12.1

Pension fund:
 
 
 
 
 
 
 
International equity (5)
—

 
11.0

 
—

 
11.0

Fixed income (6)
—

 
8.1

 
—

 
8.1

Total
3.8

 
289.2

 
—

 
293.0
Summary of additional information about asset measured at net asset value per share
Additional information about assets measured at Net Asset Value (“NAV”) per share (in millions):

 
As of December 31, 2016
 
Fair Value
 
Redemption Frequency
 (if currently eligible)
 
Redemption Notice Period
Asset Category:
 
 
 
 
 
Commingled pools / Collective Trusts:
 
 
 
 
 
U.S. equity (1)
$
69.5

 
Daily
 
5 days
International equity (2)
47.6

 
Daily
 
5 days
Fixed income (3)
134.9

 
Daily
 
5-15 days
Balanced pension trust: (4)
 
 
 
 
 
International equity
4.7

 
Daily
 
3-5 days
Fixed income
11.9

 
Daily
 
3-5 days
Pension fund:
 
 
 
 
 
International equity (5)
13.5

 
Daily
 
1-7 days
Fixed income (6)
5.1

 
Daily
 
1-7 days
Total
$
287.2

 
 
 
 

 
As of December 31, 2015
 
Fair Value
 
Redemption Frequency
 (if currently eligible)
 
Redemption Notice Period
Asset Category:
 
 
 
 
 
Commingled pools / Collective Trusts:
 
 
 
 
 
U.S. equity (1)
$
69.7

 
Daily
 
5 days
International equity (2)
45.5

 
Daily
 
5 days
Fixed income (3)
138.1

 
Daily
 
5-15 days
Balanced pension trust: (4)
 
 
 
 
 
International equity
4.7

 
Daily
 
3-5 days
Fixed income
12.1

 
Daily
 
3-5 days
Pension fund:
 
 
 
 
 
International equity (5)
11.0

 
Daily
 
1-7 days
Fixed income (6)
8.1

 
Daily
 
1-7 days
Total
$
289.2

 
 
 
 

(1) 
This category includes investments primarily in U.S. equity securities that include large, mid and small capitalization companies.
(2) 
This category includes investments primarily in international equity securities that include large, mid and small capitalization companies in large developed markets as well as emerging markets equities.
(3) 
This category includes investments in U.S. investment grade and high yield fixed income securities, international fixed income securities and emerging markets fixed income securities.
(4) 
The investment objectives of the fund are to provide long-term capital growth and income by investing primarily in a well-diversified, balanced portfolio of Canadian common stocks, bonds and money market securities. The fund also holds a portion of its assets in international equities.
(5) 
This category includes investments in international equity securities and aims to provide returns consistent with the markets in which it invests and provide broad exposure to countries around the world.
(6) 
This category includes investments in U.K. government index-linked securities (index-linked gilts) that have maturity periods of 5 years or longer and investment grade corporate bonds denominated in sterling.
U.S. Based Pension Plans [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans
The following tables set forth the weighted-average assumptions used to determine Benefit obligations and Net periodic benefit cost for the U.S.-based plans in 2016 and 2015:

 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Weighted-average assumptions used to determine benefit obligations as of December 31:
 
 
 
 
 
 
 
Discount rate
4.17
%
 
4.51
%
 
3.50
%
 
3.55
%
Rate of compensation increase
4.23
%
 
4.23
%
 
—

 
—


 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate - service cost
4.30
%
 
3.97
%
 
4.88
%
 
4.95
%
 
3.23
%
 
3.57
%
Discount rate - interest cost
3.76
%
 
3.97
%
 
4.88
%
 
2.49
%
 
3.23
%
 
3.57
%
Expected long-term return on plan assets
7.50
%
 
7.50
%
 
8.00
%
 
—

 
—

 
—

Rate of compensation increase
4.23
%
 
4.23
%
 
4.23
%
 
—

 
—

 
—
Foreign Pension Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the U.S. and Non-U.S.-based plans
The following tables set forth the weighted-average assumptions used to determine Benefit Obligations and Net Periodic Benefit Cost for the non-U.S.-based plans in 2016 and 2015:
 
Pension Benefits
 
2016
 
2015
Weighted-average assumptions used to determine benefit obligations as of December 31:
 
 
 
Discount rate
2.83
%
 
3.59
%
Rate of compensation increase
3.78
%
 
3.70
%

 
Pension Benefits
 
2016
 
2015
 
2014
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31:
 
 
 
 
 
Discount rate - service cost
2.04
%
 
4.12
%
 
4.38
%
Discount rate - interest cost
3.45
%
 
4.12
%
 
4.38
%
Expected long-term return on plan assets
4.87
%
 
5.22
%
 
6.32
%
Rate of compensation increase
3.70
%
 
3.48
%
 
3.31
%