Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

The funded status of our U.S. Pension Plans, certain foreign pension plans and U.S. post-retirement health care and life insurance benefit plans, together with the associated balances recognized in our consolidated balance sheets as of December 31, 2017 and 2016, were as follows:



	Pensions											Other Post-retirement Benefits
	2017						2016					2017			2016
(In millions)	U.S.			Int’l			U.S.		Int’l
Accumulated benefit obligation	$	659.8		$	769.9		$	—	$	360.9
Projected benefit obligation at January 1	$	—		$	399.6		$	—	$	457.2		$	0.9		$	0.9
Service cost	10.3			21.0			—		11.7			—			—
Interest cost	26.7			19.6			—		10.9			0.3			—
Actuarial (gain) loss	56.2			(13.5		)	—		39.3			0.8			—
Amendments	0.2			—			—		—			—			—
Curtailments	(67.9		)	(2.8		)	—		(8.2		)	—			—
Settlements	—			(13.5		)	—		—			—			—
Foreign currency exchange rate changes	—			68.9			—		(31.1		)	—			—
Plan participants’ contributions	—			1.4			—		0.1			—			—
Benefits paid	(27.5		)	(27.6		)	—		(24.0		)	(0.6		)	—
Acquisition/Business Combination/Divestiture	661.9			432.3			—		(52.2		)	7.7			—
Other	(0.1		)	12.7			—		(4.1		)	0.9			—
Projected benefit obligation at December 31	659.8			898.1			—		399.6			10.0			0.9
Fair value of plan assets at January 1	—			229.7			—		236.0			—			—
Actual return on plan assets	60.4			63.3			—		29.0			—			—
Company contributions	—			19.1			—		0.4			—			—
Foreign currency exchange rate changes	—			50.4			—		(26.1		)	—			—
Settlements	—			(7.0		)	—		—			—			—
Plan participants’ contributions	—			1.4			—		0.1			—			—
Benefits paid	(24.8		)	(21.5		)	—		(9.7		)	—			—
Acquisition/Business Combination/Divestiture	540.8			361.4			—		—			—			—
Other	—			2.4			—		—			—			—
Fair value of plan assets at December 31	576.4			699.2			—		229.7			—			—
Funded status of the plans (liability) at December 31	$	(83.4	)	$	(198.9	)	$	—	$	(169.9	)	$	(10.0	)	$	(0.9	)

Schedule of funded status recognized in the consolidated balance sheets



	Pensions											Other Post-retirement Benefits
	2017						2016					2017			2016
(In millions)	U.S.			Int’l			U.S.		Int’l
Other assets	$	—		$	—		$	—	$	—		$	—		$	—
Current portion of accrued pension and other post-retirement benefits	$	(5.4	)	$	(4.1	)	$	—	$	(10.0	)	$	(0.7	)	$	—
Accrued pension and other post-retirement benefits, net of current portion	(78.0		)	(194.8		)	—		(159.9		)	(9.3		)	(0.9		)
Funded status recognized in the consolidated balance sheets at December 31	$	(83.4	)	$	(198.9	)	$	—	$	(169.9	)	$	(10.0	)	$	(0.9	)

Schedule of pre-tax amounts in accumulated other comprehensive (income) loss

The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss at December 31, 2017 and 2016 that have not been recognized as components of net periodic benefit cost:



	Pensions								Other Post-retirement Benefits
	2017				2016				2017		2016
(In millions)	U.S.		Int’l		U.S.		Int’l
Pre-tax amounts recognized in accumulated other comprehensive (income) loss:
Unrecognized actuarial (gain) loss	$	0.1	$	21.2	$	—	$	63.7	$	0.8	$	0.1
Unrecognized prior service (credit) cost	0.2		5.5		—		5.7		—		—
Unrecognized transition asset	—		—		—		—		—		—
Accumulated other comprehensive (income) loss at December 31	$	0.3	$	26.7	$	—	$	69.4	$	0.8	$	0.1

Schedule of plans with underfunded or non-funded projected benefit obligation

The following tables summarize the projected and accumulated benefit obligations and fair values of plan assets where the projected or accumulated benefit obligation exceeds the fair value of plan assets at December 31, 2017 and 2016:



	Pensions								Other Post-retirement Benefits
	2017				2016				2017		2016
(In millions)	U.S.		Int’l		U.S.		Int’l
Plans with underfunded or non-funded projected benefit obligation:
Aggregate projected benefit obligation	$	659.8	$	744.3	$	—	$	399.6	$	9.9	$	0.8
Aggregate fair value of plan assets	$	576.4	$	558.0	$	—	$	229.7	$	—	$	—

Schedule of plans with underfunded or non-funded accumulated benefit obligation



	Pensions								Other Post-retirement Benefits
	2017				2016				2017		2016
(In millions)	U.S.		Int’l		U.S.		Int’l
Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate accumulated benefit obligation	$	659.8	$	212.5	$	—	$	360.9	$	—	$	—
Aggregate fair value of plan assets	$	576.4	$	82.2	$	—	$	229.7	$	—	$	—

Schedule of components of net periodic benefit cost (income)

The following table summarizes the components of net periodic benefit cost (income) for the years ended December 31, 2017, 2016 and 2015:



	Pensions																Other Post-retirement Benefits
	2017						2016					2015					2017		2016		2015
(In millions)	U.S.			Int’l			U.S.		Int’l			U.S.		Int’l
Components of net periodic benefit cost (income):
Service cost	$	10.3		$	21.0		$	—	$	11.7		$	—	$	13.7		$	—	$	—	$	—
Interest cost	26.7			19.6			—		10.9			—		11.6			0.3		—		—
Expected return on plan assets	(45.5		)	(36.3		)	—		(8.2		)	—		(8.6		)	—		—		—
Settlement cost	—			1.5			—		—			—		—			—		—		—
Curtailment benefit	(26.8		)	—			—		(10.7		)	—		—			—		—		—
Amortization of net actuarial loss (gain)	—			2.5			—		1.0			—		3.7			—		—		—
Amortization of prior service cost (credit)	—			1.0			—		0.7			—		0.7			—		—		—
Net periodic benefit cost (income)	$	(35.3	)	$	9.3		$	—	$	5.4		$	—	$	21.1		$	0.3	$	—	$	—

Schedule of changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The following table summarizes changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31, 2017, 2016 and 2015:



	Pensions															Other Post-retirement Benefits
	2017						2016					2015				2017			2016		2015
(In millions)	U.S.			Int’l			U.S.		Int’l			U.S.		Int’l
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial gain (loss) arising during period	$	26.7		$	43.3		$	—	$	(10.5	)	$	—	$	18.4	$	(0.8	)	$	—	$	—
Prior service (cost) credit arising during period	(0.2		)	0.1			—		0.1			—		0.3		—			—		—
Settlements and curtailments	(26.8		)	1.5			—		(10.7		)	—		—		—			—		—
Amortization of net actuarial loss (gain)	—			2.5			—		1.0			—		3.7		—			—		—
Amortization of prior service cost (credit)	—			1.0			—		0.7			—		0.7		—			—		—
Other	—			(5.1		)	—		17.6			—		8.1		—			—		—
Total recognized in other comprehensive income (loss)	$	(0.3	)	$	43.3		$	—	$	(1.8	)	$	—	$	31.2	$	(0.8	)	$	—	$	—

Schedule of estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss)

The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive income (loss) as a component of net period benefit cost (income), during the next fiscal year are as follows:



	Pensions				Other Post-retirement Benefits
(In millions)	U.S.		Int’l
Net actuarial losses (gains)	$	—	$	1.2	$	—
Prior service cost (credit)	$	—	$	1.1	$	—

Schedule of weighted-average assumptions

The following weighted-average assumptions were used to determine the benefit obligations:



	Pensions							Other Post-retirement Benefits
	2017				2016			2017		2016
	U.S.		Int’l		U.S.	Int’l
Discount rate	3.70	%	2.42	%	N/A	2.15	%	4.33	%	1.70	%
Rate of compensation increase	—	%	2.37	%	N/A	2.80	%	4.00	%	N/A

The following weighted-average assumptions were used to determine net periodic benefit cost:



	Pensions										Other Post-retirement Benefits
	2017				2016			2015			2017		2016		2015
	U.S.		Int’l		U.S.	Int’l		U.S.	Int’l
Discount rate	4.30	%	2.37	%	N/A	2.80	%	N/A	2.50	%	4.05	%	2.20	%	1.90	%
Rate of compensation increase	4.00	%	2.39	%	N/A	2.30	%	N/A	2.60	%	4.00	%	3.00	%	3.00	%
Expected rate of return on plan assets	9.00	%	6.24	%	N/A	2.80	%	N/A	3.60	%	N/A		N/A		N/A

Schedule of pension plan assets

Our pension plan assets measured at fair value on a recurring basis are as follows at December 31, 2017 and 2016. Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels.



	U.S.								International
December 31, 2017 (In millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	41.2	$	41.2	$	—	$	—	$	4.8	$	4.8	$	—	$	—
Equity securities:
U.S. companies	131.7		131.7		—		—		106.9		106.9		—		—
International companies	33.7		33.7		—		—		216.7		216.7		—		—
Registered investment companies ⁽¹⁾	33.6		—		—		—		72.6		—		—		—
Common/collective trusts ⁽¹⁾	31.2		—		—		—		13.0		—		—		—
Insurance contracts	—		—		—		—		208.2		—		208.2		—
Hedge funds ⁽¹⁾	194.3		—		—		—		74.7		—		—		—
Limited partnerships ⁽¹⁾	109.7		—		—		—		—		—		—		—
Real estate and other investments	0.8		0.8		—		—		1.5		1.5		—		—
Total assets	$	576.2	$	207.4	$	—	$	—	$	698.4	$	329.9	$	208.2	$	—
December 31, 2016 (In millions)
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	2.1	$	2.1	$	—	$	—
Equity securities:
U.S. companies	—		—		—		—		—		—		—		—
International companies	—		—		—		—		37.2		37.2		—		—
Registered investment companies ⁽¹⁾	—		—		—		—		52.7		—		—		—
Common/collective trusts ⁽¹⁾	—		—		—		—		10.6		—		—		—
Insurance contracts	—		—		—		—		112.2		—		112.2		—
Hedge funds ⁽¹⁾	—		—		—		—		12.3		—		—		—
Limited partnerships ⁽¹⁾	—		—		—		—		—		—		—		—
Real estate and other investments	—		—		—		—		2.5		2.5		—		—
Total assets	$	—	$	—	$	—	$	—	$	229.6	$	41.8	$	112.2	$	—

_______________________


⁽¹⁾	Certain investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Schedule of estimated future benefit payments

The following table summarizes expected benefit payments from our various pension and post-retirement benefit plans through 2025. Actual benefit payments may differ from expected benefit payments.



	Pensions				Other Post-retirement Benefits
(In millions)	U.S.		International
2018	$	33.4	$	28.2	$	0.7
2019	34.1		30.9		0.7
2020	34.7		33.3		0.7
2021	35.5		34.4		0.7
2022	34.9		35.5		0.7
2023-2027	174.3		197.5		2.9