Pension And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Summary Of Benefit Obligations, Fair Value Of Plan Assets And Funded Status

A summary of benefit obligations, fair value of plan assets and funded status is as follows:



	Pension Benefits
(in millions) December 31,	2015			2014
Change in benefit obligation:
Beginning of year	$	1,093.2		$	934.3
Service cost	5.2			4.9
Interest cost	37.9			40.9
Plan participants’ contributions	0.5			0.7
Amendments	(18.2		)	—
Actuarial (gain) loss	(60.3		)	192.7
Settlement	(2.8		)	—
Benefits paid	(41.4		)	(41.7		)
Foreign currency exchange impact	(25.5		)	(38.0		)
Acquisition/divestitures/curtailment	(0.3		)	—
Adjustment for expenses/tax contained in service cost	(0.3		)	(0.6		)
Benefit obligation at end of year	$	988.0		$	1,093.2
Change in plan assets:
Fair value of plan assets at beginning of year	$	874.6		$	870.7
Actual return on plan assets	(2.0		)	54.7
Foreign currency exchange impact	(28.5		)	(33.2		)
Employer contributions	17.0			24.5
Administrative expenses paid	(0.9		)	(1.1		)
Plan participants’ contributions	0.5			0.7
Settlement	(2.8		)	—
Benefits paid	(41.4		)	(41.7		)
Fair value of plan assets at end of year	$	816.5		$	874.6
Funded status	$	(171.5	)	$	(218.6	)

Schedule Of Amounts Recognized In Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:



	Pension Benefits
(in millions) December 31,	2015			2014
Other assets	$	56.3		$	53.0
Current liabilities	(1.1		)	(1.0		)
Accrued pension	(226.7		)	(270.6		)
Funded status	$	(171.5	)	$	(218.6	)

Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss

Amounts recognized in accumulated other comprehensive loss consist of:



	Pension Benefits
(in millions) December 31,	2015			2014
Net actuarial loss (gain)	$	347.4		$	363.5
Prior service cost (credit)	(11.6		)	0.9
	$	335.8		$	364.4

Schedule Of Accumulated And Projected Benefit Obligations

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the U.S. and Non-U.S. plans, are as follows:



	Pension Obligations/Assets
	U.S.				Non-U.S.				Total
(in millions) December 31,	2015		2014		2015		2014		2015		2014
Projected benefit obligation	$	548.5	$	581.8	$	439.5	$	511.4	$	988.0	$	1,093.2
Accumulated benefit obligation	548.4		581.8		432.5		496.7		980.9		1,078.5
Fair value of plan assets	380.2		414.2		436.3		460.4		816.5		874.6

Schedule Of Information For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets is as follows:



	Pension Benefits
(in millions) December 31,	2015		2014
Projected benefit obligation	$	791.5	$	910.3
Accumulated benefit obligation	785.0		896.4
Fair value of plan assets	563.9		638.8

Components Of Net Periodic Cost

Components of net periodic benefit cost are as follows:



	Pension Benefits
(in millions) December 31,	2015			2014			2013
Net Periodic Benefit Cost:
Service cost	$	5.2		$	4.9		$	6.4
Interest cost	37.9			40.9			36.8
Expected return on plan assets	(62.0		)	(62.5		)	(52.2		)
Amortization of prior service cost	(0.4		)	0.1			—
Amortization of net loss	12.3			5.1			13.9
Recognized curtailment loss	(5.2		)	—			(0.3		)
Settlement costs	0.8			—			—
Special termination benefits	—			—			—
Net periodic (benefit) cost	$	(11.4	)	$	(11.5	)	$	4.6

The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $11.7 million and $(0.6) million, respectively.

The weighted average assumptions used to determine benefit obligations are as follows:



	Pension Benefits
December 31,	2015		2014		2013
U.S. Plans:
Discount rate	4.41	%	4.10	%	4.90	%
Rate of compensation increase	N/A		N/A		3.50	%
Non-U.S. Plans:
Discount rate	3.30	%	3.01	%	4.05	%
Rate of compensation increase	2.81	%	2.40	%	2.56	%

Components of net periodic benefit cost are as follows:



	Pension Benefits
(in millions) December 31,	2015			2014			2013
Net Periodic Benefit Cost:
Service cost	$	5.2		$	4.9		$	6.4
Interest cost	37.9			40.9			36.8
Expected return on plan assets	(62.0		)	(62.5		)	(52.2		)
Amortization of prior service cost	(0.4		)	0.1			—
Amortization of net loss	12.3			5.1			13.9
Recognized curtailment loss	(5.2		)	—			(0.3		)
Settlement costs	0.8			—			—
Special termination benefits	—			—			—
Net periodic (benefit) cost	$	(11.4	)	$	(11.5	)	$	4.6

Schedule Of Weighted Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost

The weighted-average assumptions used to determine net periodic benefit cost are as follows:



	Pension Benefits
December 31,	2015		2014		2013
U.S. Plans:
Discount rate	4.10	%	4.90	%	4.20	%
Expected rate of return on plan assets	7.75	%	7.75	%	7.75	%
Rate of compensation increase	N/A		N/A		3.50	%
Non-U.S. Plans:
Discount rate	3.01	%	4.05	%	3.93	%
Expected rate of return on plan assets	6.94	%	7.01	%	7.01	%
Rate of compensation increase	2.40	%	2.56	%	3.14	%

Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations

The Company’s pension plan target allocations and weighted-average asset allocations by asset category are as follows:



		Actual Allocation
Asset Category December 31,		2015		2014
Equity securities	35%-75%	49	%	51	%
Fixed income securities	20%-50%	26	%	27	%
Alternative assets/Other	0%-20%	24	%	20	%
Money market	0%-10%	1	%	2	%

Schedule Of Fair Value Of Company Pension Plan Assets

The fair value of the Company’s pension plan assets at December 31, 2014, by asset category are as follows:



(in millions)	Active Markets for Identical Assets Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		Total Fair Value
Cash and Money Markets	$	18.8	$	—	$	—	$	18.8
Common Stocks
Actively Managed U.S. Equities	145.1		—		—		145.1
Fixed Income Bonds and Notes	—		46.1		—		46.1
Commingled and Mutual Funds
U.S. Equity Funds	—		100.8		—		100.8
Non-U.S. Equity Funds	—		202.6		—		202.6
U.S. Fixed Income, Government and Corporate	—		11.5		—		11.5
U.S. Tactical Allocation Balanced Fund	—		16.0		—		16.0
Non-U.S. Fixed Income, Government and Corporate	—		177.5		—		177.5
International Balanced Funds	—		10.1		—		10.1
Alternative Investments
Hedge Funds	—		90.3		—		90.3
International Property Funds	—		53.4		—		53.4
Commodities Funds	—		1.4		—		1.4
Annuity Contract	—		1.0		—		1.0
Total Fair Value	$	163.9	$	710.7	$	—	$	874.6

Summary Of Pension Plan Assets Valued Using Net Asset Value (NAV) Or Its Equivalent

The following table sets forth a summary of pension plan assets valued using Net Asset Value (NAV) or its equivalent as of December 31, 2014:

(in millions)

Fair
Value*

Redemption
Frequency

Unfunded
Commitment

Other
Redemption
Restrictions

Redemption Notice Period

Archstone Offshore Fund, Ltd (a)

36.3

12 Months

None

90 days written

Evanston Capital Management (a)

30.9

12 Months

None

60 days written

Strategic Value Fund (b)

7.7

12 Months

None

90 days written

U.S. Equity Funds (c)

100.8

immediate

None

Non-U.S. Equity Funds (d)

202.6

immediate

None

Non-U.S. Fixed Income, Government and Corporate (e)

177.5

immediate

None

International Property Funds (f)

53.4

immediate

None

International Balanced Funds (g)

10.1

immediate

None

U.S. Government and Corporate Fixed Income (h)

11.5

immediate

None

U.S. Tactical Allocation Balanced Fund (i)

16.0

immediate

None

Commodities & Metals Fund (j)

1.4

immediate

None

Non-US Tactical/Alternative Fund (k)

15.4

immediate

None

* The fair values of the investments have been estimated using the net asset value of the investment


(a)	These funds are alternative assets which seeks to outperform equities while maintaining a lower risk profile than equities.


(b)	This fund is an alternative investment that invests in distressed debt instruments seeking price appreciation.


(c)	These funds invest in U.S. equity securities and seeks to meet or exceed relative benchmarks.


(d)	These funds invest in equity securities outside the U.S. and seek to meet or exceed relative benchmarks.


(e)	These funds invest in Corporate and Governments fixed income securities outside the U.S. and seek to meet or exceed relative benchmarks.


(f)	These funds invest in real property outside the U.S.


(g)	These funds invest in a pre defined mix of non-U.S. equity and non-U.S. fixed income securities and seek to meet or exceed the performance of a passive/local benchmark of similar mixes.


(h)	These funds invest in U.S. fixed income securities, corporate, government and agency, and seek to outperform the Barclays Capital Aggregate Index.


(i)	These funds invest in a blend of equities, fixed income, cash and property in the U.S. and seek to outperform a similarly weighted index.


(j)	These funds invest in various commodities and precious metals


(k)	These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach

Summary Of Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:



Estimated future payments (in millions)	Pension Benefits
2016	$	42.1
2017	41.6
2018	43.9
2019	44.9
2020	47.5
2021-2025	264.6
Total payments	$	484.6