Pension And Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2016

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 the projected benefit obligations, fair value of plan assets and funded status is as follows:

(in millions) December 31,	2016			2015
Change in benefit obligation:
Benefit obligation at beginning of year	$	988.0		$	1,093.2
Service cost	4.7			5.2
Interest cost	31.8			37.9
Plan participants’ contributions	0.5			0.5
Amendments	0.4			(18.2		)
Actuarial loss (gain)	88.4			(60.3		)
Settlement	(1.7		)	(2.8		)
Benefits paid	(42.4		)	(41.4		)
Foreign currency exchange impact	(65.1		)	(25.5		)
Acquisition/divestitures/curtailment	—			(0.3		)
Adjustment for expenses/tax contained in service cost	(0.6		)	(0.3		)
Benefit obligation at end of year	$	1,004.0		$	988.0
Change in plan assets:
Fair value of plan assets at beginning of year	$	816.5		$	874.6
Actual return on plan assets	87.4			(2.0		)
Foreign currency exchange impact	(59.1		)	(28.5		)
Employer contributions	8.3			17.0
Administrative expenses paid	(1.0		)	(0.9		)
Plan participants’ contributions	0.5			0.5
Settlement	(1.7		)	(2.8		)
Benefits paid	(42.4		)	(41.4		)
Fair value of plan assets at end of year	$	808.5		$	816.5
Funded status	$	(195.5	)	$	(171.5	)

Schedule Of Amounts Recognized In Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

(in millions) December 31,	2016			2015
Other assets	$	46.0		$	56.3
Current liabilities	(1.2		)	(1.1		)
Accrued pension and postretirement benefits	(240.3		)	(226.7		)
Funded status	$	(195.5	)	$	(171.5	)

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

Amounts recognized in accumulated other comprehensive loss consist of:

(in millions) December 31,	2016			2015
Net actuarial loss	$	373.2		$	347.4
Prior service credit	(10.1		)	(11.6		)
Total recognized in accumulated other comprehensive income	$	363.1		$	335.8

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,	2016		2015		2016		2015		2016		2015
Projected benefit obligation	$	545.8	$	548.5	$	458.2	$	439.5	$	1,004.0	$	988.0
Accumulated benefit obligation	545.8		548.4		450.9		432.5		996.7		980.9
Fair value of plan assets	379.8		380.2		428.7		436.3		808.5		816.5

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:

(in millions) December 31,	2016		2015
Projected benefit obligation	$	834.8	$	791.5
Accumulated benefit obligation	827.8		785.0
Fair value of plan assets	593.3		563.9

Components Of Net Periodic Cost

Components of net periodic benefit cost are as follows:

(in millions) December 31,	2016			2015			2014
Net Periodic Benefit Cost:
Service cost	$	4.7		$	5.2		$	4.9
Interest cost	31.8			37.9			40.9
Expected return on plan assets	(56.1		)	(62.0		)	(62.5		)
Amortization of prior service cost	(0.6		)	(0.4		)	0.1
Amortization of net loss	11.3			12.3			5.1
Recognized curtailment loss	—			(5.2		)	—
Settlement costs	—			0.8			—
Net periodic (benefit) cost	$	(8.9	)	$	(11.4	)	$	(11.5	)

Components of net periodic benefit cost are as follows:

(in millions) December 31,	2016			2015			2014
Net Periodic Benefit Cost:
Service cost	$	4.7		$	5.2		$	4.9
Interest cost	31.8			37.9			40.9
Expected return on plan assets	(56.1		)	(62.0		)	(62.5		)
Amortization of prior service cost	(0.6		)	(0.4		)	0.1
Amortization of net loss	11.3			12.3			5.1
Recognized curtailment loss	—			(5.2		)	—
Settlement costs	—			0.8			—
Net periodic (benefit) cost	$	(8.9	)	$	(11.4	)	$	(11.5	)

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 $8.0 million and $0.3 million, respectively.

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

December 31,	2016		2015		2014
U.S. Plans:
Discount rate	4.29	%	4.41	%	4.10	%
Rate of compensation increase	N/A		N/A		N/A
Non-U.S. Plans:
Discount rate	2.29	%	3.30	%	3.01	%
Rate of compensation increase	2.85	%	2.81	%	2.40	%

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:

December 31,	2016		2015		2014
U.S. Plans:
Discount rate	4.41	%	4.10	%	4.90	%
Expected rate of return on plan assets	7.75	%	7.75	%	7.75	%
Rate of compensation increase	N/A		N/A		N/A
Non-U.S. Plans:
Discount rate	3.30	%	3.01	%	4.05	%
Expected rate of return on plan assets	6.77	%	6.94	%	7.01	%
Rate of compensation increase	2.81	%	2.40	%	2.56	%

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:

	Target Allocation	Actual Allocation
Asset Category December 31,		2016		2015
Equity securities	35%-75%	47	%	49	%
Fixed income securities	20%-50%	23	%	26	%
Alternative assets/Other	0%-35%	28	%	24	%
Money market	0%-10%	2	%	1	%

Schedule Of Fair Value Of Company Pension Plan Assets

The fair value of the Company’s pension plan assets as of December 31, 2015, by asset category are as follows:

(in millions)	Active Markets for Identical Assets Level 1		Other Observable Inputs Level 2		Unobservable Inputs Level 3		NAV Practical Expedient*		Total Fair Value
Cash and Money Markets	$	4.9	$	—	$	—	$	—	$	4.9
Common Stocks
Actively Managed U.S. Equities	134.5		—		—		—		134.5
Fixed Income Bonds and Notes	—		46.1		—		—		46.1
Commingled and Mutual Funds
U.S. Equity Funds	—		—		—		49.9		49.9
Non-U.S. Equity Funds	—		—		—		218.6		218.6
U.S. Fixed Income, Government and Corporate	—		—		—		11.5		11.5
Non-U.S. Fixed Income, Government and Corporate	—		—		—		157.2		157.2
International Balanced Funds	—		—		—		10.1		10.1
Collective Trust	—		—		19.0		17.1		36.1
Alternative Investments
Hedge Funds	—		—		—		102.3		102.3
International Property Funds	—		—		—		44.3		44.3
Annuity Contract	—		1.0		—		—		1.0
Total Fair Value	$	139.4	$	47.1	$	19.0	$	611.0	$	816.5

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 NAV or its equivalent as of December 31, 2015:

(in millions)	Redemption Frequency	Unfunded Commitment	Other Redemption Restrictions	Redemption Notice Period
U.S. Equity Funds (a)	Immediate	None	None	None
Non-U.S. Equity Funds (b)	Immediate	None	None	None
U.S. Fixed Income, Government and Corporate (c)	Immediate	None	None	None
Non-U.S. Fixed Income, Government and Corporate (d)	Immediate	None	None	None
International Balanced Funds (e)	Immediate	None	None	None
Collective Trust (f)	Immediate	None	None	None
Hedge Fund (g)	12 Months	None	None	90 days written
Hedge Fund (g)	12 Months	None	None	65 days written
Hedge Funds (h)	12 Months	None	None	90 days written
Hedge Funds (i)	Quarterly	None	None	65 days written
Hedge Funds (i)	Quarterly	None	None	30 days written
International Property Funds (j)	Immediate	None	None	None
Non-US Tactical/Diversified Alternative Funds (k)	Immediate	None	None	None

(a) These funds invest in Corporate equity securities within the U.S. markets and seek to meet or exceed relative benchmarks

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

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

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

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

(f) This fund invests in a combination of U.S. and non-U.S. stocks and bonds and is managed by a third party to track liability

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

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

(i) These funds are direct investment alternative investments/hedge funds that deploy a multi-strategy approach to investing (e.g. long/short/event-driven, credit)

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
2017	$	39.6
2018	41.2
2019	42.1
2020	44.3
2021	46.0
2022-2026	255.0
Total payments	$	468.2