Pension And Postretirement Benefits (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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| 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: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | (in millions) December 31, | | 2018 | | 2017 | | 2018 | | 2017 | Change in benefit obligation: | | | | | | | | | Benefit obligation at beginning of year | | $ | 1,074.7 |
| | $ | 1,004.0 |
| | $ | 7.9 |
| | $ | 9.1 |
| Service cost | | 5.9 |
| | 5.4 |
| | 0.3 |
| | — |
| Interest cost | | 30.1 |
| | 29.5 |
| | 1.1 |
| | 0.2 |
| Plan participants’ contributions | | 0.6 |
| | 0.5 |
| | 0.3 |
| | — |
| Amendments | | 4.4 |
| | — |
| | (7.3 | ) | | — |
| Actuarial (gain) loss | | (59.5 | ) | | 31.6 |
| | (3.0 | ) | | (0.5 | ) | Settlements | | (1.9 | ) | | (2.3 | ) | | — |
| | — |
| Benefits paid | | (48.1 | ) | | (40.8 | ) | | (2.6 | ) | | (0.9 | ) | Foreign currency exchange impact | | (23.3 | ) | | 41.8 |
| | — |
| | — |
| Acquisitions/curtailments/divestitures | | 48.4 |
| | 5.4 |
| | 32.3 |
| | — |
| Administrative expenses paid | | (0.3 | ) | | (0.4 | ) | | — |
| | — |
| Benefit obligation at end of year | | $ | 1,031.0 |
| | $ | 1,074.7 |
| | $ | 29.0 |
| | $ | 7.9 |
| Change in plan assets: | | | | | | | | | Fair value of plan assets at beginning of year | | $ | 908.1 |
| | $ | 808.5 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | | (47.6 | ) | | 87.4 |
| | — |
| | — |
| Foreign currency exchange impact | | (25.4 | ) | | 37.8 |
| | — |
| | — |
| Employer contributions | | 57.5 |
| | 12.7 |
| | 1.4 |
| | — |
| Administrative expenses paid | | (0.7 | ) | | (0.7 | ) | | — |
| | — |
| Acquisitions | | 34.9 |
| | 5.0 |
| | — |
| | — |
| Plan participants’ contributions | | 0.6 |
| | 0.5 |
| | 0.3 |
| | — |
| Settlements/divestitures | | (2.1 | ) | | (2.3 | ) | | — |
| | — |
| Benefits paid | | (48.1 | ) | | (40.8 | ) | | (1.7 | ) | | — |
| Fair value of plan assets at end of year | | $ | 877.2 |
| | $ | 908.1 |
| | $ | — |
| | $ | — |
| Funded status | | $ | (153.8 | ) | | $ | (166.6 | ) | | $ | (29.0 | ) | | $ | (7.9 | ) |
|
| Schedule Of Amounts Recognized In Consolidated Balance Sheets |
Amounts recognized on our Consolidated Balance Sheets consist of: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | (in millions) December 31, | | 2018 | | 2017 | | 2018 | | 2017 | Other assets | | $ | 60.7 |
| | $ | 66.1 |
| | $ | — |
| | $ | — |
| Current liabilities | | (1.3 | ) | | (1.3 | ) | | (2.6 | ) | | (1.0 | ) | Accrued pension and postretirement benefits | | (213.2 | ) | | (231.4 | ) | | (26.4 | ) | | (6.9 | ) | Funded status | | $ | (153.8 | ) | | $ | (166.6 | ) | | $ | (29.0 | ) | | $ | (7.9 | ) |
|
| Schedule Of Amounts Recognized In Accumulated Other Comprehensive (Income) Loss |
Amounts recognized in accumulated other comprehensive loss consist of: | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | (in millions) December 31, | | 2018 | | 2017 | | 2018 | | 2017 | Net actuarial loss (gain) | | $ | 404.8 |
| | $ | 372.3 |
| | $ | (4.2 | ) | | $ | (2.1 | ) | Prior service credit | | (5.5 | ) | | (10.0 | ) | | (6.3 | ) | | — |
| Total recognized in accumulated other comprehensive loss | | $ | 399.3 |
| | $ | 362.3 |
| | $ | (10.5 | ) | | $ | (2.1 | ) |
|
| 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, | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Projected benefit obligation | | $ | 580.6 |
| | $ | 579.8 |
| | $ | 450.4 |
| | $ | 494.9 |
| | $ | 1,031.0 |
| | $ | 1,074.7 |
| Accumulated benefit obligation | | 580.6 |
| | 579.8 |
| | 441.7 |
| | 486.7 |
| | 1,022.3 |
| | 1,066.5 |
| Fair value of plan assets | | 417.5 |
| | 407.9 |
| | 459.7 |
| | 500.2 |
| | 877.2 |
| | 908.1 |
|
|
| 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, | | 2018 | | 2017 | Projected benefit obligation | | $ | 695.2 |
| | $ | 860.0 |
| Accumulated benefit obligation | | 687.1 |
| | 852.2 |
| Fair value of plan assets | | 480.7 |
| | 627.3 |
|
|
| Components Of Net Periodic Cost |
Components of net periodic (benefit) cost are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | (in millions) For the year ended December 31, | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Net Periodic (Benefit) Cost: | | | | | | | | | | | | | Service cost | | $ | 5.9 |
| | $ | 5.4 |
| | $ | 4.7 |
| | $ | 0.3 |
| | $ | — |
| | $ | — |
| Interest cost | | 30.1 |
| | 29.5 |
| | 31.8 |
| | 1.1 |
| | 0.2 |
| | 0.3 |
| Expected return on plan assets | | (65.6 | ) | | (57.0 | ) | | (56.1 | ) | | — |
| | — |
| | — |
| Amortization of prior service cost | | (0.5 | ) | | (0.6 | ) | | (0.6 | ) | | (1.0 | ) | | (0.2 | ) | | (0.2 | ) | Amortization of net loss (gain) | | 14.2 |
| | 14.3 |
| | 11.3 |
| | (0.2 | ) | | (0.3 | ) | | (0.3 | ) | Recognized curtailment loss | | 0.3 |
| | (0.3 | ) | | — |
| | — |
| | — |
| | — |
| Settlement costs | | 0.3 |
| | 0.5 |
| | — |
| | — |
| | — |
| | — |
| Net periodic (benefit) cost | | $ | (15.3 | ) | | $ | (8.2 | ) | | $ | (8.9 | ) | | $ | 0.2 |
| | $ | (0.3 | ) | | $ | (0.2 | ) |
|
| 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: | | | | | | | | | | | For the year ended December 31, | | 2018 | | 2017 | | 2016 | U.S. Plans: | | | | | | | Discount rate | | 3.75 | % | | 4.29 | % | | 4.41 | % | 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 | | 2.15 | % | | 2.29 | % | | 3.30 | % | Expected rate of return on plan assets | | 6.49 | % | | 6.45 | % | | 6.77 | % | Rate of compensation increase | | 2.80 | % | | 2.85 | % | | 2.81 | % |
The weighted average assumptions used to determine benefit obligations are as follows: | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Postretirement Benefits | For the year ended December 31, | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | 2016 | U.S. Plans: | | | | | | | | | | | | Discount rate | | 4.36 | % | | 3.75 | % | | 4.29 | % | | 4.30 | % | | 3.90 | % | 3.90 | % | Rate of compensation increase | | N/A |
| | N/A |
| | N/A |
| | N/A |
| | N/A |
| N/A |
| Non-U.S. Plans: | | | | | | | | | | | | Discount rate | | 2.42 | % | | 2.15 | % | | 2.29 | % | | 3.30 | % | | 3.30 | % | 3.30 | % | Rate of compensation increase | | 3.06 | % | | 2.80 | % | | 2.85 | % | | N/A |
| | N/A |
| N/A |
|
|
| Schedule Of Pension Plan Target Allocations And Weighted-Average Asset Allocations |
Our pension plan target allocations and weighted-average asset allocations by asset category are as follows: | | | | | | | | | | | | Target Allocation | | Actual Allocation | Asset Category December 31, | |
| | 2018 |
| | 2017 |
| Equity securities | | 35%-75% | | 39 | % | | 47 | % | Fixed income securities | | 20%-50% | | 24 | % | | 23 | % | Alternative assets/Other | | 0%-35% | | 32 | % | | 29 | % | Cash and money market | | 0%-10% | | 5 | % | | 1 | % |
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| Schedule Of Fair Value Of Company Pension Plan Assets |
The fair value of our pension plan assets as of December 31, 2018, by asset category are as follows: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Active
Markets
for
Identical
Assets
Level 1 | | Other
Observable
Inputs
Level 2 | | Unobservable
Inputs
Level 3 | | Net Asset Value ("NAV") Practical Expedient* | | Total
Fair Value | Cash and Money Markets | | $ | 44.3 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 44.3 |
| Common Stocks | | | | | | | | | | | Actively Managed U.S. Equities | | 113.3 |
| | — |
| | — |
| | — |
| | 113.3 |
| Fixed Income Bonds and Notes | | — |
| | 0.1 |
| | — |
| | — |
| | 0.1 |
| Commingled and Mutual Funds | | | | | | | | | | | U.S. Equity Funds | | — |
| | — |
| | — |
| | 49.4 |
| | 49.4 |
| Non-U.S. Equity Funds | | — |
| | — |
| | — |
| | 175.0 |
| | 175.0 |
| U.S. Fixed Income, Government and Corporate | | — |
| | — |
| | — |
| | 59.5 |
| | 59.5 |
| Non-U.S. Fixed Income, Government and Corporate | | — |
| | — |
| | — |
| | 155.5 |
| | 155.5 |
| International Balanced Funds | | — |
| | — |
| | — |
| | 10.7 |
| | 10.7 |
| Collective Trust | | — |
| | — |
| | 20.8 |
| | 19.0 |
| | 39.8 |
| Alternative Investments | | | | | | | | | | | Hedge Funds and LDI | | — |
| | — |
| | — |
| | 179.2 |
| | 179.2 |
| International Property Funds | | — |
| | — |
| | — |
| | 46.3 |
| | 46.3 |
| Annuity Contract | | — |
| | 4.1 |
| | — |
| | — |
| | 4.1 |
| Total Fair Value | | $ | 157.6 |
| | $ | 4.2 |
| | $ | 20.8 |
| | $ | 694.6 |
| | $ | 877.2 |
|
* Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. In 2018, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis. The fair value of our pension plan assets as of December 31, 2017, 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 | | $ | 13.2 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 13.2 |
| Common Stocks | | | | | | | | | | | Actively Managed U.S. Equities | | 134.4 |
| | — |
| | — |
| | — |
| | 134.4 |
| Fixed Income Bonds and Notes | | — |
| | 0.3 |
| | — |
| | — |
| | 0.3 |
| Commingled and Mutual Funds | | | | | | | | | | | U.S. Equity Funds | | — |
| | — |
| | — |
| | 39.1 |
| | 39.1 |
| Non-U.S. Equity Funds | | — |
| | — |
| | — |
| | 249.6 |
| | 249.6 |
| U.S. Fixed Income, Government and Corporate | | — |
| | — |
| | — |
| | 59.6 |
| | 59.6 |
| Non-U.S. Fixed Income, Government and Corporate | | — |
| | — |
| | — |
| | 190.7 |
| | 190.7 |
| International Balanced Funds | | — |
| | — |
| | — |
| | 11.8 |
| | 11.8 |
| Collective Trust | | — |
| | — |
| | 21.8 |
| | 19.4 |
| | 41.2 |
| Alternative Investments | | | | | | | | | | | Hedge Funds | | — |
| | — |
| | — |
| | 116.2 |
| | 116.2 |
| International Property Funds | | — |
| | — |
| | — |
| | 47.1 |
| | 47.1 |
| Annuity Contract | | — |
| | 4.9 |
| | — |
| | — |
| | 4.9 |
| Total Fair Value | | $ | 147.6 |
| | $ | 5.2 |
| | $ | 21.8 |
| | $ | 733.5 |
| | $ | 908.1 |
|
* Investments are measured at fair value using the net asset value per share practical expedient, and therefore, are not classified in the fair value hierarchy. In 2017, the pension plan's asset classified as Level 3 constitutes an insurance contract valued annually on an actuarial basis. |
| 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, 2018 and December 31, 2017: | | | | | | | | | | | | 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 Fund (f) | | Immediate | | None | | None | | None | Hedge Funds (g) | | Quarterly | | None | | None | | 65 days written | Hedge Funds (g) | | Quarterly | | None | | None | | 30 days written | Hedge Funds (g) | | Immediate | | None | | None | | None | International Property Funds (h) | | Immediate | | None | | None | | None | Non-US Tactical/Diversified Alternative Funds (i) | | Immediate | | None | | None | | None |
| | (a) | These funds invest in corporate equity securities within the U.S. markets. |
| | (b) | These funds invest in corporate equity securities outside the U.S. |
| | (c) | These funds invest in U.S. fixed income securities, corporate, government and agency. |
| | (d) | These funds invest in corporate and government fixed income securities outside the U.S. |
| | (e) | These funds invest in a blend of equities, fixed income, cash and property outside the U.S. |
| | (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 direct investment alternative investments/hedge funds that deploy a multi-strategy approach to investing (e.g. long/short/event-driven, credit). |
| | (h) | These funds invest in real property outside the U.S. |
| | (i) | These funds invest in traditional and alternative strategies and seek to add diversification while adding returns greater than equity in a non-correlated approach while matching the liabilities for retirees. |
|
| 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 | | Postretirement Benefits | 2019 | $ | 47.2 |
| | $ | 2.3 |
| 2020 | 48.5 |
| | 2.3 |
| 2021 | 49.8 |
| | 1.7 |
| 2022 | 52.2 |
| | 1.7 |
| 2023 | 53.2 |
| | 1.7 |
| 2024 to 2028 | 286.0 |
| | 8.2 |
| Total payments | $ | 536.9 |
| | $ | 17.9 |
|
|