11.	Benefit Plans

Defined Benefit Retirement Plans

The Company has defined benefit pension plans covering certain international employees. Pension benefits to retired employees are based upon the employees’ length of service and a percentage of their qualifying compensation during the final years of employment. The Company’s pension funding policy is consistent with federal/statutory funding requirements. The Company also maintains unfunded postretirement plans, which provide medical benefits for eligible U.S. retirees and their dependents and for retirees and employees in Canada. The cost of such benefits is recognized during the employees’ respective active working careers. The Company recognizes the unfunded status of a benefit plan in the balance sheet as a long-term liability and recognizes the overfunded status of any benefit plan as a long-term asset. Any previously unrecognized gains or losses are recorded in the equity section of the balance sheet within accumulated other comprehensive income.

International Pension Plan Termination

On December 31, 2014, the Company terminated an international defined benefit pension plan under which approximately 270 participants, including approximately 90 active employees, had accrued benefits. The Company completed the termination of this plan in the second quarter of 2015, after regulatory approvals were obtained. The Company made a cash contribution of $0.5 to provide for final accrued benefits and recorded a one-time expense in SG&A of $8.9 ($6.7 after tax) in the Consumer International segment when the plan settlement was completed. This expense is primarily attributable to pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.

The following table provides information on the status of the defined benefit plans at December 31:

							Nonpension
	Pension Plans						Postretirement Plans
	2015			2014			2015			2014
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	101.2		$	100.6		$	24.5		$	21.8
Service cost		0.3			0.9			0.2			0.2
Interest cost		2.9			4.2			0.9			1.0
Plan participants’ contributions		0.0			0.0			0.3			0.3
Actuarial loss (gain)		(2.7	)		10.3			(2.4	)		3.0
Settlements/curtailments		(26.5	)		(3.1	)		0.0			0.0
Effects of exchange rate changes / other		(6.8	)		(7.4	)		(0.9	)		(0.5	)
Benefits paid		(4.2	)		(4.3	)		(1.3	)		(1.3	)
Benefit obligation at end of year	$	64.2		$	101.2		$	21.3		$	24.5
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	101.8		$	100.2			0.0			0.0
Actual return on plan assets (net of expenses)		2.4			11.1			0.0			0.0
Employer contributions		3.0			3.3			1.0			1.0
Plan participants’ contributions		0.0			0.0			0.3			0.3
Settlements/curtailments		(29.9	)		(1.2	)		0.0			0.0
Effects of exchange rate changes / other		(6.9	)		(7.3	)		0.0			0.0
Benefits paid		(4.2	)		(4.3	)		(1.3	)		(1.3	)
Fair value of plan assets at end of year	$	66.2		$	101.8		$	0.0		$	0.0
Funded status at end of year, recorded in Pension and Postretirement Benefits	$	2.0		$	0.6		$	(21.3	)	$	(24.5	)
Amounts Recognized in Accumulated Other Comprehensive Income:
Prior Service Credit	$	0.0		$	0.1		$	(0.2	)	$	(0.8	)
Actuarial Loss		12.0			19.8			0.9			3.5
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income	$	12.0		$	19.9		$	0.7		$	2.7

Amounts recognized in the statement of financial position consist of:

							Nonpension
	Pension Plans						Postretirement Plans
	2015			2014			2015			2014
Pension and Postretirement Benefits	$	(3.1	)	$	(3.4	)	$	(21.3	)	$	(24.5	)
Other Assets		5.1			4.0			0.0			0.0
Accumulated Other Comprehensive Loss (Income)		12.0			19.9			0.7			2.7
Net amount recognized at end of year	$	14.0		$	20.5		$	(20.6	)	$	(21.8	)
Accumulated benefit obligation	$	62.9		$	100.0		$	0.0		$	0.0

In 2015, the change in accumulated other comprehensive loss (income) was a $7.9 decrease in the Company’s remaining pension plan obligations and a $2.0 decrease in postretirement benefit plan obligations. The changes are related to the change in discount rates for all plans, changes in other actuarial assumptions and the accelerated recognition of actuarial losses for the terminated international defined benefit pension plan.

Weighted‑average assumptions used to determine benefit obligations as of December 31 are as follows:

					Nonpension
	Pension Plans				Postretirement Plans
	2015		2014		2015		2014
Discount Rate		3.73%		3.54%		4.11%		3.77%
Rate of Compensation increase		4.31%		3.13%	N/A		N/A

Net Pension and Net Postretirement Benefit Costs consisted of the following components:

	Pension Costs									Nonpension Postretirement Costs
	2015			2014			2013			2015			2014			2013
Components of Net Periodic Benefit Cost:
Service cost	$	0.3		$	0.9		$	1.1		$	0.2		$	0.2		$	0.4
Interest cost		2.9			4.2			4.0			0.9			1.0			1.1
Expected return on plan assets		(4.8	)		(6.1	)		(4.2	)		0.0			0.0			0.0
Amortization of prior service cost		0.0			0.0			0.0			(0.7	)		(1.4	)		(0.8	)
Settlements/curtailments		9.6			0.3			0.0			0.0			0.0			(0.3	)
Recognized actuarial loss (gain)		0.2			0.4			0.9			0.1			0.0			0.1
Net periodic benefit cost	$	8.2		$	(0.3	)	$	1.8		$	0.5		$	(0.2	)	$	0.5

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

	Pension Costs						Nonpension Postretirement Costs
	2015		2014		2013		2015		2014		2013
Discount Rate		3.47%		4.28%		4.15%		3.76%		4.54%		3.92%
Rate of Compensation increase		3.53%		3.13%		3.33%	N/A		N/A		N/A
Expected long-term rate of return on plan assets		5.53%		6.16%		5.45%	N/A		N/A		N/A

The Company’s pension and postretirement benefit costs are developed with the assistance of actuarial valuations. These valuations reflect key assumptions provided by the Company to its actuaries, including the discount rate and expected long-term rate of return on plan assets. Material changes in the Company’s pension and postretirement benefit costs may occur in the future due to changes in these assumptions.

The discount rate is subject to change each year, consistent with changes in applicable high-quality, long-term corporate bond indices. Based on the expected duration of the benefit payments for the Company’s pension plans and postretirement plans, the Company refers to an applicable index and expected term of the benefit payments to select a discount rate at which it believes the plan benefits could be effectively settled.

The expected long-term rate of return on pension plan assets is selected by taking into account the historical trend, the expected duration of the projected benefit obligation for the plans, the asset mix of the plans and known economic and market conditions at the time of valuation. A 50 basis point change in the expected long-term rate of return would result in an approximate $0.3 change in pension expense for 2016.

In 2016, amounts related to defined benefit plans in accumulated other comprehensive income expected to be recognized in the income statement are estimated to be income of approximately $0.1.

The Company’s investment policy is designed to provide flexibility in the asset mix based on management’s assessment of economic conditions, with an overall objective of realizing maximum rates of return appropriately balanced to minimize market risks. The Company’s long-term strategic goal is to maintain an asset mix consisting of approximately 60% equity securities and 40% debt/guaranteed investment securities.

The fair values of the Company’s defined benefit pension plan assets by asset category are as follows:

			Quoted Prices
			in Active
			Markets for		Significant
			Identical		Observable
			Assets		Inputs
Asset Category	Total		(Level 1)		(Level 2)
Cash & Cash Equivalents	$	1.9	$	1.9	$	0.0
Equity Securities - Mutual Funds ^(a)		35.0		1.1		33.9
Money Market Funds		1.8		0.0		1.8
Bond Funds^(b)		17.5		0.0		17.5
Global Multi-strategy Fund^(c)		19.5		0.0		19.5
Government Fixed Income Securities^(d)		22.4		0.0		22.4
Other ^(e)		3.7		0.2		3.5
December 31, 2014	$	101.8	$	3.2	$	98.6
Cash & Cash Equivalents	$	0.4	$	0.4	$	0.0
Equity Securities - Mutual Funds ^(a)		16.8		0.9		15.9
Bond Funds^(b)		6.4		0.0		6.4
Global Multi-strategy Fund^(c)		19.4		0.0		19.4
Government Fixed Income Securities^(d)		19.1		0.1		19.0
Other ^(e)		4.1		0.3		3.8
December 31, 2015	$	66.2	$	1.7	$	64.5

^(a)

The equity securities represent mutual funds held primarily by the pension plans in the United Kingdom (U.K.) and Canada, which include both domestic and international equity securities as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining equity securities represent mutual funds held primarily by the pension plans in the U.K. as of December 31, 2015. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2015 and December 31, 2014.

^(b)

The bond funds principally consisted of corporate and municipal or local government bonds for the pension plans in Canada and the U.K. as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining bond funds consist primarily of corporate bonds for pension plans in the U.K. as of December 31, 2015.

^(c)

The global multi-strategy fund, which was purchased during 2014 for the pension plans in the U.K., represents a series of multiple asset diversified funds invested in equities, bonds and other investments. The global multi-strategy fund is valued at the net asset value per unit multiplied by the number of units held as of the measurement date.

^(d)	Government fixed income securities held by pension plans in the U.K. are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

⁽^e⁾	Other category includes other investments for pension plans in the international subsidiaries.

The Company made cash contributions of approximately $3.0 to its pension plans in 2015 and $3.3 in 2014. The Company estimates it will be required to make cash contributions to its pension plans of approximately $2.3 in 2016 to offset 2016 benefit payments and administrative costs in excess of investment returns.

The following benefit payments are expected to be paid from the defined benefit plans:

			Nonpension
	Pension		Postretirement
	Plans		Plans
2016	$	2.4	$	1.5
2017		2.4		1.6
2018		2.4		1.7
2019		2.5		1.7
2020		2.7		1.8
2021-2025		15.3		8.4

The accumulated postretirement benefit obligation has been determined by application of the provisions of the Company's medical plans, including established maximums and sharing of costs, relevant actuarial assumptions and health‑care cost trend rates projected at approximately 7.0% for 2016 and decreasing to an ultimate rate of approximately 4.5% in 2029. The Company has a maximum annual benefit based on years of service for participants over 65 years of age.

The following chart shows the effect of a 1% change in healthcare cost trends:

	2015			2014
Effect of 1% increase in health-care cost trend rates on:
Postretirement benefit obligation	$	0.5		$	1.5
Total of service cost and interest cost component		0.0			0.1
Effect of 1% decrease in health-care cost trend rates on:
Postretirement benefit obligation		(0.5	)		(1.3	)
Total of service cost and interest cost component		0.0			(0.1	)

Other Benefit Plans

The Company also maintains a defined contribution profit sharing plan for domestic salaried and certain hourly employees. Amounts charged to earnings for this plan were $12.5, $12.5 and $15.8 in 2015, 2014 and 2013, respectively.

The Company also has a domestic employee 401K savings plan. The Company currently matches 100% of each employee’s contribution up to a maximum of 5% of the employee’s earnings. Previously, it matched 50% of each employee’s contribution up to a maximum of 6% of the employee’s earnings. The Company’s matching contributions to the savings plan were $8.5, $4.5 and $4.5 in 2015, 2014 and 2013, respectively.

Deferred Compensation Plans

The Company maintains a deferred compensation plan under which certain members of management are eligible to defer a maximum of 85% of their regular compensation (i.e. salary) and incentive bonus. The amounts deferred under this plan are credited with earnings or losses based upon changes in values of notional investments elected by the plan participant. The investment options available include notional investments in various stock, bond and money market funds as well as Common Stock. Each plan participant is fully vested in the amounts the participant defers. The plan also functions as an “excess” plan whereby profit sharing contributions that cannot otherwise be contributed to the qualified savings and profit sharing plan due to limitations under Department of Treasury regulations are credited to this plan. These contributions vest under the same vesting schedule applicable to the qualified plan.

The liability to plan participants for contributions designated for notional investment in Common Stock is based on the quoted fair value of the Common Stock plus any dividends credited. The Company uses cash-settled hedging instruments to minimize the cost related to the volatility of Common Stock. At December 31, 2015 and 2014, the amount of the Company’s liability under the deferred compensation plan was $95.8 and $92.2, respectively and the funded balances amounted to $70.6 and $70.1, respectively. The amounts charged to earnings, including the effect of the hedges, totaled $2.1, $1.8, and $2.8 in 2015, 2014 and 2013, respectively.

Non-employee members of the Company’s Board are eligible to defer up to 100% of their directors’ compensation into a similar plan; however, the only option for investment is Common Stock. Members of the Board are fully vested in their account balance. As of December 31, 2015, there were approximately 161 thousand shares of Common Stock from shares held as Treasury Stock in a rabbi trust to protect the interest of the directors’ deferred compensation plan participants in the event of a change of control.