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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2017
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Schedule of Changes in Benefit Obligation and the Plan Assets
The following table sets forth the reconciliation of beginning and ending balances of the benefit obligations and the plan assets for the Company’s defined benefit pension and other benefit plans at December 31, (in millions): 
 
Pension Benefits
 
Other Benefits
 
2017

2016

 
2017

2016

Change in benefit obligation
 

 

 
 

 

Benefit obligation at beginning of year
$
917.4

$
912.3

 
$
26.2

$
26.6

Service cost
5.9

12.9

 
0.1

—

Interest cost
37.2

41.9

 
1.0

1.2

Plan participants’ contributions
0.6

0.5

 
—

—

Amendments
0.3

(34.1
)
 
—

—

Actuarial loss
29.7

88.0

 
1.4

0.2

Currency impact
9.7

(18.5
)
 
—

—

Other
(0.4
)
(0.5
)
 
—

—

Benefits paid
(44.3
)
(85.1
)
 
(1.7
)
(1.8
)
Benefit obligation at end of year
$
956.1

$
917.4

 
$
27.0

$
26.2

Change in plan assets
 
 
 
 
 
Fair value of plan assets at beginning of year
$
705.1

$
757.6

 
$
—

$
—

Actual return on plan assets
58.6

23.6

 
—

—

Employer contributions
9.8

24.3

 
1.7

1.8

Plan participants’ contributions
0.6

0.5

 
—

—

Currency impact
9.0

(15.8
)
 
—

—

Benefits paid
(44.3
)
(85.1
)
 
(1.7
)
(1.8
)
Fair value of plan assets at end of year
$
738.8

$
705.1

 
$
—

$
—

FUNDED STATUS
$
(217.3
)
$
(212.3
)
 
$
(27.0
)
$
(26.2
)
Amounts recognized in the consolidated balance sheet consist of:
 
 
 
 
 
Prepaid pensions (included in Other long-term assets)
$
1.5

$
1.7

 
$
—

$
—

Accrued benefit liability (short-term and long-term)
(218.8
)
(214.0
)
 
(27.0
)
(26.2
)
NET AMOUNT RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET
$
(217.3
)
$
(212.3
)
 
$
(27.0
)
$
(26.2
)
Amounts recognized in Accumulated other comprehensive loss (income) consist of:
 
 
 
 
 
Net actuarial loss
$
270.1

$
274.2

 
$
3.0

$
1.7

Prior service cost (credit)
0.6

0.4

 
(2.3
)
(3.3
)
NET AMOUNT RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS
$
270.7

$
274.6

 
$
0.7

$
(1.6
)
Summary of Accumulated Benefit Obligations in Excess of Plan Assets
Information with respect to plans with accumulated benefit obligations in excess of plan assets is as follows, (in millions):
 
2017

2016

Projected benefit obligation
$
842.7

$
801.1

Accumulated benefit obligation
$
826.5

$
781.4

Fair value of plan assets
$
626.3

$
603.1
Schedule of the Components of Pension and Other Benefit Costs
The following table sets forth the components of pension and other benefit costs for the years ended December 31, (in millions):
 
Pension Benefits
 
Other Benefits
 
2017

2016

2015

 
2017

2016

2015

Components of net periodic benefit cost:
 

 

 

 
 

 

 

Service cost
$
5.9

$
12.9

$
17.7

 
$
0.1

$
—

$
0.1

Interest cost
37.2

41.9

40.5

 
1.0

1.2

1.0

Expected return on plan assets
(34.1
)
(44.3
)
(53.2
)
 
—

—

—

Amortization of prior service cost (credit)
0.1

0.1

0.2

 
(1.0
)
(1.0
)
(1.0
)
Amortization of actuarial losses (gains)
11.4

13.9

12.1

 
—

—

(0.1
)
Curtailment and settlement losses
0.4

0.2

—

 
—

—

—

Net periodic benefit cost
$
20.9

$
24.7

$
17.3

 
$
0.1

$
0.2

$
—

Changes recognized in other comprehensive loss (income), before tax:
 
 
 

 
 
 
 

Current year net actuarial loss
$
4.2

$
72.0

$
37.0

 
$
1.4

$
0.2

$
0.5

Current year prior service credit
0.3

—

—

 
—

—

—

Amortization of prior service (cost) credit
(0.1
)
(0.1
)
(0.2
)
 
1.0

1.0

1.0

Amortization of net actuarial (losses) gains
(11.4
)
(13.9
)
(12.1
)
 
—

—

0.1

Currency impact
3.5

(4.0
)
(0.1
)
 
—

—

—

Other adjustments
(0.4
)
(0.2
)
—

 
—

—

—

Total recognized in other comprehensive loss
(3.9
)
53.8

24.6

 
2.4

1.2

1.6

TOTAL RECOGNIZED IN NET PERIODIC PENSION COST AND OTHER COMPREHENSIVE LOSS
$
17.0

$
78.5

$
41.9

 
$
2.5

$
1.4

$
1.6

Amortization expected to be recognized through income during 2018
 

 

 

 
 

 

 

Amortization of prior service cost (credit)
$
0.1

 
 

 
$
(1.0
)
 

 

Amortization of net loss
10.9

 
 

 
0.2

 

 

TOTAL EXPECTED TO BE RECOGNIZED THROUGH INCOME DURING NEXT FISCAL YEAR
$
11.0

 
 

 
$
(0.8
)
 

 
Schedule of Assumptions Used to Determine the Projected Benefit Obligation
The following assumptions were used to determine the projected benefit obligations at the measurement date and the net periodic benefit cost for the year:
 
Pension Benefits
 
Other Benefits
 
2017

2016

2015

 
2017

2016

2015

Weighted-average assumptions used to determine benefit obligations at December 31,
 

 

 

 
 
 

 

Discount rate
3.67
%
4.12
%
4.71
%
 
3.70
%
4.10
%
4.60
%
Rate of compensation increase
3.24
%
3.55
%
3.59
%
 
4.00
%
3.93
%
3.92
%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31,
 
 
 

 
 
 
 

Discount rate
4.12
%
4.71
%
4.23
%
 
4.10
%
4.60
%
4.10
%
Expected return on plan assets
4.94
%
6.04
%
6.36
%
 
N/A

N/A

N/A

Rate of compensation increase
3.55
%
3.59
%
3.15
%
 
3.93
%
3.92
%
3.60
%
Schedule of Health Care Cost Trend Rates
The assumed health care cost trend rates used to determine the projected postretirement benefit obligation are as follows: 
 
Other Benefits
 
2017

2016

2015

Assumed health care cost trend rates at December 31,
 

 

 

Health care cost trend assumed for next year
7.0
%
7.2
%
7.4
%
Rate to which the cost trend is assumed to decline
5.0
%
5.0
%
5.0
%
Year that the rate reaches the ultimate trend rate
2028

2028

2028
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage-point change in assumed health care cost trend rates would have the following effects (in millions):
 
One Percentage Point Increase

One Percentage Point Decrease

Effect on total of service and interest cost
$
0.1

$
(0.1
)
Effect on postretirement benefit obligation
$
1.8

$
(1.5
)
Schedule of Allocation of Plan Assets
The Company’s combined targeted 2018 weighted average asset allocation for domestic and foreign pension plans and the actual weighted average asset allocation for domestic and foreign pension plans at December 31, 2017 and 2016 by asset category are as follows: 
 
Percentage of Plan Assets
 
Target
Actual
Asset Category
2018

2017

2016

Equity securities
19
%
18
%
16
%
Debt securities & Cash
64
%
65
%
65
%
Alternative Investments
17
%
17
%
19
%
TOTAL
100
%
100
%
100
%
Schedule of Changes in Fair Value of Plan Assets
The fair value of the Company’s pension plan assets at December 31, 2017 and 2016, by asset category are as follows (in millions):
 
 
Quoted Prices in Active Markets for Identical Assets
Quoted Prices in Active Market for Similar Asset
Significant
Unobservable Inputs
Investments Priced Using Net Asset Value
Asset Category
Total
(Level 1)
(Level 2)
(Level 3)
 
Cash and cash equivalents
$
47.9

$
47.9

$
—

$
—

$
—

Equity securities:
 

 


 

 
US Large-cap (a)
15.6

15.6

—

—

—

US Mid-cap and Small-cap Growth (b)
3.1

3.1

—

—

—

International Large-cap
30.9

30.9

—

—

—

Emerging Markets (c)
8.6

8.6

—

—

—

Fixed Income Securities:
 



 

 

 
US Treasuries
402.2

—

402.2

—

—

Corporate Bonds (d)
10.6

0.3

10.3

—

—

Asset Backed Securities and Other
75.6

—

75.6

—

—

Derivatives:
 



 

 

 
    Assets (e)
4.6

1.5

3.1

—

—

   (Liabilities) (e)
(1.3
)
0.1

(1.4
)
—

—

Alternative Investment Funds (f)
123.0

50.6

—

—

72.4

Common Pooled Fund (g)
18.0

0.8

17.2

—

—

BALANCE AT DECEMBER 31, 2017
$
738.8

$
159.4

$
507.0

$
—

$
72.4

 
 
 
Quoted Prices in Active
Markets for Identical Assets
Quoted Prices in Active
Market for Similar Asset
Significant
Unobservable Inputs
Investments Priced Using Net Asset Value
Asset Category
Total
(Level 1)
(Level 2)
(Level 3)
 
Cash and cash equivalents
$
48.3

$
48.3

$
—

$
—

$
—

Equity securities:
 

 

 
 

 
US Large-cap (a)
29.5

29.5

—

—

—

US Mid-cap and Small-cap Growth (b)
42.6

42.6

—

—

—

International Large-cap
27.6

27.6

—

—

—

Emerging Markets (c)
5.9

5.9

—

—

—

Fixed Income Securities:
 

 
 

 

 
US Treasuries
334.5

—

334.5

—

—

Corporate Bonds (d)
21.0

0.3

20.6

0.1

—

Asset Backed Securities and Other
45.0

—

45.0

—

—

Derivatives:
 

 
 

 

 
    Assets (e)
2.1

0.5

1.6

—

—

   (Liabilities) (e)
(1.1
)
(0.5
)
(0.6
)
—

—

Alternative Investment Funds (f)
133.5

47.0

—

—

86.5

Common Pooled Funds (g)
16.2

0.8

15.4

—

—

BALANCE AT DECEMBER 31, 2016
$
705.1

$
202.0

$
416.5

$
0.1

$
86.5

(a)
Includes an actively managed portfolio of large-cap US stocks.
(b)
Includes $40.0 million of the Company’s common stock at December 31, 2016, and an investment in a small cap open ended mutual fund.
(c)
Includes open ended emerging markets mutual funds.
(d)
Includes primarily investment grade bonds from diverse industries.
(e)
Includes primarily U.S. and foreign equity futures as well as foreign fixed income futures and positions in U.S. Treasury futures to adjust the duration of the portfolio.
(f)
Includes investments in hedge funds, including fund of funds products and open end mutual funds.
(g)
Investments in Common Pooled Funds, consisting of equities and fixed income securities.
Schedule of Expected Benefit Payments
The following domestic and foreign benefit payments, which reflect future service, as appropriate, are expected to be paid as follows, (in millions): 
 
Pension
Benefits

Other Benefits

2018
$
42.9

$
2.4

2019
$
44.4

$
2.3

2020
$
46.1

$
2.2

2021
$
47.6

$
2.2

2022
$
49.8

$
2.0

2023-2027
$
267.2

$
8.8