Defined Contribution and Defined Benefit Retirement (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Pension Plans

Schedule of Defined Benefit Plan Expected Future Payments

Benefit payments to plan participants out of plan assets are expected to be the equivalent of:

2019	$	26.7 million
2020		28.0 million
2021		28.1 million
2022		29.4 million
2023		29.2 million
Next 5 years		165.8 million

Schedule of Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

The table below details the changes in other comprehensive income (loss) during 2016, 2017 and 2018.

	Years ended December 31,
	2016			2017		2018
	(In millions)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial gain (loss)	$	(38.0	)	$	4.0	$	(27.0	)
Amortization of unrecognized:
Prior service cost		.3			.3		.2
Net actuarial losses		13.3			15.2		15.2
Total	$	(24.4	)	$	19.5	$	(11.6	)

Composition of Pension Plan Assets

The composition of our pension plan assets by asset category and fair value level at December 31, 2017 and 2018 is shown in the table below. The amounts shown for plan assets invested in the CMRT include a nominal amount of cash held by our U.S. pension plan which is not part of the plan’s investment in the CMRT.

	Fair Value Measurements at December 31, 2017
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Germany	$	257.9	$	—	$	—	$	257.9
Canada:
Local currency equities		8.4		8.4		—		—
Foreign currency equities		16.4		16.4		—		—
Local currency fixed income		81.8		81.8		—		—
Cash and other		.3		.3		—		—
Norway:
Local currency equities		1.8		1.8		—		—
Foreign currency equities		4.6		4.6		—		—
Local currency fixed income		21.0		21.0		—		—
Foreign currency fixed income		6.8		6.8		—		—
Real estate		4.7		—		—		4.7
Cash and other		15.4		14.5		—		.9
US —  CMRT		46.5		—		46.5		—
Other		26.1		16.0		—		10.1
Total	$	491.7	$	171.6	$	46.5	$	273.6

	Fair Value Measurements at December 31, 2018
	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
	(In millions)
Germany	$	241.5	$	—	$	—	$	241.5	$	—
Canada:
Local currency equities		6.5		6.5		—		—		—
Non local currency equities		13.3		13.3		—		—		—
Local currency fixed income		74.1		74.1		—		—		—
Cash and other		.5		.5		—		—		—
Norway:						—		—		—
Local currency equities		1.7		1.7		—		—		—
Non local currency equities		4.3		4.3		—		—		—
Local currency fixed income		20.4		14.9		5.5		—		—
Non local currency fixed income		6.1		6.1		—		—		—
Real estate		4.5		—		—		4.5		—
Cash and other		13.5		12.7		—		.8		—
U.S.						—
Equities		16.3		4.9		—		—		11.4
Fixed income		19.9		19.9		—		—		—
Cash and other		4.7		3.4		—		—		1.3
CMRT		2.3		—		—		2.3		—
Other		24.4		13.9		—		10.5		—
Total	$	454.0	$	176.2	$	5.5	$	259.6	$	12.7

Schedule of Rollforward of Change in Fair Value of Level 3 Assets

A rollforward of the change in fair value of Level 3 assets follows.

	Years ended December 31,
	2017			2018
	(In millions)
Fair value at beginning of year	$	230.5		$	273.6
Gain on assets held at end of year		11.0			(4.6	)
Gain on assets sold during the year		.2			—
Assets purchased		13.4			14.1
Assets sold		(13.8	)		(14.5	)
Transfer in		—			2.3
Currency exchange rate fluctuations		32.3			(11.3	)
Fair value at end of year	$	273.6		$	259.6

Defined Benefit Pension Plans | U.S.

Schedule of Funded Status

The funded status of our U.S. defined benefit pension plans is presented in the table below.

	Years ended December 31,
	2017			2018
	(In millions)
Change in projected benefit obligations (“PBO”):
Balance at beginning of the year	$	62.8		$	63.0
Interest cost		2.5			2.2
Actuarial  losses (gains)		1.9			(3.4	)
Benefits paid		(4.2	)		(4.2	)
Balance at end of the year	$	63.0		$	57.6
Change in plan assets:
Fair value at beginning of the year	$	45.6		$	46.5
Actual return on plan assets		4.0			(2.5	)
Employer contributions		1.1			3.4
Benefits paid		(4.2	)		(4.2	)
Fair value at end of year	$	46.5		$	43.2
Funded status	$	(16.5	)	$	(14.4	)
Amounts recognized in the Consolidated Balance Sheets:
Accrued pension costs:
Current	$	(.3	)	$	(.2	)
Noncurrent		(16.2	)		(14.2	)
Total		(16.5	)		(14.4	)
Accumulated other comprehensive loss—
Actuarial loss		37.2			39.0
Total	$	20.7		$	24.6
Accumulated benefit obligations (“ABO”)	$	63.0		$	57.6

Components of Net Periodic Defined Benefit Cost (Credit)

The components of our net periodic defined benefit pension benefit cost for U.S. plans are presented in the table below. The amounts shown below for the amortization of unrecognized actuarial losses for 2016, 2017 and 2018 were recognized as components of our accumulated other comprehensive income (loss) at December 31, 2015, 2016 and 2017, respectively, net of deferred income taxes and noncontrolling interest.

	Years ended December 31,
	2016			2017			2018
	(In millions)
Net periodic pension benefit cost (credit) for U.S. plans:
Interest cost	$	2.7		$	2.5		$	2.2
Expected return on plan assets		(3.4	)		(3.3	)		(3.4	)
Amortization of unrecognized net actuarial loss		1.9			2.0			2.0
Total	$	1.2		$	1.2		$	.8

Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets

Information concerning our U.S. defined benefit pension plans (for which the ABO of all of the plans exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2017		2018
	(In millions)
Plans for which the ABO exceeds plan assets:
Projected benefit obligations	$	63.0	$	57.6
Accumulated benefit obligations		63.0		57.6
Fair value of plan assets		46.5		43.2

Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost

The weighted-average rate assumptions used in determining the net periodic pension cost for our U.S. defined benefit pension plans for 2016, 2017 and 2018 are presented in the table below. The impact of assumed increases in future compensation levels does not have an effect on the periodic pension cost as the plans are frozen with regards to compensation.

	Years ended December 31,
Rate	2016			2017			2018
Discount rate		4.1	%		3.9	%		3.5	%
Long-term return on plan assets		7.5	%		7.5	%		7.5	%

Defined Benefit Pension Plans | Foreign

Schedule of Funded Status

The funded status of our foreign defined benefit pension plans is presented in the table below.

	Years ended December 31,
	2017			2018
	(In millions)
Change in PBO:
Balance at beginning of the year	$	603.4		$	691.2
Service cost		11.4			11.6
Interest cost		13.4			13.8
Participants’ contributions		1.5			1.5
Actuarial loss		9.3			5.8
Plan settlement		(.3	)		—
Change in currency exchange rates		73.7			(33.9	)
Benefits paid		(21.2	)		(22.8	)
Balance at end of the year	$	691.2		$	667.2
Change in plan assets:
Fair value at beginning of the year	$	381.8		$	445.2
Actual return on plan assets		24.1			(6.1	)
Employer contributions		16.0			16.5
Participants’ contributions		1.5			1.5
Change in currency exchange rates		43.0			(23.6	)
Benefits paid		(21.2	)		(22.8	)
Fair value at end of year	$	445.2		$	410.7
Funded status	$	(246.0	)	$	(256.5	)
Amounts recognized in the Consolidated Balance Sheets:
Pension asset	$	4.2		$	2.7
Accrued pension costs:
Noncurrent		(250.2	)		(259.2	)
Total		(246.0	)		(256.5	)
Accumulated other comprehensive loss:
Actuarial loss		242.8			254.1
Prior service cost		1.5			1.2
Total		244.3			255.3
Total	$	(1.7	)	$	(1.2	)
ABO	$	664.7		$	642.2

Components of Net Periodic Defined Benefit Cost (Credit)

The components of our net periodic defined benefit pension benefit cost for our foreign plans are presented in the table below.

	Years ended December 31,
	2016			2017			2018
	(In millions)
Net periodic pension cost for foreign plans:
Service cost	$	9.9		$	11.4		$	11.6
Interest cost		15.1			13.4			13.8
Settlement loss		—			.1			—
Expected return on plan assets		(14.9	)		(9.7	)		(12.7	)
Amortization of unrecognized:
Prior service cost		.2			.3			.2
Net actuarial loss		11.4			13.2			13.2
Total	$	21.7		$	28.7		$	26.1

Schedule of Plans for which Accumulated Benefit Obligations Exceeds Plan Assets

Information concerning certain of our non-U.S. defined benefit pension plans (for which the ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2017		2018
	(In millions)
Plans for which the ABO exceeds plan assets:
Projected benefit obligations	$	625.1	$	605.0
Accumulated benefit obligations		603.8		585.0
Fair value of plan assets		375.0		346.3

Summary of Actuarial Assumptions Used to Determine the Benefit Obligation and Net Benefit Cost

A summary of our key actuarial assumptions used to determine foreign benefit obligations as of December 31, 2017 and 2018 was:

	December 31,
Rate	2017			2018
Discount rate		2.1	%		2.1	%
Increase in future compensation levels		2.6	%		2.6	%

A summary of our key actuarial assumptions used to determine foreign net periodic benefit cost for 2016, 2017 and 2018 are as follows:

	Years ended December 31,
Rate	2016			2017			2018
Discount rate		2.6	%		2.1	%		2.1	%
Increase in future compensation levels		2.9	%		2.6	%		2.6	%
Long-term return on plan assets		3.9	%		2.5	%		3.0	%

CMRT

Composition of Pension Plan Assets

The CMRT unit value is determined semi-monthly, and prior to the 2018 restructuring the plans had the ability to redeem all or any portion of their investment in the CMRT at any time based on the most recent semi-monthly valuation. However, the plans do not have the right to individual assets held by the CMRT and the CMRT has the sole discretion in determining how to meet any redemption request.  For purposes of our plan asset disclosure, we consider the investment in the CMRT at December 31, 2017 as a Level 2 input because (i) the CMRT value is established semi-monthly and the plans have the right to redeem their investment in the CMRT, in part or in whole, at any time based on the most recent value and (ii) observable inputs from Level 1 or Level 2 (or assets not subject to classification in the fair value hierarchy) were used to value approximately 93% of the assets of the CMRT at December 31, 2017, as noted below.  CMRT assets not subject to classification in the fair value hierarchy consist principally of certain investments measured at net asset value per share in accordance with ASC 820-10.  The aggregate fair value of all of the CMRT assets at December 31, 2017, including funds of Contran and its other affiliates that also invest in the CMRT, and supplemental asset mix details of the CMRT are as follows:

	December 31, 2017
	(In millions)
CMRT asset value	$	672.4
CMRT assets comprised of:
Assets not subject to fair value hierarchy		31	%
Assets subject to fair value hierarchy:
Level 1		54
Level 2		8
Level 3		7
		100	%
CMRT asset mix:
Domestic equities, principally publicly traded		33	%
International equities, principally publicly traded		25
Fixed income securities, principally publicly traded		31
Privately managed limited partnerships		4
Hedge funds		5
Other, primarily cash		2
		100	%