PENSION PLANS (Tables)

12 Months Ended

Dec. 31, 2017

Changes in the benefit obligation and plan assets were as follows:



	December 31, 2017									December 31, 2016
	($ in millions)									($ in millions)
Change in Benefit Obligation	U.S.			Foreign			Total			U.S.			Foreign			Total
Benefit obligation at beginning of year	$	2,466.2		$	251.0		$	2,717.2		$	2,458.5		$	227.4		$	2,685.9
Service cost	1.2			7.9			9.1			1.3			7.6			8.9
Interest cost	81.3			5.3			86.6			82.4			5.3			87.7
Actuarial loss	161.7			9.6			171.3			88.7			20.4			109.1
Benefits paid	(130.5		)	(4.2		)	(134.7		)	(132.2		)	(3.4		)	(135.6		)
Plan participant’s contributions	—			1.0			1.0			—			0.9			0.9
Plan amendments	—			1.7			1.7			—			(1.2		)	(1.2		)
Business combination	—			—			—			(32.5		)	—			(32.5		)
Currency translation adjustments	—			31.1			31.1			—			(6.0		)	(6.0		)
Benefit obligation at end of year	$	2,579.9		$	303.4		$	2,883.3		$	2,466.2		$	251.0		$	2,717.2



	December 31, 2017									December 31, 2016
	($ in millions)									($ in millions)
Change in Plan Assets	U.S.			Foreign			Total			U.S.			Foreign			Total
Fair value of plans’ assets at beginning of year	$	2,012.0		$	66.5		$	2,078.5		$	1,974.0		$	62.5		$	2,036.5
Actual return on plans’ assets	290.6			5.0			295.6			191.5			3.5			195.0
Employer contributions	0.4			2.2			2.6			6.4			2.0			8.4
Benefits paid	(130.5		)	(3.0		)	(133.5		)	(132.2		)	(3.4		)	(135.6		)
Business combination	—			—			—			(27.7		)	—			(27.7		)
Currency translation adjustments	—			3.7			3.7			—			1.9			1.9
Fair value of plans’ assets at end of year	$	2,172.5		$	74.4		$	2,246.9		$	2,012.0		$	66.5		$	2,078.5

Amounts recognized in the consolidated balance sheets consisted of:



	December 31, 2017									December 31, 2016
	($ in millions)									($ in millions)
	U.S.			Foreign			Total			U.S.			Foreign			Total
Accrued benefit in current liabilities	$	(0.4	)	$	(0.1	)	$	(0.5	)	$	(0.4	)	$	(0.2	)	$	(0.6	)
Accrued benefit in noncurrent liabilities	(407.0		)	(228.9		)	(635.9		)	(453.8		)	(184.3		)	(638.1		)
Accumulated other comprehensive loss	735.1			51.4			786.5			743.1			43.5			786.6
Net balance sheet impact	$	327.7		$	(177.6	)	$	150.1		$	288.9		$	(141.0	)	$	147.9



	December 31,
	2017		2016
	($ in millions)
Projected benefit obligation	$	2,883.3	$	2,717.2
Accumulated benefit obligation	2,851.0		2,685.7
Fair value of plan assets	2,246.9		2,078.5



	Years Ended December 31,
	2017			2016			2015
Components of Net Periodic Benefit (Income) Costs	($ in millions)
Service cost	$	17.1		$	12.3		$	7.8
Interest cost	86.6			87.7			83.3
Expected return on plans’ assets	(157.1		)	(157.8		)	(147.4		)
Amortization of prior service cost	2.2			—			1.6
Recognized actuarial loss	24.8			20.7			26.2
Curtailments/settlements	—			—			47.2
Net periodic benefit (income) costs	$	(26.4	)	$	(37.1	)	$	18.7

Included in Other Comprehensive Loss (Pretax)
Liability adjustment	$	26.9		$	66.1		$	125.4
Amortization of prior service costs and actuarial losses	(27.0		)	(20.7		)	(62.4		)



	U.S. Pension Benefits							Foreign Pension Benefits
Weighted-Average Assumptions	2017			2016		2015		2017		2016		2015
Discount rate—periodic benefit cost	4.1	%	⁽¹⁾	4.4	%	3.9	%	2.3	%	2.7	%	2.8	%
Expected return on assets	7.75	%		7.75	%	7.75	%	5.6	%	6.0	%	6.0	%
Rate of compensation increase	3.0	%		3.0	%	3.0	%	3.0	%	3.0	%	3.0	%
Discount rate—benefit obligation	3.6	%		4.1	%	4.4	%	2.2	%	2.3	%	2.7	%


(1)	The discount rate—periodic benefit cost for our domestic qualified pension plan is comprised of the discount rate used to determine interest costs of 3.4% and the discount rate used to determine service costs of 4.2%.

The following rates of return by asset class were considered in setting the long-term rate of return assumption:

Our pension plan asset allocations at December 31, 2017 and 2016 by asset class were as follows:

As of December 31, 2017, the following target allocation and ranges have been set for each asset class:


(1)	The target allocation for these asset classes include alternative investments, primarily hedge funds, based on the underlying investments in each hedge fund.

The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2017:



Asset Class	Investments Measured at NAV		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			($ in millions)
Equity securities
U.S. equities	$	230.7	$	203.7	$	—	$	—	$	434.4
Non-U.S. equities	321.9		55.6		14.6		—		392.1
Fixed income/cash
Cash	—		41.9		—		—		41.9
Government treasuries	0.7		—		151.2		—		151.9
Corporate debt instruments	80.9		—		115.1		—		196.0
Asset-backed securities	104.3		—		44.0		—		148.3
Alternative investments
Hedge fund of funds	430.7		—		—		—		430.7
Real estate funds	21.8		—		—		—		21.8
Private equity funds	11.5		—		—		—		11.5
Absolute return strategies	418.3		—		—		—		418.3
Total assets	$	1,620.8	$	301.2	$	324.9	$	—	$	2,246.9

The following table summarizes our domestic and foreign defined benefit pension plan assets measured at fair value as of December 31, 2016:



Asset Class	Investments Measured at NAV		Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			($ in millions)
Equity securities
U.S. equities	$	241.4	$	143.2	$	—	$	—	$	384.6
Non-U.S. equities	248.6		38.6		29.9		—		317.1
Fixed income/cash
Cash	—		259.6		—		—		259.6
Government treasuries	18.2		—		169.4		—		187.6
Corporate debt instruments	51.8		0.2		129.6		—		181.6
Asset-backed securities	61.4		—		36.4		—		97.8
Alternative investments
Hedge fund of funds	380.6		—		—		—		380.6
Real estate funds	22.5		—		—		—		22.5
Private equity funds	16.4		—		—		—		16.4
Absolute return strategies	230.7		—		—		—		230.7
Total assets	$	1,271.6	$	441.6	$	365.3	$	—	$	2,078.5

The following table summarizes the activity for our defined benefit pension plans level 3 assets for the year ended December 31, 2016:



	December 31, 2015		Realized Gain/(Loss)		Unrealized Gain/(Loss) Relating to Assets Held at Period End		Purchases, Sales, Settlements, and Other			Transfers In/(Out)		December 31, 2016
	($ in millions)
Acquisition plan receivable	$	212.0	$	—	$	—	$	(212.0	)	$	—	$	—