XML 69 R50.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension And Other Benefit Programs (Tables)
12 Months Ended
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Amounts Recognized In Assets And Liabilities

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in (liabilities) on the consolidated balance sheets at year end consist of:

 

 

 

 

Pension Benefits

 

Retiree Health and Life Insurance Benefits

 

 

 

 

2015

 

2014

 

2015

 

2014

Accounts payable and accrued expenses

 

($4.0)

 

($4.0)

 

($17.9)

 

($19.9)

Postretirement benefit liabilities

 

 

 

 -

 

 -

 

(172.4)

 

(201.5)

Pension benefit liabilities

 

 

 

(76.9)

 

(79.6)

 

 -

 

 -

Net amount recognized

 

 

 

($80.9)

 

($83.6)

 

($190.3)

 

($221.4)

 

Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End

 

 

 

 

 

 

 

 

 

 

 

Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of:

 

 

 

 

Pension Benefits

 

Retiree Health and Life Insurance Benefits

 

 

 

 

2015

 

2014

 

2015

 

2014

Net actuarial (loss) gain

 

 

 

($775.6)

 

($804.3)

 

$91.5 

 

$77.4 

Prior service (cost) credit

 

 

 

(3.9)

 

(5.8)

 

0.6 

 

1.2 

Accumulated other comprehensive (loss) income

 

($779.5)

 

($810.1)

 

$92.1 

 

$78.6 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

U.S. defined-benefit pension plans

 

 

 

 

 

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$2,069.9 

 

$1,868.1 

Service cost

 

 

 

16.3 

 

14.4 

Interest cost

 

 

 

80.9 

 

85.7 

Actuarial (gain) loss

 

 

 

(130.5)

 

287.0 

Benefits paid

 

 

 

(118.5)

 

(185.3)

Benefit obligation as of end of period

 

$1,918.1 

 

$2,069.9 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$1,986.3 

 

$1,978.4 

Actual return on plan assets

 

 

 

(34.2)

 

188.9 

Employer contribution

 

 

 

3.6 

 

4.3 

Benefits paid

 

 

 

(118.5)

 

(185.3)

Fair value of plan assets as of end of period

 

$1,837.2 

 

$1,986.3 

 

 

 

 

 

 

 

Funded status of the plans

 

 

 

($80.9)

 

($83.6)

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

U.S. defined-benefit pension plans

 

 

 

 

 

 

Weighted-average assumptions used to determine benefit obligations at end of period:

 

 

 

 

Discount rate

 

 

 

4.40% 

 

4.05% 

Rate of compensation increase

 

 

 

3.10% 

 

3.10% 

 

 

 

 

 

 

 

Weighted-average assumptions used to determine net periodic benefit cost for the period:

 

 

 

 

Discount rate

 

 

 

4.05% 

 

4.75% 

Expected return on plan assets

 

 

 

7.00% 

 

7.00% 

Rate of compensation increase

 

 

 

3.10% 

 

3.10% 

 

Schedule Of Benefit Obligations In Excess Of Assets

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

U.S. pension plans with benefit obligations in excess of assets

 

 

 

 

Projected benefit obligation, December 31

 

 

 

$1,918.1 

 

$2,069.9 

Accumulated benefit obligation, December 31

 

 

 

1,896.8 

 

2,051.7 

Fair value of plan assets, December 31

 

 

 

1,837.2 

 

1,986.3 

 

Schedule Of Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

The components of the pension cost are as follows:

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

U.S. defined-benefit pension plans

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$16.3 

 

$14.4 

 

$16.9 

Interest cost on projected benefit obligation

 

80.9 

 

85.7 

 

79.7 

Expected return on plan assets

 

(140.3)

 

(139.3)

 

(136.5)

Amortization of prior service cost

 

1.9 

 

1.9 

 

1.9 

Recognized net actuarial loss

 

72.8 

 

42.4 

 

40.9 

Net periodic pension cost

 

$31.6 

 

$5.1 

 

$2.9 

 

 

 

 

 

 

 

 

 

 

Schedule Of Defined Asset Allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target Weight at

 

Position at December 31,

 

Asset Class

 

 

December 31, 2015

 

2015

 

2014

 

Long duration bonds

 

59%

 

59%

 

58%

 

Equities

 

 

29%

 

26%

 

27%

 

High yield bonds and real assets

 

8%

 

8%

 

8%

 

Real estate and private equity

 

4%

 

5%

 

4%

 

Other fixed income

 

0%

 

2%

 

3%

 

 

 

 

 

 

 

 

 

 

Summary Of Fair Value Of Assets Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2015

Description

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Domestic equity

 

 

 

$299.7 

 

 -

 

 -

 

$299.7 

International equity

 

 

 

143.3 

 

$0.1 

 

 -

 

143.4 

Other investments

 

 

 

 -

 

 -

 

$2.9 

 

2.9 

Short term investments and other, net

 

12.8 

 

48.0 

 

 -

 

60.8 

Net assets measured at fair value

 

 

 

$455.8 

 

$48.1 

 

$2.9 

 

$506.8 

Investments measured at net asset value

 

 

 

 

 

 

 

 

1,330.4 

Net assets

 

 

 

 

 

 

 

 

 

$1,837.2 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2014

Description

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Domestic equity

 

 

 

$275.0 

 

 -

 

 -

 

$275.0 

International equity

 

 

 

196.9 

 

 -

 

 -

 

196.9 

Other investments

 

 

 

 -

 

 -

 

$3.1 

 

3.1 

Short term investments and other, net

 

14.2 

 

$67.7 

 

 -

 

81.9 

Net assets measured at fair value

 

 

 

$486.1 

 

$67.7 

 

$3.1 

 

$556.9 

Investments measured at net asset value

 

 

 

 

 

 

 

 

1,429.4 

Net assets

 

 

 

 

 

 

 

 

 

$1,986.3 

 

 

 

 

 

 

 

 

 

 

 

 

Summary Of Changes In Level 3 Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

$3.2 

Purchases

 

 

 

 

 

 

 

 

 

0.1 

Settlements

 

 

 

 

 

 

 

(0.2)

December 31, 2014

 

 

 

 

 

 

 

 

 

$3.1 

Unrealized (loss)

 

 

 

 

 

 

 

 

 

(0.1)

Purchases

 

 

 

 

 

 

 

 

 

0.1 

Sales

 

 

 

 

 

 

 

 

 

(0.1)

Settlements

 

 

 

 

 

 

 

(0.1)

December 31, 2015

 

 

 

 

 

 

 

 

 

$2.9 

 

Summary Of Assets Measured At NAV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2015

Description

 

 

 

Fair Value

 

Unfunded Commitments

 

Redemption Frequency

 

Redemption Notice Period

Long duration bonds

 

 

 

$      1,069.9

 

 -

 

Daily

 

Prior Day

Domestic equity

 

 

 

11.0 

 

 -

 

Daily

 

Prior Day

International equity

 

 

 

19.4 

 

 -

 

Daily

 

Prior Day

Global equity

 

 

 

33.5 

 

 -

 

Daily

 

Prior Day

High yield bonds

 

 

 

82.0 

 

 -

 

Monthly

 

3 Days

Real estate

 

 

 

79.7 

 

$             2.3

 

Quarterly

 

45-90 Days

Real assets

 

 

 

32.1 

 

 -

 

Daily

 

Prior Day

Other investments

 

 

 

2.8 

 

1.5 

 

None

 

None

Investments measured at net asset value

 

 

$      1,330.4

 

$             3.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2014

Description

 

 

 

Fair Value

 

Unfunded Commitments

 

Redemption Frequency

 

Redemption Notice Period

Long duration bonds

 

 

 

$      1,142.5

 

 -

 

Daily

 

Prior Day

Domestic equity

 

 

 

15.8 

 

 -

 

Daily

 

Prior Day

International equity

 

 

 

25.2 

 

 -

 

Daily

 

Prior Day

Global equity

 

 

 

38.7 

 

 -

 

Daily

 

Prior Day

High yield bonds

 

 

 

95.6 

 

 -

 

Monthly

 

3 Days

Real estate

 

 

 

77.9 

 

$             2.4

 

Quarterly

 

45-90 Days

Real assets

 

 

 

31.1 

 

 -

 

Daily

 

Prior Day

Other investments

 

 

 

2.6 

 

1.9 

 

None

 

None

Investments measured at net asset value

 

 

$      1,429.4

 

$             4.3

 

 

 

 

 

U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$221.4 

 

$258.2 

Service cost

 

 

 

0.9 

 

0.9 

Interest cost

 

 

 

8.1 

 

10.9 

Plan participants' contributions

 

 

 

4.6 

 

5.4 

Actuarial (gain)

 

 

 

(22.7)

 

(27.9)

Benefits paid, gross

 

 

 

(22.3)

 

(26.6)

Medicare subsidy receipts

 

 

 

0.3 

 

0.5 

Benefit obligation as of end of period

 

 

 

$190.3 

 

$221.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

 -

 

 -

Employer contribution

 

 

 

$17.4 

 

$20.7 

Plan participants' contributions

 

 

 

4.6 

 

5.4 

Benefits paid, gross

 

 

 

(22.3)

 

(26.6)

Medicare subsidy receipts

 

 

 

0.3 

 

0.5 

Fair value of plan assets as of end of period

 

 

 

$  -

 

$  -

 

 

 

 

 

 

 

Funded status of the plans

 

 

 

($190.3)

 

($221.4)

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

Weighted-average discount rate used to determine benefit obligations at end of period

 

4.25% 

 

3.90% 

 

 

 

 

 

 

 

Weighted-average discount rate used to determine net periodic benefit cost for the period

 

3.90% 

 

4.50% 

 

Schedule Of Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

The components of postretirement benefits costs are as follows:

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

U.S. defined-benefit retiree health and life insurance plans

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$0.9 

 

$0.9 

 

$1.2 

Interest cost on accumulated postretirement benefit obligation

 

8.1 

 

10.9 

 

9.7 

Amortization of prior service (credit)

 

(0.6)

 

(0.6)

 

(0.6)

Amortization of net actuarial gain

 

(7.8)

 

(4.2)

 

(3.5)

Net periodic postretirement benefit cost

 

$0.6 

 

$7.0 

 

$6.8 

 

 

 

 

 

 

 

 

Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One percentage point

 

 

 

 

Increase

 

Decrease

U.S. retiree health and life insurance benefits plans

 

 

 

 

Effect on total service and interest cost components

 

($0.1)

 

$0.1 

Effect on postretirement benefit obligation

 

(1.8)

 

1.3 

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Retiree Health and Life Insurance Benefits, Gross

 

Retiree Health Medicare Subsidy Receipts

 

 

2016

 

$125.3 

 

$18.3 

 

($0.4)

 

 

2017

 

125.0 

 

17.8 

 

(0.5)

 

 

2018

 

125.5 

 

17.1 

 

(0.6)

 

 

2019

 

126.8 

 

16.1 

 

(0.6)

 

 

2020

 

126.5 

 

15.2 

 

(0.7)

 

 

2021 - 2025

 

635.2 

 

66.8 

 

(4.3)

 

 

 

Non-U.S. Plans [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule Of Net Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Non-U.S. defined-benefit pension plans

 

 

 

 

 

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$261.4 

 

$251.8 

Service cost

 

2.4 

 

2.5 

Interest cost

 

8.3 

 

10.5 

Plan participants' contributions

 

0.1 

 

0.1 

Plan amendments

 

 

 

 -

 

0.7 

Foreign currency translation adjustment

 

(16.5)

 

(20.0)

Actuarial (gain) loss

 

(6.7)

 

28.9 

Benefits paid

 

(15.0)

 

(13.1)

Benefit obligation as of end of period

 

$234.0 

 

$261.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$232.4 

 

$219.9 

Actual return on plan assets

 

3.3 

 

37.0 

Employer contribution

 

3.4 

 

4.5 

Plan participants' contributions

 

0.1 

 

0.1 

Foreign currency translation adjustment

 

(13.3)

 

(16.0)

Benefits paid

 

(15.0)

 

(13.1)

Fair value of plan assets as of end of period

 

$210.9 

 

$232.4 

 

 

 

 

 

Funded status of the plans

 

 

 

($23.1)

 

($29.0)

 

Schedule Of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Non-U.S. defined-benefit pension plans

 

 

 

 

Weighted-average assumptions used to determine benefit obligations at end of period:

 

 

 

 

Discount rate

 

 

 

3.40% 

 

3.40% 

Rate of compensation increase

 

 

 

2.60% 

 

2.60% 

 

 

 

 

 

 

 

Weighted-average assumptions used to determine net periodic benefit cost for the period:

 

 

 

 

Discount rate

 

 

 

3.40% 

 

4.30% 

Expected return on plan assets

 

 

 

4.50% 

 

5.50% 

Rate of compensation increase

 

 

 

2.60% 

 

2.80% 

 

Schedule Of Benefit Obligations In Excess Of Assets

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

Non-U.S. pension plans with benefit obligations in excess of assets

 

 

 

 

Projected benefit obligation, December 31

 

$58.3 

 

$70.5 

Accumulated benefit obligation, December 31

 

52.7 

 

68.7 

Fair value of plan assets, December 31

 

26.8 

 

34.0 

 

Schedule Of Periodic Benefit Costs (Credits)

 

 

 

 

 

 

 

 

 

The components of the pension cost are as follows:

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

Non-U.S. defined-benefit pension plans

 

 

 

 

 

 

Service cost of benefits earned during the period

 

$2.4 

 

$2.5 

 

$2.4 

Interest cost on projected benefit obligation

 

8.3 

 

10.5 

 

9.8 

Expected return on plan assets

 

(9.0)

 

(11.5)

 

(9.6)

Amortization of prior service cost

 

 

 

 -

 

 -

 

0.5 

Amortization of net actuarial loss

 

2.8 

 

2.1 

 

2.7 

Net periodic pension cost

 

$4.5 

 

$3.6 

 

$5.8 

 

 

 

 

 

 

 

 

Schedule Of Defined Asset Allocation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target Weight at

 

Position at December 31,

 

Asset Class

 

 

December 31, 2015

 

2015

 

2014

 

Long duration bonds

 

48% 

 

46% 

 

49% 

 

Equities

 

42% 

 

42% 

 

40% 

 

Real estate

 

7% 

 

7% 

 

6% 

 

Other

 

 

3% 

 

5% 

 

5% 

 

 

Summary Of Fair Value Of Assets Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2015

Description

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Bonds

 

 

 

$1.1 

 

$86.9 

 

 -

 

$88.0 

Equities

 

 

 

1.1 

 

38.3 

 

 -

 

39.4 

Real estate

 

 

 

0.1 

 

0.7 

 

 -

 

0.8 

Other investments

 

 

 

 -

 

0.9 

 

$4.9 

 

5.8 

Cash and other short term investments

 

3.4 

 

 -

 

 -

 

3.4 

Net assets measured at fair value

 

 

 

$5.7 

 

$126.8 

 

$4.9 

 

$137.4 

Investments measured at net asset value

 

 

 

 

 

 

 

 

73.5 

Net assets

 

 

 

 

 

 

 

 

 

$210.9 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2014

Description

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Bonds

 

 

 

 -

 

$70.6 

 

 -

 

$70.6 

Equities

 

 

 

 -

 

40.3 

 

 -

 

40.3 

Other investments

 

 

 

 -

 

 -

 

$5.6 

 

5.6 

Cash and other short term investments

 

$5.7 

 

 -

 

 -

 

5.7 

Net assets measured at fair value

 

 

 

$5.7 

 

$110.9 

 

$5.6 

 

$122.2 

Investments measured at net asset value

 

 

 

 

 

 

 

 

110.2 

Net assets

 

 

 

 

 

 

 

 

 

$232.4 

 

Summary Of Assets Measured At NAV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2015

Description

 

 

 

Fair Value

 

Unfunded Commitments

 

Redemption Frequency

 

Redemption Notice Period

Bonds

 

 

 

$            9.0

 

 -

 

Daily

 

Same Day

Equities

 

 

 

49.7 

 

 -

 

Daily

 

Prior Day - Same Day

Real estate

 

 

 

14.8 

 

 -

 

Monthly/Quarterly

 

2 - 90 Days

Investments measured at net asset value

 

 

$          73.5

 

$                -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value at December 31, 2014

Description

 

 

 

Fair Value

 

Unfunded Commitments

 

Redemption Frequency

 

Redemption Notice Period

Bonds

 

 

 

$          43.8

 

 -

 

Daily

 

Same Day

Equities

 

 

 

52.3 

 

 -

 

Daily

 

Prior Day - Same Day

Real estate

 

 

 

14.1 

 

 -

 

Monthly/Quarterly

 

2 - 90 Days

Investments measured at net asset value

 

 

$        110.2

 

$                -

 

 

 

 

 

Schedule Of Amounts Recognized In Assets And Liabilities

 

 

 

 

 

 

 

Amounts recognized in assets and (liabilities) on the consolidated balance sheets at year end consist of:

 

 

 

 

2015

 

2014

Prepaid pension costs

 

 

 

$8.3 

 

$7.4 

Accounts payable and accrued expenses

 

(0.7)

 

(0.5)

Pension benefit liabilities

 

 

 

(30.7)

 

(35.9)

Net amount recognized

 

 

 

($23.1)

 

($29.0)

 

Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End

 

 

 

 

 

 

 

Pre-tax amounts recognized in accumulated other comprehensive (loss) at year end consist of:

 

 

 

 

2015

 

2014

Net actuarial (loss)

 

 

 

($26.6)

 

($33.2)

Net prior service (costs)

 

 

 

($0.6)

 

($0.7)

Accumulated other comprehensive (loss)

 

($27.2)

 

($33.9)

 

 

 

 

 

 

 

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

 

 

 

 

2016

 

$9.6 

 

 

 

 

 

 

2017

 

9.3 

 

 

 

 

 

 

2018

 

9.3 

 

 

 

 

 

 

2019

 

10.0 

 

 

 

 

 

 

2020

 

10.4 

 

 

 

 

 

 

2021 - 2025

 

57.1