Employee plans (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plan Disclosure [Line Items]

The fair value of stock option awards was estimated using the Black-Scholes option pricing model with the following assumptions and weighted-average fair values as follows:



Year Ended December 31,	2016			2015			2014
Weighted-average fair value of grant	$	4.53		$	8.92		$	11.24
Risk-free interest rate	1.29		%	1.28		%	1.04		%
Expected volatility	51.30		%	45.46		%	45.65		%
Expected life of options in years	4.90			4.92			3.71
Expected dividend yield	—			—			—

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2016 follows (shares in thousands):



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($ in millions)
Outstanding at December 31, 2015	2,723		$	27.88
Granted	11		10.85
Exercised	—		—
Forfeited and expired	(635	)	35.76
Outstanding at December 31, 2016	2,099		25.41		2.28	$	—
Expected to vest at December 31, 2016	608		26.06		3.70	$	—
Exercisable at December 31, 2016	1,478		25.17		1.67	$	—

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the year ended December 31, 2016 follows (shares in thousands):



	Restricted Stock Units		Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2015	469		$	23.57
Granted	1,306		9.91
Vested	(187	)	18.94
Forfeited and expired	(134	)	15.50
Outstanding at December 31, 2016	1,454		12.68

Schedule of Accumulated Benefit Obligation in Excess of Plan Assets

Information for defined benefit retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015 follows:



As of December 31,	2016		2015
Accumulated benefit obligation	$	7,551.8	$	7,231.2
Fair value of plan assets	5,357.2		5,228.6

Schedule of Projected Benefit Obligation in Excess of Plan Assets

Information for defined benefit retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2016 and 2015 follows:



As of December 31,	2016		2015
Projected benefit obligation	$	7,555.2	$	7,235.4
Fair value of plan assets	5,357.2		5,228.6

Company's Investment Policy Targets and Ranges for Each Asset Category

The company’s investment policy targets and ranges for each asset category are as follows:



	U.S.				International
Asset Category	Target		Range		Target		Range
Equity securities	58	%	52-64%		29	%	23-35%
Debt securities	36	%	33-39%		55	%	48-61%
Real estate	6	%	3-9%		1	%	0-3%
Cash	—	%	0-5%		1	%	0-5%
Other	—	%	—	%	14	%	7-21%

Assumed Health Care Cost Trend Rates



Assumed health care cost trend rates at December 31,	2016		2015
Health care cost trend rate assumed for next year	5.8	%	6.1	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.8	%	4.8	%
Year that the rate reaches the ultimate trend rate	2023		2023

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:



	1-Percentage- Point Increase		1-Percentage- Point Decrease
Effect on service and interest cost	$	0.2	$	(0.2	)
Effect on postretirement benefit obligation	2.6		(2.4		)

Schedule of Plans' Assets (Liabilities) at Fair Value

The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2016.



	U.S. Plans										International Plans
As of December 31, 2016	Fair Value			Level 1			Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Pension plans
Equity Securities
Common Stocks	$	1,443.1		$	1,438.3		$	4.8	$	—	$	—	$	—	$	—	$	—
Commingled Funds	517.9						517.9				76.0				76.0
Debt Securities
U.S. Govt. Securities	158.5			158.5
Other Fixed Income	812.4						812.4				241.4		0.5		240.9
Insurance Contracts											116.2						116.2
Commingled Funds											242.8				242.8
Real Estate
Real Estate Investment Trusts	156.2			156.2							1.6		1.2		0.4
Other
Derivatives	3.1			(1.1		)	4.2				4.9				4.9
Commingled Funds											294.5				294.5
Pooled Funds	272.0						272.0				6.7				6.7
Cash	12.2			12.2							11.4		11.4
Receivables	107.2			107.2
Payables	(195.3		)	(195.3		)
Total plan assets in fair value hierarchy	$	3,287.3		$	1,676.0		$	1,611.3	$	—	$	995.5	$	13.1	$	866.2	$	116.2
Plan assets measured using NAV as a practical expedient^(1):
Commingled Funds
Equity	$	—									$	726.7
Debt	18.6										640.0
Other	104.6										25.8
Private Real Estate	40.5										41.7
Private Equity	1.1										—
Total pension plan assets	$	3,452.1									$	2,429.7
Other postretirement plans
Insurance Contracts	$	7.9							$	7.9

(1) Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.

The following table sets forth by level, within the fair value hierarchy, the plans’ assets (liabilities) at fair value at December 31, 2015.



	U.S. Plans										International Plans
As of December 31, 2015	Fair Value			Level 1			Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Pension plans
Equity Securities
Common Stocks	$	1,686.4		$	1,680.6		$	5.8	$	—	$	0.6	$	0.6	$	—	$	—
Commingled Funds	411.9						411.9				75.3				75.3
Debt Securities
U.S. Govt. Securities	162.2			162.2
Other Fixed Income	974.7						974.7				248.5				248.5
Insurance Contracts											120.6						120.6
Commingled Funds											272.8				272.8
Real Estate
Real Estate Investment Trusts	170.7			170.7							0.7		0.7
Other
Derivatives	0.8			0.3			0.5				7.0				7.0
Commingled Funds											112.6				112.6
Pooled Funds	263.1						263.1
Cash	1.9			1.9							27.4		27.4
Receivables	77.1			77.1
Payables	(139.9		)	(139.9		)
Total plan assets in fair value hierarchy	$	3,608.9		$	1,952.9		$	1,656.0	$	—	$	865.5	$	28.7	$	716.2	$	120.6
Plan assets measured using NAV as a practical expedient^(1):
Commingled Funds
Equity	$	—									$	880.8
Debt	—										632.6
Other	105.3										76.1
Private Real Estate	37.6										41.8
Private Equity	7.6										—
Total pension plan assets	$	3,759.4									$	2,496.8
Other postretirement plans
Insurance Contracts	$	7.7							$	7.7

Summary of Changes in the Fair Value of the Plans' Level 3 Assets

The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2016.



	January 1, 2016		Realized gains (losses)			Purchases or acquisitions		Sales or dispositions			Currency and unrealized gains (losses) relating to instruments still held at December 31, 2016		December 31, 2016
U.S. plans
Other postretirement plans
Insurance Contracts	$	7.7	$	(0.3	)	$	0.5	$	—		$	—	$	7.9
International pension plans
Insurance Contracts	$	120.6	$	—		$	4.7	$	(11.0	)	$	1.9	$	116.2

The following table sets forth a summary of changes in the fair value of the plans’ Level 3 assets for the year ended December 31, 2015.



	January 1, 2015		Realized gains (losses)			Purchases or acquisitions		Sales or dispositions			Currency and unrealized gains (losses) relating to instruments still held at December 31, 2015			December 31, 2015
U.S. plans
Pension plan
Insurance Contracts	$	17.4	$	(0.4	)	$	—	$	(16.6	)	$	(0.4	)	$	—
Other postretirement plans
Insurance Contracts	$	7.3	$	(0.1	)	$	0.5	$	—		$	—		$	7.7
International pension plans
Insurance Contracts	$	135.5	$	—		$	9.4	$	(10.9	)	$	(13.4	)	$	120.6

Schedule of Additional Information About Plan Assets Valued Using Net Asset Value

The following table presents additional information about plan assets valued using the net asset value as a practical expedient within the fair value hierarchy table.



	2016				2015
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period Range
U.S. plans
Commingled Funds
Debt	$	18.6	$	—	$	—	$	—	Daily	5 days
Other	104.6		—		105.3		—		Monthly	5 days
Private Real Estate⁽¹⁾	40.5		—		37.6		—		Quarterly	60 days
Private Equity⁽²⁾	1.1		—		7.6		—
Total	$	164.8	$	—	$	150.5	$	—
International pension plans
Commingled Funds
Equity	$	726.7	$	—	$	880.8	$	—	Weekly, Monthly	Up to 90 days
Debt	640.0		—		632.6		—		Weekly, Biweekly, Bimonthly, Monthly	Up to 90 days
Other	25.8		—		76.1		—		Monthly, Quarterly	Up to 90 days
Private Real Estate	41.7		—		41.8		—		Monthly, Quarterly	Up to 90 days
Total	$	1,434.2	$	—	$	1,631.3	$	—

(1) Includes investments in a private real estate fund and limited partnerships. The fund invests in U.S. real estate and allows redemptions quarterly, though queues, restrictions, and gates may extend the period. The limited partnerships include investments in primarily U.S. real estate, and can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next three years.

(2) Includes investments in limited partnerships, which invest primarily in U.S. buyouts and venture capital. The investments can never be redeemed. The partnerships are all currently being wound up, and are expected to make all distributions over the next three years.

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Funded Status of the Plan and Amounts Recognized in Consolidated Balance Sheet

Retirement plans’ funded status and amounts recognized in the company’s consolidated balance sheets at December 31, 2016 and 2015 follows:



	U.S. Plans						International Plans
As of December 31,	2016			2015			2016			2015
Change in projected benefit obligation
Benefit obligation at beginning of year	$	5,231.4		$	5,665.5		$	2,987.8		$	3,354.9
Service cost	—			—			7.4			8.7
Interest cost	231.3			224.1			87.8			94.1
Plan participants’ contributions	—			—			2.3			2.5
Plan amendment	—			(2.7		)	—			(32.3		)
Plan curtailment	—			—			(3.7		)	—
Actuarial loss (gain)	87.2			(285.0		)	502.2			(79.5		)
Benefits paid	(577.9		)	(370.5		)	(110.0		)	(112.8		)
Foreign currency translation adjustments	—			—			(397.6		)	(247.8		)
Benefit obligation at end of year	$	4,972.0		$	5,231.4		$	3,076.2		$	2,987.8
Change in plan assets
Fair value of plan assets at beginning of year	$	3,759.4		$	4,069.7		$	2,496.8		$	2,718.9
Actual return on plan assets	211.8			(5.6		)	287.7			18.6
Employer contribution	58.8			65.8			73.7			82.5
Plan participants’ contributions	—			—			2.3			2.5
Benefits paid	(577.9		)	(370.5		)	(110.0		)	(112.8		)
Foreign currency translation adjustments	—			—			(320.8		)	(212.9		)
Fair value of plan assets at end of year	$	3,452.1		$	3,759.4		$	2,429.7		$	2,496.8
Funded status at end of year	$	(1,519.9	)	$	(1,472.0	)	$	(646.5	)	$	(491.0	)
Amounts recognized in the consolidated balance sheets consist of:
Prepaid postretirement assets	$	—		$	—		$	31.9		$	43.8
Other accrued liabilities	(6.7		)	(6.8		)	(0.2		)	(0.2		)
Long-term postretirement liabilities	(1,513.2		)	(1,465.2		)	(678.2		)	(534.6		)
Total funded status	$	(1,519.9	)	$	(1,472.0	)	$	(646.5	)	$	(491.0	)
Accumulated other comprehensive loss, net of tax
Net loss	$	2,828.8		$	2,816.2		$	1,144.7		$	1,018.6
Prior service credit	$	(42.4	)	$	(44.9	)	$	(27.7	)	$	(35.8	)
Accumulated benefit obligation	$	4,972.0		$	5,231.4		$	3,072.1		$	2,983.1

Components of Net Periodic Benefit (Income) Cost

Net periodic pension cost for 2016, 2015 and 2014 includes the following components:



	U.S. Plans									International Plans
Year ended December 31,	2016			2015			2014			2016			2015			2014
Service cost	$	—		$	—		$	—		$	7.4		$	8.7		$	8.4
Interest cost	231.3			224.1			248.3			87.8			94.1			117.9
Expected return on plan assets	(253.1		)	(254.8		)	(287.1		)	(139.5		)	(155.4		)	(160.5		)
Amortization of prior service credit	(2.5		)	(2.4		)	(0.4		)	(3.0		)	(1.9		)	(2.1		)
Recognized net actuarial loss	116.0			132.7			109.7			40.3			63.6			40.2
Curtailment gain	—			—			—			(2.0		)	—			(0.6		)
Net periodic pension cost	$	91.7		$	99.6		$	70.5		$	(9.0	)	$	9.1		$	3.3

Schedule of Weighted-Average Assumptions

Weighted-average assumptions used to determine net periodic pension cost for the years ended December 31 were as follows:



	U.S. Plans						International Plans
Year ended December 31,	2016		2015		2014		2016		2015		2014
Discount rate	4.56	%	4.09	%	5.02	%	3.30	%	3.05	%	4.15	%
Rate of compensation increase	N/A		N/A		N/A		1.66	%	1.68	%	2.08	%
Expected long-term rate of return on assets	6.80	%	6.80	%	7.72	%	5.99	%	6.45	%	6.45	%
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
Discount rate	4.38	%	4.56	%	4.09	%	2.34	%	3.30	%	3.05	%
Rate of compensation increase	N/A		N/A		N/A		1.66	%	1.68	%	1.68	%

Expected Future Benefit Payments

As of December 31, 2016, the following benefit payments, which reflect expected future service where applicable, are expected to be paid from the defined benefit pension plans:



Year ending December 31,	U.S.		International
2017	$	364.1	$	93.9
2018	362.2		95.5
2019	360.9		97.5
2020	359.7		98.9
2021	358.6		100.4
2022 - 2026	1,735.0		520.7