Retirement and Deferred Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of projected future benefit payments |
Projected benefit payments from the plans as of December 31, 2016 were estimated as follows:
| | | | | | | | Year | Pension Plans |
| Retiree Health Care Plan |
| | | | 2017 |
| $10.1 |
|
| $1.3 |
| 2018 | 10.9 |
| 1.2 |
| 2019 | 11.4 |
| 1.2 |
| 2020 | 12.7 |
| 1.1 |
| 2021 | 13.8 |
| 1.1 |
| 2022–2026 | 89.0 |
| 5.2 |
| | | | Total projected benefit payments |
| $147.9 |
|
| $11.1 |
|
|
| Pension plans |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Reconciliation of changes in benefit obligations and the statement of funded status of plan |
The reconciliation of the changes in the plans’ benefit obligations and the fair value of plan assets and the funded status of the plans are as follows: | | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | Year Ended December 31 | 2016 |
| 2015 |
| | 2016 |
| 2015 |
| | | | | | | Change in Benefit Obligation | | | | | | Benefit obligation, beginning of year |
| $53.1 |
|
| $56.6 |
| |
| $326.1 |
|
| $385.4 |
| Service cost | — |
| — |
| | 8.0 |
| 7.2 |
| Interest cost | 1.8 |
| 2.1 |
| | 10.0 |
| 10.6 |
| Curtailment and settlement | — |
| — |
| | (29.0 | ) | — |
| Transfers | — |
| — |
| | 105.4 |
| 5.2 |
| Actuarial loss (gain) | 2.2 |
| (1.7 | ) | | 39.8 |
| (43.2 | ) | Plan participant contributions | — |
| — |
| | 0.2 |
| 0.2 |
| Benefits paid | (4.0 | ) | (3.9 | ) | | (7.7 | ) | (8.1 | ) | Currency exchange rate changes | — |
| — |
| | (36.8 | ) | (31.2 | ) | | | | | | | Benefit obligation, end of year |
| $53.1 |
|
| $53.1 |
| |
| $416.0 |
|
| $326.1 |
|
| | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | Year Ended December 31 | 2016 |
| 2015 |
| | 2016 |
| 2015 |
| | | | | | | Change in Plan Assets | | | | | | Fair value of plan assets, beginning of year |
| $37.2 |
|
| $40.6 |
| |
| $314.7 |
|
| $349.1 |
| Actual return on plan assets | 1.7 |
| (1.8 | ) | | 44.6 |
| (8.3 | ) | Settlement | — |
| — |
| | (26.1 | ) | — |
| Transfers | — |
| — |
| | 34.9 |
| — |
| Plan participant contributions | — |
| — |
| | 0.2 |
| 0.2 |
| Company contributions | 2.4 |
| 2.3 |
| | 0.5 |
| 8.5 |
| Benefits paid | (4.0 | ) | (3.9 | ) | | (7.7 | ) | (8.1 | ) | Currency exchange rate changes | — |
| — |
| | (36.6 | ) | (26.7 | ) | | | | | | | Fair value of plan assets, end of year |
| $37.3 |
|
| $37.2 |
| |
| $324.5 |
|
| $314.7 |
| | | | | | | Funded Status at End of Year | | | | | | Funded status, end of year |
| ($15.8 | ) |
| ($15.9 | ) | |
| ($91.5 | ) |
| ($11.4 | ) | | | | | | | Amounts Recognized | | | | | | Noncurrent assets |
| $14.3 |
|
| $14.3 |
| |
| $30.4 |
|
| $47.9 |
| Current liabilities | (2.5 | ) | (2.4 | ) | | (0.8 | ) | (0.3 | ) | Noncurrent liabilities | (27.6 | ) | (27.8 | ) | | (121.1 | ) | (59.0 | ) | | | | | | | Net amount recognized |
| ($15.8 | ) |
| ($15.9 | ) | |
| ($91.5 | ) |
| ($11.4 | ) |
|
| Schedule of amounts recognized in accumulated other comprehensive loss, net of tax |
Amounts recognized in accumulated other comprehensive loss, net of tax, consisted of: | | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | Year Ended December 31 | 2016 |
| 2015 |
| | 2016 |
| 2015 |
| | | | | | | Net loss |
| $13.0 |
|
| $11.8 |
| |
| $32.7 |
|
| $15.9 |
| Prior service cost | — |
| — |
| | 4.7 |
| 4.9 |
| | | | | | | Total |
| $13.0 |
|
| $11.8 |
| |
| $37.4 |
|
| $20.8 |
|
|
| Schedule of plans with accumulated benefit obligations in excess of fair value of plan assets |
The accumulated benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: | | | | | | | | December 31 | 2016 |
| 2015 |
| | | | Accumulated benefit obligation |
| $107.9 |
|
| $10.2 |
| Plan assets | 47.9 |
| 9.6 |
| | | |
|
| Schedule of plans with projected benefit obligation in excess of fair value of plan assets |
The projected benefit obligation for certain of our plans exceeded the fair value of plan assets as follows: | | | | | | | | December 31 | 2016 |
| 2015 |
| | | | Projected benefit obligation |
| $113.9 |
|
| $48.4 |
| Plan assets | 47.9 |
| 39.4 |
| | | |
|
| Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss |
The components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for all plans were as follows: | | | | | | | | | | | Year Ended December 31 | 2016 |
| 2015 |
| 2014 |
| | | | | Net Periodic Benefit Cost | | | | Service cost |
| $8.0 |
|
| $7.2 |
|
| $8.3 |
| Interest cost | 11.8 |
| 12.7 |
| 15.8 |
| Expected return on assets | (10.9 | ) | (12.9 | ) | (15.6 | ) | Curtailment and settlement | (6.9 | ) | — |
| — |
| Net loss | 1.0 |
| 4.0 |
| 3.5 |
| Prior service cost | 0.4 |
| 0.4 |
| 0.6 |
| | | | | Net periodic benefit cost | 3.4 |
| 11.4 |
| 12.6 |
| Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Loss | | | | Net loss (gain) | 24.7 |
| (22.9 | ) | 23.5 |
| Prior service cost | — |
| — |
| 1.3 |
| Amortization of net loss | (1.0 | ) | (4.0 | ) | (3.5 | ) | Amortization of prior service cost | (0.4 | ) | (0.4 | ) | (0.6 | ) | | | | | Total recognized in other comprehensive loss | 23.3 |
| (27.3 | ) | 20.7 |
| Total recognized in net periodic benefit cost and other comprehensive loss |
| $26.7 |
|
| ($15.9 | ) |
| $33.3 |
| | | | |
|
| Schedule of weighted-average assumptions used in measurement of benefit obligation and net periodic benefit cost |
The weighted-average assumptions used in the measurement of the benefit obligation were as follows: | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | Year Ended December 31 | 2016 |
| 2015 |
| | 2016 |
| 2015 |
| | | | | | | Discount rate | 4.0 | % | 4.3 | % | | 2.2 | % | 3.2 | % | Rate of compensation increase | 3.0 | % | 3.0 | % | | 1.7 | % | 2.2 | % |
The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | Year Ended December 31 | 2016 |
| 2015 |
| 2014 |
| | 2016 |
| 2015 |
| 2014 |
| | | | | | | | | Discount rate - service cost | 4.4 | % | 3.9 | % | 4.6 | % | | 3.2 | % | 2.9 | % | 4.1 | % | Discount rate - interest cost | 3.4 | % | 3.9 | % | 4.6 | % | | 3.2 | % | 2.9 | % | 4.1 | % | Expected long-term return on plan assets | 5.3 | % | 5.5 | % | 6.0 | % | | 3.4 | % | 3.2 | % | 4.5 | % | Rate of compensation increase | 3.0 | % | 3.0 | % | 3.0 | % | | 2.2 | % | 2.6 | % | 3.8 | % |
|
| Schedule of fair value of plan assets by asset category |
The fair value of our pension plan assets by asset category was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | | Fair Value Measurements Using | | | Fair Value Measurements Using | | | December 31,
2016 |
| Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1) |
| Significant
Other
Observable
Inputs
(Level 2) |
| Significant
Unobservable
Inputs
(Level 3) |
| | December 31,
2016 |
| Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1) |
| Significant
Other
Observable
Inputs
(Level 2) |
| Significant
Unobservable
Inputs
(Level 3) |
| | | | | | | | | | | Asset Category | | | | | | | | | | Cash and cash equivalents(1) |
| $0.2 |
|
| $— |
|
| $0.2 |
|
| $— |
| |
| $9.7 |
|
| $9.2 |
|
| $0.5 |
|
| $— |
| Equity securities: | | | | | | | | | | United States companies | 12.1 |
| 12.1 |
| — |
| — |
| | — |
| — |
| — |
| — |
| International companies | — |
| — |
| — |
| — |
| | 17.7 |
| 17.7 |
| — |
| — |
| Fixed income securities: | | | | | | | | | | Government bonds(2) | 14.7 |
| — |
| 14.7 |
| — |
| | 27.5 |
| — |
| 27.5 |
| — |
| Corporate bonds | 10.3 |
| — |
| 10.3 |
| — |
| | 49.6 |
| — |
| 49.6 |
| — |
| Guaranteed insurance contracts | — |
| — |
| — |
| — |
| | 14.2 |
| — |
| 14.2 |
| — |
| Annuity contract | — |
| — |
| — |
| — |
| | 49.5 |
| — |
| 49.5 |
| — |
| Other types of investments: | | | | | | | | | | Unitized funds(3) | — |
| — |
| — |
| — |
| | 23.1 |
| 23.1 |
| — |
| — |
| Real estate funds | — |
| — |
| — |
| — |
| | 7.0 |
| — |
| 7.0 |
| — |
| Common contractual funds | — |
| — |
| — |
| — |
| | 25.9 |
| — |
| — |
| 25.9 |
| Insurance contracts | — |
| — |
| — |
| — |
| | 100.3 |
| — |
| — |
| 100.3 |
| |
| $37.3 |
|
| $12.1 |
|
| $25.2 |
|
| $— |
| |
| $324.5 |
|
| $50.0 |
|
| $148.3 |
|
| $126.2 |
| | | | | | | | | | |
(1)This category includes a prime obligations money market portfolio. (2)This category includes United States Treasury/Federal agency securities and foreign government securities. (3)This category includes investments in approximately 60% equity securities, 30% fixed income securities and 10% cash.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | United States Plans | | | Non-United States Plans | | | Fair Value Measurements Using | | | Fair Value Measurements Using | | | December 31, 2015 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
| Significant Other Observable Inputs (Level 2) |
| Significant Unobservable Inputs (Level 3) |
| | December 31,
2015 |
| Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1) |
| Significant
Other
Observable
Inputs
(Level 2) |
| Significant
Unobservable
Inputs
(Level 3) |
| | | | | | | | | | | Asset Category | | | | | | | | | | Cash and cash equivalents(1) |
| $0.4 |
|
| $— |
|
| $0.4 |
|
| $— |
| |
| $0.4 |
|
| $0.4 |
|
| $— |
|
| $— |
| Equity securities: | | | | | | | | | | United States companies | 12.7 |
| 12.7 |
| — |
| — |
| | — |
| — |
| — |
| — |
| International companies | — |
| — |
| — |
| — |
| | 17.8 |
| 17.8 |
| — |
| — |
| Fixed income securities: | | | | | | | | | | Government bonds(2) | 16.9 |
| — |
| 16.9 |
| — |
| | 47.8 |
| 47.8 |
| — |
| — |
| Corporate bonds | 7.2 |
| — |
| 7.2 |
| — |
| | 31.2 |
| 31.2 |
| — |
| — |
| Guaranteed insurance contracts | — |
| — |
| — |
| — |
| | 38.9 |
| — |
| 38.9 |
| — |
| Annuity contract | — |
| — |
| — |
| — |
| | 51.9 |
| — |
| 51.9 |
| — |
| Other types of investments: | | | | | | | | | | Unitized funds(3) | — |
| — |
| — |
| — |
| | 26.4 |
| 26.4 |
| — |
| — |
| Real estate funds | — |
| — |
| — |
| — |
| | 8.3 |
| — |
| 8.3 |
| — |
| Insurance contracts | — |
| — |
| — |
| — |
| | 92.0 |
| — |
| — |
| 92.0 |
| |
| $37.2 |
|
| $12.7 |
|
| $24.5 |
|
| $— |
| |
| $314.7 |
|
| $123.6 |
|
| $99.1 |
|
| $92.0 |
|
(1) This category includes a prime obligations money market portfolio. (2) This category includes United States Treasury/Federal agency securities and foreign government securities. (3) This category includes investments in approximately 50% equity securities, 40% fixed income securities and 10% cash. |
| Schedule of changes in fair values of common contractual funds and insurance contracts |
The following table summarizes the changes in fair value of the pension assets that are measured using Level 3 inputs. In 2016, we transferred in common contractual funds as part of the pension assets associated with the new German plan. We determine that transfers between fair-value-measurement levels occur on the date of the event that caused the transfer. | | | | | | | | Year Ended December 31 | 2016 |
| 2015 |
| | | | Balance, beginning of year |
| $92.0 |
|
| $104.9 |
| Transfers | 27.3 |
| — |
| Actual return on plan assets | 13.9 |
| (2.2 | ) | Purchases, sales and settlements, net | (2.1 | ) | — |
| Currency exchange rate changes | (4.9 | ) | (10.7 | ) | | | | Balance, end of year |
| $126.2 |
|
| $92.0 |
| | | |
|
| Retiree Health Care Plan |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Reconciliation of changes in benefit obligations and the statement of funded status of plan |
The reconciliation of the changes in the plan’s benefit obligation and the statement of the funded status of the plan were as follows: | | | | | | | | Year Ended December 31 | 2016 |
| 2015 |
| | | | Change in Benefit Obligation | | | Benefit obligation, beginning of year |
| $16.4 |
|
| $17.8 |
| Interest cost | 0.7 |
| 0.7 |
| Actuarial loss (gain) | 0.2 |
| (0.5 | ) | Benefits paid | (1.7 | ) | (1.6 | ) | Benefit obligation, end of year |
| $15.6 |
|
| $16.4 |
| | | | Funded Status at End of Year | | | Funded status, end of year |
| ($15.6 | ) |
| ($16.4 | ) | | | | Amounts Recognized | | | Current liabilities |
| ($1.3 | ) |
| ($1.3 | ) | Noncurrent liabilities | (14.3 | ) | (15.1 | ) | | | | Net amount recognized |
| ($15.6 | ) |
| ($16.4 | ) | | | |
|
| Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive loss |
The components of net periodic benefit cost and other amounts recognized in other comprehensive loss for this plan were as follows: | | | | | | | | | | | | 2016 |
| 2015 |
| 2014 |
| | | | | Net Periodic Benefit Cost | | | | Interest cost |
| $0.7 |
|
| $0.7 |
|
| $0.8 |
| Net loss | 0.1 |
| 0.1 |
| 0.1 |
| Prior service credit | (0.8 | ) | (0.8 | ) | (0.8 | ) | | | | | Net periodic benefit cost | — |
| — |
| 0.1 |
| Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss | | | | Net loss (gain) | 0.2 |
| (0.5 | ) | 0.2 |
| Amortization of net loss | (0.1 | ) | (0.1 | ) | (0.1 | ) | Amortization of prior service credit | 0.8 |
| 0.8 |
| 0.8 |
| | | | | Total recognized in other comprehensive loss | 0.9 |
| 0.2 |
| 0.9 |
| | | | | Total recognized in net periodic benefit cost and other comprehensive loss |
| $0.9 |
|
| $0.2 |
|
| $1.0 |
| | | | |
|
| Schedule of effect of one-percentage-point change in assumed health care cost trend rates |
A one-percentage point change in the assumed health care cost trend rate would have the following effects: | | | | | | | | | 1% Increase |
| 1% Decrease |
| | | | Effect on total of service and interest cost components |
| $— |
|
| $— |
| Effect on benefit obligation | 0.3 |
| (0.2 | ) |
|