XML 64 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
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
)