EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of amounts recognized in accumulated other comprehensive loss

The table below presents the amounts recognized in accumulated other comprehensive loss for the years ended December 31, 2015, 2014 and 2013:



	Pension Benefit Plans																Postretirement Benefit Plan
	U.S. Plan								Non-U.S. Plans								Postretirement Benefit Plan
	2015			2014			2013		2015			2014			2013		2015			2014			2013
Unrecognized actuarial (losses) gains	$	(23.8	)	$	(18.2	)	$	11.2	$	(39.5	)	$	(72.9	)	$	12.7	$	(1.2	)	$	(3.8	)	$	1.0
Unrecognized prior service credits⁽¹⁾	—			—			—		23.5			26.8			—		23.0			25.5			27.9

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(1)	Relates to negative plan amendments, as described below.

Components of net periodic benefit cost

The following table provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan for the years ended December 31, 2015 and 2014:



	Pension Benefit Plans																		Postretirement Benefit Plan
	U.S. Plan									Non-U.S. Plans									Postretirement Benefit Plan
	2015			2014			2013			2015			2014			2013			2015			2014			2013
Service cost	$	1.6		$	0.4		$	0.1		$	3.1		$	3.9		$	2.2		$	1.9		$	1.7		$	0.9
Interest cost	9.5			10.8			4.5			6.0			8.3			3.7			2.2			2.3			1.6
Expected return on plan assets	(14.5		)	(14.7		)	(5.9		)	(7.3		)	(7.7		)	(3.1		)	(0.2		)	(0.5		)	(0.3		)
Amortization of net loss (gain)	—			—			—			1.0			(0.2		)	—			—			—			—
Curtailment gain recognized	—			—			—			—			(1.6		)	—			—			—			—
Amortization of prior service credit	—			—			—			(0.6		)	—			—			(2.5		)	(2.5		)	—
Settlement loss (gain) recognized	—			0.9			(0.1		)	1.7			0.2			0.6			—			—			—
Other	—			—			—			0.3			0.2			—			—			—			—
Net periodic (benefit) cost	$	(3.4	)	$	(2.6	)	$	(1.4	)	$	4.2		$	3.1		$	3.4		$	1.4		$	1.0		$	2.2

Components of the change in projected benefit obligations, change in plan assets and funded status

The table below presents components of the change in projected benefit obligation, change in plan assets and funded status at December 31, 2015 and 2014:



	Pension Benefit Plans												Postretirement Benefit Plan
	U.S. Plan						Non-U.S. Plans						Postretirement Benefit Plan
	2015			2014			2015			2014			2015			2014
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	$	251.8		$	234.6		$	272.6		$	229.7		$	62.2		$	59.2
Service cost	1.6			0.4			3.1			3.9			1.9			1.7
Interest cost	9.5			10.8			6.0			8.3			2.2			2.3
Employee contributions	—			—			—			—			1.2			1.2
Plan amendments⁽¹⁾	—			—			—			(29.4		)	—			—
Plan curtailments	—			—			—			(1.6		)	—			—
Settlements	—			(13.0		)	(8.9		)	(0.4		)	—			—
Benefits paid	(16.0		)	(10.4		)	(4.9		)	(6.2		)	(6.8		)	(8.1		)
Actuarial (gains) losses	(14.9		)	29.4			(27.6		)	101.9			(2.8		)	5.9
Currency translation adjustments	—			—			(25.8		)	(33.8		)	—			—
Other	—			—			2.7			0.2			—			—
Projected benefit obligation, end of year	232.0			251.8			217.2			272.6			57.9			62.2

Change in Plan Assets
Fair value of plan assets, beginning of year	$	196.6		$	197.3		$	140.5		$	139.1		$	9.1		$	14.5
Actual return on plan assets	(6.1		)	13.8			3.6			17.5			—			1.5
Employee contributions	—			—			—			—			1.2			1.2
Company contributions	7.8			8.9			6.2			8.4			—			—
Settlements	—			(13.0		)	(8.9		)	(0.4		)	—			—
Benefits paid	(16.0		)	(10.4		)	(4.9		)	(6.2		)	(6.8		)	(8.1		)
Currency translation adjustments	—			—			(13.1		)	(17.9		)	—			—
Other	—			—			2.6			—			—			—
Fair value of plan assets, end of year	182.3			196.6			126.0			140.5			3.5			9.1
Funded Status at end of year	$	(49.7	)	$	(55.2	)	$	(91.2	)	$	(132.1	)	$	(54.4	)	$	(53.1	)

Recognized as:
Other long-term assets, net	$	—		$	—		$	—		$	1.4		$	—		$	—
Accrued and other current liabilities	—			—			(1.6		)	(2.0		)	(3.3		)	—
Pension and other benefit liabilities	(49.7		)	(55.2		)	(89.6		)	(131.5		)	(51.1		)	(53.1		)

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(1)

In December 2014, one of the Ireland benefit plans was amended effective August 2014 to eliminate future benefit accruals related to salary increases. The reduction in accruing benefits was accounted for as a negative plan amendment resulting in an accumulated benefit obligation reduction that was recognized as a component of accumulated other comprehensive loss and is being amortized into income over approximately 42.5 years. In the fourth quarter of 2013, the Company announced that effective January 1, 2014, B&L will no longer offer medical and life insurance coverage to new retirees. The reduction in medical benefits was accounted for as a negative plan amendment resulting in an accumulated postretirement benefit obligation reduction that was recognized as a component of accumulated other comprehensive loss and is being amortized into income over approximately 11.3 years.

Schedule of underfunded plans

Information for the underfunded plans is presented in the following table:



	Pension Benefit Plans
	U.S. Plan				Non-U.S. Plans
	2015		2014		2015		2014
Projected benefit obligation	$	232.0	$	251.8	$	216.1	$	266.4
Accumulated benefit obligation	232.0		251.8		207.0		257.3
Fair value of plan assets	182.3		196.6		125.1		133.1

Information for the pension benefit plans that are underfunded on a projected benefit obligation basis (versus underfunded on an accumulated benefit basis as in the table above) is presented in the following table:



	Pension Benefit Plans
	U.S. Plan				Non-U.S. Plans
	2015		2014		2015		2014
Projected benefit obligation	$	232.0	$	251.8	$	217.2	$	267.9
Fair value of plan assets	182.3		196.6		126.0		134.3

Future benefit payments for the pension benefit plans

Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows:



	Pension Benefit Plans				Postretirement Benefit Plan
	U.S. Plan		Non-U.S. Plans		Postretirement Benefit Plan
2016	$	12.8	$	3.3	$	6.8
2017	18.5		3.3		6.3
2018	18.1		3.6		5.7
2019	17.4		4.2		5.3
2020	18.1		4.0		4.8
2021-2025	82.9		30.8		19.1

Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations

The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations as of December 31, 2015, 2014 and 2013 were as follows:



	Pension Benefit Plans						Postretirement Benefit Plan⁽¹⁾
	Pension Benefit Plans						Postretirement Benefit Plan⁽¹⁾
	2015		2014		2013		2015		2014		2013
For Determining Net Periodic (Benefit) Cost
U.S. Plans:
Discount rate⁽²⁾	3.90	%	4.70	%	4.50	%	3.70	%	4.30	%	4.50	%
Expected rate of return on plan assets	7.50	%	7.50	%	7.50	%	5.50	%	5.50	%	5.50	%
Rate of compensation increase	—		—		—		—		—		—
Non-U.S. Plans:
Discount rate	2.41	%	3.86	%	3.61	%
Expected rate of return on plan assets	5.60	%	5.63	%	5.59	%
Rate of compensation increase	2.86	%	2.88	%	2.80	%



	Pension Benefit Plans				Postretirement Benefit Plan⁽¹⁾
	Pension Benefit Plans				Postretirement Benefit Plan⁽¹⁾
	2015		2014		2015		2014
For Determining Benefit Obligation
U.S. Plans:
Discount rate	4.34	%	3.90	%	4.13	%	3.70	%
Rate of compensation increase	—		—		—		—
Non-U.S. Plans:
Discount rate	2.74	%	2.41	%
Rate of compensation increase	2.87	%	2.86	%

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(1)	The Company does not have non-U.S. postretirement benefit plans.


(2)	The discount rate in 2014 for the U.S. postretirement benefit plan was impacted by the amendment described above which eliminated coverage for new retirees.

Target asset allocations

Pension and postretirement benefit plan assets are invested in several asset categories. The following presents the actual asset allocation as of December 31, 2015 and 2014:



	Pension Benefit Plans				Postretirement Benefit Plan
	2015		2014		2015		2014
U.S. Plan
Equity securities	61	%	60	%	57	%	45	%
Fixed income securities	39	%	40	%	20	%	16	%
Cash	—	%	—	%	23	%	39	%
Non-U.S. Plans
Equity securities	44	%	44	%
Fixed income securities	41	%	42	%
Other	15	%	14	%

Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition

The table below presents total plan assets by investment category as of December 31, 2015 and 2014 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value:



	Pension Benefit Plans - U.S. Plans
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	As of December 31, 2015								As of December 31, 2014
Cash & cash equivalents⁽¹⁾	$	—	$	—	$	—	$	—	$	1.3	$	—	$	—	$	1.3
Commingled funds:⁽²⁾⁽³⁾
Equity securities:
U.S. broad market	—		69.2		—		69.2		—		74.9		—		74.9
Emerging markets	—		16.4		—		16.4		—		15.9		—		15.9
Non-U.S. developed markets	—		24.9		—		24.9		—		25.5		—		25.5
Fixed income securities:
Investment grade	—		53.0		—		53.0		—		59.4		—		59.4
Global high yield	—		18.8		—		18.8		—		19.6		—		19.6
	$	—	$	182.3	$	—	$	182.3	$	1.3	$	195.3	$	—	$	196.6



	Pension Benefit Plans - Non-U.S. Plans
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	As of December 31, 2015								As of December 31, 2014
Cash & cash equivalents⁽¹⁾	$	13.0	$	—	$	—	$	13.0	$	14.0	$	—	$	—	$	14.0
Commingled funds:⁽²⁾⁽³⁾
Equity securities:
Emerging markets	—		0.3		—		0.3		—		1.0		—		1.0
Worldwide developed markets	—		55.5		—		55.5		—		61.5		—		61.5
Fixed income securities:
Investment grade	—		10.4		—		10.4		—		11.2		—		11.2
Global high yield	—		0.8		—		0.8		—		1.0		—		1.0
Government bond funds	—		40.0		—		40.0		—		46.4		—		46.4
Other assets	—		6.0		—		6.0		—		5.4		—		5.4
	$	13.0	$	113.0	$	—	$	126.0	$	14.0	$	126.5	$	—	$	140.5



	Postretirement Benefit Plan
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	As of December 31, 2015								As of December 31, 2014
Cash	$	0.8	$	—	$	—	$	0.8	$	3.5	$	—	$	—	$	3.5
Insurance policies⁽⁴⁾	—		2.7		—		2.7		—		5.6		—		5.6
	$	0.8	$	2.7	$	—	$	3.5	$	3.5	$	5.6	$	—	$	9.1

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(1)	Cash equivalents consisted primarily of term deposits and money market instruments. The fair value of the term deposits approximates their carrying amounts due to their short term maturities. The money market instruments also have short maturities and are valued using a market approach based on the quoted market prices of identical instruments.


(2)	Commingled funds are not publicly traded. The underlying assets in these funds are publicly traded on the exchanges and have readily available price quotes. The Ireland pension plans held approximately 90% and 85% of the non-U.S. commingled funds in 2015 and 2014, respectively. The commingled funds held by the U.S. and Ireland pension plans are primarily invested in index funds.


(3)	The underlying assets in the fixed income funds are generally valued using the net asset value per fund share, which is derived using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.

(4)

The insurance policies held by the postretirement benefit plan consist of variable life insurance contracts whose fair value is their cash surrender value. Cash surrender value is the amount currently payable by the insurance company upon surrender of the policy and is based principally on the net asset values of the underlying trust funds. The trust funds are commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded on exchanges and have readily available price quotes.

Health care cost trend rate assumptions

The health care cost trend rate assumptions for the postretirement benefit plan are as follows:



	2015		2014
Health care cost trend rate assumed for next year	7.02	%	7.31	%
Rate to which the cost trend rate is assumed to decline	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2038		2029

One percentage point change in health care cost trend rate

A one percentage point change in health care cost trend rate would have had the following effects:



	One Percentage Point
	Increase		Decrease
Effect on benefit obligations	$	0.7	$	0.6