Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Reconciliation of Benefit Obligations, Plan Assets and Funded Status

The following table summarizes changes in the benefit obligation, plan assets and the funded status of our significant defined benefit pension and postretirement plans. We use a December 31 measurement date for all of our employee benefit plans.



	Pension Plans
	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
	2017			2016			2017			2016			2017			2016
Change in Benefit Obligation:
Beginning balance	$	(87.6	)	$	(606.8	)	$	(652.9	)	$	(667.7	)	$	(26.0	)	$	(76.6	)
Service cost	(4.3		)	(6.4		)	(4.6		)	(5.0		)	(.1		)	(.1		)
Interest cost	(3.0		)	(6.5		)	(18.0		)	(21.8		)	(1.3		)	(1.7		)
Actuarial (loss) gain	.6			(7.5		)	(15.5		)	(95.9		)	.3			2.6
Benefits paid	5.4			26.0			42.5			37.3			.4			1.4
Plan amendments	—			—			—			—			—			(1.0		)
Curtailments	—			.2			—			1.0			—			—
Settlements	—			—			—			—			—			—
Special termination benefits	—			—			—			—			—			(.1		)
Divestitures	—			509.9			—			—			—			50.1
Venezuela deconsolidation	—			—			—			1.5			—			—
Foreign currency changes and other	—			3.5			(65.7		)	97.7			(1.5		)	(.6		)
Ending balance	$	(88.9	)	$	(87.6	)	$	(714.2	)	$	(652.9	)	$	(28.2	)	$	(26.0	)
Change in Plan Assets:
Beginning balance	$	51.4		$	408.3		$	613.7		$	576.3		$	—		$	—
Actual return on plan assets	5.5			.7			49.9			153.6			—			—
Company contributions	11.6			26.6			19.7			20.0			.4			1.4
Benefits paid	(5.4		)	(26.0		)	(42.5		)	(37.3		)	(.4		)	(1.4		)
Divestitures	—			(355.9		)	—			—			—			—
Foreign currency changes and other	—			(2.3		)	64.6			(98.9		)	—			—
Ending balance	$	63.1		$	51.4		$	705.4		$	613.7		$	—		$	—
Funded Status:
Funded status at end of year	$	(25.8	)	$	(36.2	)	$	(8.8	)	$	(39.2	)	$	(28.2	)	$	(26.0	)
Amount Recognized in Balance Sheet:
Other assets	$	—		$	—		$	82.0		$	54.8		$	—		$	—
Accrued compensation	(1.0		)	(1.7		)	(2.2		)	(1.4		)	(2.7		)	(2.4		)
Employee benefit plans liability	(24.8		)	(34.5		)	(88.6		)	(92.6		)	(25.5		)	(23.6		)
Net amount recognized	$	(25.8	)	$	(36.2	)	$	(8.8	)	$	(39.2	)	$	(28.2	)	$	(26.0	)
Pretax Amounts Recognized in Accumulated Other Comprehensive Loss:
Net actuarial loss	$	41.4		$	49.5		$	176.8		$	176.5		$	1.2		$	1.7
Prior service credit	(.2		)	(.2		)	(.9		)	(1.0		)	(1.3		)	(1.6		)
Total pretax amount recognized	$	41.2		$	49.3		$	175.9		$	175.5		$	(.1	)	$	.1
Supplemental Information:
Accumulated benefit obligation	$	85.9		$	85.2		$	199.8		$	182.3		N/A			N/A
Plans with Projected Benefit Obligation in Excess of Plan Assets:
Projected benefit obligation	$	88.9		$	87.6		$	216.7		$	200.8		N/A			N/A
Fair value plan assets	63.1			51.4			125.9			106.8			N/A			N/A
Plans with Accumulated Benefit Obligation in Excess of Plan Assets:
Projected benefit obligation	$	88.9		$	87.6		$	202.0		$	182.8		N/A			N/A
Accumulated benefit obligation	85.9			85.2			191.9			172.8			N/A			N/A
Fair value plan assets	63.1			51.4			114.0			92.9			N/A			N/A

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss



	Pension Benefits
	U.S. Plans									Non-U.S. Plans									Postretirement Benefits
	2017			2016			2015			2017			2016			2015			2017			2016			2015
Net Periodic Benefit Cost:
Service cost	$	4.3		$	6.4		$	13.0		$	4.6		$	5.0		$	5.3		$	.1		$	.1		$	.7
Interest cost	3.0			6.5			25.1			18.0			21.8			23.6			1.3			1.7			3.7
Expected return on plan assets	(3.2		)	(8.2		)	(32.6		)	(28.2		)	(33.0		)	(36.4		)	—			—			—
Amortization of prior service credit	(.1		)	(.2		)	(.7		)	(.1		)	(.1		)	(.1		)	(.3		)	(1.2		)	(4.0		)
Amortization of net actuarial losses	5.2			10.8			43.7			7.6			6.5			8.4			.1			.3			1.8
Amortization of transition obligation	—			—			—			—			—			.1			—			—			—
Settlements/curtailments	—			.1			27.9			3.7			.3			.5			—			(.1		)	—
Other	—			—			—			(.7		)	—			—			1.6			—			—
Net periodic benefit cost⁽¹⁾	$	9.2		$	15.4		$	76.4		$	4.9		$	.5		$	1.4		$	2.8		$	.8		$	2.2
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Actuarial (gains) losses	$	(2.9	)	$	13.6		$	1.8		$	(7.4	)	$	(24.6	)	$	(34.2	)	$	(.3	)	$	(2.6	)	$	(5.6	)
Prior service cost (credit)	—			—			—			—			—			—						1.0			(9.0		)
Amortization of prior service credit	.1			1.3			.7			.1			.1			.1			.3			26.7			4.0
Amortization of net actuarial losses	(5.2		)	(274.4		)	(71.6		)	(11.3		)	(7.8		)	(9.1		)	(.1		)	(11.3		)	(1.8		)
Amortization of transition obligation	—			—			—			—			—			(.1		)	—			—			—
Foreign currency changes	—			—			—			18.9			(29.6		)	(19.4		)	—			(.1		)	.2
Total recognized in other comprehensive (loss) income*	$	(8.0	)	$	(259.5	)	$	(69.1	)	$	.3		$	(61.9	)	$	(62.7	)	$	(.1	)	$	13.7		$	(12.2	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	1.2		$	(244.1	)	$	7.3		$	5.2		$	(61.4	)	$	(61.3	)	$	2.7		$	14.5		$	(10.0	)

(1) Includes $4.4 and $53.7 of the U.S. pension plans in 2016 and 2015, respectively, and immaterial amounts of the postretirement benefit plans (related to the U.S.) in 2016 and 2015, which are included in discontinued operations. Amounts associated with the pension and postretirement benefit plans in Canada and the postretirement benefit plan in Puerto Rico, which are included in discontinued operations, have been excluded from all amounts in the table above.

* Amounts represent the pre-tax effect classified within other comprehensive (loss) income. The net of tax amounts are classified within our Consolidated Statements of Comprehensive Income (Loss).

Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost During Next Fiscal Year

The amounts in AOCI that are expected to be recognized as components of net periodic benefit cost during 2018 are as follows:



	Pension Benefits
	U.S. Plans		Non-U.S. Plans			Postretirement Benefits
Net actuarial loss	$	5.2	$	7.2		$	.1
Prior service credit	—		(.1		)	(.3		)

Weighted-Average Assumptions Used to Determine Benefit Obligations

Assumptions

Weighted-average assumptions used to determine benefit obligations recorded in our Consolidated Balance Sheets as of December 31 were as follows:



	Pension Benefits								Postretirement
	U.S. Plans				Non-U.S. Plans				Benefits
	2017		2016		2017		2016		2017		2016
Discount rate	3.48	%	3.67	%	2.56	%	2.69	%	4.75	%	5.33	%
Rate of compensation increase	4.00	%	4.00	%	2.71	%	2.79	%	N/A		N/A

Weighted-Average Assumptions Used to Determine Net Benefit Cost

Weighted-average assumptions used to determine net benefit cost recorded in our Consolidated Statements of Operations for the years ended December 31 were as follows:



	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
	2017		2016		2015		2017		2016		2015		2017		2016		2015
Discount rate	3.67	%	4.19	%	3.83	%	2.69	%	3.58	%	3.27	%	5.33	%	4.50	%	4.20	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	2.79	%	2.94	%	3.20	%	N/A		N/A		N/A
Rate of return on assets	5.50	%	7.00	%	7.25	%	5.09	%	6.40	%	6.55	%	N/A		N/A		N/A

Pension and Postretirement Plans Target and Weighted-Average Asset Allocations

Plan Assets

Our U.S. and non-U.S. funded defined benefit pension plans target and weighted-average asset allocations at December 31, 2017 and 2016, by asset category were as follows:



	U.S. Pension Plan						Non-U.S. Pension Plans
	% of Plan Assets						% of Plan Assets
	Target		at Year-End				Target		at Year-End
Asset Category	2018		2017		2016		2018		2017		2016
Equity securities	30	%	30	%	28	%	20	%	18	%	22	%
Debt securities	70		70		69		70		77		68
Other	—		—		3		10		6		10
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule Of Fair Value Hierarchy For Pension And Postretirement Assets

The following tables present the fair value hierarchy for pension assets measured at fair value on a recurring basis as of December 31, 2017:



	U.S. Pension Plan
Asset Category	Level 1		Level 2		Total
Equity Securities:
Domestic equity	$	—	$	7.4	$	7.4
International equity	—		9.7		9.7
Emerging markets	—		2.0		2.0
	—		19.1		19.1
Fixed Income Securities:
Corporate bonds	—		31.8		31.8
Government securities	—		12.2		12.2
	—		44.0		44.0
Cash	—		—		—
Total	$	—	$	63.1	$	63.1



	Non-U.S. Pension Plans
Asset Category	Level 1		Level 2		Level 3		Total
Equity Securities:
Domestic equity	$	—	$	33.9	$	—	$	33.9
International equity	—		91.1		—		91.1
	—		125.0		—		125.0
Fixed Income Securities:
Corporate bonds	—		223.9		—		223.9
Government securities	—		236.0		—		236.0
Other	—		79.9		—		79.9
	—		539.8		—		539.8
Other
Cash	29.3		—		—		29.3
Derivatives	—		9.8		—		9.8
Real estate	—		—		.9		.9
Other	—		—		.6		.6
	29.3		9.8		1.5		40.6
Total	$	29.3	$	674.6	$	1.5	$	705.4

The following tables present the fair value hierarchy for pension assets measured at fair value on a recurring basis as of December 31, 2016:



	U.S. Pension Plan
Asset Category	Level 1		Level 2		Total
Equity Securities:
Domestic equity	$	—	$	7.9	$	7.9
International equity	—		6.3		6.3
Emerging markets	$	—	1.5		1.5
	—		15.7		15.7
Fixed Income Securities:
Corporate bonds	—		25.7		25.7
Government securities	—		9.9		9.9
	—		35.6		35.6
Cash	.1		—		.1
Total⁽³⁾	$	.1	$	51.3	$	51.4



	Non-U.S. Pension Plans
Asset Category	Level 1		Level 2		Level 3		Total
Equity Securities:
Domestic equity	$	—	$	27.7	$	—	$	27.7
International equity	—		107.6		—		107.6
	—		135.3		—		135.3
Fixed Income Securities:
Corporate bonds	—		194.8		—		194.8
Government securities	—		192.8		—		192.8
Other	—		32.0		—		32.0
	—		419.6		—		419.6
Other:
Cash	23.2		—		—		23.2
Derivatives	—		34.1		—		34.1
Real estate	—		—		.9		.9
Other	—		—		.6		.6
	23.2		34.1		1.5		58.8
Total	$	23.2	$	589.0	$	1.5	$	613.7

Reconciliation of Beginning and Ending Balance For Our Level 3 Investments

A reconciliation of the beginning and ending balances for our Level 3 investments is provided in the table below:



	Amount
Balance at January 1, 2016	$	1.8
Actual return on plan assets held	(.2		)
Foreign currency changes	(.1		)

Balance at December 31, 2016	1.5
Actual return on plan assets held	(.1		)
Foreign currency changes	.1

Balance at December 31, 2017	$	1.5

Expected Benefit Payments

Total benefit payments expected to be paid from the plans are as follows:



	Pension Benefits
	U.S. Plans		Non-U.S. Plans		Total		Postretirement Benefits
2018	$	13.1	$	29.7	$	42.8	$	2.7
2019	9.6		30.5		40.1		2.6
2020	8.6		31.5		40.1		2.6
2021	8.3		32.2		40.5		2.5
2022	7.9		44.6		52.5		2.4
2023-2027	26.6		227.1		253.7		10.0

Assets Held in Trust

We established a grantor trust to provide assets that may be used for the benefits payable under the SERP and SLIP. The trust is irrevocable and, although subject to creditors’ claims, assets contributed to the trust can only be used to pay such benefits with certain exceptions. The assets held in the trust are included in other assets and at December 31 consisted of the following:



	2017		2016
Corporate-owned life insurance policies	$	36.0	$	34.9
Cash and cash equivalents	1.1		.3
Total	$	37.1	$	35.2