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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Benefit Plans [Abstract]  
Obligations and funded status of pension and other postretirement benefit plans
The following table set forth Company's pension obligation and funded status at December 31:

 
 
Pension Benefits
  
Post-Retirement Benefits
 
 
 
2017
  
2016
  
2017
  
2016
 
 
 
(millions of dollars)
 
Change in benefit obligations:
            
Beginning projected benefit obligation
 
$
427.9
  
$
416.6
  
$
9.3
  
$
9.3
 
Service cost
  
7.9
   
8.2
   
0.3
   
0.3
 
Interest cost
  
12.6
   
13.0
   
0.3
   
0.3
 
Actuarial (gain)/loss
  
31.5
   
21.2
   
(3.0
)
  
(0.6
)
Benefits paid
  
(20.4
)
  
(18.3
)
  
(0.1
)
  
-
 
Settlements
  
-
   
(0.9
)
        
Foreign exchange impact
  
9.6
   
(11.4
)
  
0.1
   
-
 
Other
  
0.4
   
(0.5
)
  
-
     
Ending projected benefit obligation
  
469.5
   
427.9
   
6.9
   
9.3
 
 
                
Change in plan assets:
                
Beginning fair value
  
289.3
   
282.5
   
-
   
-
 
Actual return on plan assets
  
33.8
   
22.9
   
-
   
-
 
Employer contributions
  
10.7
   
10.5
   
0.1
   
-
 
Plan participants' contributions
  
0.4
   
0.4
   
-
   
-
 
Benefits paid
  
(20.4
)
  
(18.3
)
  
(0.1
)
  
-
 
Settlements
  
(0.8
)
  
(0.5
)
  
-
   
-
 
Foreign exchange impact
  
7.2
   
(8.2
)
  
-
   
-
 
Ending fair value
  
320.2
   
289.3
   
-
   
-
 
 
                
Funded status of the plan
 
$
(149.3
)
 
$
(138.6
)
 
$
(6.9
)
 
$
(9.3
)
Amounts recognized in the consolidated balance sheet
Amounts recognized in the consolidated balance sheet consist of:

  
Pension Benefits
  
Post-Retirement Benefits
 
  
2017
  
2016
  
2017
  
2016
 
  
(millions of dollars)
 
             
Current liability
 
$
(0.8
)
 
$
(0.8
)
 
$
(0.5
)
 
$
(0.6
)
Non-current liability
  
(148.5
)
  
(137.8
)
  
(6.4
)
  
(8.7
)
Recognized liability
 
$
(149.3
)
 
$
(138.6
)
 
$
(6.9
)
 
$
(9.3
)
Amounts recognized in accumulated other comprehensive income
Amounts recognized in accumulated other comprehensive income, net of related tax effects, consist of:

 
Pension Benefits
  
Post-Retirement Benefits
 
  
2017
  
2016
  
2017
  
2016
 
 
(millions of dollars)   
 
             
Net actuarial (gain) loss
 
$
91.4
  
$
82.1
  
$
(4.1
)
 
$
(1.7
)
Prior service cost
  
(0.1
)
  
(0.1
)
  
(0.7
)
  
(2.4
)
Amount recognized end of year
 
$
91.3
  
$
82.0
  
$
(4.8
)
 
$
(4.1
)
Change in plan assets and benefit obligations recognized in other comprehensive income
Changes in the Plan assets and benefit obligations recognized in other comprehensive income:

 
 
Pension Benefits
  
Post-Retirement Benefits
 
 
 
2017
  
2016
  
2017
  
2016
 
 
 
(millions of dollars)
 
 
            
Current year actuarial gain (loss)
 
$
(15.8
)
 
$
(8.7
)
 
$
2.6
  
$
0.3
 
Amortization of actuarial (gain) loss
  
7.2
   
6.8
   
(0.2
)
  
(0.1
)
Amortization of prior service credit (gain) loss
  
-
   
0.4
   
(2.3
)
  
(1.9
)
Total recognized in other comprehensive income
 
$
(8.6
)
 
$
(1.5
)
 
$
0.1
  
$
(1.7
)
Components of net periodic benefit cost
The components of net periodic benefit costs are as follows:

  
Pension Benefits
  
Post-Retirement Benefits
 
  
2017
  
2016
  
2015
  
2017
  
2016
  
2015
 
  
(millions of dollars)
 
                   
Service cost
 
$
7.9
  
$
8.2
  
$
10.3
  
$
0.3
  
$
0.3
  
$
0.4
 
Interest cost
  
12.6
   
13.0
   
15.4
   
0.3
   
0.3
   
0.3
 
Expected return on plan assets
  
(18.7
)
  
(18.6
)
  
(19.7
)
  
-
   
-
   
-
 
Amortization of prior service cost
  
-
   
0.6
   
0.8
   
(3.1
)
  
(3.1
)
  
(3.1
)
Recognized net actuarial (gain) loss
  
10.8
   
10.7
   
12.1
   
(0.3
)
  
(0.2
)
  
(0.1
)
Settlement/curtailment loss
  
-
   
0.3
   
-
   
-
   
-
   
-
 
Net periodic benefit cost
 
$
12.6
  
$
14.2
  
$
18.9
  
$
(2.8
)
 
$
(2.7
)
 
$
(2.5
)
Estimated amortization of amounts in other accumulated comprehensive income to be recognized in next fiscal year
The 2018 estimated amortization of amounts in other accumulated comprehensive income are as follows:

 
 
Pension Benefits
  
Post-Retirement
Benefits
 
 
 
(millions of dollars)
 
 
      
Amortization of prior service credit (gain) loss
 
$
-
  
$
(0.9
)
Amortization of net (gain) loss
  
11.5
   
(0.6
)
Total cost to be recognized
 
$
11.5
  
$
(1.5
)
Weighted average assumptions used to determine net periodic benefit cost and benefit obligation
The weighted average assumptions used to determine net periodic benefit cost in the accounting for the pension benefit plans and other benefit plans for the years ended December 31, 2017, 2016 and 2015 are as follows:

 
 
2017
  
2016
  
2015
 
 
         
Discount rate
  
3.56
%
  
3.88
%
  
3.71
%
Expected return on plan assets
  
6.61
%
  
6.89
%
  
6.89
%
Rate of compensation increase
  
3.01
%
  
3.03
%
  
3.04
%
 
The weighted average assumptions used to determine benefit obligations for the pension benefit plans and other benefit plans at December 31, 2017, 2016 and 2015 are as follows:

 
 
2017
  
2016
  
2015
 
 
         
Discount rate
  
3.16
%
  
3.60
%
  
3.89
%
Rate of compensation increase
  
3.01
%
  
2.96
%
  
3.04
%
Weighted average asset allocation percentages
The Company's pension plan weighted average asset allocation percentages at December 31, 2017 and 2016 by asset category are as follows:

Asset Category
 
2017
  
2016
 
 
      
Equity securities
  
56.0
%
  
60.2
%
Fixed income securities
  
36.2
%
  
32.7
%
Real estate
  
0.8
%
  
0.7
%
Other
  
7.0
%
  
6.4
%
Total
  
100.0
%
  
100.0
%
Fair value of plan assets by asset category
The Company's pension plan fair values at December 31, 2017 and 2016 by asset category are as follows:

Asset Category
 
2017
  
2016
 
  
(millions of dollars)
 
Equity securities
 
$
179.2
  
$
174.1
 
Fixed income securities
  
116.0
   
94.7
 
Real estate
  
2.4
   
1.9
 
Other
  
22.6
   
18.6
 
Total
 $
320.2
  $
289.3
 
Fair value of plan assets by geographic location
The following table presents domestic and foreign pension plan assets information at December 31, 2017, 2016 and 2015 (the measurement date of pension plan assets):

 
U.S. Plans
  
International Plans
 
  
2017
  
2016
  
2015
  
2017
  
2016
  
2015
 
  
(millions of dollars)
 
                   
Fair value of plan assets
 
$
241.9
  
$
221.9
  
$
213.0
  
$
78.3
  
$
67.4
  
$
69.5
 
Defined benefit pension plan assets measured at fair value
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2017:

Pension Assets Fair Value as of December 31, 2017
 
Quoted
Prices In
Active
Markets
for
Identical
Assets
  
Significant
Other
Observable
Inputs
  
Significant
Unobservable
Inputs
  
Total
 
 
(Level 1)
  
(Level 2)
  
(Level 3)
    
  
(millions of dollars)
 
             
Equity securities
            
US equities
 
$
156.1
  
$
-
  
$
-
  
$
156.1
 
Non-US equities
  
23.1
   
-
   
-
   
23.1
 
                 
Fixed income securities
                
Corporate debt instruments
  
82.0
   
34.0
   
-
   
116.0
 
                 
Real estate and other
                
Real estate
  
-
   
-
   
2.4
   
2.4
 
Other
  
0.2
   
-
   
22.4
   
22.6
 
                 
Total assets
 
$
261.4
  
$
34.0
  
$
24.8
  
$
320.2
 
 
The following table summarizes our defined benefit pension plan assets measured at fair value as of December 31, 2016:

Pension Assets Fair Value as of December 31, 2016
 
Quoted
Prices In
Active
Markets
for
Identical
Assets
  
Significant
Other
Observable
Inputs
  
Significant
Unobservable
Inputs
  
Total
 
 
(Level 1)
  
(Level 2)
  
(Level 3)
    
  
(millions of dollars)
 
             
Equity securities
            
US equities
 
$
155.0
  
$
0.2
  
$
-
  
$
155.2
 
Non-US equities
  
18.9
   
-
   
-
   
18.9
 
                 
Fixed income securities
                
Corporate debt instruments
  
63.4
   
31.3
   
-
   
94.7
 
                 
Real estate and other
                
Real estate
  
-
   
-
   
1.9
   
1.9
 
Other
  
-
   
0.2
   
18.4
   
18.6
 
                 
Total assets
 $
237.3
  $
31.7
  $
20.3
  $
289.3
 
Reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3)
The following is a reconciliation of changes in fair value measurement of plan assets using significant unobservable inputs (Level 3):

  
(millions of dollars)
 
    
Beginning balance at December 31, 2015
 
$
17.9
 
Purchases, sales, settlements
  
-
 
Actual return on plan assets still held at reporting date
  
3.0
 
Foreign exchange impact
  
(0.6
)
Ending balance at December 31, 2016
 
$
20.3
 
Purchases, sales, settlements
  
-
 
Actual return on plan assets still held at reporting date
  
3.9
 
Foreign exchange impact
  
0.5
 
Ending balance at December 31, 2017
 
$
24.7
 
Estimated future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

  
Pension
Benefits
  
Other
Benefits
 
  
(millions of dollars)
 
       
2018
 
$
22.9
  
$
0.5
 
2019
 
$
24.3
  
$
0.5
 
2020
 
$
25.5
  
$
0.5
 
2021
 
$
25.4
  
$
0.5
 
2022
 
$
26.2
  
$
0.5
 
2023-2026
 
$
131.6
  
$
2.7